Medallion Metals Limited has released encouraging drilling results from its Kundip Mining Centre at the Ravensthorpe Gold Project in Western Australia. The company completed approximately 17,000 metres of drilling as part of a predominantly infill program, with standout intercepts at the Gem deposit. Notable intervals include 7.8 metres graded at 17.4 g/t gold, 1.5% copper, and 6.6 g/t silver (equating to roughly 19.9 g/t AuEq), with sub-intervals reaching up to 57.5 g/t gold. Other significant results include a 5.7-metre intersection at 4.3 g/t gold and a 7.7-metre interval averaging 5.9 g/t gold, all reported above a 0.5 g/t AuEq cut-off. Additional metallurgical drilling at Harbour View and Flag has confirmed consistent mineralisation and further highlights the resource’s potential, with assays returning 9.5 g/t gold and 6.0 g/t gold over short intervals. The drilling results confirm robust deposit continuity with observed grades and thicknesses across multiple structural zones at Gem, underpinning an enhanced confidence level in the current Mineral Resource Estimate. These positive drill intersections, particularly in new footwall sulphide zones at Gem and Harbour View, provide strong indicators for further exploration and potential resource growth. Assay data, acquired using industry-standard techniques and supported by detailed geological logging, will feed into an updated Mineral Resource Estimate scheduled for release in July, and ultimately inform the upcoming Feasibility Study expected to be completed in the December quarter of 2025. In parallel with these exploration improvements, Medallion Metals Limited is advancing negotiations under an exclusivity agreement with IGO Ltd to acquire the Forrestania Nickel Operation and its Cosmic Boy Process Plant. This acquisition is designed to support the treatment of sulphide mineral resources and is a pivotal element in the company’s Sulphide Development Strategy. The structure of the proposed transaction and extended exclusivity to August 2025 indicate that the company is working diligently to expedite the pathway to a Project Final Investment Decision, with additional work streams focusing on resource conversion, metallurgical and geotechnical testwork, and environmental permitting. Bullish sentiment arises from the strong, high-grade drilling results that not only bolster confidence in the existing resource base but also reveal significant growth potential through newly identified mineralised zones. The well-planned integration of new assay data into the upcoming resource update, alongside the strategic acquisition deal with IGO Ltd, enhances the company’s prospects for a sustainable development path and could signal positive momentum for investors looking for exposure to promising early-stage mining projects. Conversely, bearish sentiment could emerge from the inherent risks associated with exploration and transaction finalisation. While the drilling results are impressive, the continuation of pending assays and the reliance on updated resource estimates highlight that significant technical and commercial challenges remain. In addition, the proposed acquisition negotiations with IGO Ltd, despite being advanced, still carry execution risks, particularly under the extended exclusivity period, which may introduce uncertainties as the company moves towards a definitive mining decision.