Annual report
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ANNUAL REPORT For the year ended 30 June 2026 ASX:MM8 ABN:89 609 225 023
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Medallion Metals Limited Annual Report 2026 / Page 2 of 77 ASX:MM8 CONTENTS C ORPORATE DIRECTORY 4 LETTER FROM CHAIRMAN 5 REVIEW OF OPERATIONS 6 DIRECTORS REPORT 17 MINERAL RESOURCES AND ORE RESERVES STATEMENTS 31 CORPORATE GOVERNANCE STATEMENT 34 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 36 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 37 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 38 CONSOLIDATED STATEMENT OF CASH FLOWS 39 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 40 CONSOLIDATED ENTITY DISCLOSURE 66 DIRECTORS DECLARATION 67 INDEPENDENT AUDITORS REPORT 68 AUDITORS INDEPENDENCE DECLARATION 72 ASX ADDITIONAL INFORMATION 73 ASX ADDITIONAL INFORMATION 75 TABLE OF CONTENTS
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 3 of 77 ASX:MM8 CORPORATE DIRECTORY 01.
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 4 of 77 ASX:MM8 Corporate Directory Directors John Fitzgerald Non-Executive Chair, Independent David Kelly Non-Executive Director, Independent Siobhan Pelliccia Non-Executive Director, Independent Paul Bennett Managing Director Management Tony James Chief Operating Officer Richard Hill Chief Financial Officer Aida Tabakovic Company Secretary Registered Office Level 1, 50 Kings Park Road West Perth, WA 6005 +61 8 6424 8700 info@medallionmetals.com.au Website www.medallionmetals.com.au Australian Business Number (ABN) 89 609 225 023 Stock Exchange The Company’s shares are listed on the Australian Securities Exchange (ASX). Code: MM8 Share Registry Solicitors Automic Pty Ltd EMK Lawyers Level 5, 191 St Georges Terrace Suite 4, 236 Naturaliste Terrace Perth, WA 6000 Dunsborough, WA 6281 1300 288 664 +61 8 9756 6226 hello@automicgroup.com.au www.emklawyers.com.au www.automicgroup.com.au Auditor Bankers BDO Audit Pty Ltd National Australia Bank Level 9, 5 Spring Street 197 St George’s Terrace Perth, WA 6000 Perth, WA 6000 +61 8 6382 4600
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 5 of 77 ASX:MM8 Letter from Chairman Dear Fellow Shareholders I am pleased to present the 2026 Annual Report of Medallion Metals Limited (ASX: MM8, Medallion or the Company). The past year has seen a significant change in Medallion’s position. The strategy and development pathway established over recent years has moved decisively into execution, with our projects now fully permitted and development underway. Importantly, this p rogress has been accompanied by a strengthening of the Company’s financial position, organisational capability and opportunities for growth, leaving Medallion well positioned for the transition to production. The strategic combination of the Ravensthorpe and Forrestania Gold Projects remains central to Medallion’s plans. With the acquisition of Forrestania complete, both projects now fully permitted and development underway, the rationale that underpinned the S ulphide Production Strategy is being realised. The opportunity to commence processing at Cosmic Boy ahead of production from our own mines further strengthens that s trategy, enabling earlier use of the infrastructure acquired at Forrestania while building operational capability. The Board remains focused on disciplined capital allocation and responsible execution of the Company’s plans. Medallion is now in the strongest financial position in its history, giving us the capacity to execute our production plans while continuing to invest significantly in exploration and growth. This ability to advance development and pursue growth concurrently is an important strength as we build the business beyond its initial production profile. Medallion continued to build on its strong resource base through ongoing exploration and geological evaluation across its portfolio. There is considerable opportunity beyond the current mine plan, with our extensive landholdings providing scope to grow the resource base, extend mine life and increase the scale of the business over time. With significant exploration underway alongside development, we have the opportunity to realise more of the p otential within the assets we already own. The growth in activity across the Company has also seen a significant expansion of our team and capability. We have welcomed many new people to Medallion during the year as our activities have grown and we prepare for production. Importantly, we are continuing to foster a culture where our people take ownership of their contribution and are proud of the Company they are helping to build. The Board is equally committed to operating responsibly and maintaining high standards of environmental, social and governance performance. Engagement with local communities, Traditional Owners, regulators and other stakeholders remained central to our approach throughout the year. We recognise that long -term success is not only dependent upon generating shareholder returns, but also on maintaining strong relationships and delivering lasting benefits to the regions in which we operate. As our activities and workforce have grown, so too has our commitment to these regions. On behalf of the Board, I would like to thank our Managing Director, Paul Bennett, the executive team and all employees for their dedication and professionalism throughout the year. I also extend my sincere appreciation to our shareholders for their continued support and confidence in the Company’s strategy. As we look ahead, our ambition extends beyond bringing Medallion into production. The work undertaken over recent years has positioned us to execute our production plans while continuing to invest in growth and build scale. We have the opportunity to build a significant Western gold business, and I look forward with confidence to the next stage of Medallion’s development and what we can achieve for our shareholders. Sincerely, John Fitzgerald 23 September 2026 JOHN FITZGERALD NON-EXECUTIVE CHAIR
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 6 of 77 ASX:MM8 Review of Operations Project Location Medallion Metals’ projects are located in the Southern Goldfields region of Western Australia, comprising the Ravensthorpe Gold Project (RGP) and Forrestania Gold Project (FGP), with combined mineral tenure of approximately 1,500km². The RGP is located approximately 550km southeast of Perth and comprises approximately 600km² of mineral tenure within the historic Ravensthorpe gold -copper district. The Project hosts the Kundip Mining Centre, including the Gem and Harbour View deposits, t ogether with a substantial portfolio of regional exploration prospects. The FGP is located approximately 125km north of the RGP and approximately 300km east of Perth. Acquired by Medallion during the year, FGP comprises approximately 900k m² of mineral tenure across the Forrestania Greenstone Belt, a well-established mineral province with a long history of gold, nickel and lithium exploration and mining. The FGP acquisition also included the Cosmic Boy Concentrator and extensive existing infrastructure at Forrestania, including accommodation, power, workshops, roads and other supporting infrastructure. T hese assets provide the processing and infrastructure base for Medallion’s broader development activities across Ravensthorpe and Forrestania.
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 7 of 77 ASX:MM8 Exploration and Evaluation Activities Exploration and evaluation during the year continued to build the resource and development potential of the Ravensthorpe Gold Project (RGP), while the acquisition of the Forrestania Gold Project (FGP) added a substantial new exploration footprint and pipeline of gold opportunities to Medallion's portfolio. At RGP , extensive drilling was undertaken at the Kundip Mining Centre (KMC) to increase confidence in the Mineral Resource, support mine planning and test extensi ons to known mineralisation. Exploration also continued across the broader RGP tenure, including the evaluation and prioritisation of regional targets. At FGP , Medallion moved quickly following completion of the acquisition in February 2026, commencing systematic evaluation of an extensive historical exploration database comprising approximately 53,000 drill holes and undertaking its first exploration and resource drilling programs. Initial work at Lounge Lizard has validated historical drilling and extende d known mineralisation, supporting work towards a maiden Mineral Resource Estimate and evaluation of its potential as an additional source of ore for the Cosmic Boy Concentrator. Ravensthorpe Gold Project The Ravensthorpe Gold Project (RGP) progressed materially towards development during FY26, with work across the Kundip Mining Centre (KMC) increasing confidence in the mine plan, demonstrating further resource growth potential and substantially de -risking the pathway to development. Engineering, approvals and contracting also advanced the Project from feasibility into execution readiness. Subsequent to year end, all remaining approvals have been secured and development at KMC has commenced. Project Development Completion of the RGP Feasibility Study in December 2025 was followed by Final Investment Decision (FID) in February 2026. During the year, a US$50 million project loan facility and associated copper -gold concentrate offtake arrangements were also secured. Following FID, activities shifted to execution. Commonwealth approval under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) was secured in February 2026, while the remaining environmental and regulatory approvals progressed towards completion. Engineering and procurement advanced, the underground mining contract progressed through a competitive tender process, and planning for site infrastructure and commencement of works at KMC continued. By the end of FY26, the key funding and commercial arrangements were in place, and the remaining regulatory approvals were nearing completion, leaving RGP well positioned to move into development. Subsequent to year end, all remaining approvals, including the Mine Development and Closure Proposal (MDCP), were received and Macmahon was selected as the preferred underground mining contractor. RGP is now fully permitted and development at KMC has commenced. Exploration and Resource Growth Approximately 16,000m of drilling was completed at the Kundip Mining Centre (KMC) during the year, comprising resource definition, infill and extensional drilling across the Gem and Harbour View lodes. The program focused on increasing confidence in areas relevant to the mine plan while continuing to test extensions to known mineralisation. Drilling returned multiple high-grade gold-copper intersections across Gem and Harbour View, building further confidence in the structural and grade continuity of the existing Mineral Resource. Importantly, drilling also extended mineralisation beyond exis ting Resource boun daries and identified new mineralised positions, including a new high-grade sulphide lode in the footwall of Gem.
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 8 of 77 ASX:MM8 The 2025-26 drill program was successful in increased confidence in the near-term mine plan while continuing to demonstrate opportunities for resource growth at KMC as development progresses.
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 9 of 77 ASX:MM8 Forrestania Gold Project The acquisition of the Forrestania Gold Project (FGP) was completed in February 2026, adding approximately 900km² of highly prospective tenure, the Cosmic Boy Concentrator and extensive existing infrastructure. The acquisition also included an extensive historical exploration database comprising approximately 53,000 drill holes and large geochemical and geophysical datasets, providing a substantial foundation for the evaluation of gold opportunities across the Forrestania Greenstone Belt. In the four months following completion, Medallion moved quickly to advance the acquired assets. Exploration and resource drilling commenced at Lounge Lizard, 53 gold targets were identified ac ross the broader tenure, and early refurbishment works commenced at Cosmic Boy.
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 10 of 77 ASX:MM8 Resources Evaluated Initial work focused on Lounge Lizard, where evaluation of historical drilling and geological information was followed by Medallion's first exploration and resource drilling at FGP . Drilling validated historical results, extended known high- grade gold mine ralisation and identified a new hanging wall lode, with mineralisation remaining open along strike and down plunge. These results supported an expanded d rilling program and progression of Lounge Lizard towards a maiden Mineral Resource Estimate. Mining studies are also evaluating potential open pit and underground development scenarios, with Lounge Lizard emerging as a potential near term additional source of feed for the Cosmic Boy Concentrator.
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 11 of 77 ASX:MM8 Regional Exploration Systematic interrogation of the extensive historical drilling and exploration database has identified 53 gold targets across the Forrestania tenure, providing a significant pipeline of opportunities for further evaluation. These range from advanced prospects with substantial historical drilling through to earlier -stage targets requiring further evaluation, allowing programs to be prioritised according to their potential to provide additional ore sources and longer-term resource growth. Work also commenced on the historical gold stockpiles at Teddy Bear, including drilling to support a maiden Mineral Resource Estimate and assess their potential as an additional near-term source of feed for the Cosmic Boy Concentrator.
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 12 of 77 ASX:MM8 Processing Infrastructure Work to prepare the Cosmic Boy Concentrator for recommencement of operations advanced during the year, with Front End Engineering and Design (FEED) and refurbishment planning progressing during the second half of FY26. In June 2026, Medallion entered into a $7.6 million Early Works Agreement with GR Engineering Services, enabling refurbishment and modification works to commence before year end. Subsequent to year end, FEED was completed and refurbis hment activities continued to advance. GR Engineering Services was also awarded the $50 million Engineering, Procurement and Construction (EPC) Contract for the refurbishment and modification of Cosmic Boy. An Early Production Strategy was also established following year end, with processing operations at Cosmic Boy expected to commence in October 2026, ahead of the introduction of Ravensthorpe ore. The strategy will initially utilise third- party ore, bringin g the processing facility back into operation w hile refurbishment and development activities continue across Forrestania and Ravensthorpe. Environmental, Social and Governance At Medallion, sustainability is embedded in our approach to project development and long-term value creation. During the year, the Company continued to advance its E nvironmental, Social and Governance ( ESG) Framework, built around four key pillars: Our People, Community and Heritage, Climate, and Environmental Stewardship. These pillars reflect issues that are critical to our business, stakeholders and the regions in which we operate. As Medallion continues to grow its workforce, and progress development of the RGP and FGP , ESG considerations remain central to our decision -making. This framework supports the Company's commitment to responsible development, effective risk management and delivering sustainable value for shareholders and local communities. Impact Minimisation A significant sustainability milestone during the year was the acquisition of the Forrestania Nickel Oper ation, including an existing processing plant, accommodation village, tailings storage facility and airstrip. Repurposing this infrastructure to support the RGP eliminates the need to construct substantial n ew facilities, significantly reducing the project’s footprint.
