Medallion Metals Ltd. has announced significant operational and financial progress 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 quarterly update details advancements across its key projects, strategic development milestones, and a debt-free financial position.
Drilling Success and New Discoveries at Ravensthorpe
A major highlight of the quarter was the identification of a new high-grade sulphide lode, named Hillsborough Deeps, located outside the existing Kundip Mineral Resource at the Ravensthorpe Gold Project. This discovery underscores the ongoing exploration potential of the project.
Furthermore, Medallion Metals completed an extensive 16,500 metres of drilling at the Kundip Mining Centre. This drilling program is crucial for expanding and defining the existing mineral resources and exploring new targets within the area. Assay results from these programs are anticipated to provide further insights into the project’s potential.
Project Development and Infrastructure Milestones
Significant strides were made in project development and infrastructure during the June quarter. The Front-End Engineering and Design (FEED) phase for the refurbishment of the Cosmic Boy Concentrator has been completed. This is a critical step towards processing ore and generating future revenue.
In line with advancing project development, an Early Works Agreement valued at $7.6 million was signed. This agreement is set to expedite the initial stages of bringing the project online.
The company also advanced permitting processes for underground mine development at Kundip. Medallion Metals is targeting the commencement of box cut excavation at Kundip in August 2026, signaling a move towards physical construction and operational readiness.
Financial Health and Strategic Positioning
Financially, Medallion Metals concluded the quarter in a strong position with $54.0 million in cash reserves as of 30 June 2026. This healthy cash balance provides the company with the financial flexibility to fund its ongoing exploration, development, and operational activities.
A key financial development was the repayment of a loan to PHGM Pty Ltd, which has resulted in Medallion Metals becoming entirely debt-free. This deleveraging strengthens the company’s balance sheet and reduces financial risk.
Progress at Forrestania Gold Project
Beyond Ravensthorpe, Medallion Metals also reported progress at its Forrestania Gold Project. During the quarter, the company concluded validation work on historical drilling data, a foundational step for future exploration and resource definition.
The first round of drilling at the Lounge Lizard deposit within the Forrestania project was also completed. Assays for this recently concluded drilling program are currently pending and are expected to provide initial insights into the mineralisation at Lounge Lizard.
Workforce Expansion and Future Outlook
To support the upcoming production and development phases, Medallion Metals expanded its workforce by hiring 17 new staff members during the quarter. This strategic hiring is essential for building the operational capacity required for the company’s growth plans.
Looking Ahead: September Quarter and Beyond
The September 2026 quarter is set to be a period of intensified development for Medallion Metals. The company anticipates commencing the Kundip Mining Centre box cut, interpreting results from recent drilling and electromagnetic (EM) surveys, and finalising contracts for the crucial plant refurbishment.
A significant upcoming milestone is the maiden mineral resource estimate for the Forrestania project, which remains on track for release in late 2026. This estimate will be a key indicator of the project’s economic viability.
Medallion Metals is pursuing an early production strategy aimed at accelerating gold production and cash flow. The commissioning of the Cosmic Boy Concentrator, processing Kundip ore, is targeted for the second quarter of 2027.
The company continues to actively explore strategic growth opportunities that could enhance shareholder value. Medallion Metals’ share price has demonstrated strong performance over the past 12 months, rising by 75%, significantly outperforming the broader All Ordinaries Index.
