Medallion Metals Limited reported further expansion of the JORC 2012 Mineral Resource Estimate (MRE) at its Ravensthorpe Gold Project (RGP), located 550km south-east of Perth in Western Australia. All MRE growth reported is from Kundip Mining Centre (KMC) deposits. The expanded MRE at RGP now totals 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 of a 93% (+627koz) in gold and a 238% (+42kt) in contained copper metal. MRE growth reported in this announcement is the result of additional drilling undertaken at the Gem, Harbour View and Flag deposits within KMC.

Initial MRE's for the Gem Restored, Gift and Desmond deposits were reported previously in June 2022, December 2022 and January 2023 respectively. contains further details of tonnes, gold, silver and copper grades by deposit, by resource classification and by resource potentially available for open pit and underground mining. The updated MRE incorporates 16,508m of new drilling including Reverse Circulation (RC) drilling (30 holes for 7,153m) and Diamond (DD or Diamond) drilling (23 holes for 9,355m) completed at KMC throughout 2021 and 2022 targeting high-grade strike and depth extensions of the known mineralised structures.

In addition to this MRE update at KMC, recent initial MRE estimates have been completed at the Gift deposit (part of KMC) and at Desmond (located 7km north of KMC). Since June 2022, the global metal inventory at RGP has increased by 250koz AuEq (200koz Au, 9kt Cu). Medallion's in-house geology team were responsible for maintaining validated databases and generating mineralisation domains for all RGP 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 Flag which have been updated in this announcement. This involved high-level review and validation of the databases and wireframes, followed by data conditioning, generation of block models, resource estimation, resource reporting, validation and classification. Ordinary Kriging (OK) was selected as the preferred grade interpolation methodology for all deposits.

Snowden Optiro personnel are acting as Competent Persons for the purposes of estimation, reporting and classification for Gem, Harbour View and Flag. The MRE update 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). Resources potentially available for open pit mining have been reported above a cut-off grade of 0.5 g/t AuEq and within 150 vertical metres of surface topography.

Underground resources have been reported above a cut- off grade of 2.0 g/t AuEq at depths greater than 150 metres below surface topography. Areas of historical mining have been depleted from the resource models. Costs determined from the 2020 Feasibility Study (FS) were used to set cut-off grades 4. The FS considered open pit mining by truck and shovel and underground mining by top-down sub level benching, with processing of mined ore on-site at KMC, in addition to placement of tailings and waste rock.

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. Medallion has completed 53,392m of combined RC and DD drilling at the RGP since listing on the ASX in March 2021.

48,204m of this total was carried out at KMC (33,171m of RC and 15,033m of DD) with the remainder completed at the Company's highly prospective regional targets. This MRE update includes 43,469m of new drilling since listing and an additional 16,508m since the previous global update in June 2022. A further 4,735m of drilling has been completed but missed the data collection cut-off date.

When assays are returned from the laboratory for this drilling, it will inform future updates of the global MRE. In addition to this MRE update, numerous projects are underway reviewing the data gathered during the 2021 and 2022 drill programmes. These include structural mapping and analysis, processing and interpretation of Down Hole Electro-Magnetic (DHEM) surveys and ground based Sub-Audio Magnetic (SAM) surveys completed during the drill programme at KMC and the regional targets.

The outcomes of these various projects will form the basis of planning for future drill programmes, which seek to achieve two specific goals; 1) increase the confidence in the Mineral Resources at KMC, such that the volume and grade of material reporting to optimised mining shapes is maximised in the Indicated category, and 2) grow the global Mineral Resources, both at KMC and regional prospects. One of the most significant outcomes of Medallion's drilling campaigns to date is confirmation that the KMC deposits are open in multiple directions, while remaining relatively shallowly drilled. In addition, numerous opportunities have been identified to uncover new mineralised lodes in close proximity to the known deposits.

Combined with significant regional discovery potential within Medallion's dominant land position across the Annabelle Volcanics, the Company sees multiple opportunities to grow resources at RGP to a sufficient scale to support the development of a long-life, low-cost gold and copper mine. These interim results are clear evidence that well-funded exploration programmes, led by capable and experienced team will deliver results at the RGP. The Company is in the advanced stages of planning its next phase of growth from drilling and will inform the market of the details of those plans when finalised.