Highlights

  • The company's Early Production Strategy is designed to start gold processing at Cosmic Boy ahead of the Ravensthorpe sulphide ore.
  • After quarter end, carbon-in-column tanks were installed and crushing circuit commissioning began in October 2026.
  • One reported intersection was 4.92 metres at 15.5 grams per tonne gold and 0.9 per cent copper, from 394.09 metres.
  • At Lounge Lizard in Forrestania, seven reverse-circulation holes extended known mineralisation and identified a new hangingwall lode.

Medallion Metals (ASX:MM8) has reported that its Ravensthorpe gold project in Western Australia moved from approvals into construction during the September 2026 quarter, while the company prepares to begin gold processing at its Cosmic Boy Concentrator in the Forrestania region before ore from Ravensthorpe arrives.

Central Development

The quarterly update indicates, final regulatory approvals for Ravensthorpe mine development were received in August, and mine development has begun at the Kundip Mining Centre. Civil works such as site preparation, access roads and surface infrastructure progressed, with the box-cut, portal and underground decline due to begin in the December 2026 quarter.

Macmahon has been selected as preferred underground mining contractor, in a contract the company values at about $240 million over three years, with works expected to start in the fourth quarter of calendar 2026. "Preferred" status means the contract is not yet described as finalised.

Early Production Strategy

The company's Early Production Strategy is designed to start gold processing at Cosmic Boy ahead of the Ravensthorpe sulphide ore. After quarter end, carbon-in-column tanks were installed and crushing circuit commissioning began in October 2026. A toll processing agreement covers a minimum of 200,000 tonnes of third-party ore as initial feed, and deliveries of third-party gold-bearing material have started. The business states gold processing is targeted to start in the December quarter.

Separately, GR Engineering Services holds the contract to refurbish and modify the concentrator, with the program about 30 per cent complete by mid-September. The modified plant is designed for 650,000 tonnes a year of Ravensthorpe sulphide ore. Commissioning on Kundip ore is targeted for the second quarter of calendar 2027, with steady-state production forecast for the second half of 2027. These are company targets, not achieved results.

Drilling And Resources

At Kundip, drilling at Gem extended mineralisation east and at depth. One reported intersection was 4.92 metres at 15.5 grams per tonne gold and 0.9 per cent copper, from 394.09 metres.

The Kundip resource is reported under the JORC Code at 9.95 million tonnes at 3.4 grams per tonne gold, containing 1.09 million ounces of gold (680,000 ounces Indicated and 410,000 ounces Inferred). At Lounge Lizard in Forrestania, seven reverse-circulation holes extended known mineralisation and identified a new hangingwall lode. A 3,000-metre diamond program is under way to support an initial resource estimate, which does not yet exist.

An airborne electromagnetic survey of about 120 square kilometres has started over the Mt Cattlin to Kundip to Trilogy corridor.

Funding Position

Cash at 30 September 2026 was $97.0 million, after a $60 million placement of 125 million shares at $0.48 each. The business states total available liquidity is about $175 million including existing cash and funding facilities, though the filing does not itemise this figure, and the Appendix 5B shows no loan facilities drawn.

Net operating cash outflow for the quarter was $10.9 million. The business reports no mining production during the quarter and a positive final investment decision to develop the project. Its Appendix 5B calculates a funding runway of 6.93 quarters at current outgoings.

Risks And Conditions

The company remains a pre-production developer. Gold processing, mining contractor works, concentrator commissioning and steady-state output are all future milestones that depend on construction progress, contractor delivery and approvals. The resource figures rely on the stated assumptions, including a gold price of US$2,350 an ounce from a December 2024 Scoping Study, and Inferred resources carry lower geological confidence.

Next Milestones

For the December 2026 quarter, the company expects to begin box-cut, portal and decline development at Ravensthorpe, start gold processing under the Early Production Strategy, continue concentrator refurbishment, and continue drilling at Kundip, Lounge Lizard and Teddy Bear.