Medallion Metals (MM8) Q2 2026 TU earnings summary

Executive summary

• Completed Feasibility Study for the Ravensthorpe Gold Project, confirming technical and commercial viability of the integrated Ravensthorpe-Forrestania strategy.

• Secured $60 million via institutional placement and Share Purchase Plan, significantly strengthening the balance sheet.

• Advanced permitting, financing, and technical workstreams for RGP, with preparations finalized for a major drilling program at Kundip Mining Centre.

• Progressed key corporate and project development initiatives, supporting transition from developer to producer.

• Announced key leadership appointments to enhance execution capability for upcoming production phase.

Financial highlights

• Post-tax free cash flow projected at $859 million (base case) and $1,279 million (spot case).

• Post-tax NPV8 of $443 million (base case) and $668 million (spot), with IRR of 87% and 125% respectively.

• Payback period of 12 months (base case) and 9 months (spot).

• Forecast AISC of A$2,279/oz (net of by-product credit).

• At 31 December 2025, cash balance stood at $68.1 million.

Outlook and guidance

• March 2026 quarter to focus on drilling for resource conversion and mine life extension at RGP, FEED workstreams, and early works at Ravensthorpe.

• Finalization of Forrestania transaction and regulatory approvals expected in H1 2026.

• Anticipates strong news flow as key milestones are achieved.