The placement proceeds will be instrumental in de-risking and accelerating the proposed FNO acquisition.
The placement consists of two tranches: the first raising A$6 million through 28.6 million fully paid ordinary shares, and the second targeting A$21.5 million via 102.3 million shares. Post-placement, Medallion will hold around A$31 million in cash, after accounting for capital-raising costs, to finance the FNO acquisition, pre-development activities, and general working capital.
The FNO includes the Cosmic Boy Flotation Plant, capable of processing RGP’s gold- and copper-bearing sulphide mineralization. A December 2024 scoping study confirmed the project’s viability, projecting an initial production inventory of 2.7 million tonnes at 3.9 grams per tonne gold and 0.6% copper, with a 5.5-year mine life and average annual pre-tax cash flows of A$90 million under base case assumptions.
Medallion has progressed with infill drilling, test work, and permitting at RGP. A bankable feasibility study is underway, with a final investment decision planned for the fourth quarter of 2025. Canaccord Genuity acted as the sole lead manager and bookrunner for the placement.
Medallion’s managing director, Paul Bennett, stated: “Medallion emerges from this capital raising in an extremely strong position to accelerate the sulphide development strategy. The Board has confidence that tremendous value can be unlocked for Medallion shareholders by bringing Ravensthorpe resources together with the Forrestania infrastructure. We thank new and existing shareholders for their support of the capital raising.”
Earlier this month, Medallion amended its agreement with IGO to acquire full ownership of the FNO, enhancing its strategic growth options. The company’s efforts focus on leveraging existing infrastructure to meet domestic and global demand for gold and copper, supporting sustainable mining operations.
The capital raise strengthens Medallion’s ability to expedite production, create economic value, and contribute to Western Australia’s mining sector while aligning with market needs for critical minerals.
