What did Medallion Metals report?

• Raised $60 million via a single-tranche placement at $0.48 per share
• 125 million new ordinary shares to be issued to institutional and sophisticated investors
• Total available liquidity post-raise reaches approximately $175 million
• Funding underpins ramp-up to commercial gold-copper production at Ravensthorpe, plus processing at Forrestania
• Proceeds support mine development and accelerated extensional drilling at Kundip and Lounge Lizard

What else do investors need to know?

The fundraise was cornerstoned by respected institutional investors, showing significant confidence in Medallion's strategy and assets. Proceeds will be used to advance development at Ravensthorpe and Forrestania, allowing the company to meet liquidity requirements for its financing facilities.

With this capital boost, Medallion Metals plans to ramp up exploration, particularly at priority targets such as Kundip and Lounge Lizard. This could enhance the company's production profile and long-term sustainability.

What did Medallion Metals management say?

Managing Director Paul Bennett said:

Medallion emerges from this capital raising in an extremely strong position to progress to commercial production of gold and copper. Project development activities are advancing rapidly at both Ravensthorpe and Forrestania, with toll treatment expected to commence in October and commissioning of the expanded and modified process plant on Ravensthorpe feed targeted for mid-2027.

With the company's funding position in excess of the project requirements, we have the ability to accelerate drilling programs at our most prospective targets, with the objective of growing the production profile across our projects. We welcome our new shareholders and appreciate the continued support of our existing shareholders. The backing of this high-quality group of resources investors is a significant endorsement of our team, assets and near-term gold-copper production strategy.

What's next for Medallion Metals?

The company expects to commence toll treatment at Forrestania in October and aims to commission the upgraded Ravensthorpe plant by mid-2027. With strong financial backing, Medallion can accelerate drilling and advance projects with fewer funding constraints.

Investors can look forward to steady progress reports, including potential resource growth and milestone achievements across the portfolio throughout 2026 and into 2027.

Medallion Metals share price snapshot

Over the past 12 months, Medallion Metals shares have risen 77%, outperforming the All Ordinaries Index (ASX: XAO), which is flat over the same period.

View Original Announcement

The post Medallion Metals bolsters liquidity with $60m placement for production and growth appeared first on The Motley Fool Australia.

What did Medallion Metals report?

• Macmahon selected as preferred tenderer for Ravensthorpe underground mining contract
• Estimated contract value of $240 million over 36 months, commencing Q4 2026
• Feasibility Study cost reduced by $20 million compared to previous contractor pricing
• Box-cut excavation at Ravensthorpe to commence in August, with mine development now fully permitted

What else do investors need to know?

Development at the Kundip Mining Centre is underway, with key contracts for power supply, earthworks, and surface infrastructure close to being awarded. Medallion is refurbishing the accommodation camp in Ravensthorpe, utilising surplus rooms from the Cosmic Boy camp.

Upgrades at Forrestania, including process plant refurbishment and the arrival of secondary ball mill equipment, are advancing ahead of planned toll treatment for third-party gold material. Relocation of mine infrastructure from Spotted Quoll and Forrestania aims to enhance schedule certainty and reduce costs for the Ravensthorpe project.

What did Medallion Metals management say?

Managing Director Paul Bennett said:

The selection of Macmahon as preferred tenderer represents another important milestone as the Company advances the Ravensthorpe development. The tender process was highly competitive and attracted strong interest from experienced underground mining contractors. Macmahon brings significant underground mining capability and experience, and we believe they are best placed to safely and efficiently deliver the mine plan at Ravensthorpe which is key to the success of the business. Macmahon's competitive pricing, flexibility and recognition of the unique attributes of the Ravensthorpe development were the determining factors for our preferred tenderer selection. Importantly, Feasibility assumptions are proving robust. We look forward to finalisation of contract documents and mobilisation to site for the commencement of underground mining at Ravensthorpe. This is an excellent outcome for the project and, together with development activities now underway, provides further confidence in our development plan as we progress towards production.

What's next for Medallion Metals?

Looking ahead, Medallion intends to finalise contract documents with Macmahon and commence underground mining at Ravensthorpe in Q4 2026. The company is progressing with the installation of key infrastructure and contract awards, keeping the project on track with development timelines and cost targets.

Ongoing infrastructure relocation and plant upgrades across project sites are expected to generate further savings and support efficient ramp-up toward gold production. Investors will likely keep an eye on future contract finalisations and operational milestones.

