Medallion Metals (MM8) Q1 2026 TU earnings summary

Executive summary

• Advanced acquisition of Forrestania Nickel Operation (FNO) from IGO Limited, including key processing infrastructure, to create a regional hub for gold and copper production at Ravensthorpe Gold Project (RGP).

• Binding Asset Sale Agreement executed; no cash consideration, with IGO retaining nickel and lithium rights and Medallion assuming other rights and obligations.

• Significant progress on environmental permitting and land acquisition to support project approvals.

• Key board and management appointments to support growth and project execution.

Financial highlights

• Cash at quarter end was $24.7 million, up from $9.5 million at the previous quarter.

• Raised $21.5 million (before costs) from Tranche 2 placement proceeds.

• Net cash from financing activities totaled $20.4 million for the quarter.

• Net cash used in operating activities was $2.9 million; investing activities used $2.3 million.

• Estimated 7.6 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• Well-funded to progress to Final Investment Decision (FID) in late 2025.

• Feasibility Study for RGP-FNO development targeted for completion in November 2025.

• Project development underpinned by a proposed US$50 million prepayment facility and 7-year offtake agreements with Trafigura.

• Drilling and exploration activities to ramp up in late 2025, with further resource growth targeted.