Medallion Metals to Start Gold Processing at Cosmic Boy, Targeting November Sales

Medallion Metals will begin gold processing at its Cosmic Boy Concentrator this month, treating approximately 5,000 tonnes of company-owned Teddy Bear stockpile material, with initial gold production and sales expected in November. The company said the first campaign will establish gold in the circuit before the plant moves to third-party material. The details were reported by TradingView.

Medallion Metals' Cosmic Boy Campaign and Kundip Works

The Cosmic Boy crushing circuit is operational and mill feed is accumulating in the fine ore bin ahead of commissioning under the early production strategy. Third-party ore is already being delivered ahead of toll treatment, which carries a fee of $100 per dry metric tonne and provides a second potential revenue stream before ore arrives from the Kundip underground mine. Refurbishment and modification works at Cosmic Boy are approximately 15 to 20 percent complete under the engineering, procurement, and construction program, and a second ball mill has arrived for the upgraded grinding circuit needed to treat Ravensthorpe gold-copper sulphide ore.

At the Kundip Mining Centre, bulk earthworks have reached 50 percent completion since construction began in August, with approximately 60 Medallion and contractor personnel on site. The box-cut excavation is 38 percent complete after removal of approximately 29,000 bank cubic metres of material and a first blast on 10 October. The underground mining contractor is due to mobilise personnel and equipment in late October, establish the portal in November, and make the first decline cut in December. First underground ore is targeted for the second quarter of calendar 2027, while the broader development schedule anticipates Ravensthorpe ore entering the Cosmic Boy processing circuit in the third quarter.

Medallion Metals' Funding and Ravensthorpe Approvals

Medallion Metals is an ASX-listed Western Australian gold and copper developer advancing its flagship Ravensthorpe Gold Project toward production, according to akta.pro company records. The same records show the company completed an A$27.5 million placement in December 2025 to fund project development and general corporate purposes, and signed a US$50 million funding agreement with Trafigura in October 2025 combining a prepayment facility with copper concentrate and gold dore purchase agreements. In February 2026 the company obtained EPBC Act federal approval from DCCEEW for the Ravensthorpe Gold Project.

Earlier Medallion Metals Developments

Medallion Metals initiated a trading halt in August 2026 pending the announcement of a capital raising plan, with specific details on the amount or terms not provided in the initial notice, AInvest reported. In July 2026 the company replaced 3.5 million expiring share options with 8.95 million new unlisted employee incentive options extending to June 2029, AInvest reported.

Medallion Metals' Next Steps

Construction of a power station under a build-own-operate arrangement is scheduled to start in November, alongside accommodation upgrades and preparations for additional mine infrastructure. Diamond drilling continues at Lounge Lizard, about 14 kilometres from Cosmic Boy, with a program of 3,000 metres targeting validation and extensions of known mineralisation, and a separate 500-metre reverse circulation drilling campaign at Teddy Bear is intended to support an updated mineral resource estimate, with initial MREs for both prospects targeted this quarter.