Medallion Metals share price snapshot

Over the past 12 months, Medallion Metals shares have risen 91%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 3% over the same period.

View Original Announcement

The post Medallion Metals announces Macmahon as preferred contractor for Ravensthorpe Gold Project appeared first on The Motley Fool Australia.

What did Medallion Metals report?

• Secured approvals for the Mine Development and Closure Plan at the Ravensthorpe Gold Project
• Section 45C amendment to Ministerial Statement 1143 granted
• All statutory approvals now in place to start development activities at Ravensthorpe
• Early Production Strategy on track for Q3 CY2026
• First Ravensthorpe ore to Cosmic Boy Concentrator targeted for Q2 CY2027

What else do investors need to know?

Medallion Metals has now completed the regulatory phase for its flagship gold project after 18 months of steady progress. The company can now start mine development in line with its published project schedule. With permitting and approvals secured, management is shifting to execution, aiming for early cash flow via its Early Production Strategy.

The next steps include starting development at the Kundip Mining Centre and preparing the Cosmic Boy Concentrator for processing the first ore. The company highlights that these milestones put it on a clear path towards production and value creation for shareholders.

What did Medallion Metals management say?

Managing Director Paul Bennett said:

Securing these key regulatory approvals is a significant milestone for Medallion and completes the regulatory pathway required to execute our production strategy. Over the past 18 months we have consistently delivered the major milestones required to advance the business, from project acquisition and financing through to permitting and the Early Production Strategy. With those foundations now in place, our focus turns to execution. Development activities will commence in accordance with our published schedule as we progress towards first production. We remain committed to delivering on the strategy we've outlined to shareholders and creating long-term value through disciplined execution.

What's next for Medallion Metals?

With all approvals secured, Medallion is set to start mine development activities at the Ravensthorpe Gold Project. Key priorities include advancing underground works at Kundip Mining Centre, implementing the Early Production Strategy in the coming months, and upgrading the Cosmic Boy Concentrator.

The company remains committed to its published development schedule, aiming for first ore in Q2 CY2027 and a smooth transition into the production phase.

Medallion Metals share price snapshot

Over the past 12 months, Medallion Metals shares have risen 70%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 2% over the same period.

View Original Announcement

The post Medallion Metals secures final regulatory approvals for gold project appeared first on The Motley Fool Australia.

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.

View Original Announcement

The post Medallion Metals reports drilling success in June 2026 quarter appeared first on The Motley Fool Australia.

What did Medallion Metals report?

• High-grade extensions to the Gem deposit, which remains open to the east and at depth
• Key assays include:
  • 4.92m @ 15.5g/t gold, 0.9% copper (16.3g/t AuEq) from 394.09m, including 0.3m @ 204.0g/t gold, 7.0% copper (210.2g/t AuEq)
  • 3.29m @ 16.5g/t gold, 0.6% copper (17.1g/t AuEq) from 371.63m, with a sub-interval of 1.44m @ 36.5g/t gold, 1.2% copper (37.6g/t AuEq)
• Approximately 10,870 metres out of 15,762 metres drilled so far in 2026, with about 5,000 metres of assays pending
• Indicated and inferred mineral resource at Kundip Mining Centre totals 1,210,000 gold equivalent ounces (as of August 2025)

What else do investors need to know?

Recent drilling has continued to grow the known mineralised system at both the Gem and Harbour View deposits, adding confidence to early mine plans and offering potential for mine life extensions. A number of high-conductance downhole electromagnetic (DHEM) targets have been identified and are scheduled for follow-up drilling.

Development activities at Ravensthorpe are advancing, with engineering, mine planning, and procurement moving ahead in preparation for the start of underground mining. The company is well into tender processes for site civil works and mining services, while also advancing project readiness and implementation planning.

What did Medallion Metals management say?

The ASX gold stock's managing director, Paul Bennett, commented:

These results continue to reinforce our view that the Kundip Mining Centre has significant long-term growth potential. The latest drilling extends known mineralisation at Gem and provides further support for the interpreted Hillsborough Deeps position, continuing to build our understanding of the broader mineralised system.

Together with the emerging footwall lode position at Gem, these results increase our confidence that this part of the deposit has the potential to support future mine life extensions. Importantly, additional ounces defined closer to the planned box cut and primary underground infrastructure have the potential to enhance project returns by extending production from the early stages of the mine plan before mining progresses into more distal parts of the system.

What's next for Medallion Metals?

