Medallion Metals Confirms High-Grade Gold-Copper Results at Kundip

Medallion Metals Drills Into High-Grade Gold-Copper Territory Ahead of August Development Start

Medallion Metals Limited (ASX: MM8) has delivered a compelling set of drilling results from its Kundip Mining Centre (KMC), the flagship component of the Ravensthorpe Gold Project (RGP) in Western Australia. The Medallion Metals Kundip high grade gold copper drilling results arrive at a critical juncture, with underground mine development targeted to commence in August 2026. This confirmatory drilling programme is directly informing the early stages of the mine plan across two key deposits: Gem and Harbour View.

The standout intersection of 5.3m at 33.3g/t Au, 1.7% Cu and 11.7g/t Ag (182.7g/t AuEq) was returned from diamond hole DD26KP1296A at 356m depth, with a spectacular sub-interval of 2.1m at 82.7g/t Au, 4.0% Cu and 27.3g/t Ag (179.2g/t AuEq). These are not isolated anomalies.

Multiple holes across both deposits returned double-digit gold grades over mineable widths, painting a consistent picture of a high-grade orebody that is behaving as expected ahead of development.

What makes this announcement particularly significant is its timing and context. These are not exploratory step-outs into unknown ground but confirmatory intersections designed to de-risk the mine plan. Every metre of high-grade ore confirmed at this stage adds confidence for mine planners, financiers, and investors alike.

"As expected, drilling at Kundip continues to yield some impressive grades over mineable widths. This drilling is targeting the early stages of the mine plan at both Gem and Harbour View, where the intention is to establish production horizons on both lodes within what we believe are the best parts of the deposits." — Managing Director Paul Bennett

The Numbers That Matter: Standout Intersections at a Glance

The results reported represent approximately 6,402m of 15,762m of new drilling completed in the 2026 programme, with a further 9,000m of drilling awaiting assay. This means a substantial pipeline of additional results is expected over coming weeks.

Note: All intervals reported above 0.5 g/t AuEq cut-off grade with maximum 1 metre internal dilution.

The RC26KP1266 intersection of 12.0m at 9.9g/t Au, 1.8% Cu and 10.3g/t Ag within the Harbour View lode is particularly worth noting. While the true width is estimated at approximately 3.5m due to the oblique drilling angle relative to the lode, the grade profile across the interval remains impressive.

Understanding Gold Equivalent (AuEq): Why It Matters Here

What is AuEq?

Gold Equivalent (AuEq) is a way of expressing the combined value of multiple metals in a single, easy-to-compare figure denominated in gold grams per tonne. At Kundip, the ore contains gold, copper, and silver, all of which have economic value. Rather than reporting each metal separately in every comparison, AuEq converts the copper and silver contributions into their gold-equivalent value.

How is AuEq Calculated at KMC?

Medallion uses the following formula: AuEq g/t = Au g/t + (Cu% × 0.82) + (Ag g/t × 0.01)

The multipliers are derived from assumed commodity prices, metallurgical recoveries, and payability factors from the December 2024 Scoping Study. The key input assumptions are summarised below:

Why Does This Matter to Investors?

The AuEq metric is crucial at Kundip because copper can be a highly meaningful value driver. In the standout intersection of DD26KP1296A, the sub-interval of 2.1m at 82.7g/t Au and 4.0% Cu carries an AuEq grade of 179.2g/t, with the copper content alone contributing materially to that figure.

Ignoring copper would significantly understate the true economic value of the orebody. Furthermore, using AuEq allows direct comparisons with other gold projects, making it a practical and widely accepted industry standard.

Glossary of Key Terms

• AuEq (Gold Equivalent): A single grade figure that combines the economic value of gold, copper, and silver into gold grams per tonne
• RC Drilling (Reverse Circulation): A drilling method that returns rock chip samples to surface using compressed air; cost-effective and widely used for resource definition
• DD / Diamond Drilling: A method using a diamond-tipped drill bit that returns intact core samples, providing detailed geological and structural information
• DHEM (Down-Hole Electromagnetic Survey): A geophysical technique used to detect conductive mineralisation beyond the walls of a drillhole, useful for identifying new lode positions
• MRE (Mineral Resource Estimate): A formal estimate of the quantity and grade of mineralisation, classified under the JORC Code
• Feasibility Study: A detailed technical and economic assessment of a project's viability ahead of a construction decision
• JORC Code: The Australasian Code for Reporting of Mineral Resources and Ore Reserves, the standard that governs how exploration results and resource estimates are publicly disclosed in Australia

Two Deposits, One Focused Strategy

Gem Deposit

The Gem drilling reported here was completed down-plunge from the historical Hillsborough workings at the south-western end of the deposit. Results confirm the continuity of two principal mineralised structures — the hanging wall and footwall lodes — which host gold and copper mineralisation in the form of quartz-sulphide veins containing pyrite, chalcopyrite, and pyrrhotite.

