Medallion Metals Limited has executed a $50 million lump sum Engineering, Procurement and Construction contract with GR Engineering Services Limited to convert the Cosmic Boy Concentrator into a standalone facility capable of producing copper concentrate and gold doré.

The agreement replaces a previous $7.6 million early works arrangement and aligns closely with the $49 million estimate outlined in the project's feasibility study. The scope covers the remaining engineering, procurement, construction and commissioning required to process Ravensthorpe Gold Project ore at a targeted throughput rate of 650,000 tonnes per annum.

GR Engineering has completed front-end engineering, design and site earthworks for the expanded plant footprint. Personnel and subcontractors are mobilised on site, with concrete pouring expected to begin in the first week of September 2026. Processing operations at Cosmic Boy are scheduled to start in October 2026, initially treating third-party ore under an early processing strategy.

“We are very pleased to have finalised the EPC contract and to be partnering with GR Engineering on the refurbishment and modification of Cosmic Boy. Having originally designed and constructed the facility in 2009, GRES brings a detailed understanding of the existing plant as well as extensive knowledge of the Ravensthorpe mineralogy making this a logical partnership for Medallion and an extension of long-standing relationships between the two organisations.”

— Paul Bennett, Managing Director

Development activities are advancing across both project sites. Surface earthworks are complete at Forrestania, and components for a second ball mill are in transit to the Port of Fremantle ahead of a scheduled arrival on 17 September 2026. At Ravensthorpe, infrastructure readiness activities continue ahead of box cut excavation planned for September 2026, supporting underground mine development that targets first production in the second quarter of 2027.

The construction milestone follows key regulatory clearances secured in August 2026, including the Mining Development and Closure Plan and a Section 45C ministerial statement amendment. Medallion also selected Macmahon Underground as the preferred tenderer for a three-year underground mining contract at Ravensthorpe valued at approximately $240 million.

Read the full announcement: GR Engineering Awarded EPC Contract for Cosmic Boy