Medallion Metals (MM8) Q3 2025 TU earnings summary

Executive summary

• Advanced due diligence on the proposed acquisition of the Cosmic Boy Process Plant at Forrestania Nickel Operation, with no material issues identified to date; final transaction structure update expected by May 2025.

• Ongoing in-fill drilling at Ravensthorpe Gold Project (RGP) yielded high-grade gold and copper intercepts, with new sulphide lodes discovered at Gem and Harbour View.

• Significant interest from potential copper concentrate offtake parties, including indicative financing offers up to A$50 million.

• Placement raised $6.5 million, boosting quarter-end cash to $7.1 million; new CFO and Company Secretary appointed.

Financial highlights

• Cash at 31 March 2025: $7.1 million, up from $3.0 million at 31 December 2024.

• Placement proceeds of $6.5 million received during the quarter.

• Net cash used in operating activities for the quarter: $(1.54) million; net cash used in investing activities: $(1.02) million.

• Net cash from financing activities: $6.25 million.

• Estimated quarters of funding available: 2.8.

Outlook and guidance

• Update on Forrestania transaction structure and completion pathway expected in the June 2025 quarter.

• Drilling program at KMC to be expanded to 17,000 metres, with completion and further assay results anticipated in the June quarter.

• Continued evaluation of offtake and funding proposals, with a mandate for a shortlisted party expected upon transaction closure.

• Environmental approval process for RGP-Forrestania development advancing, with a key decision expected in Q3 2025.