What Medallion Metals does

Medallion Metals Limited (ASX: MM8) is a Western Australian gold and copper exploration and development company headquartered in West Perth, focused on its flagship Ravensthorpe Gold Project (RGP) located approximately 550 km southeast of Perth at the intersection of the Southern Cross greenstone belt and the Albany Fraser Orogen. The company's portfolio comprises the flagship RGP, the Jerdacuttup exploration project, and the NickelSearch exploration initiative, supported by a roughly 600 sq km tenement package across the Forrestania greenstone belt. The October 2023 Pre-Feasibility Study confirmed the technical and commercial viability of the Kundip Mining Centre at RGP, projecting annual production of 85,000 ounces of gold and 1,800 tonnes of copper (92,000 oz gold-equivalent) over a nine-year mine life, with a $309 million project NPV. Central to the development pathway is the August 2024 exclusive negotiation with IGO to acquire the Cosmic Boy Process Plant and related infrastructure from IGO's Forrestania Nickel Operation, enabling sulphide flotation processing at significantly reduced capital expenditure and permitting risk versus a greenfield build.

The company is pre-revenue and expects to generate income from gold and copper concentrate sales once RGP reaches commercial production, targeted for early CY27. Its go-to-market is enterprise-oriented: Medallion targets institutional investors and strategic partners via ASX equity placements, offtake prepayment structures (notably a US$50 million Trafigura facility combining a prepayment with copper concentrate and gold dore purchase agreements), broker research distribution (Petra Capital, Morgans, Canaccord Genuity, Euroz Hartleys, Argonaut, Evolution Capital), and conference engagement (Deutsche Goldmesse, Gold Coast Gold, RIU, Diggers & Dealers). The customer base will, on current offtake arrangements, be concentrated with Trafigura as the principal counterparty for both principal revenue streams. EPBC Act federal approval was granted in February 2026, a critical regulatory milestone that unlocks downstream construction and operational activity. Leadership is led by Managing Director Paul Bennett, with Phillip Fox as Exploration Manager overseeing the geological review and drill programme across the expanded tenement position.

The business model is that of a single-asset developer transitioning from exploration to production: capital is raised through equity placements and strategic offtake-linked facilities, then deployed into mine development, infrastructure refurbishment, and exploration, with future revenue dependent on commodity prices and the timing of commercial production. Key risks include execution risk on construction and commissioning, single-buyer offtake concentration with Trafigura, commodity price exposure, equity dilution from repeated discounted placements (the December 2025 placement pushed the share price to a three-week low), and dependence on the success of the sulphide development pathway using the acquired Cosmic Boy plant.

Name

Medallion Metals

Legal name

Medallion Metals Limited

Website

https://medallionmetals.com.au

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Medallion Metals is an ASX-listed Western Australian gold and copper developer advancing its flagship Ravensthorpe Gold Project toward production, using the acquired Cosmic Boy sulphide flotation plant to target 85,000 ounces of gold and 1,800 tonnes of copper annually over a nine-year mine life.

Ownership category

akta.pro rank

Product category

Gold and Copper Mining

NAICS

Other Metal Ore Mining (212290), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

akta.pro secondary industries

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB), Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC)

Keywords

• Gold mining
• Copper mining
• Mineral exploration
• Mining development
• Gold concentrate

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Gold and Copper Production: Medallion Metals is a pre-revenue mining development company expecting to generate revenue from gold and copper concentrate sales once the Ravensthorpe Gold Project reaches commercial production. The company projects annual production of 85,000 ounces of gold and 1,800 tonnes of copper (equivalent to 92,000 ounces of gold equivalent) with pre-tax cash flow of $85 million per year over a nine-year mine life.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Medallion Metals is a pre-production gold and copper mining developer focused on its flagship Ravensthorpe Gold Project in Western Australia. The company's core offering centers on the exploration, development, and planned production of gold and copper concentrates, leveraging the acquired Cosmic Boy Process Plant to accelerate processing capability. Revenue is expected from the sale of gold and copper concentrate once commercial production begins.

