Medallion Metals Limited reported an initial JORC (2012) MRE at the Gift deposit within the Kundip Mining Centre (KMC), part of the Company's Ravensthorpe Gold Project (RGP), located 550km south-east of Perth in Western Australia. RGP is host to a MRE of 1.47Moz AuEq @ 2.5 g/t AuEq 2 with the inclusion of Gift to the resource inventory. The Gift structure is situated 600m northwest of the Gem deposit and strikes north-northeast for approx.

2km along the boundary of the KMC granted mining leases, in a parallel orientation to the Harbour View deposit. At the southern end of Gift, historical drilling in 2011 targeting bedrock mineralisation identified gold hosted within a quartz gravel and clay paleochannel horizon, situated 4-6m beneath Quaternary alluvial ironstone gravels. The alluvial sediments overly andesitic to dacitic volcanics of the Annabelle Volcanics and the paleochannel is interpreted to be situated on top of a mineralised bedrock structure.

To date, no bedrock drilling has been completed at the southern end of Gift beneath the paleochannel. This will be a focus of ongoing drilling in 2023. At the northern end of Gift, mineralisation observed within historical shafts is characteristic of KMC deposits and is hosted in sub-vertical, parallel sulphide-quartz veins within a chloritic altered shear zone.

The lodes strike north-northeast at approx. 33° and dip steeply (approx. 60-80°) to the east.

The initial Gift MRE incorporates 9,084m of drilling including Aircore (AC) drilling (152 holes for 3,757m) and Reverse Circulation (RC) drilling (64 holes for 5,257m). The drilling was completed between 2008 and 2022. The AC drilling was completed by Tectonic Resources between 2008 and 2011 targeting the shallow, flat lying paleochannel mineralisation at Gift South.

The RC drilling was completed by Tectonic Resources between 2009 and 2011 targeting Gift South and the southeast dipping, steeper mineralisation at Northern Gift. Silver Lake Resources completed six RC holes in 2015 targeting Northern Gift and Medallion Metals completed 12 holes in 2021 targeting Northern Gift. Medallion's in-house geology team were responsible for generating validated databases and mineralisation domains for the Gift deposits 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 Gift.