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 13 of 77 ASX:MM8 This approach will deliver greenhouse gas emissions reductions and energy savings compared to conventional alternatives, with avoidance of around 120 hectares of additional land disturbance. Importantly, it extends the productive life of an operation previously in care and maintenance, demonstrating how existing mining infrastructure can be responsibly repurposed to create long-term environmental and economic value. The Cosmic Boy Concentrator processing facility also has the potential to provide processing solutions for lower-grade ore from neighbouring operations, supporting more efficient regional resource utilisation and reinforcing Medallion’s responsible resource stewardship. Biodiversity Minimising environmental footprint and protecting biodiversity have been key considerations in project design. During optimisation studies, Medallion redesigned the RGP from an approved open -pit operation to an underground mining operation, reducing the project footprint from approximately 245 hectares to 73 hectares. Further refinements to infrastructure layout were undertaken to avoid sensitive environmental areas and minimise potential impacts on significant flora, fauna and threatened ecological communities. This approach demonstrates Medallion's commitment to embedding environmental stewardship into project planning and development. Medallion recognises that, even with careful project design and avoidance measures, some residual environmental impacts are unavoidable. To ensure these impacts are responsibly managed, the Company has progressed a Biodiversity Offset Strategy, securing a dedicated parcel of land to deliver long term conservation outcomes that directly address residual project impacts. The offset strategy for th is land has been formally approved by the Commonwealth Department of Climate Change, Energy, the Environment and Water (DCCEEW), confirming that the proposed measures meet national standards for ecological protection and long-term environmental management. Water Stewardship Medallion recognises water as a valuable and finite resource and is committed to collaborative water management across the region. During the year, the Company worked with neighbouring mining operations to identify opportunities to re duce cumulative impacts on shared water resources. A key initiative involves receiving excess dewatering water from a nearby operation into one of Medallion's open pits at Forrestania. This arrangement enables the safe storage of good-quality water for future processing requirements while assisting another operation with responsible water management. The initiative highlights the benefits of regional collaboration and the efficient reuse of existing water resources. Stakeholder Engagement Maintaining stro ng relationships with local communities and stakeholders is fundamental to Medallion's approach to responsible development. During the year, the Company established a dedicated Community Hub and Community Consultation Group (CCG) to provide transparent pro ject information, facilitate two -way communication and ensure community feedback informs project planning. Medallion has also worked closely with the Shire of Ravensthorpe to maintain safe access to the Hopetoun – Ravensthorpe Railway Heritage Walk Trail, an important regional tourism asset. In addition, the Company partnered with the local Heritage Society to identify and protect historic heritage values within the project area. Traditional Owner Relationships Medallion is committed to building respectful and enduring relationships with Traditional Owner groups across its areas of operation. The Company maintains a settlement- wide heritage agreement with the Wagyl Kaip Southern Noongar people and Heritage Protection Agreements with other Traditional Owner groups, including the Balladong and Marlinyu Ghoorlie peoples. During the year, Medallion was honoured to be formally welcomed onto Country by the Wagyl Kaip Southern Noongar people through a traditional smoking ceremony at the RGP . The Company remains committed to
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 14 of 77 ASX:MM8 working collaboratively with Traditional Owners, respecting cultural heritage and ensuring Traditional Owner perspectives continue to inform project planning and development. Corporate Governance – ESG Oversight, Capability and Reporting Readiness Strong governance underpins Medallion’s approach to sustainability and responsible resource development. During the year, the Company strengthened ESG oversight at both board and operational levels, reflecting its commitment to transparent, responsible and future focused management of environmental, social and governance matters. At the board level, Medallion appointed a director with specialist ESG credentials, enhancing governance capability in areas including climate risk, biodiversity management, cultural heritage, and emerging regulatory requirements. This appointment ensures ESG considerations are embedded in strategic decision making and aligned with evolving expectations from regulators, investors and communities. Operational capability was further reinforced through the appointment of an ESG Manager, responsible for environmental approvals and compliance, performance monitoring and delivery of key commitments such as biodiversity offsets, water stewardship initiati ves and rehabilitation planning. This role provides dedicated leadership across Medallion’s operations and supports the integration of environmental management into day- to-day activities. Medallion continues to advance its readiness for mandatory sustainability reporting, strengthening the systems and internal controls required to meet emerging disclosure obligations. This includes developing more robust data collection processes, aligning internal frameworks with evolving Australian and international sustainability standards, and preparing the organisation for assurance requirements associated with climate related and broader ESG disclosures. These enhancements position the Company to meet increasing expectations for transparency and accountability while supporting long term value creation for shareholders and stakeholders. Looking ahead, Medallion will continue to advance its ESG Strategy, embedding sustainability into decision - making as it progresses its growth strategy. Through responsible environmental stewardship, strong stakeholder partnerships and investment in its workforce, the Company aims to deliver sustainable long -term value for shareholders and the communities in which it operates.
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01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 15 of 77 ASX:MM8 Corporate Cash Position As at 30 June 2026, Medallion and its subsidiaries held $53. 9 million of cash and $0.1 million in listed investments. Final Investment Decision During the period Medallion executed documentation with Trafigura Pte Ltd (Trafigura) for the provision of a US$50 million loan facility (Loan Facility), the proceeds of wh ich will be applied to the development of the Ravensthorpe Gold Project (RGP) with processing at Forrestania (Project). In addition, the Company executed a commercial contract with Trafigura for the sale and purchase of copper gold concentrate (Offtake Agreement) to be produced from the Project. Following execution of the Loan Facility and Offtake Agreement the Board approved a positive Final Investment Decision (FID) for the Project. Capital Raising During the period, the Company completed capital raising initiatives to support its funding requirements. In July 2025, the Company completed a two -tranche placement, issuing 102,317,361 ordinary shares at $0.21 per share and raising $21,486,646 before costs. During December 2025, the Company secured firm commitments for a further two -tranche placement to raise approximately $55 million. Tranche 1 was completed during the period with 151,515,151 ordinary shares issued at $0.33 per share, raising $50,000,000 before costs. Tranche 2 was completed in January 2026 following shareholder approval at the General Meeting held on 27 January 2026 with 15,151,515 ordinary shares issued at $0.33 per share, raising $5,000,000 before costs. Board and Executive Management Medallion continued to build its leadership capability as the Ravensthorpe and Forrestania Gold Projects advanced towards development and production . The management team was strengthened with Tony James transitioning from the Board to the executive position of Chief Operating Officer; Ian Gregory was appointed Geology Manager and Stephen Moloney was appointed GM - Corporate Development. The Board was also strengthened through the appointments of David Kelly and Siobhan Pelliccia as Non - Executive Directors, adding further operational and corporate experience.
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Medallion Metals Limited Annual Report 2026 / Page 16 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information DIRECTORS REPORT 02.
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Medallion Metals Limited Annual Report 2026 / Page 17 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Directors Report The Directors present their report for Medallion Metals Limited (Medallion or the Company) and its subsidiary (the Group) for the financial year ended 30 June 2026. Directors The names, qualifications and experience of t he Company’s Directors in office during the year and as at the date of this report are as follows. Directors Experience and other Directorships JOHN FITZGERALD Non-Executive Chair Appointed 5 October 2020 Other current directorships Northern Star Resources Ltd Turaco Gold Ltd Previous directorships (last 3 years) Nil Mr Fitzgerald is an experienced Company Director and resource financier. He has worked with the resources sector for 40 years providing corporate advisory, project finance and commodity risk management services to many companies in that sector. He has previously held senior positions at NM Rothschild & Sons, Investec Bank Australia, Commonwealth Bank, HSBC Precious Metals and Optimum Capital. CA, Fellow FINSIA, GAICD Interest in Shares and Options Fully Paid Ordinary Shares Options 1,459,848 1,550,000 PAUL BENNETT Managing Director Appointed 14 November 2016 Other current directorships Nil Previous directorships (last 3 years) NickelSearch Ltd Mr Bennett is a Mining Engineer with an MBA who has extensive experience in the operation, development and financing of resource companies and projects over a 30-year period. He has worked in technical, management and business development roles for Newcrest, Western Metals and Panoramic Resources and holds a WA First Class Mine Manager’s Certificate. For nine years, Mr Bennett was a senior executive at RMB Resources, the resources investment banking business of Rand Merchant Bank, where he specialised in the provision of equity, quasi-equity/mezzanine and debt financing for small to mid-sized resource companies across a range of commodities and jurisdictions. BEng (Mining), MBA, MAusIMM, MAICD Interest in Shares and Options Fully Paid Ordinary Shares Options 9,773,772 6,000,000
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Medallion Metals Limited Annual Report 2026 / Page 18 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Directors Experience and other Directorships DAVID KELLY Non-Executive Director Appointed 15 October 2025 Other current directorships Lefroy Exploration Limited – Non- Executive Chair Westgold Limited – Non-Executive Director Previous directorships (last 3 years) Nil Mr Kelly is a geologist with 35 years’ experience in exploration, operations management, mine planning, project evaluation, business development and project finance. He has held senior leadership positions with Resolute Mining, including Executive General Manager – Strategy and Planning and Chief Operation Officer, following earlier roles with Consolidate Minerals and WMC Resources. Mr Kelly also brings significant capital markets and advisory experience through his time as a Director of Optimum Capital and earlier roles with NM Rothschild and Investec Australia. BSc. (Hons) Interest in Shares and Options Fully Paid Ordinary Shares Options 503,759 300,000 SIOBHAN PELLICCIA Non-Executive Director Appointed 15 October 2025 Other current directorships Nil Previous directorships (last 3 years) Nil Ms Pelliccia is an experienced environmental practitioner and mining advisor with over two decades of experience across the Australian and international resources sector. She brings deep expertise in independent environmental and social due diligence, environmental approvals, permitting and closure planning, with a strong track record guiding mining projects through Western Australian and federal regulatory frameworks. BSci (Environmental Science), GAICD Interest in Shares and Options Fully Paid Ordinary Shares Options Nil 600,000 Company Secretary Aida Tabakovic B.Bus, GradDipBus(Law) Miss Tabakovic has over 11 years’ experience in the accounting profession. Her experience includes financi al accounting reporting, company secretarial services, ASX and ASIC compliance requirements. Miss Tabakovic has been involved in listing several junior exploration companies on the ASX and is currently Company Secretary for numerous ASX listed companies. Directors’ Meetings During the financial year the Board of Directors (the Board) held 9 Board meetings. The number of meetings attended by each director are as follows: Director Number of meetings eligible to attend Number of meetings attended John Fitzgerald 9 9 Paul Bennett 9 9 Tony James1 3 3 David Kelly2 6 6 Siobhan Pelliccia2 6 6 1T James Resigned as Non-Executive Director and Appointed COO 15 October 2025. 2D Kelly & S Pelliccia Appointed 15 October 2025
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Medallion Metals Limited Annual Report 2026 / Page 19 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Securities Options As at the date of this report the unissued ordinary shares under options as follows: Number Exercise Price $ Expiry Date 3,471,000 Nil 26 November 2027 4,000,000 Nil 30 April 2028 6,300,000 Nil 16 July 2028 8,950,000 Nil 26 June 2029 32,221,000 Options lapsed during the period are as follows: Number Exercise Price $ Expiry Date 83,833 Nil 26 November 2027 875,000 Nil 30 April 2028 958,833 During the financial year, the Company issued ordinary shares as a result of the exercise of options as follows: Exercise Date Exercise Price of the Option Number of Shares Issued 13-Oct-25 $0.01 1,650,000 25-Mar-26 Nil 716,167 08-May-26 Nil 250,000 27-May-26 Nil 332,500 17-Jun-26 Nil 610,500 Dividends No dividend was paid or declared by the Company during the year and up to the date of this report. Principal Activities The principal activities of the Company during the financial year were mineral exploration and development of RGP and FGP . Financial Position and Performance The Company’s net loss after tax attributable to the shareholders for the year to 30 June 2026 was $18,559,837 (2025 Loss: $6,126,739). The increase in net loss year on year has been driven primarily by: • an increase in exploration and evaluation expenses; • care and maintenance of the newly acquired Forrestania Gold Project; and • an increase in administrative expenses to support pre-development, care and maintenance and increased exploration and evaluation activity. The Group’s net assets have increased by $62,341,135 from the prior year (2025: $11,986,569 increase). The Group’s cash position as of 30 June 2026 was $53,889,247 (2025 $9,389,750). The Group has raised additional capital during and subsequent to the end of the financial year via equity raisings. The financial statements have been prepa red on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. Significant Changes in the State of Affairs During the financial year, the Group completed the acquisition of the Forrestania Gold Project comprising an established mine site including extensive infrastructure, prospective ten ure and assumed a rehabilitation obligation of approximately $53.8 million. In addition, the Group commenced development of its projects and executed documentation with Trafigura Pte Ltd (Trafigura) for the provision of a US$50 million loan facility and
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Medallion Metals Limited Annual Report 2026 / Page 20 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information completed major capital raisings to fund these activities. Other than as set out in this report, there have been no other significant changes in the state of affairs of the Group during the financial year. Events Subsequent to the Reporting Date • On 3 August 2026, Medallion announced receipt of all key regulatory approvals required to commenc e development of the Ravensthorpe Gold Project (RGP), including the Mining Development and Closure Plan and a Section 45C amendment to Ministerial Statement 1143. • On 12 August 2026, Medallion announced Macmahon Underground Pty Ltd had been selected as preferred tenderer for the RGP underground mining contract. • On 20 August 2026, Medallion announced binding commitments to raise $60 million (before costs) via a placement of 125,000,000 shares at $0.48 per share. This was successfully completed on 27 August 2026. • On 1 September, Medallion announced the execution of an Engineering, Procurement and Construction (EPC) contract with GR Engineering. The $50M contract replaces the $7.6M early works agreement. There have been no other events subsequent to balance date which would have a material effect on the Group’s consolidated financial statements. Business Strategy The Company’s strategy is to establish Ravensthorpe–Forrestania as a high-margin regional production hub, generating significant and enduring shareholde r value, underpinned by environmentally and socially responsible practices and sound project economics. The focus of the Company during the year was advancing its projects towards development included securing the funding required to progress the RGP , delivering the Feasibility Study, and moving into Front-End Engineering and Design (FEED). In parallel, the Company completed the acquisition of the FGP and commenced the technical work necessary to integrate the asset into its future development pipeline. The Company’s short term objectives are to: • Advance underground mining at the Kundip Mining Centre. • Complete refurbishment, modification and commissioning of the Cosmic Boy Conc short-termo process Ravensthorpe ore, • Bring Forrestania into production under the Early Production Strategy, with toll treatment of third-party ore. • Deliver a maiden Mineral Resource Estimate for Lounge Lizard. Material Business Risks The Company is exposed to business risks that have the potential to impact the achievement of business strategies. The following risks are not intended as an exhaustive list of all business risks and uncertainties. • Exploration and Development Risks The exploration for, and development of, mineral deposits involve significant risks that a combination of evaluation, experience and knowledge may not eliminate. There can be no assurance that future exploration of the Company’s tenements will result in the extraction of resources. Even where an apparently viable resour ce is identi fied, there is no guarantee that it can be economically exploited for a range of factors which may be specific to the Company’s tenements, location and geology or more general as they relate to prevailing market conditions and the costs of exploration, development and extraction. • Capital Requirements Development, construction, plant commissioning and mine start- up activities inherently involve a degree of uncertainty, which may result in higher -than-anticipated funding requirements and necessitate additional equity or debt financing in the future. • Key Personnel The Company is substantially reliant on the expertise and abilities of its key personnel in overseeing the day -to-day operations of its projects. There can be no assurance that there will be no detrimental impact on the company if one or more of these key personnel cease their relationship with the Company. • Force Majeure The Company may be adversely affected by risks outside the control of the Company including war, subversive activities or sabotage, extreme weather conditions, fires, floods, explosions or other catastrophes, epidemics, or quarantine restrictions.