Product overview

Medallion Metals is a gold and copper exploration and development company focused on Western Australia. The company's portfolio comprises the flagship Ravensthorpe Gold Project (RGP) featuring the Kundip Mining Centre, the Jerdacuttup Project, and NickelSearch exploration initiatives. In 2024-2025, the company secured the Cosmic Boy Process Plant from IGO's Forrestania Nickel Operation to enable accelerated sulphide gold processing. The company is transitioning from explorer to producer, with EPBC approval received in early 2026 and a US$50 million funding partnership with Trafigura supporting development.

Differentiator

Problem solved

Functional benefit

Products and services

• Ravensthorpe Gold Project (RGP) Flagship gold and copper mining project located 550km southeast of Perth in Western Australia, with projected annual production of 85,000 ounces of gold and 1,800 tonnes of copper (92,000 ounces gold equivalent) over a nine-year mine life.
• Jerdacuttup Project

Quantifiable outcome

• 85,000 oz gold production annually
• +4 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• IGO LimitedcoreStrategic or Co-development Partner · 1 August 2024Medallion Metals entered exclusive negotiations with IGO to acquire key assets from IGO's Forrestania Nickel Operation (FNO), including the Cosmic Boy Process Plant and related infrastructure. The acquisition represents a transformational opportunity to accelerate gold mining at Ravensthorpe under a sulphide gold development scenario while reducing capital expenditure and operational risk. Both companies also exploring acquisition of gold and silver rights across broader FNO tenure.

Scale indicators11 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Capricorn Metals: ASX-listed gold developer/producer with Western Australian gold projects (Karlawinda, Mt Gibson). Closely comparable business model of advancing WA gold assets from development into production, with PFS/DFS-stage economics and infrastructure-leveraged growth strategies.
• Pantoro Limited: ASX-listed gold producer with Norseman gold project in WA, producing both gold and copper/nickel by-products. Comparable mid-tier WA gold operator transitioning projects to production with similar geology profile to Medallion's Kundip Mining Centre.
• Astral Resources: ASX-listed gold developer focused on the Mandilla Gold Project in WA's Eastern Goldfields. Comparable pre-production developer at PFS/DFS stage targeting near-term gold production in a tier-1 WA jurisdiction.
• Black Cat Syndicate: ASX-listed gold developer focused on the Paulsens and Kal East gold projects in WA. Comparable pre-production WA gold developer at feasibility stage, targeting similar processing infrastructure-led development pathways and serving as a direct Australian small-cap comparable.
• Hammer Metals: ASX-listed junior explorer/developer with a significant tenement position in the Mt Isa region of Queensland including gold and copper assets. Comparable as an ASX-listed junior advancing gold-copper projects through exploration toward development, with multi-commodity exposure similar to Medallion.
• Spectrum Metals: ASX-listed gold-focused explorer with WA projects (Penny West, Spectrum). Comparable small-cap WA gold developer at an earlier stage than Medallion, providing a relevant peer for valuation and stage-of-development comparison.

Broad incumbents

• Ramelius Resources: Established ASX-listed mid-tier gold producer operating multiple mines in WA (Mt Magnet, Edna May, Marda, Penny). Comparable as a WA-focused gold operator, but at significantly larger scale and already producing, serving as a peer benchmark for what Medallion could become post-CY27.
• Westgold Resources: Large ASX-listed gold producer operating in the Murchison and Southern Goldfields regions of WA. Operates multiple processing hubs comparable to Medallion's planned use of the Cosmic Boy plant, providing a relevant benchmark for hub-and-spoke WA gold production economics.
• Silver Lake Resources: ASX-listed mid-tier gold producer with mines in the Eastern Goldfields of WA. Comparable WA gold operating model including processing infrastructure ownership, with established production profile relevant to Medallion's developer-to-producer trajectory.

Others

• IGO Limited: ASX-listed mining and exploration company and the seller of the Cosmic Boy Process Plant to Medallion. Not a direct competitor but a key counterparty whose divestment of the Forrestania assets has directly shaped Medallion's infrastructure-led development pathway.

Market position

Strengths2 records

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xtwitter.com/mm8_medallion
• YouTubeyoutube.com/channel/medallion-metals
• Facebookfacebook.com/medallionmetals
• LinkedInlinkedin.com/company/medallion-metals-limited/?originalSubdomain=au
• Instagraminstagram.com/medallionmetals
• Pinterestpinterest.com/medallionmetals

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Medallion Metals