- 01Cosmic Boy starts 5,000t processing; sales due November.
- 02Toll ore adds $100/dmt revenue.
- 03Kundip decline starts December; ore targeted Q2 2027.
Medallion Metals (ASX: MM8) is preparing to begin gold processing at its Cosmic Boy Concentrator this month as development advances across its Forrestania and Ravensthorpe gold projects in Western Australia.
The first campaign will process approximately 5,000 tonnes of company-owned Teddy Bear stockpile material, with initial gold production and sales expected in November.
Third-party ore is already being delivered ahead of toll treatment, providing a second potential revenue stream before the planned arrival of ore from the Kundip underground mine.
Meanwhile, the first box-cut blast at Kundip has been completed and underground development remains scheduled to begin in December, with both projects progressing on schedule and within budget.
Early Gold Production
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.
After the initial Teddy Bear campaign establishes gold in the circuit, the plant is expected to process third-party material for a toll-treatment fee of $100 per dry metric tonne.
The EPS is designed to generate revenue from Medallion’s own gold sales and toll treatment while allowing operating teams to establish systems and optimise plant performance.
At the same time, refurbishment and modification works at Cosmic Boy are approximately 15–20% complete under the engineering, procurement, and construction program.
A second ball mill has arrived for the upgraded grinding circuit needed to treat Ravensthorpe gold-copper sulphide ore, while the broader plant works are being coordinated with early processing.
Kundip Underground Works
At the Kundip Mining Centre, bulk earthworks have reached 50% completion since construction began in August, with approximately 60 Medallion and contractor personnel working on site.
The box-cut excavation is 38% complete after removal of approximately 29,000 bank cubic metres of material and a first blast on 10 October, with work across access roads, the run-of-mine pad, waste rock facilities, and water management infrastructure continuing ahead of ground support and underground construction.
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.
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.
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.
Reduced Expenditure
Medallion is refurbishing an existing 100-person accommodation camp and relocating offices and workshops from the former Spotted Quoll mine to reduce development expenditure.
At Forrestania, 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.
A separate 500m 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.
“We've brought together an outstanding team, with people who have the experience, energy and commitment to help us build this business—that's something I value enormously, particularly as we prepare to move into production,” managing director Paul Bennett said.
“Our focus remains on delivering safely, maintaining our schedule, and managing costs as we bring both projects into production.”
Get the wire before the market opens.
The ASX small-cap stories that matter, filed before 9am AEST. Curated by the Small Caps desk.