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Medallion Metals Limited Annual Report 2026 / Page 21 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information • Safety is a fundamental risk for any exploration, development or mining activity with regard to personal injury, damage to property and equipment and other losses. The occurrence of any of these events could result in legal proceedings against the Company and substantial losses due to injury or loss of life, damage or destruction of property, regulatory investigation, and penalties or suspension of operations. The Company seeks to ensure that it provides a safe workplace to minimise risk of harm to its employees and contractors. The Company has implemented and is continually improving its management systems to promote a strong safety culture and deliver appropriate training and emergency preparedness. • Environmental Although Medallion has secured environmental approvals for RGP and FGP, the Company is unable to predict additional environmental laws that may be adopted in the future. Failure or delay in obtaining such approvals may prevent the Company from undertaking its planned activities. Further, the Company is unable to predict the impact of additional environmental laws and regulations that may be adopted in the future, which may have an adverse impact on the Company’s ability to conduct exploration or development activities. Further, the Company’s activities are subject to the environmental laws inherent in the mining industry. The occurrence of any environmental incident could impede or delay exploration or development activities and lead to environmental liability or an increase in costs. The Company has environmental liabilities which arise as a consequence of its operations. The Company monitors its ongoing environ mental obligations and risks and implements rehabilitation and corrective actions as appropriate, through compliance with its environmental management systems. • Macro-Economic Factors Ultimately, the Company’s future performance and viability is linked to a range of commodities (in particular gold and copper). A sustained decline in the market price of gold and copper would have a material adverse effect on the financial performance of future operations and the financial position of the Company. Such a decline could also have a material adverse impact on the ability of the Company to finance the exploration and development of its projects. The Company may also have to assess the economic impact of any sustained lower commodity prices on the Company’s projects, including financial viability, cut-off grades and the balances of Mineral Resources and Ore Reserves. Rates of inflation and the increase in the costs of goods and services may affect the Company’s operations and the nature and extent of activities carried out. Foreign exchange rates influence a range of variables including commodity prices, interest rates, consumables, operating and capital items and other inputs to which the Company is currently exposed or may be exposed to in the future. Sustained adverse movements in exchange rates to which the Company is exposed may have a material adverse effect on the current and future financial performance and the financial position of the Company. • Mineral Resource and Ore Reserve Estimates are expressions of judgement based on knowledge, experience and industry practice. Estimates may alter significantly when new information or techniques become available or are employed. Mineral Resource and Ore Reserve estimates are imprecise by nature and depend to some extent on interpretations which may prove to be inaccurate. As further information becomes available, these estimates may change adversely. No assurance can be given that existing exploration results or additional exploration activities will result in the determ ination of new or upgraded Mineral Resources or Ore Estimates. • Tenure and Title The ability of the Company to carry out successful exploration activities will depend on the ability to maintain tenure to mining titles. The maintenance or issue of any such titles must be in accordance with the laws of the relevant jurisdiction and in particular, the relevant mining legislation. Conditions imposed by such legislation must also be complied with. It is the Company’s intention to satisfy the conditions that apply to its tenure. There is no certainty that the Company’s tenure will be maintained or that the Company will be in a position to comply with all conditions that are imposed on individual tenements. If the conditions that apply to a tenement are not satisfi ed, it may be subject to additional conditions, penalties, objections, or forfeiture applications. Tenements are subject to periodic renewal or extension of term. There is no certainty that any renewal or extension applications will be approved. • Native Title and Aboriginal Heritage There will be areas of the Company’s tenure over which legitimate common law native title rights of Aboriginal Australians exist. If native title rights do exist, the ability of the Company to gain access to tenements or to conduct operations may be adversely affected. Considerable expense may be incurred in negotiating and resolving such issues, including any compensation arrangements reached in settling native title claims lodged over any tenements held by the Company. The presence of Aboriginal sacred sites and cultural heritage artefacts (if any) on the tenements is protected by
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Medallion Metals Limited Annual Report 2026 / Page 22 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information law. Any destruction or harming of such sites and artefacts may result in the Company incurring significant fines and Court injunctions, which may adve rsely impact on the Company’s activities. The existence of such sites may limit or preclude activities on those sites and delays may be experienced in obtaining clearance. • Government Regulation T he Company’s exploration and development as well as any future mining and processing activities are subject to various laws and statutory regulations governing prospecting, development, production, taxes, royalty payments, labour standards and occupational health, mine safety, toxic substances, land use, water use, communications, land claims of local people and other matters. No assurance can be given that new laws, rules and regulations will not be enacted or that existing laws, rules and regulations will not be applied in a manner which could have an adverse effect on the group’s financial position and results of operations. Any such amendments to current laws, regulations and permits governing operations and activities of mining and exploration, or more stringent implementation thereof, could have a material adverse impact on the Company. • Weather and Climate Change Climate change related factors or hazardous weather conditions (including excessive rain, flooding and fires) over short or prolonged periods may affect the ability of the Company to conduct its operations and execute business plans. Changes to climate -related regulations and government policy, reduced water availability, extreme weather events and associated technological and market changes may have the potential to impact the Company’s future financial results. Likely Developments The Board will continue to develop the Company’s projects and progress towards first gold production. The Company also expects to commence its early production strategy and complete an initial M ineral Resource estimate for the Lounge Lizard deposit. Environmental Performance The operations of the Company are presently subject to environmental regulation under the laws of the Commonwealth of Australia and the State of Western Australia. The Board believes that the Group has adequate systems in place for the management of its environmental requirements. Remuneration Report (audited) This report details key aspects of the remuneration policy, framework and the nature and amount of remuneration of each Key Management Personnel of Medallion Metals Limited (Medallion or the Company). The information in this remuneration report has been audited as required by s308(3C) of the Corporations Act 2001. Key Management Personnel Key Management Personnel (KMP) have authority and responsibility for planning, directing and controlling the activities of the Group. KMP comprise the Directors of the Company and key Senior Executive personnel. KMP during the year ended 30 June 2026 are set out below: Name Position Period in Position During the Year Non-Executive Directors Mr John Fitzgerald Non-Executive Chairman Full Year Ms Siobhan Pelliccia Non- Executive Director Commenced 15 October 2025 Mr David Kelly Non- Executive Director Commenced 15 October 2025 Mr Tony James Non- Executive Director Ceased 15 October 2025 Executive Directors Mr Paul Bennett Managing Director Full Year Executives Mr Tony James Chief Operating Officer Commenced 15 October 2025 Mr Richard Hill Chief Financial Officer Full Year
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Medallion Metals Limited Annual Report 2026 / Page 23 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Principles of Remuneration The Board is responsible for determining and reviewing the remuneration arrangements of Directors and other Key Management Personnel (KMP). Given the size and stage of development of the Company, the Board has determined that a separate remuneration committee is not currently required. Accordingly, the Board undertakes the functions typically performed by a remuneration committee and dedicates appropriate time at Board meetings to remuneration-related matters. Executive Remuneration Strategy and Policy The Company’s remuneration framework is designed to attract, motivate and retain high -calibre executives while aligning remuneration outcomes with the achievement of strategic objectives and the creation of long - term shareholder value. In determining executive remuneration arrangements, the Board seeks to ensure that remuneration is: • Competitive and reasonable within the context of the Company’s size, stage of development and industry peers; • Aligned with the Company’s strategic objectives and the creation of shareholder value; • Structured to provide a clear link between performance and reward; • Transparent and readily understood by shareholders and participants; and • Consistent with prudent capital management practices. The Board reviews executive remuneration on an ongoi ng basis to ensure it remains appropriate for the Company’s circumstances and market conditions. The Company’s executive remuneration structure comprises a mix of fixed and variable remuneration, including: • Fixed remuneration, comprising base salary, superannuation and other employment benefits; and • Variable or “at-risk” remuneration, comprising short-term incentives (STI) and long-term incentives (LTI). Consistent with the Company’s objective of aligning executive remuneration with Company performance and shareholder outcomes, a portion of executive remuneration may be delivered in the form of performance-linked incentives. The Company’s variable remuneration framework for KMP is summarised below: Variable Component Purpose Incentive Available Short-term incentives (STI) To reward the achievement of key short-term operational and strategic objectives. Cash bonuses are not currently offered to KMP but may be introduced in future years if considered appropriate by the Board. Long-term incentives (LTI) To align executive interests with long- term shareholder value creation and encourage sustained Company performance. Participation in the Company's Incentive Awards Plan (IAP), comprising options and/or performance rights. Executive Service Agreements and Fixed Remuneration The remuneration and employment conditions of Executives are governed by Executive Service Agreements (ESAs). Each ESA sets out the executive’s duties and responsibilities, remuneration arrangements, notice periods and termination provisions. Fixed remuneration is determined with reference to the executive’s skills, experience, responsibilities and performance, having regard to market practice and comparable peer companies. This approach assists the Company in attracting, retaining and motivating executives with the capabilities required to execute its strategy and create shareholder value. Participation in short-term and long-term incentive arrangements remains at the discretion of the Board. A summary of the key terms of Executive Service Agreements applicable during FY2026 is set out below:
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Medallion Metals Limited Annual Report 2026 / Page 24 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Name Position Base Salary excluding Superannuation Term of Agreement Company/ Employee Notice Period Termination Benefit1 P Bennett Managing Director $379,465 Until terminated 6 / 3 months 6 months’ base salary T James Chief Operating Officer $420,000 Until terminated 6 / 3 months 3 months’ base salary or 6 months base salary on change of control R Hill Chief Financial Officer $325,000 Until terminated 6 / 3 months 6 months’ base salary 1 Termination benefits are payable on early termination by the Company, other than for gross misconduct, unless otherwise stated. Short Term Incentives The Company did not operate a Short-Term Incentive (STI) program during the year ended 30 June 2026. As the Company remains in the development stage and is not yet generating operating revenue from production activities, the Board prioritised the preservation and efficient deployment of cash resources. The Board may consider introducing STI arrangements in future perio ds where it determines that such arrangements support the Company's remuneration objectives and are appropriate having regard to the Company’s operational and financial circumstances. Long Term Incentives The Incentive Awards Plan (IAP) was approved by shareholders at the Annual General Meeting held on 25 November 2025. The IAP provides the Board with flexibility to grant incentives in the form of options and/or performance rights. Subject to the satisfaction of applicable vesting conditions, these awards may vest and ultimately convert into ordinary shares in the Company. The Company is at an important stage in its development, with significant operational, strategic and growth opportunities expected over both the medium and longer term. The IAP is intended to: • Attract and retain highly skilled and experienced executives and other key personnel; • Align participant interests with those of shareholders; • Encourage a long-term focus on sustainable value creation; and • Support the achievement of the Company’s strategic objectives and growth ambitions. The Board believes the IAP provides an effective mechanism to motivate key personnel while closely linking remuneration outcomes to the long-term performance of the Company and the creation of shareholder value. Executive Incentive Options Granted as Remuneration During the Period Zero exercise price options (ZEPO) that were granted under the terms of the IAP to Executives as well as any ZEPOs that vested during FY2026 are detailed in the following table: ZEPOs Measured for Vesting in FY26 Name Position Number of ZEPOs Granted in FY26 Number of ZEPOs Measured Percentage Vested Number ZEPOs Vested Number ZEPOs Expired/ Lapsed P Bennett Managing Director - 3,566,667 100% 3,566,667 - T James Chief Operating Officer 1,500,0001 725,000 100% 725,000 - R Hill Chief Financial Officer - 1,000,000 100% 1,000,000 - 1The ZEPOs will vest subject to the achievement of the following performance conditions: (a) One half of the ZEPOs will vest upon the Ravensthorpe Gold Project achieving an annualized production rate of 70koz gold equivalent over three consecutive months. (b) One half of the ZEPOs will vest upon the delivery of Ravensthorpe Gold Project on time and on budget . Where an Executive ceases to be an employee of the Company, any unvested ZEPOs will lapse on the date of cessation of employment, except in limited circumstances that are assessed and approved by the Board on a case-by-case basis.
