Medallion Metals (MM8) investor relations material

Strategic progress, vision, and asset integration

• Advanced from explorer to near-term gold and copper producer, integrating Ravensthorpe and Forrestania assets and focusing on scalable production in Western Australia.

• Strategy emphasizes capital efficiency, strong margins, and multiple growth options, including dual production assets and early production initiatives.

• Secured financing, permitting, and feasibility for Ravensthorpe, with first production expected next quarter and a clear pathway to first ore in Q2 2027.

• Acquired Forrestania, including processing plant and infrastructure, enabling rapid, capital-efficient production and early cashflow.

• Strengthened leadership and institutional support, enhancing execution capability and market confidence.

Project development, operational milestones, and production outlook

• Ravensthorpe Gold Project has a defined resource of 950koz @ 5.2g/t AuEq, with 75kozpa initial production rate permitted and development underway.

• Project targets 80,000 ounces per annum at steady state within 12 months of first production, with feasibility supporting 3.5Mt at 3.6g/t gold, 0.5% copper, and a six-year mine life.

• All-in sustaining costs estimated at AUD 2,300/oz (AISC forecast at $2,279/oz), with average annual cash generation of AUD 150 million.

• Early processing at Forrestania to generate cash flow and cover holding costs before Ravensthorpe ore delivery, with plant upgrades underway.

• Toll treatment and profit share agreements secured for third-party ore, providing additional revenue streams.

Financial highlights and feasibility outcomes

• Feasibility study outlines a capital-efficient pathway to ~80kozpa AuEq, with project capex of $138M and pre-tax NPV of $443M at 87% IRR.

• Projected pre-tax cash flow of $861M, with a one-year payback period and robust economics under conservative assumptions.

• Initial production inventory of 3.5Mt @ 3.6g/t Au & 0.5% Cu, generating average pre-tax cashflows of $150M per annum over a 5.5-year mine life.

• Market cap stands at AUD 330 million, with AUD 54 million cash and a US $50 million project loan.