Medallion Metals Limited has secured binding commitments to raise $60 million before costs through a single-tranche placement of 125,000,000 new ordinary shares priced at $0.48 each. The placement was cornerstoned by long-only resources investors and backed by institutional shareholders.

The transaction provides Medallion with approximately $175 million in total available liquidity when combined with existing cash reserves and available non-dilutive funding lines. This funding level exceeds the minimum liquidity requirements under the company's approved financing facilities and covers the remaining development and ramp-up of the Ravensthorpe Gold Project, including processing at Forrestania.

Proceeds from the placement will also fund accelerated extensional drilling across the company's portfolio targets at Kundip and Lounge Lizard to expand the resource base and support future production scale. Unified Capital Partners, Sternship Advisers and Canaccord Genuity acted as joint lead managers and bookrunners.

Placement shares are expected to settle on August 26, 2026, and commence trading on the ASX on August 27, 2026, using the company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Toll treatment at Forrestania is expected to commence in October 2026, with process plant commissioning targeted for mid-2027.

“Medallion emerges from this capital raising in an extremely strong position to progress to commercial production of gold and copper. Project development activities are advancing rapidly at both Ravensthorpe and Forrestania, with toll treatment expected to commence in October and commissioning of the expanded and modified process plant on Ravensthorpe feed targeted for mid-2027.” — Paul Bennett, Managing Director

“With the company's funding position in excess of the project requirements, we have the ability to accelerate drilling programs at our most prospective targets, with the objective of growing the production profile across our projects.” — Paul Bennett, Managing Director

Following the latest capital raising, which builds on a US$50 million loan facility and an offtake agreement secured with Trafigura in February 2026, Medallion shares closed at $0.54, up 3.85% for the session.

Read the full announcement: Placement Funds Production and Growth