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Medallion Metals Limited Annual Report 2026 / Page 25 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Non-Executive Director Remuneration Strategy and Policy The Comp any's Constitution provides for the remuneration of Non -Executive Directors (NEDs) for services rendered to the Company. The maximum aggregate amount of fees payable to NEDs is determined by shareholders in a general meeting. The current shareholder-approved fee pool is $300,000 per annum, inclusive of cash fees payable to all NEDs. NED remuneration is structured to attract and retain directors with the skills, experience and expertise required to oversee the Company's strategy and governance. NEDs receive fixed fees only and do not participate in short- term incentive arrangements. No retirement benefits are provided to NEDs other than statutory superannuation contributions. NEDs are entitled to reimbursement of reasonable travel, accommodation and other out -of-pocket expenses incurred in the performance of their duties. Subject to shareholder approval where required, NEDs may also participate in the Company's Incentive Award Plan (IAP), including through grants of options and performance rights. NED Letter of Appointment Each NED is appointed under a Letter of Appointment (LOA), which sets out the director's duties, responsibilities, obligations and remuneration arrangements. Under the terms of the LOAs, each NED is entitled to receive fixed director fees plus statutory superannuation contributions. NEDs do not receive leave entitlements. The appointment and tenure of directors are subject to the provisions of the Company's Constitution, including requirements relating to retirement by rotation and re -election by shareholders. A director's appointment will cease at the conclusion of a meeting at which the director is not re -elected by shareholders. Alternatively, a NED may resign at any time by providing written notice in accordance with the Company's Constitution. No minimum notice period applies.
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Medallion Metals Limited Annual Report 2026 / Page 26 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information NED fixed base fees during FY2026 are detailed in the following table: Name Position Annual Fixed Fee excluding Superannuation J Fitzgerald Non-Executive Chairman $110,000 S Pelliccia Non-Executive Director $60,000 D Kelly Non-Executive Director $60,000 Additional Fees Should a director perform special duties or services outside the scope of the ordinary duties of that director, that director may be paid additional fees as the Board determines. In addition, Directors may be reimbursed for out-of-pocket expenses incurred as a result of their directorship or any special duties. There were no additional fees paid or out of pocket expenses reimbursed to directors during FY2026. Non-Executive Incentive Options Granted as Remuneration During the Period Zero exercise price options (ZEPO) that were granted under the terms of the IAP to Non -Executive Directors as well as any ZEPOs that vested during FY26 are detailed in the following table: ZEPOs Measured for Vesting in FY26 Name Position Number of ZEPOs Granted in FY26 Number of ZEPOs Measured Percentage Vested Number ZEPOs Vested Number ZEPOs Expired/ Lapsed J Fitzgerald Non-Executive Chairman - 908,333 100% 908,333 - S Pelliccia1 Non-Executive Director 600,000 300,000 100% 300,000 - D Kelly1 Non-Executive Director 600,000 300,000 100% 300,000 - 1 Shareholders approved the grant of an allocation of ZEPOs to directors at a meeting held on 27 October 2025. The ZEPOs will vest subject to the achievement of the following performance conditions: (a) One half of the ZEPOs will vest upon the Board deciding to proceed to development and mining (b) One half of the ZEPOs will vest upon the Ravensthorpe Gold Project achieving an annualised production rate of 70koz gold equivalent over three consecutive months.
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Medallion Metals Limited Annual Report 2026 / Page 27 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information KMP Remuneration Disclosure Details of the nature and amount of each element of remuneration for each KMP of the Company for FY26 and FY25 are as follows: Fixed Variable Name Salary and fees Super- annuation Other Share based payments (options)1 Total Value of options as a proportion of remuneration2 12 months ended 30 June 2026 Non-Executive Directors J Fitzgerald 87,915 4,615 - 195,024 287,555 68% T James6 15,385 1,846 - 156,019 173,250 90% D Kelly7 41,538 4,985 - 172,898 219,421 79% S Pelliccia7 41,538 4,985 - 172,898 219,421 79% Executives P Bennett 343,677 30,000 - 780,096 1,153,774 68% R Hill 299,538 29,654 - 291,891 621,083 47% T James6 310,929 7,500 - 159,508 477,937 33% Total 1,140,522 83,585 - 1,928,335 3,152,441 12 months ended 30 June 2025 Non-Executive Directors J Fitzgerald 87,077 2,123 - 44,7835 133,983 33% T James 50,000 5,750 - 27,7075 83,457 33% Executives P Bennett 310,975 30,000 - 167,5355 508,510 33% R Hill3 110,539 12,224 - 134,838 257,601 52% B Larkin4 119,455 11,875 - (12,803) 118,527 -11% Total 678,046 61,972 - 362,060 1,102,078 1 In accordance with AASB 2 Share-Based Payments, the fair value of share-based payments (SBP) is determined at the date of grant using the Black- Scholes option pricing model. SBP expense is allocated to each period evenly over the period from grant date to the estimated vesting date. The value disclosed is the portion of SBP expense recognised as an expense in each reporting period. 2 Options are considered performance related remuneration, accordingly percentages shown represent the percentage of share- based remuneration. 3 R Hill commenced on 13 February 2025. 4 B Larkin resigned on 15 January 2025. 5 Includes options subject to shareholder approval per the Notice of Meeting dated 16 June 2025. 6 T James Resigned as Non-Executive Director and Appointed COO 15 October 2025. 7 D Kelly & S Pelliccia Appointed 15 October 2025.
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Medallion Metals Limited Annual Report 2026 / Page 28 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Share-Based Compensation Disclosure Options Granted to KMP The following table details the terms and conditions of the grant of options to Directors and other KMP in the year ended 30 June 2026: Name Number of Options Granted Grant Date Vesting Conditions Vesting Date Exercise Price Fair Value per option at Grant Date % Vested D Kelly 300,000 26/11/25 Performance Conditions1 6 Mar 2026 Nil 0.40 100 D Kelly 300,000 26/11/25 Performance Conditions2 Nil 0.40 - S Pelliccia 300,000 26/11/25 Performance Conditions1 6 Mar 2026 Nil 0.40 100 S Pelliccia 300,000 26/11/25 Performance Conditions2 Nil 0.40 - T James 750,000 26/06/26 Performance Conditions2 Nil 0.41 - T James 750,000 26/06/26 Performance Conditions3 Nil 0.41 - 1 Vested on the Board deciding to proceed to development and mining. 2 Will vest on RGP achieving an annualized production rate of 70koz gold equivalent over three consecutive months. 3 Will vest on delivery of RGP on time and on budget. Options held by KMP The number of Options in the Company held during the financial year by KMP of the Company, including their related parties, at 30 June 26 are as follows: Name Balance at 30 June 2025 Granted Converted Lapse d Balance at 30 June 2026 Vested and Exercisable Not Vested Converted Exercise Price $ Non-Executive Directors J Fitzgerald 1,775,000 - (225,000) 0.013 - 1,550,000 683,333 866,667 D Kelly2 - 600,000 (300,000) Nil - 300,000 - 300,000 S Pelliccia2 - 600,000 - Nil - 600,000 300,000 300,000 Executives P Bennett 6,900,000 - (900,000) 0.013 - 6,000,000 2,666,667 3,333,333 R Hill 2,000,000 - - Nil - 2,000,000 1,000,000 1,000,000 T James1 1,550,000 1,500,000 (450,000) 0.013 - 2,600,000 500,000 2,100,000 Total 12,225,000 2,700,000 (1,875,000) - 13,050,000 5,150,000 7,900,000 1 T James resigned as Non-Executive Director and Appointed COO 15 October 2025. 2 D Kelly & S Pelliccia Appointed 15 October 2025 3 Pre-IPO Incentive options exercised 13 October 2025 Performance Rights There were no performance rights in the Company to or held by KMP during the financial year.
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Medallion Metals Limited Annual Report 2026 / Page 29 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Consequences on Shareholder Wealth The Company’s profit or loss after tax and year on year percentage change in share price for the last 5 financial years is presented below. The Company operates in the exploration and development phase and accordingly has not had sufficient profits available to date to enable the Company to pay any dividends. 2026 2025 2024 2023 2022 Loss for the period after income tax (18,559,837) (6,126,739) (2,940,000) (5,091,748) (3,596,723) Closing share price as traded on the ASX ($/share) 0.39 0.25 0.054 0.075 0.200 Change in share price as traded on the ASX 56% 363% (28%) (63%) (18%) Given the Company’s stage of development, the Board has regard to the Company’s share price as being the primary indicator of the Company’s performance and ultimate effects on shareholder wealth. Shareholdings The number of Shares in the Company held during the financial year by KMP of the Company, including their related parties, at 30 June 2026 are as follows: Name Balance at 30 June 2025 Received during the year on the exercise of options Other changes during the year Balance at 30 June 2026 Additions Disposals Non-Executive Directors J Fitzgerald 1,211,089 225,000 23,7593 - 1,459,848 D Kelly2 - 300,000 203,7594 - 503,759 S Pelliccia2 - - - - - Executives P Bennett 8,850,013 900,000 23,7593 - 9,773,772 R Hill 420,440 - 47,5183,5 (38,461) 429,497 T James1 407,696 450,000 - - 857,696 Total 10,889,238 1,875,000 298,795 (38,461) 13,024,572 1 T James Resigned as Non-Executive Director and Appointed COO 15 October 2025. 2 D Kelly & S Pelliccia Appointed 15 October 2025 3 Additions as result of Share Purchase Plan (SPP), finalised 23 Jan 2026. 4 D Kelly held 180,000 at appointment date. Further additions of 23,759 as result of SPP. 5 Participation occurred in a personal capacity and separately through an entity in which a beneficial interest was held, where the participant was one of several beneficiaries. Services of Remuneration Consultants The Board has not engaged the services of a remuneration consultant during the period but may do so in the future to ensure remuneration remains competitive against the Company’s peer group. Other KMP Transactions The Company did not enter any other transactions with KMPs or their related parties during the year other than as disclosed in the Remuneration Report. Issue Of Shares No shares were issued to KMPs or their related parties as part of compensation during the reporting period. Loans Made to KMP No loans were made to KMPs or their related parties during the reporting period.
