Australian gold exploration and development company targeting 80,000 ounces per annum production

Live Medallion Metals Ltd

OnMarket | Medallion Metals Ltd | ASX: MM8

Fixed Priced IPOType of Offer
19 Nov 20Offer Open
07 Dec 20Pay By
Up to $20 millionSize of Offer
$2,000 Minimum Investment
Ord Minnett/New Holland CapitalLead Manager

This IPO Lead Managed by Ord Minnett and New Holland capital. OnMarket has a limited allocation.

The offer may close early and the 'Pay By' dates may change. Applications may be scaled back and duplicate bids under the same investment profile, investor name or residential address may be cancelled.

Key Highlights


Medallion Metals Ltd (ASX: MM8) is a resources exploration and development company and is the owner of two prospective projects, the Raventshorpe Gold Project (RGP) and the Jerdacuttup Project (JP) situated in the southern Goldfields-Esperance region of Western Australia. The Projects are prospective for multiple commodities,with a major focus on gold. The Company’s primary aim is to become a near to medium term, long life, high margin gold producer, targeting 80,000 ounces of production per annum.

RGP resources stand at 674,000 ounces of gold in JORC Code compliant Mineral Resources. A feasibility study completed in May 2020 demonstrated robust economics for open pit and underground mining and processing of mined ore on-site. 

The Jerdacuttup Project, which is prospective for base and precious metals, and contains JORC Code compliant Mineral Resources estimates.

Since acquiring the Projects in 2016, the Company has:

  • spent an additional $15.3 million on Mineral Resource definition drilling, regional exploration, testwork, studies, activities associated with environmental and statutory approvals and administrative expenses; and
  • reported JORC 2012 Mineral Resource estimates at RGP over three adjacent deposits within the Kundip area (Flag, Harbour View and Kaolin) and progressed permitting and completed a feasibility study. JORC 2012 Mineral Resource estimates were also completed at JP.

Medallion is planning a processing approach for the RGP treating 800,000 tpa of gold-bearing ore utilising a standard gold CIP processes in conjunction with cyanide recovery and recycling process (using resins) to manage the copper-in-solution in the early years of the Project life. This process has been applied in a limited number of similar settings globally.

Terms of the Offer

Medallion Metals Ltd is looking to undertake an IPO on ASX to raise between $15 million and $20 million via the issue of between 37.5 million and 50 million shares under the offer at an offer price of $0.40.  The company will have an indicative market capitalisation of approximately $67.9 million on a fully diluted basis on completion of the offer if the maximum subscription is reached. 

Key Objectives

Medallion’s primary aim is to become a gold producer at RGP in the near to medium term and its objectives are to:

  • advance RGP by conducting additional resource definition and extensional drilling, pre-development activities, updating and optimising the feasibility study and, subject to obtaining sufficient additional funding, requisite approvals and making a final investment decision to enable the development of RGP, to commence gold production in the near to medium term;
  • advance JP through ongoing studies and targeted exploration with a view to pursuing appropriate farmout, spin out/IPO or sale opportunities;
  • conduct further regional exploration across the Projects; and
  • pursue other acquisitions that have a strategic fit for the Company.

The Projects

Medallion Metals is the legal and beneficial owner of two prospective projects, the Raventshorpe Gold Project and the Jerdacuttup Project.  The Projects are located in the southern Goldfields-Esperance region of Western Australia, approximately 550 km southeast of Perth and 185 km west of Esperance, the nearest deep-water port.

The Company acquired the Projects and associated real property from Silver Lake Resources Limited (ASX:SLR) in 2016. The Projects consist of 47 mining tenements (four Prospecting Licences and one Prospecting Licence Application, 22 Exploration Licences and five Exploration Licence Applications, 12 Mining Leases and three Miscellaneous Leases) which are 100% owned by the Company other than three Exploration Licences to which the Company has 100% rights to all minerals other than lithium and tantalum and one Exploration Licence Application held as to 80%.

Raventshorpe Gold Project

The Ravensthorpe Gold Project, which includes approximately 674,000 ounces of gold of JORC Code compliant Mineral Resources estimates (of which approximately 270,000 ounces are JORC Code compliant probable Ore Reserves estimates). A feasibility study completed in May 2020 indicated there are robust economics for open pit and underground mining and processing of mined ore on-site.  The completion of the feasibility study is a critical de-risking milestone for Medallion and provides the Company with a high level of confidence in the technical and commercial viability of the orebody and increased clarity on the time and cost associated with progressing a development.

