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 quarterly update details progress across its key projects, including extensive drilling, engineering milestones for its processing plant, and the signing of an early works agreement to propel project development forward.
Drilling Success and New Discoveries
A standout achievement 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 at the Ravensthorpe Gold Project. To further explore its gold assets, the company completed 16,500 metres of drilling at the Kundip Mining Centre during the period. This drilling campaign is crucial for expanding the understanding and potential of the Kundip deposit.
Beyond Ravensthorpe, Medallion Metals also focused on its Forrestania gold project. During the quarter, the company concluded validation work on historical drilling data, a critical step in refining resource estimates. Furthermore, its initial drilling program at the Lounge Lizard deposit was completed, with assay results anticipated to provide valuable insights into the deposit’s potential.
Project Development and Infrastructure Milestones
Significant strides were made in advancing the company’s infrastructure. The Front-End Engineering and Design (FEED) phase for the refurbishment of the Cosmic Boy Concentrator has been successfully completed. This engineering work is a prerequisite for upgrading the processing facility to handle future production. Complementing this, Medallion Metals entered into a $7.6 million Early Works Agreement. This agreement is designed to accelerate the initial stages of project development, paving the way for more substantial construction and operational phases.
In line with its development strategy, Medallion Metals also advanced permitting processes for underground mine development at the Kundip Mining Centre. The company is targeting the commencement of box cut excavation at Kundip in August 2026, marking a tangible step towards underground operations.
Financial Health and Strategic Positioning
Financially, Medallion Metals reported a strong cash balance of $54.0 million as of June 30, 2026. This healthy cash position provides the company with significant financial flexibility to fund its ongoing exploration, development, and operational activities. A key financial event during the quarter was the repayment of a loan to PHGM Pty Ltd, which has rendered the company entirely debt-free. This deleveraging strengthens its balance sheet and reduces financial risk.
The company also bolstered its operational capacity by increasing its workforce, hiring 17 new staff members during the quarter. This expansion of the team is in preparation for the anticipated production and development activities at the Forrestania project.
Outlook and Future Plans
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 finalisation of contracts for the 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. Medallion Metals is pursuing an early production strategy aimed at expediting gold production and generating cash flow sooner. The commissioning of the Cosmic Boy Concentrator, processing Kundip ore, is targeted for the second quarter of 2027.
Medallion Metals continues to actively explore and evaluate strategic growth opportunities that could enhance shareholder value. The company’s proactive approach to exploration, development, and financial management positions it for continued progress in the coming quarters.
Performance Snapshot
Over the preceding 12 months, Medallion Metals shares have demonstrated strong performance, appreciating by 75%. This growth significantly outpaced the broader market, with the All Ordinaries Index (ASX: XAO) rising by only 1% during the same period, underscoring the company’s positive trajectory and investor confidence.