Medallion plans to continue drill testing newly identified targets at Harbour View and Hillsborough Deeps, as well as pursuing down-plunge extensions at Gem. Further results from approximately 5,000 metres of pending assays are expected in the coming weeks, which may add more substance to the resource base.

Meanwhile, development and readiness works at the Ravensthorpe and Forrestania gold projects are ongoing. The company is working towards recommencement of drilling at Lounge Lizard and refurbishment activities at the Cosmic Boy Concentrator under an Early Works Agreement.

Medallion Metals share price snapshot

The Medallion Metals share price has been among the strongest performers on the All Ordinaries index (ASX: XAO) over the last 12 months. During this time, the gold stock has risen approximately 60%.

View Original Announcement

The post Medallion Metals extends high-grade mineralisation at Kundip appeared first on The Motley Fool Australia.

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.

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.

The post Up 58% in a year, ASX All Ords gold stock announces major WA milestones appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are charging higher:

Acrow Ltd (ASX: ACF)

The Acrow share price is up 9.5% to 97 cents. This morning, this smart integrated construction systems provider announced that the Industrial Access division's revenues will exceed $200 million for FY 2026. It notes that this represents a significant milestone in the division's growth and profitability. The company's CEO, Steven Boland, said: "Our strategy to build a substantial Industrial Access division to complement our market leading Construction Services division, is delivering strong results. The recurring nature of earnings from this division, combined with its growth trajectory, has delivered at a time when activity in our Construction Services division has softened, ensuring that the Company continues to prosper."

Ampol Ltd (ASX: ALD)

The Ampol share price is up 2% to $34.53. This has been driven by news that the Australian Competition and Consumer Commission (ACCC) has approved its acquisition of EG Australia. As part of the deal, Ampol has agreed to sell 41 sites to Metro Petroleum. Ampol's CEO, Matt Halliday, said: "This transaction is a major step in delivering Ampol's strategy by strengthening our retail network and enhancing our segmented customer offer. The performance of our existing U-GO sites also gives us greater confidence in delivering the expected synergies from the transaction and creating value for Ampol shareholders."

Medallion Metals Ltd (ASX: MM8)

The Medallion Metals share price is up 11% to 45 cents. This morning, this gold explorer announced more exceptional high-grade gold results from the Lounge Lizard deposit at the Forrestania Gold Project (FGP). The company's managing director, Paul Bennett, commented: "This latest phase of validation continues to strengthen our understanding of the Lounge Lizard mineralised system and the continuity of high-grade mineralisation beneath the historical open pit."

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is up 5% to $22.10. Investors have been buying this gold miner's shares after it announced its latest mineral resource and ore reserve estimate. Northern Star revealed that its group mineral resources have increased to 88.9 million ounces. This represents an increase of 18.2 million ounces, or 26%, after mining depletion. A key driver of this increase was the first inclusion of the Hemi Project following Northern Star's acquisition of De Grey Mining.

The post Why Acrow, Ampol, Medallion Metals, and Northern Star shares are racing higher appeared first on The Motley Fool Australia.

The outperforming stock in question is Medallion Metals Ltd (ASX: MM8).

Medallion Metals shares closed yesterday trading for 40.5 cents. In early morning trade on Wednesday, shares are changing hands for 43 cents apiece, up 6.2%.

Here's what's grabbing investor interest.

ASX All Ords gold stock jumps on historic drill results

Medallion Metals shares are charging higher after the miner announced more high-grade gold results from the Lounge Lizard gold deposit, located within its Forrestania Gold Project in Western Australia.

The latest results stem from the ASX All Ords gold stock's ongoing evaluation of previously unreleased historical drilling at the deposit, conducted in the 1990s.

Citing the two rounds of outstanding high-grade results from Lounge Lizard that it has already reported, the miner said the latest results give it a better understanding of the geological layout.

Having integrated the legacy drilling from 212 drill holes into recently completed 3D geological modelling, Medallion Metals noted this will "greatly enhance" its exploration efforts moving forward in a system that remains open down-dip and along strike.

Top results reported from the deposits included 11 metres at 6.94 grams of gold per tonne from 50 metres, and 3 metres at 13.5g/t Au from 17 metres.

The ASX All Ords gold stock is aiming for an initial Mineral Resource Estimate (MRE) for the Forrestania Gold Project deposits in the third quarter of 2026. It noted the potential for mine life extensions beyond the current Feasibility Study.

What did Medallion Metals management say?

Commenting on the results boosting the ASX All Ords gold stock today, Medallion Metal managing director Paul Bennett said, "This latest phase of validation continues to strengthen our understanding of the Lounge Lizard mineralised system and the continuity of high-grade mineralisation beneath the historical open pit."

