Medallion Metals (ASX:MM8) has progressed to the next stage under the Environmental Protection and Biodiversity Conservation (EPBC) Act for the Ravensthorpe Gold Project in Western Australia.
The outcome, which is assessment on preliminary documentation, represents a “positive” step for the company and its sulphide development strategy involving mining at Ravensthorpe and processing at the Cosmic Boy processing plant at the Forrestania Nickel Operation.
Medallion says the determination represents a significant positive step for the company and its sulphide development strategy involving mining at Ravensthorpe and processing at Forrestania.
The assessment will be carried out by the Department of Climate Change, Energy, the Environment and Water (DCCEEW) and predominantly based on the original referral document, principally related to biological surveys and proposed offsets.
Medallion anticipates collating and lodging further information requested during March 2025 – likely a combination of desktop and field data.
Upon confirmation the additional information meets the department’s assessment requirements, the referral document will be publicly advertised for at least 10 business days. Following this, Medallion has a further 10 business days to revise documentation before it’s advertised again.
Medallion expects a decision will be made during Q3 2025.
Medallion, which has a market capitalisation of $55.27 million, notes receiving approval under the EPBC Act is the primary approval outstanding for the proposed development of Ravensthorpe.
Given the advanced status of permitting under Western Australian legislation, the outcome of the EPBC Act referral will be critical in determining the timeline to starting development.
The proposed development is also subject to concluding negotiations with IGO (ASX:IGO) regarding the acquisition of the Forrestania Nickel Operation. In August 2024, Medallion entered into an exclusivity deal with IGO to buy certain assets of Forrestania. The company will pay IGO up to $15 million cash.
The EPBC referral decision comes just days after Lion Selection Group (ASX:LSX) committed to invest $1 million as part of a $6.5 million capital raising announced by Medallion Metals, which will be deployed towards advancing Ravensthorpe.
A Prefeasibility Study (PFS) completed in 2023 contemplated development of open pit and underground mining to produce gold and copper after the development of a new, purpose-built process facility at site.
Prior to the PFS, a Scoping Study demonstrated that processing of ore mined from an underground mine at Ravensthorpe, trucked and processed at Forrestania, would offer a lower cost, more rapid development alternative with a reduced footprint of disturbance.
Final investment decision is targeted for late 2025.
Write to Aaliyah Rogan at Mining.com.au
Images: Medallion Metals
