Medallion Metals Ltd
Medallion Metals holds the Ravensthorpe Gold Project (updated resource: 19.5 Mt at 2.1 g/t gold, 0.3% copper) and the nearby Jerdacuttup Project (5.6 Mt polymetallic Trilogy deposit) in Western Australia, plus a 15.1% stake in ASX-listed nickel explorer NickelSearch Limited. Having secured its final EPBC Act development approval for Ravensthorpe, the company has adopted an Early Production Strategy: a new toll-processing agreement with IGO secures at least 200,000 tonnes of third-party ore feed through the Cosmic Boy plant, targeting first gold production from the Forrestania area in Q4 2026, roughly nine months ahead of planned Ravensthorpe ore treatment under a sulphide gold development plan.
Notable vs. Peers
- Financials score of 8.3/10 is stronger than the peer average of 6.5/10.
- All-in sustaining cost of $1,481/oz is 18% lower than the peer producer average of $1,810/oz.
Lifecycle Milestones
Construction Milestones
2 of 5 reachedMilestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: mill, tailings facility. Not yet determined: grid power.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia — top-tier mining jurisdiction.
Infrastructure (40%)4.3/10
No confirmed mill, confirmed road access, and no confirmed tailings facility at Ravensthorpe Gold Project, Western Australia; grid power not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Mt Holland (Earl Grey) (Covalent Lithium Pty Ltd), 182 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0.6/10
Nearest producing mine: Mt Holland (Earl Grey) (Covalent Lithium Pty Ltd), 182 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:7/10
Stage: Construction
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director of Medallion Metals Ltd. Mining engineer with an MBA and 25 years of experience in resource operations and financing; holds a WA First Class Mine Manager's Certificate, with background at Newcrest, Western Metals and Panoramic Resources.
Chief Financial Officer of Medallion Metals Ltd. Over 26 years in mining finance, CPA with a Graduate Diploma of Applied Corporate Governance; has led financing for three greenfield gold mines.
Chief Operating Officer of Medallion Metals Ltd. 30+ years in mine operations and project development; former Managing Director of four ASX-listed companies with expertise in feasibility studies and project advancement.
GM Corporate Development at Medallion Metals Ltd. 30+ years in capital markets and corporate strategy; former Macquarie senior executive focused on transactions and investor relations.
GM Geology at Medallion Metals Ltd. 25+ years in exploration and resource development, having led significant copper-gold discoveries. Bachelor of Science (Honours) in Applied Geology, Curtin University.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Long Fort LLC is actually the largest disclosed holder here at 10.14%, but nothing in accessible sources establishes it as a resource-sector specialist or names its mandate, so it is recorded here for completeness without being credited as informed conviction capital. Franklin Gold and Precious Metals Fund, a real specialist, holds a smaller stake. Three directors bought stock on the open market in a clean, unopposed pattern in October 2024, now stale but with no offsetting selling on record since.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Medallion Metals owns 100% of the Ravensthorpe gold project in Western Australia, planned as an open-pit and underground operation, and also holds the nearby Jerdacuttup project and a 15.1% stake in NickelSearch. Ravensthorpe holds 680,000 oz of gold in indicated resources, with no measured category, plus 420,000 oz inferred. The December 2025 feasibility study shows an after-tax NPV8% of US$288M (AUD 443M) and an 87% IRR at US$3,380/oz (AUD 5,200/oz) gold, with initial capital of US$89.7M (AUD 138M), a 5.7-year mine life and an all-in sustaining cost of US$1,481/oz (AUD 2,279/oz) net of copper and silver credits. The board made a final investment decision on 16 February 2026 alongside a US$50M Trafigura loan facility, and permitting was completed in August 2026. Toll treatment of Forrestania ore through the Cosmic Boy plant is targeted to start in October 2026, ahead of commissioning of the expanded Ravensthorpe process plant in mid-2027.