Update on permitting activities for Ravensthorpe Gold Project

Medallion Metals Ltd (ASX:MM8) has initiated the process of securing key environmental and mining approvals for the development of the Ravensthorpe Gold Project (RGP). The project aims to process the high-grade sulphide ore through the Cosmic Boy processing plant located at Forrestania, with exclusive negotiations underway to acquire the plant and associated infrastructure from IGO Ltd (ASX:IGO). The sulphide ore component at RGP contains 770 koz Au @ 4.3 g/t, 36 kt Cu @ 0.6% Cu, and is expected to start within 50 meters of the surface, forming part of a wider global Resource of 1,300 koz Au @ 2.1 g/t Au, 59 kt Cu at RGP.

Managing Director's perspective on the project's progress

Advancing primary approvals is a critical path activity as Medallion derisks the proposed development of the high-grade sulphide component of the RGP. The reduced disturbance footprint at Ravensthorpe and the potential redeployment of the established infrastructure at Forrestania combine to significantly enhance the environmental credentials of the development. Utilisation of an established processing facility has many commercial and environmental benefits. Favourable permitting outcomes for the proposed development has the potential to enable rapid execution of the sulphide production strategy benefitting all stakeholders. New investment in Ravensthorpe will benefit the region given the recent setbacks to other operations in the area.

Outlook for the Ravensthorpe Gold Project

Medallion Metals Ltd is actively pursuing key environmental and mining approvals for the Ravensthorpe Gold Project, with a focus on processing the high-grade sulphide ore through the Cosmic Boy processing plant. The company's strategy aims to reduce development timeframe, capital, operating risk, and improve environmental credentials by leveraging established infrastructure. The project's reduced disturbance footprint and potential utilisation of existing facilities are expected to enhance its environmental credentials and commercial viability. Medallion is confident in receiving primary approvals within 6 months of determination, paving the way for the project's commencement. The company's ongoing negotiations with IGO Ltd and the planned drill program at RGP demonstrate its commitment to advancing the project and unlocking its potential.