Medallion Metals has announced significant advancements during the June 2026 quarter, highlighted by the discovery of a new high-grade sulphide lode at its Ravensthorpe Gold Project and a robust cash reserve of $54 million. The company’s latest quarterly update details progress across its key projects, drilling success, and strategic development initiatives, positioning it for future production and growth.
Drilling Success and New Discoveries
A key highlight for Medallion Metals in the June quarter was the identification of a new, high-grade sulphide lode named Hillsborough Deeps. This promising discovery is situated outside the existing Kundip Mineral Resource, suggesting potential for expanding the project’s overall resource base. The company also completed an extensive 16,500 metres of drilling at the Kundip Mining Centre during the period, underscoring a vigorous exploration and resource definition program.
Beyond the Ravensthorpe project, Medallion Metals also advanced its Forrestania gold project. This included the completion of validation work on historical drilling data, a crucial step for understanding past exploration efforts. Furthermore, the company undertook its inaugural drilling program at the Lounge Lizard deposit, with assay results from this recent drilling anticipated.
Project Development and Infrastructure Milestones
Significant strides were made in project development and infrastructure. The Front-End Engineering and Design (FEED) phase for the refurbishment of the Cosmic Boy Concentrator has been successfully completed. This marks a critical step towards reactivating and upgrading the processing facility.
In line with these development plans, Medallion Metals entered into a $7.6 million Early Works Agreement. This agreement is designed to accelerate project development, paving the way for construction and operational readiness. The company also finalized a significant financial move by repaying its outstanding loan to PHGM Pty Ltd, thereby achieving a debt-free status. This financial restructuring enhances the company’s balance sheet and financial flexibility.
The company also bolstered its operational capacity by increasing its workforce, hiring 17 new employees. This expansion is in preparation for the anticipated production and development phases at the Forrestania project.
Operational Progress and Future Outlook
Medallion Metals reported substantial progress at the Cosmic Boy Concentrator, with the secondary ball mill fabrication nearing completion. Delivery of this key component is expected in August 2026. The company is also actively progressing permitting for underground mine development at Kundip, with the commencement of box cut excavation targeted for August 2026.
Looking ahead to the September 2026 quarter, Medallion Metals is set to enter the next phase of development for both its Ravensthorpe and Forrestania projects. Key activities will include the commencement of the Kundip Mining Centre box cut, interpretation of results from recent drilling and electromagnetic (EM) surveys, and the finalization of contracts for the plant refurbishment.
A maiden mineral resource estimate for the Forrestania project is on schedule for release in late 2026. The company’s early production strategy aims to expedite gold production and cash flow generation. Commissioning of the Cosmic Boy Concentrator, processing Kundip ore, is targeted for the second quarter of 2027.
Medallion Metals continues to actively explore strategic opportunities that could potentially enhance shareholder value. The company’s proactive approach to exploration, development, and strategic growth underscores its commitment to maximizing returns for its investors.
Financial Position and Market Performance
As of June 30, 2026, Medallion Metals maintained a strong financial position with $54.0 million in cash reserves. The repayment of its loan has left the company entirely debt-free, providing a solid financial foundation for its ongoing and future endeavors.
In terms of market performance, Medallion Metals shares have demonstrated significant growth over the past 12 months, appreciating by 75%. This performance notably outpaces the broader market, with the All Ordinaries Index (ASX: XAO) recording a 1% increase over the same period. This suggests strong investor confidence in the company’s strategy and operational progress.
Looking Ahead
The upcoming quarters are pivotal for Medallion Metals. The company is focused on executing its development plans, advancing its resource estimation, and preparing for the commencement of gold production. The successful identification of new high-grade mineralization and the robust cash position provide a strong platform for achieving these objectives and delivering value to shareholders.