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Medallion Metals Limited Annual Report 2026 / Page 30 of 77 ASX:MM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Voting at the Company’s 2025 Annual General Meeting The Remuneration Report for the year ended 30 June 2025 was adopted by shareholders at the Annual General Meeting of the Company on 26 November 2025 with a 99.15% vote in favour of the adoption of the report. END OF REMUNERATION REPORT (AUDITED) Indemnification and Insurance of Directors and Officers The Company has given an indemnity or entered into an agreement to indemnify, or paid or agreed to pay insurance premiums as follows: • The Company has entered into agreements to indemnify all Directors and officers and to provide access to Company documents. The agreement provides for the Company to indemnify all losses or liabilities incurred by each Director or officer in their capacity as Director or officers of the Company to the extent permitted by the Corporations Act 2001. • The Company has paid premiums to insure each Director or officer against liabilities or costs incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of Director or officer of the Company, other than conduct involving a wilful breach of duty in relation to the Company. Under the terms and conditions of the insurance contract, the nature of the liabilities insured against and the premium paid cannot be disclosed. Proceedings on Behalf of the Company No person has applied for leave of the Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year. Rounding of amounts The Company is of a kind referred to in Corporations Instrument 20 26/183, issued by the Australian Securities and Investments Commission, relating to 'rounding off' . Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar. Auditors Independence Declaration The auditor’s independence declaration is set out on page 71 and forms part of the Directors Report for the period ended 30 June 2026. This report is made with a resolution of the directors: Paul Bennett Managing Director Dated at Perth, this 23 September 2026 PAUL BENNETT MANAGING DIRECTOR
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ASXMM8 Medallion Metals Limited Annual Report 2026 / Page 31 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Mineral Resources and Ore Reserves Statements The Company’s JORC 2012 Mineral Resources and Ore Reserves as at 30 June 2026 are as follows: Mineral Resource Estimate for the Ravensthorpe Gold Project RGP Global Mineral Resources, August 2025 Deposit Indicated Inferred Total Resources kt Au Au Ag Ag Cu Cu kt Au Au Ag Ag Cu Cu kt Au Au Ag Ag Cu Cu g/t koz g/t koz % kt g/t koz g/t koz % kt g/t koz g/t koz % kt Open pit COG 0.5g/t AuEq Gem 2,560 1.6 130 1.2 100 0.1 3 240 1.9 10 0.9 10 0.1 0 2,800 1.6 140 1.2 100 0.1 3 Harbour View 320 2.5 30 2.4 20 0.3 1 90 1.8 10 2.4 10 0.4 0 410 2.3 30 2.4 30 0.3 1 Gift 80 2.0 10 1.4 - 0.2 0 600 1.5 30 0.9 20 0.0 0 690 1.6 30 1.0 20 0.1 0 Flag 190 3.4 20 2.8 20 0.4 1 20 2.2 - 1.4 - 0.3 0 210 3.3 20 2.7 20 0.4 1 Gem Restored 130 2.6 10 2.8 10 0.3 0 - 3.2 - 1.4 - 0.4 0 130 2.6 10 2.7 10 0.3 0 Underground COG 2.0g/t AuEq Gem 1,100 5.6 190 4.1 140 0.4 5 900 5.7 160 3.8 110 0.4 4 1980 5.6 360 4.0 250 0.4 9 Harbour View 1,300 4.0 170 7.7 320 1.1 14.2 860 2.7 80 6.2 170 0.7 6 2,160 3.5 240 7.1 490 0.9 20 Gift 30 2.4 - 3.4 - 0.5 0.1 60 2.5 - 1.8 - 0.2 0 80 2.5 10 2.4 10 0.3 0 Flag 580 5.3 100 5.4 100 0.5 3.1 500 4.8 80 4.9 80 0.3 2 1,080 5.1 180 5.2 180 0.4 5 Gem Restored 160 5.0 30 6.4 30 0.7 1.1 240 4.6 40 6.0 50 0.6 1 400 4.8 60 6.2 80 0.6 3 Open pit 3,290 1.8 190 1.5 160 0.2 5 960 1.7 50 1.1 30 0.1 1 4,250 1.8 240 1.4 190 0.1 6 Underground 3,150 4.8 490 5.9 600 0.7 23 2,560 4.3 360 5.0 410 0.5 13 5,700 4.6 840 5.5 1,010 0.6 37 Sub Total 6,430 3.3 680 3.7 760 0.4 28 3,510 3.6 410 3.9 440 0.4 14 9,950 3.4 1,090 3.7 1,200 0.4 42 Mineral Resource Estimate for the Desmond Deposit - December 2022 Open pit - - - - - - - 160 0.9 5 3.1 20 1.4 2 160 0.9 - 3.1 20 1.4 2 Underground - - - - - - - 110 0.8 3 2.2 10 1.3 1 110 0.8 - 2.2 10 1.3 1 Sub Total - - - - - - - 270 0.9 8 2.7 20 1.4 4 270 0.9 10 2.7 20 1.4 4 Mineral Resource Estimate for the Ravensthorpe Gold Project – August 2025 Open pit 3,290 1.8 190 1.5 150 0.2 5 1,120 1.4 50 1.4 50 0.3 3 4,410 1.7 240 1.5 210 0.2 8 Underground 3,150 4.8 490 5.9 600 0.7 23 2,670 4.2 360 4.9 420 0.6 15 5,810 4.5 840 5.5 1,020 0.7 38 Grand Total 6,430 3.3 680 3.7 760 0.4 28 3,780 3.5 420 3.8 460 0.5 18 10,220 3.3 1,100 3.7 1,220 0.5 46
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ASXMM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 32 of 77 The preceding statement of Mineral Resources conforms to the JORC Code. All tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. For further information relating to the Desmond deposit MRE, refer to the Company’s ASX announcement dated 21 December 2022. Probable Ore Reserve kt Au (g/t) Au (koz) Cu (%) Cu (kt) Ag (g/t) Ag (koz) Ag (koz) AuEq (g/t) Gem Hillsborough 428 4.03 55 0.28 1.2 2.27 31 59 4.3 Harbour View 888 3.10 89 0.87 7.8 5.07 140 110 3.9 Gem East 321 3.69 38 0.34 1.1 3.41 35 41 4.0 Flag 386 3.61 45 0.39 1.5 3.82 47 49 4.0 Gem Restored 65 5.04 11 0.75 0.5 6.34 13 12 5.7 Total Probable Ore Reserve 2,087 3.54 237 0.58 12.0 4.05 270 270 4.0 Total Combined Ore Reserve (Proved + Probable) 2,087 3.54 237 0.58 12.0 4.05 270 270 4.0 KMC Ore Reserve, December 2025 The preceding statement of Ore Reserves conforms to the JORC Code. All tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures Previously Reported Information For further information relati ng to the RGP MRE, refer to the Company’s ASX announcements dated 21 December 2022 (Desmond MRE) and 28 August 2025 (Kundip Minin g Centre MRE). For further information relating to Trilogy MRE, refer to the Company’s Prospectus released to the ASX 18th March 2021. For further information relating to Kundip Mining Centre ORE, refer to the Company’s AS X announcement dated 12 December 2025. References in the announcement may have been made to certain ASX announcements, including exploration results, Mineral Resources and Ore Reserves. For full details, refer to announcements on said date. The Company is not aware of new information or data th at materially affects this information. Other than as specified in the announcement and mentioned announcements, the Company confirms it is not aware of any new information or data that materially affects the informa tion included in the original market announcement(s), and in the case of the Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not m aterially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement. Reporting Of Gold Equivalent Grades Gold Equivalent (AuEq) grades that are applied as cut-off criteria and are used for reporting Mineral Resources were calculated using the following formula: AuEq g/t = Au g/t + (Cu % × 0.82) + (Ag g/t × 0.01). Cu equivalence to Au was determined using the following formula: 0.82 = (Cu price x 1% per tonne x Cu recovery) / (Au price x 1 gram per tonne x Au recovery) Ag equivalence to Au was determined using the following formula: 0.01 = (Ag price x 1 gram per tonne x Ag recovery) / (Au price x 1 gram per tonne x Au recovery). Inputs used to derive AuEq are based on assumptions that underpin the December 2024 Scoping Study assessing the technical and commercial merits of the proposed RGP -FNO development (refer to ASX announcement dated 17 December 2024 for further information ). Relevant Scoping Study assumptions are listed below.
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ASXMM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 33 of 77 Macro assumptions Metallurgical recovery Au US$/oz 2,350 Au – dore % 62.8 Ag US$/oz 27 Ag – dore % 28.6 Cu US$/lb 3.60 Cu – concentrate % 86.1 A$:US$ 0.65 Au – concentrate % 31.7 Ag – concentrate % 44.8 Dore payment terms are assumed as 99.98% for contained gold and 99.95% for contained silver with a A$0.30/oz refining charge applied. Zero payment for copper in dore is assumed. Concentrate (Conc) payabilities, treatment (TC) and refining (RC) charges and logistics costs assumed as follows: Cu payment % 96.5 Cu TC US$/dmt 80.0 Au payment % 96.0 Cu RC US$/lb 0.08 Ag payment % 90.0 Au RC US$/oz 5.0 Conc moisture % 8.0 Ag RC US$/oz 0.5 Conc Logistics A$/wmt 181 State Government (WA) royalty rates of 2.5% are applied to dore Net Smelter Return (NSR) and 5.0% to Conc NSR. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. Annual review and material changes since 30 Jun 2025. Ravensthorpe Gold Project Mineral Resource Estimate As part of its annual review process, the Company identified additional geological and technical data acquired since the completion of the current Mineral Resource estimate for the Ravensthorpe Gold Project. The Company is currently assessing the impact of this information on the Mineral Resource estimate and will disclose any material changes to the market in accordance with ASX and JORC reporting requirements. Jerdacuttup Project Mineral Resource Estimate The annual review of the Jerdacuttup Proje ct has concluded that no new exploration data gathered during the financial year will result in a material change to the Mineral Resources at the Jerdacuttup Project. There are no Ore reserves declared at the Jerdacuttup Project. Kundip Mining Centre Ore Reserve Estimate The annual review of the Kundip Mining Centre has concluded the Ore Reserve has materially changed due to the Mineral Resource Estimate delivered in August 2025. For further information refer to the Company’s announcement dated 12 December 2025. Governance controls All Mineral Resource and Ore Reserve Estimates are prepared by a Competent Person using the data that they have reviewed and are considered to have been collected using industry standard practices and which, to the most practical degree possible are representative, unbiased and collected with appropriate QA/QC practices in place. All Mineral Resource and Ore Reserve Estimates disclosed above have been estimated by both company employees and independent consultants in accordance with the JORC Code.
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ASXMM8 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information Medallion Metals Limited Annual Report 2026 / Page 34 of 77 Corporate Governance Statement In recognising the need for the highest standards of corporate behaviour and accountability, the directors of Medallion support and adhere to the principles of sound corporate governance. Accordingly, the Board has adopted a Corporate Governance Plan which can be found on the Company’s website: www.medallionmetals.com.au. Medallion reviews its corporate governance policies and practices on an annual basis to ensure they are appropriate for the Company’s stage of development. These reviews are made in consideration of the ASX Corporate Governance Council’s Principles and Recommendations which are applicable at the time of the review. The Company’s Corporate Governance Statement for the year ended 30 June 2026 was approved by the Board on 23 September 2025 and is available on the Company’s website: www.medallionmetals.com.au Forward Looking Statements Some statements in this announcement are forward-looking statements. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, projections for sales, sales growth, estimated revenues and reserves, the construction cost of a new project, projected operating costs and capital expenditures, the timing of e xpenditure, future cash flow, cumulative negative cash flow (including maximum cumulative negative cash flow), the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will” , “would” , “could” , “expect” , “anticipate” , “believe” , “likely” , “should” , “could” , “predict” , “plan” , “propose” , “forecast” , “estimate” , “target” , “outlook” , “guidance” and “envisage” . By their nature, forward - looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside the Company’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, suppliers or customers, activities by governmental authorities such as changes in taxation or regulation. Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements which speak only as at the date of this announcement. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, the Company doe s not undertake any obligation to publicly release any updates or revisions to any forward-looking statements contained in this material, whether as a result of any change in the Company’s expectations in relation to them, or any change in events, conditio ns or circumstances on which any such statement is based. Previously Reported Information References in this announcement may have been made to certain ASX announcements, including exploration results, Mineral Resources, Ore Reserves, production targets and forecast financial information. For full details, refer to said announcement on said dat e. The Company is not aware of any new information or data that materially affects this information. Other than as specified in this announcement and other mentioned announcements, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement(s), and in the case of estimates of Mineral Resources, Ore Reserves, production tar gets and forecast financial information that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changed other than as it relates to the content of this announc ement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement.
