Medallion Metals Limited has selected Macmahon Underground Pty Ltd as the preferred tenderer for the underground mining contract at the Ravensthorpe Gold Project, valued at approximately $240 million over a three-year term.

Subject to final contract execution, underground works are expected to commence in the fourth quarter of 2026. The scope encompasses portal establishment, primary development, production, and ancillary works. The estimated value compares favourably with the Ravensthorpe Feasibility Study assumptions, which budgeted approximately $260 million for the same work package, delivering around $20 million in savings over the life of the contract.

“Macmahon's competitive pricing, flexibility and recognition of the unique attributes of the Ravensthorpe development were the determining factors for our preferred tenderer selection. Importantly, Feasibility assumptions are proving robust. We look forward to finalisation of contract documents and mobilisation to site for the commencement of underground mining at Ravensthorpe. This is an excellent outcome for the project and, together with development activities now underway, provides further confidence in our development plan as we progress towards production.”

— Paul Bennett, Managing Director

The selection coincides with broader development across the project. With all necessary regulatory approvals in place, mine development is underway at the Kundip Mining Centre, including camp refurbishment and the imminent award of contracts for power supply, bulk earthworks, and surface infrastructure, with those teams expected to mobilise to site before the end of August 2026.

At the Forrestania operations, surface earthworks for the expanded and modified process plant are complete ahead of toll treatment operations, with delivery of the secondary ball mill expected during August 2026. Redeployment of infrastructure from the former Spotted Quoll mine to the Kundip Mining Centre has also commenced.

Read the full announcement: RGP Mining Contractor Selected