Key geological outcomes from this round include:

• Confirmation of the western extent of historical mine workings at Gem, with potential for lode repetitions to be tested through further geophysical interpretation and extensional drilling
• The eastern extent of Gem mine workings has been extended and remains open, offering further growth potential
• Footwall prospectivity continues to show strong potential, supported by a previously intersected lode in DD24KP1232 (7.7m at 5.9g/t Au, 3.4% Cu and 22.2g/t Ag / 11.7g/t AuEq) that sits outside the current Mineral Resource and is now being targeted with DHEM-guided extensional drilling

Harbour View Deposit

Infill drilling at Harbour View is spread across the full extent of the prospect, targeting hanging wall and footwall lodes associated with the primary Harbour View mineralised structures included in the early stages of the mine plan. Mineralisation is hosted within quartz veins containing pyrite and chalcopyrite, consistent with existing geological interpretations.

Resource Context: The Scale Behind the Grades

To appreciate the significance of these Medallion Metals Kundip high grade gold copper drilling results, it helps to understand the resource base they are designed to support and refine.

Sulphide Mineral Resource Estimate — Kundip Mining Centre (August 2025)

Global Mineral Resource Estimate — Kundip Mining Centre (August 2025)

The sulphide resource, which represents the primary target for underground mining, hosts 950,000 AuEq ounces at a solid average grade of 5.2g/t AuEq. The ongoing confirmatory drilling programme is specifically aimed at upgrading confidence in the resource categories that underpin the early mine plan — the critical input for moving from feasibility to construction.

Broader Project Momentum: Not Just Kundip

The development narrative at Medallion extends beyond KMC, with multiple workstreams advancing in parallel. This parallel advancement across multiple project components is a hallmark of a company actively managing its transition from explorer to producer.

Kundip Mining Centre — Development Pathway

• Early works activities are continuing at KMC, pending final approvals for underground mine development
• Tender processes for site civil works and underground mining services are advancing
• Boxcut clearing and excavation is targeted to commence in August 2026

Forrestania Gold Project (FGP)

• RC drilling has been completed at historical stockpiles at the Teddy Bear deposit
• Drilling is now underway at the northern end of the Lounge Lizard deposit
• Validation of the significant historical drilling database is ongoing
• MRE updates for Teddy Bear stockpiles and Lounge Lizard are targeted in Q3 CY2026

Cosmic Boy Concentrator (CBC)

• Plant infrastructure cleaning is complete ahead of refurbishment and modification works
• Front End Engineering and Design (FEED) activities are complete, informing drafting of the Engineer Procurement and Construct (EPC) contract
• Evaluation of opportunities to utilise existing CBC infrastructure to process gold-bearing materials continues to advance, with a definitive update expected during May 2026

Key Upcoming Catalysts and Timeline

Why Investors Should Be Watching Medallion Metals

The investment case for Medallion Metals rests on several reinforcing pillars, each of which is being actively de-risked by the current drilling and development programme.

1. High-Grade Orebody Behaving as Expected

The confirmatory nature of this drilling programme is arguably as important as the grades themselves. The latest Medallion Metals Kundip high grade gold copper drilling results are validating the geological model that underpins the Feasibility Study mine plan, reducing technical risk ahead of the August 2026 development start.

2. Short Timeline to Production

With underground mine development targeted for August 2026 and early works already underway, Medallion is not a distant exploration story but a near-term producer in the making. The current drilling programme is directly linked to de-risking first ore.

3. A Meaningful Resource Base With Upside

The sulphide MRE of 950,000 AuEq ounces at 5.2g/t AuEq provides a solid foundation for mine planning. Furthermore, footwall drilling and extensions at both Gem and Harbour View suggest the resource is not yet fully delineated. The eastern extent of Gem remains open, and the previously intersected footwall lode at DD24KP1232, sitting outside the current MRE, is now actively being tested.

4. Pipeline of Near-Term Newsflow

With approximately 9,000m of drilling awaiting assay, investors can expect a consistent stream of results over the coming weeks. In addition, the Forrestania MRE update targeted for Q3 CY2026 and the imminent CBC infrastructure update mean the newsflow calendar is well populated.

5. Polymetallic Upside

The combination of gold, copper, and silver within the orebody provides meaningful commodity diversification. At current copper prices, the copper contribution to AuEq grades is material, as evidenced by intersections where copper alone drives a substantial component of the AuEq value.

The Medallion Metals Kundip high grade gold copper drilling results demonstrate a focused, systematic drilling programme that is confirming high-grade mineralisation directly within the early stages of its planned mine sequence at Kundip. With underground development targeted for August 2026, a resource base of 950,000 AuEq ounces underpinning a completed Feasibility Study, and a pipeline of approximately 9,000 metres of drilling still to be assayed, the coming months represent a potentially pivotal period for MM8 shareholders. The company is advancing from explorer to developer on a defined schedule, and the geological evidence continues to support that trajectory.

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