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Medallion Metals Limited Annual Report 2026 / Page 35 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 FINANCIAL REPORT 03.
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Medallion Metals Limited Annual Report 2026 / Page 36 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2026 Jun 2026 Jun 2025 Note $ $ Camp revenue 1,308,804 - Camp sub-lease income - 1,100,271 Other Income 6,909 11,256 Operating Income 1,315,714 1,111,527 Administrative expenses 4 (4,242,393) (2,004,993) Share-based payment expenses 18a (3,229,177) (786,954) Exploration and evaluation expenses (4,842,343) (4,167,848) Care and maintenance and other site expenses (8,028,964) - Adjustment to rehabilitation provision (1,449) (3,160) Changes in fair value of financial assets at FVTPL 9 (47,141) (172,850) Results from operating activities (19,075,753) (6,024,278) Finance income 763,456 77,698 Finance expense (247,540) (180,159) Profit / (loss) before tax (18,559,837) (6,126,739) Income tax benefit/(expense) 5 - - Loss for the period after income tax (18,559,837) (6,126,739) Attributable to owners of the parent (18,559,837) (6,126,739) Loss for the period after income tax (18,559,837) (6,126,739) Other comprehensive profit/(loss) Items that may be reclassified subsequently to profit or loss - - Other comprehensive profit/(loss) for the period net of tax - - Total comprehensive loss for the period (18,559,837) (6,126,739) Attributable to owners of the parent (18,559,837) (6,126,739) Total comprehensive loss for the period (18,559,837) (6,126,739) Earnings per share Basic loss per share (dollars per share) 6 (0.03) (0.01) Diluted loss per share (dollars per share) 6 (0.03) (0.01) The accompanying notes are an integral part of these consolidated financial statements.
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Medallion Metals Limited Annual Report 2026 / Page 37 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Consolidated Statement of Financial Position As at 30 June 2026 Jun 2026 Jun 2025 Note $ $ Assets Cash and cash equivalents 8 53,889,247 9,389,750 Restricted cash 127,872 74,304 Prepayments 873,070 178,106 Trade and other receivables 1,011,832 26,029 Total current assets 55,902,021 9,668,189 Financial assets at fair value through profit or loss 94,282 141,423 Exploration and evaluation assets 10 41,447,731 17,292,073 Mine properties under development 11 20,938,549 - Property, plant and equipment 12 21,717,588 1,827,902 Right of use assets 378,140 - Total non-current assets 84,576,290 19,261,398 Total assets 140,478,311 28,929,587 Liabilities Trade and other payables 13 (5,197,711) (1,139,941) Lease liabilities (208,289) - Employee benefits (328,217) (153,678) Total current liabilities (5,734,217) (1,293,619) Lease Liabilities (181,562) - Employee benefits (107,516) (87,486) Borrowings 14 - (2,916,410) Provisions 15 (48,183,521) (701,712) Total non-current liabilities (48,472,599) (3,705,608) Total liabilities (54,206,816) (4,999,227) Net assets 86,271,495 23,930,360 Equity Share capital 17 127,376,504 49,704,709 Reserves 18 8,557,365 5,328,188 Accumulated losses (49,662,374) (31,102,537) Total equity 86,271,495 23,930,360 The accompanying notes are an integral part of these consolidated financial statements.
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Medallion Metals Limited Annual Report 2026 / Page 38 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Consolidated Statement of Changes in Equity For the year ended 30 June 2026 Share Capital Reserves Accumulated Losses Total Equity $ $ $ $ Balance 1 July 2024 32,822,862 4,096,727 (24,975,798) 11,943,791 Total comprehensive loss for the period Loss for the period - - (6,126,739) (6,126,739) Total comprehensive loss for the period - - (6,126,739) (6,126,739) Transactions with owners recorded directly in equity contributions by and distributions to owners Issue of shares, net of transaction costs 16,538,347 - - 16,538,347 Exercise of options 343,500 - - 343,500 Share-based payments - 1,231,461 - 1,231,461 Total contributions by and distributions to owners 16,881,847 1,231,461 - 18,113,308 Balance as at 30 June 2025 49,704,709 5,328,188 (31,102,537) 23,930,360 Balance 1 July 2025 49,704,709 5,328,188 (31,102,537) 23,930,360 Total comprehensive loss for the period Loss for the period - - (18,559,837) (18,559,837) Total comprehensive loss for the period - - (18,559,837) (18,559,837) Transactions with owners recorded directly in equity contributions by and distributions to owners Issue of shares, net of transaction costs 77,655,576 - - 77,655,576 Exercise of options 16,219 - - 16,219 Share-based payments - 3,229,177 - 3,229,177 Total contributions by and distributions to owners 16,881,847 77,671,795 3,229,177 80,900,972 Balance as at 30 June 2026 127,376,504 8,557,365 (49,662,374) 86,271,495 The accompanying notes are an integral part of these consolidated financial statements.
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Medallion Metals Limited Annual Report 2026 / Page 39 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Consolidated Statement of Cash Flows For the year ended 30 June 2026 Jun 2026 Jun 2025 Note $ $ Cash flows from operating activities Receipts from sales 638,943 733,604 Payments for suppliers and employees (13,754,004) (5,750,935) Net cash used in operating activities 8a (13,115,061) (5,017,331) Cash flows from investing activities Interest received 763,853 78,058 Payments for property, plant and equipment (4,222,335) (1,087,412) Payments for capitalised exploration & evaluation (8,076,102) (3,439,070) Payments for mine development (3,708,869) - Acquisition of the Forrestania Gold Project 7 (1,643,848) - Net cash used in investing activities (16,887,301) (4,448,424) Cash flows from financing activities Proceeds from the issue of shares, net of transaction costs 77,655,576 16,982,854 Proceeds from exercise of options 16,219 343,500 Payment of interest on borrowings (253,526) (180,159) Repayment of borrowings 14 (2,916,410) - Net cash provided by financing activities 74,501,859 17,146,195 Net increase/(decrease) in cash and cash equivalents 44,499,497 7,680,440 Cash and cash equivalents as at 1 July 9,389,750 1,709,310 Cash and cash equivalents as at 30 June 8 53,889,247 9,389,750 The accompanying notes are an integral part of these consolidated financial statements.
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Medallion Metals Limited Annual Report 2026 / Page 40 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Notes to the Consolidated Financial Statements The consolidated financial statements of the Company for the year ended 30 June 2026 comprise the Company and its subsidiary (together referred to as the Group ). Medallion Metals Limited (the Company ) is a for p rofit public company limited by shares and incorporated and domiciled in Australia. The Company’s shares are traded on the Australian Stock Exchange under the code MM8. The address of the Company’s registered office is Level 1, 50 Kings Park Rd, West Perth, Western Australia. The nature of the operations and principal activities of the Group are described in the Directors Report. These financial statements are general purpose financial statements which have been prepared in accordance with the basis of prep aration with Australian Accounting Standards and Interpretations of the Australian Accounting Standards Board ( AASB) and International Financial Reporting Standards (IFRS ) as issued by the International Accounting Standards Board (IASB) and the Corporations Act 2001. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with IFRS as issued by the IASB. The financial statements were authorised for issue on 23 September 2026 by the directors of the Company. 1. Basis of Preparation and Material Accounting Policies a) Going Concern The consolidated financial report has been prepared on a going concern basis. b) Historical Cost Convention The financial statements have been prepared under the historical cost convention modified by the revaluation of selected non -current assets, and financial assets and financial liabilities for which the fair value basis of accounting has been applied. c) Functional and Presentation Currency These consolidated financial statements are presented in Australian dollars, which is the Company’s functional currency. d) Use of Estimates and Judgements The preparation of consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associat ed assumptions are based on historical experience and various factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis . Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected. e) Critical Accounting Estimates and Judgements Management discusses with the Board the development, selection and disclosure of the Group's critical accounting policies and estimates and the application of these policies and estimates. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Asset Acquisition When an asset acquisition does not constitute a business combination, estimates and judgements are required by the Group, taking into consideration all available information at the acquisition date, to assess the fair value of assets acquired, liabilities and contingent liabilities assumed. In accordance with the initial recognition exemption under AASB 112 Income Taxes , no deferred tax assets or liabilities are recognised on initial recognition. Consistent with the accounting treatment for an asset acquisition, no goodwill is recognised and transaction costs directly attributable to the acquisition are capitalised as part of the cost of the acquired assets.
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Medallion Metals Limited Annual Report 2026 / Page 41 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 The accounting for the acquisition of the Forrestania Gold Project required management to exercise significant judgement and apply estimates in determining the fair value of the assets acquired and liabilities assumed at the acquisition date. As the transaction was determined not to meet the definition of a business combination under Australian Accounting Standards, it was accounted for as an asset acquisition. Accordingly, the purchase consideration was allocated to the individual identifiable assets acquired and liabilities assumed based on their relative fair values at the acquisition date and involved the use of estimates, assumptions and professional judgement, taking into account all information available at the acquisition date. In determining the fair values attributable to the Forrestania Gold Project, management relied on independent specialist valuations and internal assessments supported by market and third -party data. Exploration and mining tenure was valued by an independent mineral valuation specialist, while plant and equipme nt was valued by an independent plant and equipment valuation consultant. Property, plant and equipment items outside the scope of the independent valuation were valued by management using available market evidence, including dutiable values where appropriate. In assessing the fair value of plant and equipment, management exercised judgement in identifying assets considered obsolete, redundant to the future operation of the project, or having limited recoverable or residual value. The rehabilitation provis ion recognised on acquisition was based on an independent closure cost estimate prepared by a specialist environmental consultant engaged by IGO Limited. The estimated future cash flows were discounted to their present value using assumptions considered appropriate at the acquisition date. Share-based Payments The Company measures the cost of equity -settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. The fair value at the grant date is determined using the Black Scholes option pricing model taking into account the terms and conditions upon which the instruments were granted and the assumptions. Refer to note 19 for further details regarding these assumptions. Exploration & Evaluation Expenditure The application of the Group’s accounting policy for E&E expenditure requires judgement to determine whether future economic benefits are likely from either future exploitation or sale, or whether activities have not reached a stage that permits a reas onable assessment of a decision to develop or mine a particular area. A key judgement initially is the likelihood or otherwise of establishing a JORC compliant resource. The determination of a JORC compliant resource is itself an estimation process that in volves varying degrees of uncertainty depending on how the resources are classified (i.e., measured, indicated or inferred). The estimates directly impact when the Group capitalises E&E expenditure. The accounting policy requires management to make certain estimates and assumptions about future events and circumstances, particularly, whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after expenditure is capitalised, information becomes available suggesting that the recovery of expenditure is unlikely, the relevant capitalised amount is written off to the statement of profit or loss and other comprehensive income in the period when the new information becomes available. Site Restoration Obligations The Group assesses site rehabilitation liabilities on an annual basis. The provision recognised is based on an assessment of the estimated cost of closure and reclamation of the areas discounted to present value. Significant estimation is required in deter mining the provision for site rehabilitation including timing of cashflows and future discount rates and inflation rates . Factors such as future development/exploration activity, changes in the costs of goods and services required to complete restoration activity and changes to the legal and regulatory framework can all affect the timing and ultimate cost to rehabilitate sites where mining and/or exploration activities have previously taken place. Refer to note 15 for further information.
