Medallion Metals raising $60m for Ravensthorpe gold project

The West Australian12-15

Medallion Metals is raising $60 million so it can get started on realising the $138m Ravensthorpe gold project.Medallion told the Australian Securities Exchange on Monday it had firm commitments to ...

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project\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-15 18:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thewest.com.au/news/regional/medallion-metals-raising-60-million-to-get-to-work-on-138m-ravensthorpe-gold-project-c-21007607><strong>The West Australian</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Medallion Metals is raising $60 million so it can get started on realising the $138m Ravensthorpe gold project.Medallion told the Australian Securities Exchange on Monday it had firm commitments to ...</p>\n\n<a href=\"https://thewest.com.au/news/regional/medallion-metals-raising-60-million-to-get-to-work-on-138m-ravensthorpe-gold-project-c-21007607\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MFIN","symbol_name":"Medallion Financial 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project located between the towns of Ravensthorpe and Hopetoun, and which relies on the acquisition of the assets of IGO’s Forrestania Nickel Operations 170km to the north by road.Medallion last week said it expected the IGO deal to be done on or before February 20.The definitive feasibility study estimated a cost of $138m to bring Ravensthorpe into production, with the underground mine to have an initial life of 5.7 years, and it would produce 374,000 ounces of gold and 15,000 tonnes of copper.The operation would mine and process 3.5 million tonnes of ore at a gold grade of 3.5g per tonne and a copper grade of 0.5 per cent.Medallion said the study established a proven flotation carbon-in-leach processing pathway at Forrestania, delivering 94.3 per cent gold recovery and 87.1 per cent copper recovery into saleable products.Cosmic Boy would have a throughput rate of 650,000 tonnes per annum.The company said the project had an ore reserve of 2.1 million tonnes at 3.5g/t of gold and 0.6 per cent copper.The study said the project would generate pre-tax free cash flow of $859m at a $5200/oz gold price and $6.50/lb copper price, rising to $1.28 billion at a $6300/oz gold price and $7.30/lb copper price.This gave the project a base case net present value of $443m, with an internal rate of return of 87 per cent, rising to a spot price net present value of $668m and IRR of 125 per cent.The base case payback period was estimated at 12 months, and the spot price payback at nine months.The study estimated an all-in sustaining cost of $2279/oz.The company said this AISC was higher than the 2024 scoping study estimate of $1845/oz because of cost inflation, lower-than-expected mining productivities reflected in estimates received from underground mining contractors, and the inclusion of about $27m of underground drilling to further de-risk and enhance the mine plan.Medallion on Monday said it was targeting a final investment decision for early in 2026 and, assuming a positive decision, first metal production was expected in early 2027.The company’s managing director Paul Bennett on Monday said Medallion was now entering the next phase of its growth strategy with strengthened financial capacity and a clear pathway to accelerate the sulphide development opportunity through to first production.“The integration of Ravensthorpe mineral resources with the Forrestania processing infrastructure creates the conditions to establish a new gold-copper development opportunity in Western Australia, and the completion of this capital raising allows us to advance that strategy with confidence,” he 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