Medallion Metals Limited has released encouraging results from its ongoing in-fill drilling program at the Kundip Mining Centre, a key component of the Company’s Ravensthorpe Gold Project in Western Australia. The reported drilling has delivered high-grade assay intervals from the Harbour View deposit, with notable intercepts such as 1.59 meters at 8.5 g/t gold, 8.2% copper, and 24.8 g/t silver, as well as additional strong results from the sub-parallel May lodes. These technical indicators reinforce the confidence in the current Mineral Resource Estimate, particularly highlighting the deposit’s potential for high-grade extensions at depth and the significance of co-product copper grades. The Company has now completed approximately 17,000 meters of drilling during the 2024–2025 season, with the latest results expected to form the basis of an updated Mineral Resource Estimate scheduled for release in July. This update will be instrumental in underpinning the Feasibility Study, which is anticipated to assess the technical and commercial merits of mining the high-grade sulphide resources and is due to be completed in the December quarter of 2025. In addition, Medallion Metals is preparing to recommence further infill and extensional drilling in the third quarter of 2025, supported by planned downhole geophysical surveys to optimize future drilling targets. In parallel with advancing its resource development, Medallion Metals is making significant progress on the Proposed Transaction that involves acquiring the Forrestania Nickel Operation and its associated Cosmic Boy Process Plant from IGO Ltd. This asset is considered well suited to treat the sulphide mineral resources from the project, and negotiations have resulted in an extension of the exclusivity period to August 2025. The Company is also advancing other key work streams including the conversion of inferred resources to the indicated category, extensive metallurgical and geotechnical testwork, and environmental permitting, all of which are critical steps towards a definitive development decision. The news brings a mix of bullish and cautious sentiment. On the bullish side, the strong drilling results and impressive multi-metal grades, especially the high copper values, are compelling indicators of the project’s potential to unlock enhanced economic returns. The anticipated updated resource, forthcoming Feasibility Study, and progress on obtaining permitting and financing add momentum to the outlook. Conversely, bearish sentiment may arise from the inherent risks associated with advancing a major project, such as the uncertainties in finalizing the Proposed Transaction, the long timeline towards a full Project Final Investment Decision, and the complex nature of securing all regulatory and financial approvals. Investors may therefore adopt a measured approach as the company continues to progress these key milestones.