Medallion Metals (MM8) H2 2025 earnings summary

Executive summary

• Progressed exclusive negotiations and executed a binding agreement to acquire Forrestania Nickel Operation (FNO), aiming to combine it with the Ravensthorpe Gold Project (RGP) for a streamlined, lower-capital gold-copper development pathway.

• Completed a Scoping Study confirming robust technical and commercial viability for the combined project, targeting ~70kozpa AuEq production with strong cashflows and returns.

• Raised significant capital through multiple placements, strengthening the cash position and attracting new institutional investors.

• Advanced exploration at RGP, completed a 17,000m drill program, and lodged new tenement applications at Parker Dome.

• Updated Sulphide Mineral Resource Estimate at RGP post year-end.

Financial highlights

• Net loss after tax for FY25 was $6.13 million, up from $2.94 million in FY24, driven by higher exploration, reduced camp revenue, and increased admin expenses.

• Cash and cash equivalents at 30 June 2025 were $9.39 million, up from $1.71 million in FY24.

• Net assets increased to $23.93 million from $11.94 million year-over-year.

• Share capital rose to $49.7 million following equity raisings.

• No dividends declared or paid during the year.

Outlook and guidance

• Short-term objectives include completing the FNO acquisition, finalising a Definitive Feasibility Study, progressing financing, and securing approvals for RGP operations.

• Management expects further value enhancement from project synergies and ongoing exploration.