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Medallion Metals Limited Annual Report 2026 / Page 42 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Taxation Balances disclosed in the financial statements and the notes thereto, related to taxation, are based on the best estimates of directors. These estimates take into account both the financial performance and positio n of the Company as they pertain to current income taxation legislation, and the directors understanding thereof. No adjustment has been made for pending or future taxation legislation. The current income tax position represents that directors' best estimate, pending an assessment by tax authorities in relevant jurisdictions. The Directors have considered it prudent not to bring to account the deferred tax asset of income tax losses until it is probable of deriving assessable income of a nature and amount t o enable such benefit to be realised. Refer to Note 5 for further information. f) Basis of Consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Th e financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Transactions and Balances Eliminated on Consolidation Intra-group balances, and any unrealised income and expenses arising from intra -group transactions, are eliminated in preparing the consolidated financial statements. g) Segment Reporting The Group determines and presents operating segments based on the information that is provided to the board of directors, who are the Group’s chief operating decision makers. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. An operating segment’s operating results are reviewed regularly by the Board to make decisions about the allocation of resources to the segment and to assess its performance, and for which discrete financial information is available. Segment results that are reported to the Board include items directly attributable to a segment as we ll as those that can be allocated on a reasonable basis. Unallocated items comprise predominantly of administrative expenses. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill. h) Income Taxes Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
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Medallion Metals Limited Annual Report 2026 / Page 43 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 i) Financial Instruments The Group’s financial instruments comprise cash and cash equivalents, restricted cash, trade and other receivables, trade and other payables and borrowings. Recognition, Initial Measurement and Derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted by transaction costs, except for those carried at fair value through profit or loss, which are measured initially at fair value. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Financial Assets Classification of Financial Assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). For the purpose of subsequent measurement, financial assets are classified into the following categories upon initial recognition: • amortised cost; • fair value through profit or loss (FVPL); • equity instruments at fair value through other comprehensive income (FVOCI); and • debt instruments at fair value through other comprehensive income (FVOCI). All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses. Classifications are determined by both: • The Group’s business model for managing the financial asset; and • The contractual cash flow characteristics of the financial assets. Subsequent Measurement Financial Assets Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL): • they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and • the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Impairment of Financial Assets AASB 9’s impairment requirements use more forward-looking information to recognise expected credit losses (the ‘expected credit losses (ECLs ) model’). Instruments within the scope of the new requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under AASB 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss. The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between:
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Medallion Metals Limited Annual Report 2026 / Page 44 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 • financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (Stage 1); and • financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (Stage 2). ‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date. ‘12-month ECLs’ are recognised for the first category while ‘lifetime expected credit losses’ are recognised for the second category. Measurement of the expected credit losses is determined by a probability -weighted estimate of credit losses over the expected life of the financial instrument. Financial Liabilities Classification and Measurement of Financial Liabilities Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income. Non-Derivative Financial Instruments The following summarises the accounting treatment of the Group’s non-derivative financial instruments; Trade and other Payables Trade and other payables are carried at amortised cost. The amounts are unsecured and are typically settled in 30 to 60 days of recognition. Due to their short term nature, balances are generally not discounted. Borrowings Borrowings are initially recognised at fair valu e, net of transaction costs incurred. Subsequent to initial measurement, borrowings are recorded at amortised cost using the effective interest rate method. Fees paid on the establishment of loan facilities, which are not an incremental cost relating to the actual drawdown of the facility, are amortised on a straight line basis over the term of the facility. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. j) Impairment of Non-Financial Assets The carrying amounts of the Group’s non -financial assets (excluding deferred tax assets and inventories) are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists then the asset’s recoverable amount is estimated. The recoverable amount of an asset or Cash Generating Unit (CGU) is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre -tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets, known as CGU’s. An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGU’s are allocated to reduce the carrying amount of assets in the unit (group of units) on a pro rata basis. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying
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Medallion Metals Limited Annual Report 2026 / Page 45 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. k) Property, Plant and Equipment Recognition and Measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within other income or other expenses in profit or loss. When re-valued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings. Subsequent Costs The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of the day -to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is charged to the statement of profit and loss and other comprehensive income on a straight-line basis over the estimated useful lives of each asset. Land is not depreciated. In the current and comparative periods, useful lives are as follows: • Buildings: 7 - 40 years • Motor vehicles: 8 years • Plant & equipment: 4 - 20 years • Office equipment: 3 - 7 years Depreciation methods, useful lives and residual values are reviewed at each reporting date. l) Leases The Group as a Lessee For any new contracts entered into on or after 1 January 2019, the Group considers whether a contract is, or contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’ . To apply this definition the Group assesses whether the contract meets three key evaluations which are whether: • the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; • the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and • the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout the period of use. At lease commencement date, the Group recognises a right -of-use asset and a lease liability on the balance sheet. The right -of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received).
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Medallion Metals Limited Annual Report 2026 / Page 46 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 The Group depreciates the right -of-use assets on a straight -line basis from the lease commencement date to the earlier of the end of the useful life of the right -of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Group’s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero. The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right -of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term. The Group as a Lessor As a lessor, the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the underlying asset and classified as an operating lease if it does not. m) Employee Benefits Share-Based Payments The Group operates equity-settled share-based payment employee option scheme. Refer to note 1s) for further discussion. Defined Contribution Plans A defined contribution plan is a post -employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as a personnel expense in profit or loss when they are due. Short Term Benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Long Term Benefits The Group’s net obligation in respect of long -term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and, where applicable, prior periods plus related on costs; that benefit is discounted to determine its present value and the f air value of any related assets is deducted. The discount rate is the yield at the reporting date on high quality corporate bonds that have maturity dates approximating the terms of the Group’s obligations. n) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the ex pected future cash flows at a pre -tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
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Medallion Metals Limited Annual Report 2026 / Page 47 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Site Restoration Site restoration costs include the costs of dismantling and demolition of infrastructure or decommissioning, the removal of residual material and the remediation of disturbed areas specific to the site. Provisions are recognised at the time that the environmental disturbance occurs. The provision is the best estimate of the present value of the future cash flows required to settle the restoration obligation at the reporting date, based on current legal requirements and technology. Future restoration costs are reviewed annually and any changes are reflected in the present value of the restoration provision at the end of the financial year. The amount of the restoration provision is capitalised as part of the cost of the related exploration and evaluation asset during the exploration phase or recognised in profit or loss where it does not meet the criteria for capitalisation. Upon commencemen t of commercial production, the capitalised restoration asset forms part of the carrying value of the related mining property asset. The capitalised restoration asset is amortised on a units-of-production basis over the economically recoverable reserves of the relevant mining operation, resulting in a charge that is proportional to the depletion of those reserves. Amortisation commences when commercial production begins. The rehabilitation provision is measured at the present value of the expected future cash outflows and is increased over time through the unwinding of the discount, which is recognised as a finance cost. Future changes in the estimated timing, cost or scope of rehabilitation activities are re flected through corresponding adjustments to the rehabilitation provision and, where appropriate, the related asset. o) Exploration and Evaluation Expenditure Exploration and evaluation (E&E) expenditure includes: • Tenure acquisition costs (including consideration paid to acquire exploration, mining and/or other license’s, stamp duty, professional fees attributable the acquisition and site restoration costs assumed or recognised); • Drilling, sampling and analysing exploration data; • Resource and reserve estimation; • Technical and feasibility studies; and • Employee remuneration associated with exploration and evaluation activities. The Company applies the area of interest method when accounting for E&E expenditure. E&E expenditure is charged to profit or loss as incurred, unless the Group concludes that a future economic benefit is more likely than not to be realised, and the Company holds the legal right to explore the tenement. In evaluating whether the expenditures meet the criteria to be capitalised, several di fferent sources of information are used. The information that is used to determine the probability of future benefits depends on the extent of exploration and evaluation that has been performed. E&E expenditure incurred on areas of interest where a JORC-compliant resource has not yet been established is expensed as incurred until sufficient evaluation has occurred in order to establish a JORC -compliant resource. Upon the establishment of a JORC -compliant Mineral Resource, and the Group considers it probable that economic benefits will be realised, the Group capitalises any further E&E expenditure that is directly associated with conducting E&E in relation to the particular area of interest. E&E assets acquired in a business combination are initially recognised at fair value, including resources and exploration potential that is considered to represent value beyond proven and probable reserves. Similarly, the costs associated with acquiring an E&E asset (that does not represent a business) are also capitalis ed. E&E assets are subsequently measured at cost less accumulated impairment. Once JORC -compliant reserves are established and a decision to mine is sanctioned, E&E assets are tested for impairment and transferred to ‘Mine Properties’ . No amortisation is charged during the E&E phase. E&E assets are assessed for impairment if: • sufficient data exists to determine technical feasibility and commercial viability; and • facts and circumstances suggest the carrying amount exceeds the recoverable amount.
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Medallion Metals Limited Annual Report 2026 / Page 48 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 For the purposes of impairment testing, E&E assets are allocated to CGU’s to which the exploration activity relates. The CGU shall not be larger than the area of interest. In the event that an area of interest is abandoned, rights to explore or develop are lost, or the directors consider the E&E assets attributable to the area of interest to be of reduced value, the E&E assets are impaired in the period in which the assessment is made. Each area of interest is reviewed at each reporting period and accumulated costs are written off to the extent that they will not be recoverable in the future. p) Mine Properties Under Development Mine properties under development represent the expenditure incurred when technical feasibility and commercial viability of extracting a Mineral Resource have been demonstrated, and includes the costs incurred up until such time as the asset is capable of being operated in a manner intended by management. These costs are not amortised, but the carrying value is assessed for impairment whenever fa cts and circumstances suggest that the carrying amount of the asset may exceed its recoverable amount. q) Earnings per Share The Group presents basic and diluted earnings per share ( EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weig hted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares. r) Share-Based Payments Employee Benefits The Group operates an equity -settled share -based payment employee option scheme. The fair value of the equity to which employees become entitled is measured at grant date and recognised as an expense over the vesting period, with a corresponding increase t o share-based payments reserve. The fair value of options is ascertained using a recognised pricing model which incorporates all market vesting conditions. The fair value of options is measured using the Black-Scholes formula. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information), weighted average expected life of the instruments (based on historical experience and general option holder behaviour), expected dividends, and the risk -free i nterest rate (based on government bonds). Service and non- market performance conditions attached to the transactions are not taken into account in determining fair value. The cost of share-based payment transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (vesting date). The cumulative expense recognised for share - based payment transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) the number of awards that, in the opinion of the directors of the Company, will ultimately vest. This opinion is formed based on the best available information at balance date. No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award. Other Share-Based Payments The Group has entered into equity -settled share -based payment transactions with parties whom are not employees of the Company. The cost of equity -settled transactions with non -employees is measured by reference to the fair value of goods and services recei ved unless this cannot be measured reliably, in which case the cost is measured by reference to the fair value of the equity instruments granted.
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Medallion Metals Limited Annual Report 2026 / Page 49 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 s) New accounting statements, amendments and interpretations Adoption of New and Revised Accounting Standards and Interpretations In the year ended 30 June 2026, the Directors have reviewed the new and revised Standards and Interpretations issued by the AASB that are relevant to the Company and effective for the current reporting periods beginning on or after 1 July 2025. As a result of this review, the Directors have determined that there is no material impact of the Standards and Interpretations issued by the AASB and, therefore, no change is necessary to Company accounting policies. New Accounting Standards and Interpretations not yet Mandatory or Early Adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2026. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below. AASB 18 Presentation and Disclosure in Financial Statements This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted. The standard replaces IAS 1 'Presentation of Financial Statements' , with many of the original disclosure requirements retained and there will be no impact on the recognition and measurement of items in the financial statements. But the standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub-totals in the statement: 'Operating profit' and 'Profit before financin g and income taxes' . There are also new disclosure requirements for 'management -defined performance measures' , such as earnings before interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit' . The standard provides enhanced guidance on grouping of information (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The consolidated entity will adopt this standard from 1 July 2027 and it is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income. 2. Financial Risk Management This note presents information about the Group’s exposure to credit, liquidity and market risks and objectives, policies and processes for measuring and managing financial risk and capital. The Group does not use any form of derivatives as it is not at a level of exposure that requires the use of derivatives to hedge its exposure. Exposure limits are reviewed by management on a continual basis. The Group does not enter into or trade financial instruments, including derivatives, for speculative purposes. The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. Management monitors and manages the financial risks relating to the operations of the Group through regular reviews of the risks. Credit Risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s cash and cash equivalents, restricted cash and trade and other receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and fixed deposits with matu rities of less than 3 months. The Group limits its credit risk by holding cash and cash equivalents with reputable counterparties with acceptable credit ratings according to the Group’s Treasury Policy. Restricted cash Restricted cash comprises cash balances used as security for the Company’s transactional bank facilities and property leases. Cash balances used as security are held with reputable counterparties with acceptable credit ratings according to the Group’s Treasury Policy.