Bennett added:

By integrating validated historical drilling with field mapping, the team has improved confidence in the updated geological interpretation across multiple lodes, with these results continuing to highlight the potential for additional high-grade ounces at Lounge Lizard.

Importantly, Lounge Lizard is continuing to reinforce its potential to become a near term production source as we look to build the Forrestania production profile alongside other high-grade deposits across the project tenure with the ultimate objective of extending mine life and increasing production rates beyond those outlined in the Feasibility Study.

With today's intraday gains factored in, the Medallion Metals share price is up 43.3% since this time last year, outpacing the 3.5% one-year gains delivered by the All Ords.

The post Guess which ASX All Ords gold stock is leaping higher today on more high-grade results appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Codan Ltd (ASX: CDA)

The Codan share price is up 3% to $39.67. This has been driven by a bullish broker note out of Macquarie this morning. According to the note, the broker has upgraded the technology company's shares to an outperform rating with a $44.20 price target. The broker is feeling bullish on the company's exposure to the booming UAV market.

Medallion Metals Ltd (ASX: MM8)

The Medallion Metals share price is up 4.5% to 45.5 cents. This morning, the gold developer released positive drilling results from the Kundip Mining Centre, which is part of its Ravensthorpe Gold Project in Western Australia. Management revealed that drilling has returned multiple high-grade results at Kundip. Commenting on the results, Medallion's managing director, Paul Bennett, said: "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."

Megaport Ltd (ASX: MP1)

The Megaport share price is up 35% to $13.27. Investors have been scrambling to buy the network solutions company's shares after it announced another major contract win for its Latitude.sh business. It has secured three major GPU, CPU, network, and storage contracts across two customers with a combined total contract value (TCV) of approximately US$182.9 million (A$254 million). Megaport's CEO, Michael Reid, said: "We are at the forefront of an accelerating inflection point across the industry. As use cases shift from AI foundation models to inference and the edge, Megaport is becoming an essential platform for powering the applications of tomorrow with globally distributed, automated infrastructure."

Minerals 260 Ltd (ASX: MI6)

The Minerals 260 share price is up 4% to 88.5 cents. This morning, this gold miner announced binding agreements with Geko Explore to secure joint venture interests across approximately 350km2 of highly prospective tenure. These are contiguous with its 4.5Moz Bullabulling Gold Project in Western Australia. Minerals 260's managing director, Luke McFadyen, said: "The joint ventures with Geko Explore represent another significant step in realising the growth and value potential of the Bullabulling Gold Project. The transaction consolidates the most prospective exploration tenements surrounding Bullabulling not already owned by Minerals 260 and unlocks a new pipeline of compelling exploration targets."

The post Why Codan, Medallion, Megaport, and Mineral 260 shares are storming higher today appeared first on The Motley Fool Australia.

The team at Canaccord Genuity follows the company and has a very bullish share price target on the stock, but more on that later.

First to what the company announced this week.

Historical gold hits hold up

The Lounge Lizard deposit is part of the recently-acquired Forrestania Gold Project, which Medallion is looking to develop into a gold processing hub.

Medallion was seeking to replicate the results from historical drilling with new drilling over the deposit, and did so, returning intersections including 23m at 5.85 grams per tonne of gold and 21m at 4.02 grams per tonne of gold.

The company said the mineralisation was defined along a 1km strike length and remained open along strike and at depth.

Medallion managing director Paul Bennett said regarding the results:

The Forrestania Gold Project represents the dominant ground holding on a historically productive and fertile greenstone belt that has yielded multiple gold discoveries. Lounge Lizard represents the first step by Medallion to systematically unlocking the broader gold opportunity across the Project. Historical work has outlined a consistent mineralised system over approximately one kilometre of strike, with limited systematic gold exploration undertaken in recent decades. With the asset now under our control, we are progressing multiple work streams to define resources and assess development pathways. Our strategy is to establish Forrestania as a long-term gold processing and production hub in the region, supported by multiple potential feed sources across the tenure.

The Forrestania project is about 450km east of Perth, and includes the Cosmic Boy concentrator and associated infrastructure, which is intended to form the basis of a planned gold processing hub.

Historical drilling at Lounge Lizard was carried out between 1995 and 1999 and the company said it has started a systematic validation of the drilling database, which should support a maiden mineral resource estimate targeted for the third quarter of 2026.

