Medallion Metals Presents November 2026 Corporate Update on Ravensthorpe Gold Project Feasibility

Anjali Anand

11 November 2026 12:32 PM AEDT

Medallion Metals Presents November 2026 Corporate Update on Ravensthorpe Gold Project Feasibility

Image Source: Krish Capital Pty Ltd

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Medallion Metals (ASX:MM8) has released a corporate presentation dated November 2026 outlining the company's Ravensthorpe Gold Project feasibility study results, capital structure, and development status, disclosing a pre-tax net present value of A$443 million and an internal rate of return of 87% for Stage 1 of the project.

Key Points

Ravensthorpe Gold Project Stage 1 feasibility study reports pre-tax NPV(8) of A$443 million, IRR of 87%, and project capex of A$138 million with a one-year payback period
Project cash flow disclosed at A$861 million pre-tax, with average metal production of 77kozpa and an AISC of A$2,279 per ounce
Ravensthorpe Gold Project mineral resource disclosed at 950koz at 5.2 g/t gold equivalent
Cash position reported at A$97 million as at 30 September 2026, with a US$50 million undrawn debt facility
928 million shares on issue as at 2 November 2026, with a market capitalisation of A$353 million and enterprise value of A$256 million

Ravensthorpe Gold Project Feasibility Study Results

According to the filing, the Ravensthorpe Gold Project Stage 1 feasibility study is based on a reserve of 3.5 million tonnes at 3.6 grams per tonne gold and 0.5% copper, with a mill capacity of 650 thousand tonnes and a mine life of 5.7 years. The study discloses high metal recoveries of 94.3% for gold and 87.1% for copper. The filing states that first production is targeted for the second quarter of calendar year 2027, with a Stage 1 run rate of 75 to 80 thousand ounces per annum. Major contracts have been awarded and the project is described in the filing as permitted with development underway.

Capital Structure and Corporate Snapshot as at November 2026

The filing discloses that as at 2 November 2026, Medallion Metals had 928 million shares on issue at a share price of A$0.38, representing a market capitalisation of A$353 million and an enterprise value of A$256 million. The company held cash of A$97 million as at 30 September 2026 and an undrawn US$50 million debt facility. Listed investments in ASX:AM5 were valued at A$0.1 million. The filing also discloses 32 million options outstanding. The company's EV per resource ounce of gold equivalent is stated at A$208 per ounce.

Shareholder Structure and Board Composition

The filing discloses the shareholder base as comprising 35% domestic and global institutions, 23% founders and directors, 39% other shareholders, and 3% held by Alkane Resources (ASX:ALK). The board is listed as including Non-Executive Chair John Fitzgerald, Managing Director Paul Bennett, Non-Executive Directors David Kelly and Siobhan Pelliccia. Key management includes Chief Operating Officer Anthony James, Chief Financial Officer Richard Hill, General Manager Corporate Development Stephen Moloney, and General Manager Geology Ian Gregory. The filing also references analyst coverage from United Capital Partners.

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