Highlights

  • Medallion Metals shares jump 6.9% on 14 May 2026, following the release of latest drill results.
  • Medallion Metals reported multiple high-grade gold-copper drill intersections from the Kundip Mining Centre.
  • Drilling is aimed at increasing confidence in the early stages of the mine plan ahead of planned underground development in August 2026.
  • Key results included 5.3m at 33.3g/t gold, 1.7% copper and 11.7g/t silver from 356m.
  • Approximately 6,402 metres of drilling results have been reported so far from a broader 15,762m drilling campaign.
  • Around 9,000 metres of assays remain pending and are expected over coming weeks.
  • Drilling also identified potential extensions beyond the current Mineral Resource area

Medallion Metals Ltd (ASX:MM8) has reported additional high-grade drilling results from the Kundip Mining Centre (KMC), part of its Ravensthorpe Gold Project in Western Australia, with the latest assays continuing to support confidence in the early stages of the company’s planned underground mine development.

The ongoing drilling campaign is focused on both resource definition and extensional exploration around the Gem and Harbour View deposits within the Kundip Mining Centre. According to the company, the program is designed to improve confidence in the mine plan ahead of development activities targeted to commence in August 2026.

On 14 May 2026, Medallion Metals shares traded at AUD 0.46, up 6.90% for the session, while the stock has gained 93.75% over the past year.

High-Grade Assays Continue at Kundip

Among the most notable drilling intersections reported by Medallion was hole DD26KP1296A, which returned 5.3 metres grading 33.3g/t gold, 1.7% copper and 11.7g/t silver from 356 metres.

Within that interval, the company highlighted a particularly high-grade section of 2.1 metres grading 82.7g/t gold, 4.0% copper and 27.3g/t silver from 357 metres.

Additional significant drill intersections included:

  • 5.0 metres at 11.4g/t gold from 103 metres in hole RC26KP1271
    • 5.0 metres at 10.7g/t gold from 66 metres in hole RC26KP1263
    • 12.0 metres at 9.9g/t gold and 1.8% copper from 58 metres in hole RC26KP1266
    • 4.7 metres at 4.5g/t gold and 1.4% copper from 317 metres in DD26KP1242
    • 1.4 metres at 7.5g/t gold and 7.0% copper from 413.8 metres in DD26KP1296A

The company stated that these results represent approximately 6,402 metres of drilling completed within the broader 2026 drilling campaign, which currently totals more than 15,700 metres.

Management also confirmed that approximately 9,000 metres of drilling remain pending assay results and are expected to be reported progressively over the coming weeks.

Gem Deposit Drilling Improves Geological Understanding

A substantial portion of the current drilling program has been completed at the Gem deposit, where Medallion is targeting mineralisation located down-plunge from the historical Hillsborough workings.

The company noted that drilling between January and April included both reverse circulation and diamond drilling, with the work contributing important geological and structural information aimed at refining the interpretation of the deposit.

According to Medallion, the latest drilling confirmed continuity of the key hanging wall and footwall lodes associated with gold and copper mineralisation within the Gem system.

Management described the mineralisation style as consistent with previous drilling across the deposit, with quartz-sulphide veins containing pyrite, chalcopyrite and pyrrhotite commonly associated with the higher-grade zones.

The company also noted that sulphide stringers and narrow quartz-sulphide veins surrounding the main lodes frequently returned grades above the company’s cut-off threshold, contributing to the overall reported intercept widths.

Diamond drilling additionally provided important visual and structural data that is expected to improve geological modelling and support mine planning activities.

Footwall Targets Continue to Show Potential

Beyond confirming existing mineralisation, Medallion stated that the current drilling program is also evaluating prospective footwall positions outside the current Mineral Resource estimate.

The company referenced previously reported drillhole DD24KP1232, which intersected a mineralised lode outside the existing resource area.

That earlier hole returned 7.7 metres at 5.9g/t gold, 3.4% copper and 22.2g/t silver from 350.5 metres, including 3.7 metres at 11.3g/t gold and 4.8% copper.

Supported by downhole electromagnetic survey work, current drilling is continuing to assess potential extensions associated with this newly identified lode position.

Management indicated that these extensional opportunities may contribute to future resource growth beyond the current mine design.

Harbour View Drilling Targets Early Mine Areas

At Harbour View, infill drilling has been focused across the planned early mining zones, targeting hanging wall and footwall lodes linked to the primary mineralised structures.

The company stated that mineralisation observed at Harbour View aligns with existing geological interpretations, with pyrite and chalcopyrite hosted predominantly within quartz veins.

Drilling at Harbour View forms part of the broader strategy aimed at improving confidence in the initial stages of the underground mining operation.

According to Managing Director Paul Bennett, the company’s intention is to establish production horizons within what management believes are some of the most favourable sections of the deposits.

Development Activities Continue Across Ravensthorpe

In addition to exploration and resource definition drilling, Medallion provided an update on broader development activities across the Ravensthorpe Gold Project.

The company stated that early works activities at Kundip continue while final approvals for underground mine development progress.

Tender processes for underground mining services and civil works are also advancing, with boxcut clearing and excavation activities targeted to commence in August 2026.

At the Forrestania Gold Project, Reverse Circulation Drilling has been completed at historical stockpiles within the Teddy Bear deposit, while drilling activities have now shifted toward the northern section of the Lounge Lizard deposit.

Management confirmed that validation of historical drilling data at Forrestania remains ongoing, with updated Mineral Resource estimates at Teddy Bear and Lounge Lizard targeted during the third quarter of calendar year 2026.

Meanwhile, at the Cosmic Boy processing Facility, infrastructure cleaning works have been completed ahead of planned refurbishment and modification activities.

The company noted that Front End Engineering and Design activities are now complete and are being used to finalise the Engineering, Procurement and Construction contract process.

Medallion is also continuing to assess opportunities to utilise existing infrastructure at Cosmic Boy for processing gold-bearing material, with a further update expected during May 2026.

Company Continues Advancing Gold-Copper Strategy

Medallion Metals is an Australian gold and copper-focused mining company with projects covering approximately 600 square kilometres in Western Australia.

Its flagship Ravensthorpe Gold Project remains central to the company’s sulphide gold development strategy and is located near the historical Kundip mining centre between Ravensthorpe and Hopetoun.

The company also owns the earlier-stage Jerdacuttup Project, which includes the Trilogy polymetallic deposit prospective for base and precious metals.

In addition, Medallion holds a 10% interest in NickelSearch Limited, which is focused on advancing the Carlingup Nickel Sulfide Project.

Management continues to focus on advancing Ravensthorpe toward development while simultaneously progressing exploration activities aimed at extending mineralisation and increasing project scale.

What This Means for Investors?

The latest drilling results from Kundip continue to reinforce Medallion’s focus on increasing confidence in the early stages of the Ravensthorpe mine plan ahead of targeted underground development later in 2026.

High-grade gold and copper intercepts from both Gem and Harbour View suggest mineralisation continuity remains favourable within planned mining areas, while extensional drilling continues to test opportunities outside the current resource boundary.

With approximately 9,000 metres of assay results still pending and development activities continuing to progress, investor attention is likely to remain focused on upcoming drilling updates and advancement milestones across the Ravensthorpe Gold Project.