Medallion Metals (MM8) Q4 2026 TU earnings summary

Executive summary

• Advanced exploration and development at Ravensthorpe and Forrestania Gold Projects, with significant drilling results and engineering milestones achieved at the Cosmic Boy Concentrator (CBC).

• Identified a new high-grade sulphide lode at Hillsborough Deeps and validated historical drilling at Lounge Lizard.

• Early Production Strategy announced to accelerate gold production and cash flow at Forrestania, including a Toll Processing Agreement to bring forward production by nine months.

Financial highlights

• Cash position at 30 June 2026 was $54.0 million.

• Net cash outflow from operating activities for the quarter was $5.6 million; year-to-date outflow was $17.3 million.

• Net cash outflow from investing activities for the quarter was $2.8 million; year-to-date outflow was $12.9 million.

• No debt at quarter end following repayment of the PHGM Pty Ltd loan.

• Payments for exploration and evaluation during the quarter totaled $3.1 million; pre-development activities $2.7 million.

Outlook and guidance

• Key approvals for project development nearing completion, with major activities set to commence at both projects in the September 2026 quarter.

• Box cut excavation at Kundip Mining Centre (KMC) targeted for August 2026, subject to final approvals.

• Commissioning of the refurbished CBC on Kundip ore targeted for Q2 CY2027, with steady-state production in the second half of 2027.

• Maiden Mineral Resource Estimate (MRE) for Lounge Lizard and Teddy Bear expected in Q4 CY2026.