Medallion Metals Limited provided the following project update in relation to the Company's 100% owned Ravensthorpe Gold Project (RGP), located 550km south-east of Perth in Western Australia. Since listing in March 2001, the Company has successfully completed 54,000m of new drilling resulting in a series of MRE updates. The current MRE stands at 19.5Mt @ 2.1 g/t gold and 0.3% copper for 1.3 million ounces of gold and 59,000 tonnes of contained copper metal.

790koz (61%) of the gold and 36kt of the copper (60%) metal estimated is in the Indicated category, the remainder is in Inferred. Overall gold equivalent metal content has increased by 112% (855koz), comprising a 93% (+627koz) uplift in gold and a 238% (+42kt) uplift in contained copper metal 1 since March 2021. Given the significant uplift in contained metal, the Company will complete a Pre-feasibility Study (PFS or the Study) to assess the technical and commercial viability of the Mineral Resources contained within the Kundip Mining Centre (KMC or the Project).

The Study will benefit from the significant amount of work already completed for the 2020 Feasibility Study 2 including geotechnical analysis, metallurgical testwork, surface and ground water studies and environmental assessments. The PFS will consider multiple mining and processing options available to maximise the value of the Project which now contains a significantly expanded MRE in contrast to the basis of the 2020 study (674koz Au). PFS work has commenced and is expected to be completed in the third quarter of calendar year 2023.

The following industry recognised consultants have been engaged to assist in the completion of the Study: Snowden Optiro: Mineral Resource Estimation; Mining Plus: mine design, mine scheduling and Ore Reserve Estimation; GR Engineering: metallurgy and process engineering; Resource Engineering Consultants: site civil engineering, surface geotechnical and Tailings Storage Facility (TSF) design; Talis: permitting and approvals. The PFS will consider the development of a standalone gold and copper mining and processing operation at KMC, located 17km to the southeast of the regional centre of Ravensthorpe. The work will target mining and processing rates of up to 100kozpa AuEq from open pit and underground utilising an industry standard processing flow sheet comprising gravity, flotation and cyanidation of flotation tailings to recover gold, copper and silver to saleable products (concentrate & dore).

The development envisaged at KMC will leverage off excellent local access and infrastructure including Medallion's operating Camp and the 1,700m sealed airstrip located 10km south of KMC and operated by the Shire of Ravensthorpe. An updated Ore Reserve Estimate will be declared as part of the PFS outcomes. Medallion believes RGP represents one of the few genuine greenfields gold development opportunities that has both scale (>1.5Moz AuEq) and grade (>2.0g/t AuEq) located in Western Australia.

In addition, the established Mineral Resources are hosted within a dominant land package across the highly prospective Annabelle Volcanics. During the Study period, the Company will preserve financial resources and focus on de-risking the established MRE so that it is optimally positioned to take advantage of any improvement in sentiment in the gold sector. Further drilling will be deferred until after the completion of the PFS.

As a result, the Company has implemented a number of cost reduction measures including reducing employee numbers at site and in the Perth office. The Company acknowledges those individuals who are no longer part of the Medallion team and thanks them for their efforts. While regrettable, these measures are necessary given the focus of the Company is now on the Study work.

The size of the Board will also be reduced from four to three members. Medallion wishes to acknowledge the contribution of Mr. Edmund Ainscough, who is retiring as a Non-Executive Director of the Company today. Mr. Ainscough was instrumental in identifying and motivating the original investment in Medallion's Ravensthorpe assets in 2016.

He is a founding Director of the Company (formerly ACH Minerals Pty Ltd) and played a critical role in the acquisition and the growth of the business subsequent. The Board wishes Mr. Ainscough well in his future endeavours and thanks him for his guidance, vision and enthusiasm.