Medallion Metal Ltd · ASX:MM8
Medallion Metal — Medallion Metals — RIU Explorer's Conference 2026
20 slides from Medallion Metal's conference presentation, Feb 19, 2026
Slide 1: Investor Presentation
19 February 2026 ASX:MM8 Investor Presentation Medallion Metals Limited Managing Director, Paul Bennett will be providing a range of investor updates this week including a presentation to the RIU Explorer’s Conference in Fremantle. The presentation to be delivered is attached. This announcement is a
Slide 2: Ravensthorpe Gold Project – Investor Presentation
ASX: MM8 medallionmetals.com.au Ravensthorpe Gold Project Medallion’s Production Platform Investor Presentation FEBRUARY 2026
Slide 3: Important Notices
Important Notices (Read in conjunction with Appendices 6 & 7) Nature of Document This presentation has been prepared and issued by Medallion Metals Ltd (Company) to provide general information about the Com pany. The information in this document is in summary form and should not be relied upon as a
Slide 4: High Grade | Strong Economics | Capital Light
High Grade | Strong Economics | Capital Light Infrastructure Advantage, Defined Path to Production Asset Quality Valuation & Returns Strategic Positioning 1.2Moz AuEq1,2 Defined Project Economics Infrastructure, RGP global Mineral Resource Prospective Geology High-grade sulphide core4 $138M developm
Slide 5: Corporate Overview
Corporate Overview ASX: MM8 Price/Volume (12 months) 0.70 7.0 0.60 6.0 0.50 5.0 Volume (M) John Fitzgerald Paul Bennett David Kelly Siobhan Pelliccia 0.40 4.0 $/share Non-Executive Chair Managing Director Non-Executive Non-Executive Director Director 0.30 3.0 0.20 2.0 0.10 1.0 0.00 0.0 F-25 M-25 A-2
Slide 6: Sulphide Production Strategy
Sulphide Production Strategy Capital-Efficient path to production Resource + Infrastructure = Cashflow Existing FNO infrastructure • Flotation plant, TSF, grid power • Camp, airstrip, and site services Integrate RGP Resource with Forrestania Creating a new gold-copper producer Focus on RGP sulphides
Slide 7: Production Metrics - Feasibility Study
Production Metrics - Feasibility Study Gold-copper production profile Resource & Throughput Metallurgy & Output 3.5Mt @ 3.6g/t Au & 0.5% Cu 0.65Mtpa 5.7 years Dore & Concentrate 94.3% Au, 87% Cu 77kozpa AuEq Production Inventory Production Rate Initial Mine Life Production Metallurgical Recovery Sta
Slide 8: Financial Metrics - Feasibility Study
Financial Metrics - Feasibility Study Base case economics and sensitivity Financial Base Spot Project Cashflow (base case) NSR $m 2,091 2,526 Opex & Royalties $m (902) (921) Capex (sustaining) $m (190) (190) AISC $/oz 2,279 2,526 Capex (pre-production) $m (138) (137) Pre-tax Cashflow $m 861 1,278 NP
Slide 9: District Scale Growth Potential
District Scale Growth Potential Combined belts support long-term production growth Forrestania Greenstone Belt (FGB) Extensive tenement Underexplored Archaean ~1.3Moz @ 5g/t Au Processing Infrastructure position with historical gold greenstone belt in WA with FGB host to historical Bounty ownership
Slide 10: Pathway to Production
Pathway to Production Clear and defined milestones across corporate and project workstreams Q1 CY26 Q2 CY26 Q3 CY26 Q4 CY26 Q1 CY27 Q2 CY27 CORPORATE Forrestania Acquisition Regional Consolidation (ongoing) PROJECT Ravensthorpe Drilling Permitting (Mining Act) Mine Site Early Works Mine Development
Slide 11: Key Takeaways
Key Takeaways Near-term gold production with defined development pathway 1.2Moz High-Grade Sulphide FID-Backed Economics Processing Platform Secured Resource NPV $443M | IRR 87% | Cosmic Boy, TFS, Grid Power and 2 High-grade, open at depth and along 12mth pay back Camps strike De-Risked Development
Slide 12: Appendices
" MEDALLION METALS Limireo Appendices
Slide 13: RGP Mineral Resources – Sulphide Subset
Appendix 1 RGP Mineral Resources – Sulphide Subset Mineral resource estimate for the Ravensthorpe Gold Project (fresh component) Mineral resources estimate for the Kundip Mining Centre – COG > 2.0g/t AuEq, August 2025 Total Resources kt Au g/t Au koz Cu % Cu kt Indicated 3,150 4.8 490 0.7 23 Inferre
Slide 14: RGP Mineral Resources - Global
Appendix 2 RGP Mineral Resources - Global Mineral resource estimate for the Ravensthorpe Gold Project, August 2025 Mineral resources estimate for the Kundip Mining Centre – August 2025 INDICATED INFERRED TOTAL RESOURCES kt Au g/t Au koz Cu % Cu kt kt Au g/t Au koz Cu % Cu kt kt Au g/t Au koz Cu % Cu
Slide 15: Feasibility Outcomes & Assumptions
Appendix 3 Feasibility Outcomes & Assumptions Project Statistics Parameter Units Base Case Spot Pricing Production Study Highlights: Mill throughput rate ktpa 650 650 • Initial production inventory of 3.5Mt @ 3.6 g/t Au & 0.5 % Cu for 396 koz Au & 17 kt Cu contained Life of mine years 5.7 5.7 • Tota
Slide 16: Forrestania Asset Sale Agreement – Summary Terms
Appendix 4 Forrestania Asset Sale Agreement – Summary Terms Binding, conditional agreement to acquire the Forrestania Nickel Operation (FNO), between Medallion & IGO Ltd (Transaction) Transaction Transaction Rights & Obligations Conditions Precedent Assets Consideration post Transaction to Transacti
Slide 17: Approvals Pathway – Advanced Status
Appendix 5 Approvals Pathway – Advanced Status Forrestania fully permitted, Ravensthorpe significantly advanced EPBC Act (Cth) EP Act (WA) Mining Act (WA) − Environment Protection and Biodiversity − Ministerial Statement 1143 allows − EPBC Act & EP Act = Primary Approvals Conservation Act 1999 (EPBC
Slide 18: Additional Disclosures
Appendix 6 Additional Disclosures Cautionary Statement The Feasibility Study (Study) referred to in this presentation has been undertaken by Medallion to evaluate the technical and commercial viability of establishing an underground mining operation at its Ravensthorpe Gold Project and trucking of t
Slide 19: Risk Factors
Appendix 7 Risk Factors Exploration & Development The reader should understand that mineral exploration and development are high-risk undertakings. There can be no assurance that future exploration of the Company’s tenements, or any other mineral licences that may be acquired in the future, will res
Slide 20: Contact
CONTACT info@medallionmetals.com.au medallionmetals.com.au MAIN OFFICE Level 1, 50 Kings Park Road, West Perth WA 6005 (08) 6424 8700 PROJECTS 91 Queen Street, Ravensthorpe WA 6346 Cosmic Boy Concentrator, Cosmic Boy-Diggers Rocks Rd, Forrestania WA @MM8_Medallion