Medallion Metals is moving to acquire the Cosmic Boy plant at Forrestania to process copper-gold from its Ravensthope project. Photo: IGO.
The owners of Ravensthorpe Gold project have hit upon a novel way to acquire the Cosmic Boy processing plant at the mothballed Forrestania tenements north of Varley.
Medallion Metals has announced an intention to process copper-gold ore from the future Ravensthorpe mine by adapting Cosmic Boy.
IGO Limited had been using its Cosmic Boy plant to process ore from its Forrestania nickel mine.
It is doing a deal with the facility’s owner to acquire all of IGO’s Forrestania tenements for no up-front payment.
Under the terms of the agreement, IGO would retain its exploration and mining rights over the tenements for nickel and lithium.
Medallion Metals would also pay IGO a royalty of up to 1.5 per cent on any future gold production from the Tenements, but no upfront or deferred cash consideration would be payable other than the possible royalty.
Medallion expects to execute binding transaction documentation early in the September quarter.
On top of $9.5 million cash Medallion held at end of financial year, the second tranche of capital raising in July added $20.2 million before costs, which is expected to finance the Final Investment Decision later this year.
In the company statement, Medallion says occupation numbers in its 89-person Ravensthorpe camp are expected to increase throughout 2025 as drilling programs recommence in the December quarter and pre-development activities continue to ramp up.
