Medallion Metals (MM8) Q4 2024 TU earnings summary

Executive summary

• Announced a 2,200m drill program at Ravensthorpe Gold Project to test near-mine and regional targets, following an extensive geological review.

• Regulatory approvals secured, with drilling to commence in early September 2024.

• Sub-leased accommodation village continues to generate non-dilutive cash inflows, supporting ongoing exploration.

Financial highlights

• Cash and receivables at quarter end totaled $2.5 million, including $1.8 million in cash and $0.7 million in receivables from the camp sub-lease.

• Payments for exploration, evaluation, and development during the quarter were approximately $306,000.

• Net cash used in operating activities for the quarter was $137,000.

• Market value of investment in NickelSearch Ltd was approximately $0.3 million at quarter end.

Outlook and guidance

• Drilling at priority targets to commence in September 2024, aiming to advance prospects toward Mineral Resource status.

• Focus remains on low capital intensity de-risking and growth activities, with ongoing review of non-core asset value realization and non-dilutive financing options.