Medallion Metals Limited (ASX: MM8) ('Medallion' or 'the Company') is pleased to announce it has secured firm commitments to raise $55 million through a two-tranche Placement to institutional and sophisticated investors (Placement).
The Company will also undertake a $5 million Share Purchase Plan (SPP) for eligible shareholders (together the Capital Raising). In combination with the release of the Feasibility Study1 for the Ravensthorpe Gold Project (RGP), the Capital Raising strengthens the Company's financial position and provides a clear pathway to advance its integrated gold-copper development strategy utilising the Forrestania processing infrastructure
Highlights
$55 million Placement secured with strong support from new and existing institutional investors. The wellsupported book has introduced several high-quality domestic and international resource-focused funds to the Medallion register (Placement)
SPP offer to eligible shareholders targeting proceeds of $5.0 million and conducted at the same issue price as the Placement
Strong investor demand is a clear endorsement of the Company's team, assets and execution pathway
The Capital Raising places Medallion in a strong financial position to unlock value by progressing the development of RGP with processing at Forrestania (Project) through to first production
Feasibility Study confirms the outstanding technical and commercial merits of the unique low capex, rapid pathway to gold and copper production taking advantage of the Forrestania processing infrastructure
Capital Raising proceeds will fund Front End Engineering and Design (FEED) at the Cosmic Boy Concentrator (CBC) and early infrastructure works at Kundip Mining Centre (KMC) enabling the Feasibility Study outcomes to be advanced toward development upon completion of the Forrestania2 transaction
Further upside to the Feasibility Study exists through a number of factors including potential mine life extensions from additional Mineral Resource conversion into mine plan at Ravensthorpe and exploration success at both Ravnesthorpe and Forrestania
Final Investment Decision (FID) targeted for early in calendar 2026 and assuming positive FID, first metal production is expected in early 2027
Managing Director, Paul Bennett, commented: 'Medallion now enters the next phase of its growth strategy with strengthened financial capacity and a clear pathway to accelerate the sulphide development opportunity through to first production. The integration of Ravensthorpe mineral resources with the Forrestania processing infrastructure creates the conditions to establish a new gold-copper development opportunity in Western Australia, and the completion of this capital raising allows us to advance that strategy with confidence.
The amended terms for the proposed Forrestania transaction further enhance the strategic optionality available to the business and reinforce the value proposition of an integrated regional development. We appreciate the support shown by new and existing institutional investors. The calibre of this backing is a strong endorsement of our team, assets and execution strategy. With a solid balance sheet and clear milestones ahead, Medallion is well positioned to deliver meaningful progress through 2025 and into 2026.'
Institutional Endorsement
The Placement received strong support from both new and existing institutional and professional shareholders, underscoring the depth of interest in Medallion's development strategy. Participation was from a select group of highquality Australian, European and North American domiciled resource-focused institutions. The strength and calibre of the book reflect growing confidence in Medallion's pathway toward gold and copper production, supported by the proposed acquisition of the Forrestania asset package including the processing infrastructure and the broader integrated development strategy.
Share Purchase Plan
The Company is pleased to announce its intention to offer a SPP to existing eligible shareholders, being shareholders of the Company with a registered address in Australia, New Zealand or the United Kingdom recorded on the Company's share register at 5:00pm (AWST) on Friday, 12 December 2025 (Record Date) (Eligible Shareholders). The SPP seeks to raise approximately $5.0 million (before costs) and provides shareholders with an opportunity to increase their investment as the Company advances its development strategy and growth ambitions. Under the SPP, Eligible Shareholders will be able to apply (without incurring brokerage fees or transaction costs) for up to $30,000 of SPP shares at the same issue price as the new shares issued under the Placement. The Company reserves the right (in its absolute discretion) to scale back applications should demand exceed $5.0 million. The SPP is not underwritten. The issue of new securities under the SPP is subject to a waiver being obtained from ASX. Relevant timelines for the Placement and SPP are listed in Annexure 1. The SPP timeline is subject to receiving ASX waiver approval
Contact:
Paul Bennett
Tel: +61 8 6424 8700
Email: info@medallionmetals.com.au
Web: www.medallionmetals.com.au
PREVIOUSLY REPORTED INFORMATION
References in this announcement may have been made to certain ASX announcements, including exploration results, Mineral Resources and Ore Reserves. For full details, refer said announcement on said date. The Company is not aware of any new information or data that materially affects this information. Other than as specified in this announcement and mentioned announcements, the Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement(s), and in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement
FORWARD LOOKING STATEMENTS
Some statements in this announcement are forward-looking statements. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, projections for sales, sales growth, estimated revenues and reserves, the construction cost of a new project, projected operating costs and capital expenditures, the timing of expenditure, future cash flow, cumulative negative cash flow (including maximum cumulative negative cash flow), the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as 'will', 'would', 'could', 'expect', 'anticipate', 'believe', 'likely', 'should', 'could', 'predict', 'plan', 'propose', 'forecast', 'estimate', 'target', 'outlook', 'guidance' and 'envisage'. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside the Company's control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, suppliers or customers, activities by governmental authorities such as changes in taxation or regulation. Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements which speak only as at the date of this announcement. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, the Company does not undertake any obligation to publicly release any updates or revisions to any forwardlooking statements contained in this material, whether as a result of any change in the Company's expectations in relation to them, or any change in events, conditions or circumstances on which any such statement is based.
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