The All Ordinaries Index (ASX: XAO) has lost 1% over the past 12 months, but that hasn't held back this rocketing ASX All Ords gold stock.
The high-flying miner in question is Medallion Metals Ltd (ASX: MM8).
Medallion Metals shares closed on Friday trading for 43 cents. In early morning trade today (the ASX was closed on Monday for King's Birthday), shares are changing hands for 41 cents apiece, down 4.7%.
For some context, the All Ords is down 1.5% at this same time, while the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down a steep 6.7%, as investors mull over the implications of renewed Iranian and Israeli attacks over the weekend.
Despite today's retrace, the Medallion Metals share price remains up 57.7% since this time last year.
Here's what's catching investor interest today.
Image source: Getty Images
ASX All Ords gold stock on track for processing centre
This morning Medallion Metals announced that GR Engineering Services Ltd (ASX: GNG) has completed the Front End Engineering and Design (FEED) for the refurbishment and modification of its Cosmic Boy Concentrator (CBC).
The Cosmic Boy Concentrator is a former nickel processing plant that Medallion is working to repurpose into a gold-processing centre to process its Ravensthorpe Gold Project (RGP) ore in Western Australia.
The ASX All Ords gold stock said completion of the FEED confirms the Feasibility Study capital estimates for the refurbishment and modification of the CBC.
FEED is the final stage of engineering before moving forward with the Engineering Procurement and Construction (EPC) contract. Importantly, it provides the miner with the basis for EPC pricing and project execution planning.
Medallion Metals has now executed a $7.6 million Early Works Agreement with GR Engineering Services to advance the project's delivery.
The gold miner expects the EPC contract to be finalised in July.
With early works underway and long-lead equipment fabrication said to be "well advanced" ahead of planned treatment of RGP ore, the miner reported that CBC commissioning on RGP ore remains on track for the second quarter of calendar year 2027.
What did Medallion Metals management say?
Commenting on the ASX All Ords gold stock's CBC progress, Medallion Metals managing director Paul Bennett said, "It's a great credit to our technical team and our engineering partners that the detailed engineering phase has confirmed plant capital costs broadly in line with the Feasibility Study estimates."
Bennett added:
This provides the company with the confidence to commence early works ahead of finalisation of the EPC contract while maintaining the project schedule. With major lead items such as the secondary ball mill approaching completion and site preparation activities well advanced, we continue to build confidence in both the project budget and delivery timetable.
