Medallion Metals Limited has entered into a Sub-Lease to grant full access and operation of the Camp to Galaxy Lithium Australia Pty Ltd. and the operator of the Mt Cattlin Lithium Mine (Mt Cattlin). The Sub-Lease term is for a period of 18 months, commencing 1 October 2023. As consideration, Galaxy will pay Medallion $2.2 million over three equal instalments, the first due on 30 September 2023 and every six calendar months subsequent, the final instalment being due on 30 September 2024 (Rent).

The Sub-Lease is conditional on Shire of Ravensthorpe and Department of Lands approval which the Company expects will be forthcoming. Subject to further approvals, Galaxy may install an additional 28 rooms at the Camp at its own cost. Medallion may retain these rooms at no cost at the conclusion of the Sub-Lease, subject to Galaxy's approval.

Galaxy will maintain the Camp in good working order throughout the term of the Sub-Lease. All outgoings during the Sub-Lease will be to Galaxy's account. Medallion will retain access to accommodation and catering services at the Camp throughout the Sub-Lease term, enabling the Company to carry out planned exploration and pre-development activities at the Ravensthorpe Gold Project.

The primary outcome of Sub-Lease for Medallion is the optimisation of the profitability of the Camp by securing full utilisation of the Camp facilities over the term of the Sub-Lease.