Medallion said two shallow open pits were developed over the deposit in 1996-97, with reported production of 244,602 tonnes of ore at a grade of 4.54 grams per tonne.

But following the discovery of nickel sulphides at the nearby Flying Fox deposit in 2003, "regional exploration focus shifted toward nickel and gold exploration at Lounge Lizard largely ceased'' the company said.

Shares looking cheap

Canaccord, which covers Medallion shares, noted the news this week, but said it was not currently modelling the Lounge Lizard deposit into its calculations.

Even so, Canaccord has a price target on Medallion shares of 95 cents, compared with the current share price of 46.5 cents.

Medallion was valued at $369.8 million at the close of trade on Wednesday.

The post This junior ASX gold developer could more than double: Broker appeared first on The Motley Fool Australia.

However, these three ASX small-caps have drawn buy recommendations from brokers, along with price targets suggesting they could double in 12 months. 

For investors considering exposure to ASX small-caps, they may appeal.

Medallion Metals Ltd (ASX: MM8)

Medallion Metals is a minerals exploration company based in Perth, Western Australia. To the north, it has the Ravensthorpe Gold Project, comprising mineral rights yielding amounts of high-grade gold and copper. To the south, the Jerdacuttup Project is prospective for base and precious metals.

It has already rocketed 200% higher in the last year. 

Morgans is bullish this ASX small-cap can continue to grow. 

In a recent note out of the broker, Morgans said the company is now fully funded, supported by a US$50m offtake-linked financing facility with commodity trader Trafigura, removing a key development overhang. 

We maintain our SPECULATIVE BUY rating, with a price target of A$0.87ps (previously A$0.61ps).

From yesterday's closing price of $0.42, this updated price target indicates an upside of approximately 107%. 

Qoria Ltd (ASX: QOR)

Qoria is a leading global provider of cyber safety products and services.

The ASX small-cap released its 1HFY26 result on Thursday. 

In response, the team at Bell Potter downgraded its price target to $0.60. 

However, it maintained its buy recommendation, and projects 100% upside for the stock price based on yesterday's closing price of $0.30. 

We have reduced the multiple we apply in the EV/Revenue valuation from 6x to 4.5x given the sell-off in the tech sector since we last updated the target price in January.

There is, however, no change in the 9.1% WACC we apply in the DCF. The net result is a 20% reduction in our TP to $0.60 which is still double the share price so we maintain our BUY recommendation.

Trajan Group Holdings Ltd (ASX: TRJ)

Trajan is a developer and manufacturer of analytical science instruments, devices and solutions, focusing on accessing specialist skills and capabilities that improve the analytical workflow of the global life sciences industry. 

The company released its 1H26 result on Thursday. 

Speaking on the results, the team at Bell Potter said: 

TRJ's 1H26 result was a tale of two discrete quarters. Q1 was impacted by a combination of a slowdown in the Pharma and Food sectors, the US Government funding freeze, and the impact of US tariffs and operational reconfiguration to adjust to the tariff environment. Q2 saw a material recovery due to a pick-up in the Pharma sector and the resumption of US Government funding to the health sector. This resulted in record revenue in Q2 at c.$45.4m and nEBITDA of c.$4.5m.

The broker reduced its price target to $1.050 as a result, and maintained its buy recommendation. 

From yesterday's closing price of $0.565, this indicates an upside of 85.8% for this ASX small-cap.

The post 3 ASX small-caps that should be on every investor's radar appeared first on The Motley Fool Australia.

These include the the world's biggest gold miner Newmont Corporation CDI (ASX: NEM) and other leading ASX 200 gold stocks such as Northern Star Resources Ltd (ASX: NST).

Below them, a cohort of mid-tier miners are working to boost their output and challenge the leaders.

And further down the ladder is a crowded field of small explorers, each hoping to transform a discovery into a producing asset.

However, the journey to production is long and fraught with risk for most explorers.

In reality, many won't make it.

But the few that do can sometimes deliver spectacular returns for investors.

Now, the gold price has surged by about 41% over the past year to hit record highs in September.

In turn, prominent ASX 200 gold stocks have been riding the gravy train.

Newmont shares have jumped by about 50% in the past twelve months, whilst Northern Star has notched up a 29% gain.

And Evolution Mining Ltd (ASX: EVN) has been the standout with its share price more than doubling in value.

But even these impressive returns have been outshone by three little-known gold explorers.

Here's how these skyrocketing ASX gold stocks are working to transform their projects into mines.

