Medallion Metals (MM8) Q1 2027 TU earnings summary

Executive summary

• Final regulatory approvals secured for Ravensthorpe; development began at Kundip and construction advanced at Forrestania’s Cosmic Boy Concentrator (CBC).

• A $60m placement lifted available liquidity to approximately $175m, supporting project development, ramp-up and resource drilling.

• Early Production Strategy (EPS) preparations progressed, with third-party ore deliveries underway and gold processing targeted to start in the December 2026 quarter.

Financial highlights

• Cash at 30 September 2026 was $97.0m; cash and cash equivalents were reported as $96.981m.

• Quarterly net cash used in operating activities was $10.899m; investing activities used $3.320m and financing activities provided $57.183m.

• Receipts from customers were $834k and interest received was $683k in the quarter.

Outlook and guidance

• Gold processing under the EPS was a focus for the December 2026 quarter; processing of Kundip ore remains targeted for Q2 CY2027.

• CBC steady-state production is forecast for H2 2027; the modified plant is designed for 650ktpa of Ravensthorpe sulphide ore at P80 75 microns.

• December-quarter priorities include Kundip portal and decline development, CBC construction, and drilling and MRE updates at Lounge Lizard and Teddy Bear.