Medallion Metals Limited (ASX: MM8) has secured a crucial waiver from the ASX for its Share Purchase Plan announced on 15 December 2025. The Medallion Metals Share Purchase Plan will proceed without requiring shareholder approval despite the offer price of AUD 0.33 per share falling below the 80% threshold of the five-day volume weighted average price. This Medallion Metals SPP waiver enables eligible shareholders to participate at the same price as institutional investors under the placement announced simultaneously.
The ASX granted the waiver on 24 December 2025, allowing Medallion Metals Ltd to issue shares at AUD 0.33 per share without utilising the Company’s available placement capacity under Listing Rule 7.1. The waiver permits related parties to participate in the Medallion Metals Share Purchase Plan at the same price without additional shareholder approval requirements under Listing Rule 10.11.
Medallion Metals Share Purchase Plan TimetableÂ
The record date for the Medallion Metals Share Purchase Plan was set at 5:00 pm WST on Friday, 12 December 2025. The Medallion Metals SPP waiver Offer Booklet will be released and dispatched on Monday, 5 January 2026. Eligible shareholders can review the complete terms and conditions within this documentation.
The opening date for Medallion Metals SPP acceptances is scheduled for 9:00 am WST on Monday, 5 January 2026. The closing date falls at 5:00 pm WST on Wednesday, 28 January 2026. Results of the Medallion Metals Share Purchase Plan will be announced on Thursday, 29 January 2026. Allotment and issue of shares under the Medallion Metals SPP waiver will occur on Friday, 30 January 2026.
Medallion Metals Ltd’s Strategic PositionÂ
Medallion Metals Ltd maintains a strong strategic position with its Ravensthorpe Gold Project featuring a 1.2 million ounce gold equivalent global Mineral Resource. The sulphide core comprises 5.7 million tonnes at 4.6 grams per tonne gold and 0.6% copper for 840,000 ounces gold and 37,000 tonnes copper. This high-grade sulphide mineralisation starts approximately 50 metres from surface.
The Company’s binding agreement to acquire the Forrestania infrastructure provides a plug-and-play solution for the Ravensthorpe Gold Project. The Forrestania assets include a flotation plant, tailings storage facility, grid power, camp, airstrip, and supporting mine infrastructure. This acquisition strategy compresses the capital requirement and timeline to first cash flow for Medallion Metals Ltd.
Financial Metrics and Production Targets
The Scoping Study released in December 2024 demonstrates compelling financial metrics for Medallion Metals Ltd. The pre-production capital cost totals AUD 73 million, inclusive of mine establishment and process plant modifications. The production rate targets 500,000 tonnes per annum over a 5.5-year mine life, generating 70,000 ounces per annum of gold equivalent metal production.
The forecast average All-In-Sustaining-Cost reaches AUD 1,845 per ounce of gold produced net of by-product credit. Pre-tax cashflows total AUD 498 million under base case assumptions of AUD 3,615 per ounce of gold and AUD 5.54 per pound of copper. Under spot pricing, pre-tax cashflows increase to AUD 637 million. The pre-tax NPV at 10% discount rate reaches AUD 329 million with an internal rate of return of 129% under base case assumptions.
Medallion Metals Share Price Performance
Medallion Metals shares currently trade at AUD 0.442 per share. The Company commands a market capitalisation of AUD 332.74 million. The 52-week trading range spans AUD 0.105 to AUD 0.600 per share, reflecting significant volatility over the past year.
Project Development Progress and Approvals
Medallion Metals Ltd continues advancing its permitting pathway for the Ravensthorpe Gold Project. The Environment Protection and Biodiversity Conservation Act 1999 referral outcome was received on 5 February 2025, confirming assessment under preliminary documents. The public comment period ended on 19 September 2025, with an offset block acquired to support environmental commitments.
Ministerial Statement 1143 under the Environmental Protection Act allows conditional development of the project. This permits the clearing of up to 245 hectares of land. The Company is seeking a minor amendment under Section 45c to relocate access and improve haulage logistics. Applications under the Mining Act for Mine Development and Closure Plan are progressing in parallel with primary approvals.
FAQ
Q1. What is the offer price for the Medallion Metals Share Purchase Plan?
Ans. The Medallion Metals Share Purchase Plan offers shares at AUD 0.33 per share, matching the placement price announced on 15 December 2025.Â
Q2. Why did Medallion Metals Ltd need an ASX waiver for the SPP?
Ans. Medallion Metals Ltd needed the waiver because the AUD 0.33 per share offer price fell below 80% of the five-day VWAP, failing to satisfy Listing Rule 7.2 Exception 5.
Q3. What conditions did the ASX impose on the Medallion Metals Share Purchase Plan?
Ans. The ASX imposed two conditions on the Medallion Metals SPP waiver. The issue price must not fall below AUD 0.33 per share.Â
Q4. When does the Medallion Metals Share Purchase Plan open and close?
Ans. The Medallion Metals Share Purchase Plan opens at 9:00 am WST on Monday, 5 January 2026 and closes at 5:00 pm WST on Wednesday, 28 January 2026.Â
