Medallion Metals Limited has announced an important amendment to its earlier proposed transaction with IGO Limited for acquiring the Forrestania Nickel Operation. Under the new arrangement, Medallion will secure a 100% legal and beneficial interest in the entire asset package, which includes the tenements, the Cosmic Boy plant and equipment, infrastructure, inventories, and related mineral rights information. In exchange, IGO will retain the right to explore for and develop its reserves of nickel and lithium on these tenements while receiving a 1.5% net smelter return royalty on all future gold production. Notably, there will be no upfront or deferred cash payment beyond this production royalty. The transaction, which builds on the earlier Exclusivity Agreement announced in August 2024, is being structured through an asset sale agreement. At completion, Medallion will assume all associated rights and obligations for the tenements, including rehabilitation responsibilities. A range of conditions must be met before finalisation, including the execution of all ancillary agreements, receiving necessary third-party consents, the preparation of a bankable feasibility study, a binding funding commitment, and a positive final investment decision regarding the development of the Ravensthorpe Gold Project. The exclusivity period has been extended until August 2025 to ensure ample time for negotiation and due diligence, with transaction completion targeted for late 2025. Several technical indicators underline the scale and promise of the project. A scoping study completed in December 2024 points to a potential production of roughly 70,000 gold equivalent ounces per annum from a processing facility using gravity, flotation, and CIL techniques. With initial production inventories yielding around 342,000 ounces of gold and 16,000 tonnes of copper, the study highlights robust pre-tax cash flows estimated between A$498 million and A$637 million, an all-in sustaining cost (AISC) averaging around A$1,845 per ounce, and impressive project economics with pre-tax NPVs of A$329 million (base case) to A$429 million (spot pricing) and IRRs ranging from 129% to 169%. The project also boasts a rapid payback period of 9 to 12 months and multiple upside drivers, including further resource conversion and potential infrastructure redeployment to enhance returns. The news presents a bullish outlook with Medallion combining established high-grade gold–copper resources from the Ravensthorpe Gold Project with proven Forrestania infrastructure. The low capital intensity, along with strong technical study outcomes, offers a near-term opportunity to unlock significant value, attract potential financiers, and capitalize on favourable market conditions—especially in an environment with robust gold spot prices. However, the sentiment is balanced by certain bearish considerations. The success of the transaction hinges on meeting a complex set of conditions, including securing necessary consents, finalizing detailed agreements, and raising funding commitments. Additionally, execution risks remain associated with environmental liabilities, operational complexities, and the reliance on sustained market conditions for gold and base metals. Overall, the announcement signals a strategic step by Medallion Metals Limited toward establishing a significant gold and copper production hub in Western Australia, with strong technical fundamentals and significant potential for near-term positive cash flows, while also maintaining a cautious outlook due to the inherent execution and market uncertainties.