On behalf of the Board of Directors, I am pleased to offer you the
opportunity to become a shareholder in Medallion Metals Limited
(“Medallion” or the “Company”). Medallion is looking to build a long life,
high margin gold business in Australia with the initial focus on advancing
the Company’s Ravensthorpe Gold Project to final investment decision,
and ultimately, production.
Medallion’s investment highlights include:
• Numerous immediate growth opportunities to increase shareholder value through extending the current
Ravensthorpe Gold Project known Mineral Resources, advancement of near mine exploration targets
and updating the already robust Feasibility Study (“FS”) completed in May 2020 to reach a final
• Opportunity to become a near to medium term, high margin gold producer, targeting 80,000 ounces of
production per annum;
• Additional multiple organic growth opportunities within the extensions of the Archean and Proterozoic
geological settings in Western Australia; and
• Experienced board and management team with extensive mining development experience.
The Company, based in Perth Australia, is a precious and base metal exploration and development company
incorporated in 2015 for the express purpose of acquiring from Silver Lake Resources Ltd (ASX:SLR), the
Great Southern Project in the Goldfields-Esperance region of Western Australia comprising:
• The Ravensthorpe Gold Project, which includes approximately 674,000 ounces of gold of JORC Code
compliant Mineral Resources estimates (of which approximately 270,000 ounces are JORC Code
compliant probable Ore Reserves estimates2). A FS completed in May 2020 indicated there are robust
economics for open pit and underground mining and processing of mined ore on-site; and
• The Jerdacuttup Project, which is prospective for base and precious metals, and contains JORC Code
compliant Mineral Resources estimates.
The Company acquired the Projects for $5.5 million in 2016 and has since spent approximately $15.3 million
on resource definition drilling, regional exploration, testwork, feasibility studies (including the FS), and
activities associated with environmental and statutory approvals.
Under this Prospectus, the Company is seeking to raise a minimum of $15.0 million via the issue of
37.5 million Shares at an issue price of $0.40 per Share with the ability to accept up to an additional
$5.0 million in oversubscriptions via the issue of an additional 12.5 million Shares. Ord Minnett Limited and
New Holland Capital Pty Ltd are the Joint Lead Managers to the Offer.
The funds raised in this Offer are primarily intended for use at the Ravensthorpe Gold Project to undertake
further resource drilling, pre-development activities, updating and optimising the FS and advancing the
Company towards making a final investment decision. Funds raised in this Offer will also be used to advance
exploration and studies at the Jerdacuttup Project (the Company may pursue a farm-out, spinout/IPO or sale
opportunity under appropriate terms). Funds raised will also be applied to additional exploration across both
Projects and for working capital. Approximately $0.9 million will be used to partially repay a loan extended by
the Company’s largest existing shareholder that has contributed to funding the Projects to date as well as
service interest payments associated with amounts that remain outstanding under loan post listing.
The Company has assembled a well-qualified and balanced board and senior management team with proven
corporate, technical, financial and commercial expertise ideally suited to maximising the value of the
This Prospectus contains detailed information about the Offer, the Company and the risks of participating in
a speculative investment of this nature. The Company faces the usual risks associated with gold exploration,
development and production in Western Australia and I ask that prospective investors please take the time
to review this Prospectus for a full appreciation of the quality of the Company’s Projects and details of the
team that will develop and implement the Company’s strategy.
We look forward to welcoming new shareholders on our journey as we seek to become a highly profitable
Medallion Metals Limited