The Medallion Metals Ltd (ASX: MM8) share price is in focus after the company released its June 2026 quarterly update, highlighting a strong $54 million cash balance and the discovery of a new high-grade sulphide lode at its Ravensthorpe Gold Project.
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What did Medallion Metals report?
- Cash balance stood at $54.0 million as at 30 June 2026
- Identified a new high-grade sulphide lode at Hillsborough Deeps, outside the current Kundip Mineral Resource
- Completed 16,500 metres of drilling at the Kundip Mining Centre in the quarter
- Front End Engineering and Design (FEED) completed for the refurbishment of Cosmic Boy Concentrator
- $7.6 million Early Works Agreement signed to progress project development
- Repayment of loan to PHGM Pty Ltd, leaving the company debt free
What else do investors need to know?
Medallion made significant progress across both its Ravensthorpe and Forrestania gold projects during the quarter. At Forrestania, the company wrapped up validation work for historical drilling and completed its first round of drilling at the Lounge Lizard deposit, with assays pending for recently completed drilling programs.
The engineering team achieved key milestones at the Cosmic Boy Concentrator, including substantial completion of secondary ball mill fabrication, with delivery due in August 2026. The company also advanced permitting for underground mine development and is targeting commencement of box cut excavation at Kundip in August 2026.
The company remains debt free after repaying its outstanding loan and continues to actively review a number of strategic growth opportunities. Medallion also increased its workforce, hiring 17 new staff during the quarter to prepare for production and development at Forrestania.
What's next for Medallion Metals?
Looking ahead to the September 2026 quarter, Medallion is moving into the next phase of project development at both Ravensthorpe and Forrestania. The company expects to commence the Kundip Mining Centre box cut soon, interpret results from recent drilling and EM surveys, and finalise contracts for plant refurbishment.
A maiden mineral resource estimate for Forrestania remains on track for late 2026, and the early production strategy aims to bring forward gold production and cash flow, with commissioning of the Cosmic Boy Concentrator on Kundip ore targeted for the second quarter of 2027. Medallion also continues to explore strategic opportunities that could potentially create further value for shareholders.
Medallion Metals share price snapshot
Over the past 12 months, Medallion Metals shares have risen 75%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.
