Medallion Metals (MM8) H2 2024 earnings summary

Executive summary

• Advanced the Ravensthorpe Gold Project (RGP) with a completed Pre-Feasibility Study (PFS) confirming technical and commercial viability for a standalone gold-copper operation, projecting a 9-year mine life and robust financial returns at conservative gold prices.

• Increased Probable Ore Reserves at RGP to 610,000 oz gold and 24,000 t copper, a significant rise from the previous year.

• Entered exclusive negotiations to acquire Forrestania Nickel Operation (FNO) infrastructure, aiming to reduce capital requirements and accelerate project development.

• Raised $5 million through placements and entitlement issues, with major shareholder participation and further capital raised post-year-end.

Financial highlights

• Net loss after tax for FY24 was $2.94 million, a reduction from $5.09 million in FY23, mainly due to lower exploration expenses and reduced unrealised losses on listed investments.

• Cash position at 30 June 2024 was $1.71 million, up from $0.42 million in the prior year.

• Net assets increased to $11.94 million from $9.82 million year-over-year.

• Camp sub-lease generated $1.1 million in income, with total camp revenue at $3.03 million.

• Share capital increased to $32.8 million following new share issues.

Outlook and guidance

• 2025 expected to be transformational, focusing on finalising the FNO acquisition, progressing permitting, infill drilling, and further studies for RGP.

• Plans to leverage FNO infrastructure to streamline RGP development and potentially commercialise additional regional deposits.