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MM8, MEDALLION METALS LIMITED
nipper
post Posted: Apr 1 2021, 03:07 PM
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Medallion Metals Limited (MM8) raised $12.5 million at an IPO @ 25c a share; it listed on the ASX on 22 March 2021. It is a resources exploration and development company which owns two prospective West Australian projects with a major focus on precious and base metals.

The Company owns the Ravensthorpe Gold Project (RGP) and the Jerdacuttup Project (JP) (both prospective for precious and base metals) which are located in the Goldfields/ Esperance region of Western Australia, approximately 550 km southeast of Perth and 185 km west of Esperance, the nearest deepwater port. The Company acquired the Projects from Silver Lake Resources Limited (ASX:SLR) in 2016 for $5.5 million.

The two Projects consist of 47 mining tenements (four Prospecting Licences, one Prospecting Licence Application, 22 Exploration Licences, five Exploration Licence Applications, 12 Mining Leases and three Miscellaneous Leases) which are 100% owned by the Company other than three Exploration Licences to which the Company has 100% rights to all minerals other than lithium and tantalum and one Exploration Licence Application held as to 80%.

The tenement holding stretches over 653 kmē , with annual expenditure commitments of approximately $0.9 million per year and rents and rates of approximately $0.15 million per year.

The historic Kundip mining centre, which is the focus of RGP, consists of numerous mineralised structures which have sustained varying levels of exploration and mining activity over their history.

Since acquiring the Projects, the Company has:
  • .. spent an additional $15.3 million on Mineral Resource definition drilling, regional exploration, testwork, studies, activities associated with environmental and statutory approvals and administrative expenses; and
  • .. reported JORC 2012 Mineral Resources estimates at RGP over three adjacent deposits within the Kundip area (Flag Harbour View and Kaolin) and progressed permitting and completed a feasibility study in May 2020 for a proposed gold mine at Kundip that indicated robust economics for open pit and underground mining and processing of mined ore on-site.
The Company's primary aim is to become a gold producer at the Ravensthorpe Gold Project in the near to medium term.



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