Medallion Metals Limited reported an initial JORC (2012) MRE at the Desmond deposit, part of the Company's Ravensthorpe Gold Project (RGP), located 550km south-east of Perth in Western Australia. Desmond is situated 7km north of the KMC and is directly linked to KMC by a sealed public road. KMC is host to a JORC (2012) Mineral Resource Estimate of 1.4Moz AuEq @ 2.6 g/t AuEq. Desmond-Elverdton was Western Australia's larger copper producer until the discovery and development of Telfer during the 1970s. The Desmond-Elverdton mines were worked primarily from underground between 1901 and 1971, producing approximately 15,600 tonnes of contained copper and gold as a by-product. Medallion controls the northern extent of the historical workings which are located on granted mining lease 74/163. Potential extensions to the Desmond deposit along strike to the north, at depth as well as possible mineralised parallel structures, represent significant exploration targets that have the potential to enhance the economics of the established resources at KMC. The Desmond-Elverdton Mining Group is situated 7km northwest of the KMC and is part of the same mineralised copper-gold system of the Ravensthorpe Greenstone Belt. The deposits were historically developed separately underground with the workings joining over time. The deposits are separated by ownership. The Desmond-Elverdton Group is clustered around the Desmond-Elverdton mines, and extends ~ 4km northwest to incorporate the PLP, Ironclad and FED historical workings. Mineralisation at Desmond-Elverdton is hosted within a quartz-plagioclase-biotite-chlorite schist (Marston 1979) with minor mineralisation observed within a chlorite-sericite altered tonalite. Tonalite margins around Ravensthorpe are characterised by abundant texturally modified xenoliths (clasts) of Annabelle Volcanics hosted in the tonalite up to 100m from the main pluton margin (Witt, 1998). The schist hosting mineralisation at Desmond is interpreted as a large clast of strongly modified Annabelle Volcanics within the tonalite. Resource Modelling: Medallion's in-house geology team were responsible for generating validated databases and mineralisation
domains for the Desmond deposit and are acting as Competent Persons for those aspects of the MRE. The Company engaged Snowden Optiro to undertake the estimation and classification aspects of the MRE. 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. Snowden Optiro personnel are acting as Competent Persons for estimation, reporting and classification for Desmond. The MRE has been reported under conditions where the Company believes there are reasonable prospects of eventual economic extraction through standard open pit and underground mining methods and the recovery of economic elements (gold, copper and silver) to saleable products through the application of industry-standard process routes (gravity, flotation and cyanidation). It is assumed that Desmond would be mined as a satellite deposit with mined ore processed at KMC, 7km to the south. Resources potentially available for open pit mining are reported above a cut-off grade of 0.5 g/t AuEq and within 150 vertical meters of surface topography. Underground resources are reported above a cut-off grade of 2.0 g/t
AuEq at depths greater than 150 meters below surface topography. Desmond is reported using AuEq to maintain consistency across the RGP deposits. Costs determined from the 2020 Feasibility Study (FS) were used to set cut-off grades 3. The FS considered open pit mining by truck and shovel and underground mining by top-down, sub-level benching with the processing of mined ore on-site at KMC, as well as tailings disposal. The open pit cut-off accounts for metallurgical recovery and covers the costs associated with ore mining, processing, general and administration and royalties. The underground cut-off incorporates the same factors and costs as determined in the FS, in addition to underground capital development.