Lion Selection Group (ASX:LSX) has committed to invest $5 million in Medallion Metals (ASX:MM8), as part of a larger $60 million funding initiative.
Managing Director Hedley Widdup says Medallion has been able to “rapidly” transform from explorer to developer given its deal with Forrestania (ASX:FRS).
“This not only delivers a rapid pathway to production, but also provides exciting growth opportunities to turn a gold company’s eye to the Forrestania ground,” Widdup says.
“These features combine to present a strong and compelling investment opportunity for Lion, which is why we have aggressively followed our existing position.”
Medallion is raising $55 million through placement, as well as another $5 million through a share purchase plan for eligible shareholders.
Placement funding will be obtained through the issue of 151.51 million shares at $0.33 per share in tranche one, accounting for the first $50 million, before another 15.15 million shares are issued in tranche two to raise the remaining $5 million.
Tranche one is expected to settle on 19 December 2025, with a general meeting to approve tranche two expected to be held in January 2026.
Canaccord Genuity and Petra Capital are acting as joint lead managers and bookrunners for this placement.
The share purchase plan will then raise another $5 million, allowing shareholders to apply for up to $30,000 in shares at the same issue price.
Medallion Managing Director Paul Bennett says the company will enter its next phase of growth to accelerate the sulphide development opportunity through to production.
“The integration of Ravensthorpe mineral resources with the Forrestania processing infrastructure creates the conditions to establish a new gold-copper development opportunity in Western Australia, and the completion of this capital raising allows us to advance that strategy with confidence,” Bennett says.
“The amended terms for the proposed Forrestania transaction further enhance the strategic optionality available to the business and reinforce the value proposition of an integrated regional development.
“With a solid balance sheet and clear milestones ahead, Medallion is well positioned to deliver meaningful progress through 2025 and into 2026.”
Medallion Metals is a gold and copper explorer focused on advancing assets in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Medallion Metals
