Medallion secures $17m commitments to advance Ravensthorpe-Forrestania project in Australia

Medallion Metals has secured binding commitments to rise astir A$27.5m ($17.6m) done a targeted organization placement to accelerate the improvement of its Ravensthorpe Gold Project (RGP) and the acquisition of the Forrestania Nickel Operation (FNO) successful Western Australia.

This fiscal boost volition expedite near-term accumulation opportunities for golden and copper astatine the RGP, which volition beryllium processed astatine the FNO.

The placement involves 2 tranches, with the archetypal raising astir A$6m done the contented of 28.6 cardinal afloat paid mean shares. The 2nd tranche aims to rise astir A$21.5m done the issuance of 102.3 cardinal shares.

Medallion volition beryllium well-capitalised post-placement, with astir A$31m successful cash, nett of capital-raising costs.

The proceeds volition besides enactment the de-risking and acceleration of the projected FNO acquisition, successful summation to facilitating applicable pre-development activities and supporting wide moving superior needs.

The FNO, a sulphide flotation facility, includes the Cosmic Boy Flotation Plant, which is suitable for treating RGP gold-copper-bearing sulphide mineralisation.

A scoping survey released successful December 2024 underscored the method and commercialized viability of this unique, low-capital expenditure pathway to production, utilising the FNO infrastructure.

The scoping survey highlights see an archetypal accumulation inventory of 2.7 cardinal tonnes (mt) astatine 3.9 grams per tonne golden and 0.6% copper, with a excavation beingness of 5.5 years, generating mean yearly pre-tax currency flows of $90m nether basal lawsuit assumptions.

Medallion has made advancement with infill drilling, trial enactment and permitting activities astatine the RGP.

A bankable feasibility survey (BFS) is besides nether way, laying the groundwork for the projected development, with the last concern determination (FID) acceptable for the 4th fourth of 2025 (Q4 2025).

Canaccord Genuity served arsenic the sole pb manager and bookrunner for the placement.

Medallion managing manager Paul Bennett said: “Medallion emerges from this superior raising successful an highly beardown presumption to accelerate the sulphide improvement strategy. The Board has assurance that tremendous worth tin beryllium unlocked for Medallion shareholders by bringing Ravensthorpe resources unneurotic with the Forrestania infrastructure.

“Recent drill results suggest that accidental volition proceed to turn with continued investment. Additionally, the caller amendments to projected transaction presumption to get the Forrestania tenure adhd a broader strategical magnitude to the maturation options unfastened to the business.