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Highlights:
- MM8 to acquire Forrestania Nickel Operation from IGO with no upfront cash payment.
- Medallion Metals to grant IGO a 1.5% net smelter return royalty on future gold production.
- The company targets Final Investment Decision on Ravensthorpe development by late 2025.
Medallion Metals Limited (ASX: MM8) has executed a binding Asset Sale Agreement with IGO Limited for the acquisition of the Forrestania Nickel Operation (FNO) in Western Australia. The agreement covers 100% of the legal and beneficial interest in the FNO tenements, including the Cosmic Boy plant and associated infrastructure. The transaction is conditional on the successful completion of various requirements, including a Final Investment Decision (FID) by Medallion on its Ravensthorpe Gold Project (RGP), which is targeted for late 2025. Under the terms of the agreement, there is no upfront or deferred cash consideration payable. Instead, Medallion will grant IGO a net smelter return (NSR) royalty of up to 1.5% on all future gold production from the acquired tenements. IGO will retain the right to explore for, develop, and mine nickel and lithium on the tenements and will be supported by Medallion in its activities through logistical access and infrastructure sharing. Following completion of the transaction, all obligations relating to the tenements, including rehabilitation responsibilities, will be assumed by Medallion, excluding those linked to IGO’s retained rights.
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