Medallion Metals (MM8) Q4 2025 TU earnings summary

Executive summary

• Amended agreement to acquire 100% of Forrestania Nickel Operation (FNO) from IGO, excluding nickel and lithium rights, with consideration being a 1.5% NSR royalty on future gold production and no upfront cash payment.

• Transaction expected to significantly reduce development timeframe and capital for Ravensthorpe Gold Project (RGP) by leveraging FNO infrastructure.

• Due diligence on the transaction is nearly complete, with binding documentation anticipated by August 2025.

• Strong progress on environmental approvals and offset strategies, including acquisition of 258 hectares of land for environmental offsets.

Financial highlights

• Cash at 30 June 2025 was $9.5 million, with an additional $20.2 million received in July from a placement.

• Placement raised $27.5 million before costs, with strong institutional support.

• Net cash used in operating activities for the quarter was $2.17 million; net cash from financing activities was $6.1 million.

• Estimated quarters of funding available is 2.56, indicating a strong liquidity position.

Outlook and guidance

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

• Feasibility Study for RGP-FNO development targeted for completion in October 2025, with updated Mineral Resource Estimate and metallurgical results expected in August.

• Anticipates strong news flow for the remainder of 2025 as the company advances toward FID and transaction completion.