Medallion Metals Limited reported a significantly expanded JORC 2012 Mineral Resource Estimate (MRE) at the Kundip Mining Centre (KMC), part of the 100% owned Ravensthorpe Gold Project (RGP), located 550km south-east of Perth in Western Australia. The expanded MRE at KMC now totals 16.5Mt @ 2.1 g/t gold and 0.3% copper for 1.1 million ounces of gold and 50,000 tonnes of copper metal contained. 67% of the gold estimated is in the Indicated category, the remainder in Inferred.

The revised gold content represents a 64% increase from the previous MRE of 674,000 ounces @ 2.4 g/t.2 1.3 million ounces of silver are also contained in the expanded MRE. Annexure 1 provides a full breakdown of tonnes, gold, silver and copper grades by deposit, by resource classification and by resources potentially available for open pit and underground mining. MRE growth has come about through a maiden estimate at the Gem Restored deposit in addition to updates at Gem and Harbour View.

A copper dominant domain at Harbour View is estimated for the first time. This aspect of the Harbour View deposit has been observed in historical drilling; however, only after the most recent drill programme has the level of data enabled a sufficiently high degree of confidence to support the copper domain estimate. The updated MRE incorporates 26,308m of new drilling including Reverse Circulation (RC) drilling (130 holes for 21,141m) and Diamond (DDH) drilling (22 holes for 5,167m) completed at KMC throughout 2021-22 and targeting high-grade strike and depth extensions of the known mineralised structures.

The increasing significance of copper at Kundip, both in terms of grade and through the presence of copper dominant mineralised domains, has prompted the introduction of a gold equivalence calculation to aid and simplify discussion of results. A base of 765koz AuEq (8.8Mt @ 2.38g/t Au & 0.20% Cu) for the previous MRE has been used for growth comparison purposes. New drilling that informs the updated MRE has yielded an additional 607,000 ounces of gold equivalent metal (428koz Au), a discovery rate of 23 AuEq ounces per drill meter (16oz/m Au).

Discovery cost is $11 per AuEq ounce ($15/oz Au). Pre-existing and new data sets by KMC deposit. A full list of the 2021-22 drill holes included in the updated MRE is provided in Annexure 3. Medallion's in-house geology team were responsible for generating validated databases and mineralisation domains for all KMC deposits and are acting as Competent Persons for those aspects of the MRE.

The Company engaged Snowden-Optiro to undertake the MRE for each of Gem, Harbour View and Gem Restored. This involved review and validation of the databases and wireframes, followed by data conditioning, generation of block models, resource estimation, resource reporting and validation. Ordinary Kriging (OK) was selected as the preferred grade interpolation methodology for all deposits.

Snowden Optiro personnel are acting as Competent Persons for estimation, reporting and classification for Gem, Harbour View and Gem Restored.