Many Peaks Minerals (ASX: MPK)

Shares in Many Peaks have ballooned by 363% in the past year to reach $0.88 apiece at the close of business on Thursday.

The company is an early-stage explorer operating four gold projects in the West African nation of Côte D'Ivoire.

Recent efforts have centred on its Ferké and Odienné projects, with exploration drilling has served up a series of encouraging gold intercepts.

These results point to the potential for significant mineralised systems lurking beneath the ground.

That said, the prospect of mining gold appears a distant prospect for this ASX gold stock.

Many Peaks is yet to define a mineral resource estimate for either project, let alone conduct economic modelling.

In other words, proving up a gold deposit that could be mined economically remains some time away.

African Gold Ltd (ASX: A1G)

African Gold is another explorer focused on Côte d'Ivoire.

Its share price has stormed 638% higher in the past twelve months to reach $0.30 per share at Thursday's close.

The company is advancing its Didievi gold project where a mineral resource containing 989,000 ounces of gold has recently been defined.

African Gold recently kicked off the largest drilling campaign in its history, designed to grow the existing resource base and to test high-priority regional targets.

Management sees potential for Didievi to host a multi-million-ounce gold deposit.

The group's near-term focus is on delivering a resource update, alongside preliminary metallurgical and economic evaluations.

For now, the prospect of mining appears to be well down the track for this ASX gold stock.

Medallion Metals Ltd (ASX: MM8)

Medallion's share price has surged by 675% in the past twelve months to $0.47 per share at yesterday's close.

In essence, the group is advancing its Ravensthorpe gold project in Western Australia towards production.

The project already hosts a resource containing 1.6 million ounces of gold equivalent.

A preliminary economic evaluation for Ravensthorpe outlined a 5.5 year mine life, with expected annual production of about 70,000 ounces of gold.

Medallion is now progressing the works needed to bring Ravensthorpe closer to mining.

These include updated resource estimates, metallurgical testing, relevant permitting, and financing.

A final investment decision is planned for later this year.

Should management give the green light to build a mine, first gold pour is targeted for the fourth quarter of next year.

The post Up more than 360% in one year! These 3 ASX gold stocks are shining brighter than ever appeared first on The Motley Fool Australia.

At the time of writing, the ASX battery materials miner's shares are down almost 2% to $5.13.

What's going on with IGO shares today?

This morning, IGO announced that it has entered into an exclusivity deed with Medallion Metals Ltd (ASX: MM8).

According to the release, the deed grants Medallion a period of exclusivity to negotiate a proposed transaction that would see it acquire the Cosmic Boy processing facility and associated infrastructure at the Forrestania Nickel Project. This would occur following the completion of nickel processing at Forrestania.

Medallion Metals revealed that the consideration is proposed to comprise upfront cash to a maximum of $15 million. Whereas the total consideration will be capped at $50 million.

IGO advised that during the nine-month exclusivity period, IGO and Medallion's intent is to conduct due diligence, progress discussions, and negotiate binding transaction documentation.

IGO and Medallion also intend to negotiate on a non-exclusive basis the grant of gold and silver rights to Medallion across the Forrestania tenement package. This is subject to any pre-existing third party rights.

Why offload the asset?

Management notes that during FY 2025, IGO will transition Forrestania into care and maintenance.

This is because after 18 years of commercial nickel production from the Flying Fox and Spotted Quoll mines, Forrestania's nickel reserves are approaching depletion.

It believes the opportunity to divest the valuable assets at Forrestania to another party, such as Medallion, would be a positive outcome for both companies.

Importantly, IGO will still retain lithium and nickel rights at Forrestania. This could be good news given that its exploration team is continuing to progress work at the South Ironcap prospect, where spodumene bearing pegmatites have been discovered.

Why buy the asset?

Medallion's managing director, Paul Bennett, explained why buying the asset makes sense for his company. He said:

This is a transformational opportunity for Medallion. Bringing the established high-grade gold-copper resources at Ravensthorpe together with the Forrestania infrastructure has the potential to unlock significant value in a short space of time.

Additionally, establishing gold processing capability at Forrestania creates an opportunity to commercialise stranded deposits in the region as well as reinvigorate gold exploration across the highly prospective Forrestania greenstone belt.

We welcome the opportunity to partner with IGO to seek to create a new gold business at Forrestania while allowing IGO to continue to pursue its corporate objectives in the region.

IGO shares are down 62% over the past 12 months.

The post IGO shares slide as the ASX miner eyes nickel divestment appeared first on The Motley Fool Australia.