Medallion’s mineral rights comprising the RGP represent an extensive, contiguous footprint over at least 70% of the Phillips River Gold Field, constituting a majority holding over the primary mineralised corridor from which the bulk of historical mining activities were undertaken. This position provides Medallion with the opportunity to take a holistic, regional-scale approach to gold-copper exploration and to capture potential economies of scale by integrating near-mine opportunities that would otherwise be marginal in isolation.

In addition, the Company has an extensive portfolio of regional exploration targets and prospects beyond the Kundip mine area. Several of these historical workings have been prioritised by the Company in terms of potential Mineral Resource and exploration targets. The Wonderlust area, located between the Kundip and Mount Desmond mining centres, is considered by the Company to have the greatest potential for additional near-mine Mineral Resources within 2–5 km north of the proposed Kundip mine development.

Jerdacuttup Project

The Jerdacuttup Project, which is prospective for base and precious metals comprises the Trilogy and Queen Sheba deposits, and the Bandalup Pools prospect and are located to the immediate south of RGP.

The Trilogy deposit is the foundation asset of JP. Discovered in 1997, Trilogy was the first economic mineralisation discovered in the Proterozoic Albany-Fraser Orogen and is now a large polymetallic JORC 2012 Code compliant Mineral Resource with the potential for near-term development, and significant potential to be scaled up by leveraging the regional exploration opportunity.

Key Offer Statistics

Use of Funds

Funds raised from Offer will be applied as follows:

Management and Board

Medallion Metals Ltd is led by an experienced Board and management team with proven corporate, technical, financial and commercial expertise ideally suited to maximising the value of the Company’s Projects. These include:

John Daniel Fitzgerald – Non-Executive Chair

Mr Fitzgerald is an experienced Company Director and resource financier. He has worked with the resources sector for 30 years providing corporate advisory, project finance and commodity risk management services to a large number of companies in that sector. Mr Fitzgerald is a Non-Executive and lead Independent Director of Northern Star Resources Ltd (ASX:NST) and a Non-Executive Director of Danakali Resources Ltd (ASX:DNK).

Paul William Bennett – Managing Director

Mr Bennett is a Mining Engineer with an MBA who has extensive experience in the operation, development and financing of resource companies and projects over a 25-year period. He has worked in technical, management and business development roles for Newcrest, Western Metals and Panoramic Resources and holds a WA First Class Mine Manager’s Certificate.

Edmund Joseph Ainscough – Non-Executive Director

Mr Ainscough is Managing Director of ACH Nickel Pty Ltd, an Australian resources company, which has the same shareholders as the Company. He led the acquisition of joint venture rights to the Foster/Jan Nickel Project (in 2014) and the Company’s acquisition of the projects (in 2016). Mr Ainscough is a geologist by training and has extensive operational experience (gold, copper and tin) in Australia and in Africa, the UK and New Zealand.

Anthony Paul James – Non-Executive Director

Mr James has over 30 years’ mine operating and project development experience predominantly in Western Australia and experience at Managing Director level of three ASX listed companies (Atherton Resources Limited (ASX:ATE), Mutiny Gold Limited (ASX:MYG) and Carbine Resources Limited (ASX:CRB)).

Benjamin James Larkin – Chief Financial Officer

Mr Benjamin Larkin is a Chartered Accountant with more than 15 years of experience and commenced his career in public practice before specialising in the natural resources sector in 2007. Mr Larkin is the former Company Secretary of ASX listed Carnaby Resources Limited (ASX:CNB).


You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 6 of the prospectus, Medallion Metals Limited is subject to a range of risks, including but not limited to exploration, development and mining risks, additional funding requirements, royalties, liquidity, commodity price volatility, mineral resource estimates and classification, cyanide consumption and environmental risk.

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Medallion Metals Ltd

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Australian gold exploration and development company targeting 80,000 p.a. ounce production


Medallion Metals Ltd (ASX: MM8) is a resources exploration and development company looking to build a long life, high margin gold business in Australia with the initial focus on advancing the Ravensthorpe Gold Project located in the Goldfields-Esperance region of Western Australia.


With JORC compliant estimates of approximately 674,000 ounces of gold, the Company is focused on advancement of near mine exploration targets and updating the feasibility study completed in May 2020. The intention is to advance to final investment decision, and ultimately production targeting 80,000 ounces per annum. 


Medallion also owns the nearby Jerdacuttup Project, which is prospective for base and precious metals, and contains JORC Code compliant Mineral Resources estimates.

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