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Medallion Metals Limited Annual Report 2026 / Page 50 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Trade and other receivables The Group’s trade and other receivables are neither past due nor impaired. Exposure to Credit Risk The carrying amount of the Group’s financial assets represents maximum exposure to credit risk, as follows: Jun 2026 Jun 2025 $ $ Cash and cash equivalents 53,889,247 9,389,750 Restricted cash 127,872 74,304 Trade and other receivables 1,011,832 26,029 Exposure to credit risk 55,028,951 9,490,083 Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group manages liquidity risk by maintaining adequate cash reserves from funds raised by the Company in various capital raisings and continuously monitoring forecast and actual cash flows. The contractual maturities of the Group’s financial liabilities, including estimated interest payments are as follows: In the financial year ended June 2026, the unsecured shareholder loan and interest was fully repaid. During the period Medallion executed documentation with Trafigura Pte Ltd for the provision of a US$50 million loan facility, which remained undrawn at 30 June 2026. The Company also executed a commercial contract for the sale and purchase of copper gold concentrate to be produced from the Project. 30 June 2026 Carrying amount $ Interest Rate % Contractual cash flows $ Less than 1 year $ 1 - 2 years $ 2 - 5 years $ More than 5 years $ Trade and other payables (5,197,711) - (5,197,711) (5,197,711) - - - Lease liabilities (389,851) 10% (642,232) (263,741) (196,929) (181,562) - Borrowings - 6% - - - - - Balance as at 30 June (5,587,562) (5,839,942) (5,461,452) (196,929) (181,562) - 30 June 2025 Trade and other payables (1,139,941) - (1,139,941) (1,139,941) - - - Lease liabilities - - - - - - - Borrowings (2,916,410) 6% (3,966,318) (174,985) (349,969) (524,954) (2,916,410) Balance as at 30 June (4,056,351) (5,106,259) (1,314,926) (349,969) (524,954) (2,916,410)
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Medallion Metals Limited Annual Report 2026 / Page 51 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Refer to note 14 for further information regarding the Group’s borrowings. Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group is exposed to market risk in the form of fluctuations in interest rates and equity price risk in respect of listed investments (Antares Metals Limited Shares) held at fair value through profit or loss. Interest Rate Risk Interest rate risk is the risk that a financial instrument’s value will fluctuate as a result of changes in the market interest rates on interest-bearing financial instruments. The Group is exposed to interest rate risk on cash and cash equivalents and restricted cash. The Group does not use derivatives to mitigate these exposures. Cash and cash equivalents and restricted cash (together “cash”) are held at variable and fixed interest rates. Cash in term deposits are held for fixed terms at fixed interest rates maturing in periods less than 3 months. The Group’s other cash balances are held in deposit accounts at variable rates with no fixed term. Interest rate risk – profile At the reporting date the interest rate profile of the Group’s interest-bearing financial instruments was Jun 2026 Jun 2025 $ $ Fixed rate instruments Financial assets 127,872 74,304 Financial liabilities - (2,916,410) Net fixed rate instruments 127,872 (2,842,106) Variable rate instruments Financial assets 53,889,247 9,389,750 Net variable rate instruments 53,889,247 9,389,750 Interest Rate Risk –Fair Value Sensitivity Analysis for Fixed Rate Instruments The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss. Interest Rate Risk – Sensitivity Analysis for Variable and Short-Term Fixed Rate Instruments A change in interest rates of 25 basis points at the reporting date would have increased/(decreased) the Group’s profit before tax by the amounts shown below. This analysis assumes that all other variables remain constant. 25bp 25bp 25bp 25bp increase decrease increase decrease June 2026 June 2026 June 2025 June 2025 Sensitivity $ $ $ $ Variable and short-term fixed interest-bearing instruments 108,162 (108,162) 12,807 (12,807) Cash flow sensitivity (net) 108,162 (108,162) 12,807 (12,807) Fair value Fair value hierarchy
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Medallion Metals Limited Annual Report 2026 / Page 52 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 To provide an indication about the reliability of the inputs used in determining fair value. The Group classifies its financial instruments into the three levels prescribed under accounting standards: Level 1 Level 2 Level 3 Total 30 June 2026 Financial assets as FVPL - equity securities 94,282 - - 94,282 Assets acquired through FGP acquisition - - 56,431,171 56,431,171 Balance at the end of the period 94,282 - 56,431,171 56,525,453 30 June 2025 Financial assets as FVPL - equity securities 141,423 - - 141,423 Balance at the end of the period 141,423 - - 141,423 There were no transfers between levels during the year. The Group’s policy is to recognise transfers into and out of the fair value hierarchy levels at balance date. The fair value of the financial assets and liabilities held by the Group must be estimated for recognition, measurement and/or disclosure purposes. The Group measures fair value by the following fair value measurement hierarchy levels: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or the liability, either directly (as prices) or indirectly (derived from prices); and • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). Valuation Techniques used to Determine Fair Values The Group did not have any financial instruments that are recognised in the financial statements where their carrying value differed from the fair value. The fair value of assets and liabilities are included at an amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The carrying value of amounts of cash and short term trade and other receivables, trade payables and other current liabilities approximate their fair value largely due to the short term maturities of these payments. Financial Assets at Fair Value through Profit or Loss The fair value of the equity holdings held in ASX listed companies are based on the quoted market prices from the ASX on the last trading day prior to the period end. Capital Management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so as to maintain a capital base sufficient to allow future exploration and development of the Group’s current projects and evaluation of potential acquisitions. The Group has raised capital through the issue of equity and borrowings to fund its administration, exploration and evaluation activities and development activities. The Group may raise additional capital through the issue of new shares or debt finance to fund exploration, development and/or asset acquisition, should the Group require additional capital to carry out those activities. There were no changes in the Group’s approach to capital management during the year. The Group is not subject to externally imposed capital requirements. 3. Segments Operating Segments Operating segments are reported in a manner consistent with the internal reporting provided to the CODM.
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Medallion Metals Limited Annual Report 2026 / Page 53 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Geographical segments In presenting inf ormation based on geographical segments, segment revenue is based on the geographical location of activities earning revenue. Segment assets are based on the geographical location of assets. The Group conducts all its activities within Australia and accordingly has assessed its sole geographical segment to be Australia. 4. Administrative Expenses Jun 2026 Jun 2025 $ $ Corporate and administrative expenses 1,905,892 846,625 Employee benefits expenses 1,919,533 933,282 Investor and public relations 267,113 150,796 Share registry and listing expenses 149,854 74,290 4,242,393 2,004,993 5. Income Tax Current Tax Jun 2026 Jun 2025 $ $ Income tax benefit/(expense) Current tax benefit/(expense) - - Deferred tax benefit/(expense) - - Income tax benefit/(expense) - - Numerical reconciliation between tax benefit/(expense) and pre-tax accounting (loss)/profit Pre-tax accounting loss for the period (18,559,837) (6,126,739) Income tax benefit at the Group's Australian tax rate of 30% (2025: 30%) (5,567,951) (1,838,022) Non-assessable income - - Non-deductible expenses 970,744 236,586 Current year temporary differences not recognised - - Current year losses for which no deferred tax asset was recognised 4,597,207 1,601,436 Income tax benefit/(expense) - -
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Medallion Metals Limited Annual Report 2026 / Page 54 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Deferred Tax Jun 2026 Jun 2025 $ $ Liabilities Exploration and evaluation assets (1,628,643) (1,072,588) Right of use assets (113,442) - Mine development (1,072,588) - Property, plant and equipment (22,525) - Provision for rehabilitation (1,681,141) - Prepayments (261,921) (53,432) Trade and other receivables (1,346) (119) Recognition of deferred tax assets 4,781,606 1,126,139 Deferred tax liability recognised - - Assets Losses available to offset against future taxable income 15,116,556 8,301,507 Investments 914,535 900,393 Provision for rehabilitation - 210,514 Lease liabilities 62,487 - Share issue costs deductible over five years 1,289,786 498,327 Employee provisions 185,188 62,590 Accrued expenses 16,742 11,100 Recognition of deferred tax assets (4,781,606) (1,126,139) Net deferred tax assets not recognised 12,803,688 8,858,292 Unused Tax Losses Tax effect carries forward losses at the Group’s Australian tax rate of 30% (2026: 30%): Jun 2026 Jun 2025 $ $ Unused tax losses Unused tax losses 50,388,521 27,671,689 Tax effected balance at the end of the period 15,116,556 8,301,507 6. Loss Per Share Basic Loss Per Share Attributable to Ordinary Shareholders The basic loss per share for the period is $0.03 (2025 loss per share: $0.01). The calculation of loss per share at 30 June 2026 was based on the consolidated loss attributable to ordinary shareholders of $18,559,837 (2025 loss: $6,126,739) and a weighted average number of ordinary shares outstanding of 609,393,404 (2025: 419,300,614) calculated as follows: Jun 2026 Jun 2025 $ $ Loss for the period (18,559,837) (6,126,739) Loss attributable to ordinary shareholders (18,559,837) (6,126,739)
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Medallion Metals Limited Annual Report 2026 / Page 55 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Basic Weighted Average Number of Ordinary Shares Jun 2026 Jun 2025 Weighted Average Effects shares shares Opening balance 419,300,614 307,684,152 Weighted average effect of shares issued 190,092,790 111,616,462 Weighted average number of ordinary shares at the end of the period 609,393,404 419,300,614 Diluted Loss per share Potential ordinary shares of the Company consist of 38,721,000 unlisted options which were considered as being potentially dilutive at balance date. In accordance with AASB 133 ‘Earnings per Share’ the se options have been excluded from the calculation of diluted loss per share due to their antidilutive effect and as such, diluted loss per share is equal to basic loss per share. 7. Acquisition Accounting On 27 February 2026 the Group completed the acquisition of the Forrestania Gold Project (FGP) from IGO Limited (ASX: IGO). The acquisition comprised an asset sale agreement. On completion, the Group acquired the tenements comprising FGP as well as the property, plant and equipment consisting of the established mine site including the Cosmic Boy Processing Plant, a 400+ person accommodation village, administration buildings, workshops, warehouse, laboratory, light vehicles and other infrastructure . The acquisition of FGP has been accounted for as an asset acquisition in accordance with AASB 3, as the transaction did not meet the definition of a business combination. The consideration payable to IGO consisted of a $1,000,000 exclusivity fee and deferred consideration of a Net Smelter Return (NSR) royalty (Royal ty) of up to 1.5% on all future gold production from the tenements purchased. At the acquisition date n o Mineral Resources or ore reserves have been defined on the tenements. As any future royalty payments are contingent upon uncertain future events, including the successful delineation of a reserve and the subsequent mining and processing of ore, the achievement of which was not cons idered probable at the acquisition date, no value has been attributed to the royalty. The consideration and the stamp duty applicable of $1,643,848, has been allocated to the individual identifiable assets and the rehabilitation liability acquired on a relative fair value basis. Consideration $ Exclusivity fee 1,000,000 Transaction costs 1,643,848 Total cost of acquisition 2,643,848 The allocation to net identifiable assets and liabilities as follows Note $ Assets Buildings 12 5,570,300 Plant and equipment 12 10,421,579 Mobile vehicles 12 773,250 Exploration and evaluation 10 39,666,042 Total assets acquired 56,431,171 Liabilities Provision for rehabilitation 15 (53,787,323) Total liabilities assumed (53,787,323) Net assets acquired 2,643,848
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Medallion Metals Limited Annual Report 2026 / Page 56 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 8. Cash and Cash Equivalents a) Current Jun 2026 Jun 2025 $ $ Cash at bank 53,889,247 9,389,750 53,889,247 9,389,750 Cash comprises cash at bank and in hand. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. Cash at bank earns interest at floating rates based on daily bank deposit rates. The Group's exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in Note 2. Financial Risk Management. b) Reconciliation of cash flow from operations to loss after income tax Non-cash investing and financing activities disclosed in other notes are: • Acquisition of the Forrestania Gold Project – note 7, and • Options and shares issued to employees under the Medallion employee option plan and employee share scheme for no cash consideration – note 19 Jun 2026 Jun 2025 $ $ Loss for the period (18,559,837) (6,126,739) Adjustments for: Depreciation 97,323 93,983 Net finance costs (515,916) 102,461 Finance Lease 30,092 - Profit on sale of asset 6,818 - Changes in fair value of listed equity investments 47,141 172,850 Exploration expenditure written off - 6,853 Other (54,343) - Rehabilitation provision adjustment 1,449 3,160 Equity settled share-based payment transactions 3,229,177 786,954 (15,718,096) (4,960,478) Changes in operating assets and liabilities: Prepayments - (50,535) Trade and other receivables (985,803) (363,394) Trade and other payables 3,394,266 283,231 Employee benefits and provisions 194,572 73,845 Net cash used in operating activities (13,115,061) (5,017,331)
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Medallion Metals Limited Annual Report 2026 / Page 57 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 9. Financial Assets at Fair Value Through Profit or Loss Jun 2026 Jun 2025 $ $ Opening balance 141,423 314,273 Changes in fair value of listed equity instruments recognised in profit or loss (47,141) (172,850) 94,282 141,423 Current - - Non-current 94,282 141,423 94,282 141,423 The Company holds 15,713,662 Antares Metals Limited (ASX: AM5) (formerly NickelSearch Limited) (Antares) shares issued as consideration for the divestment of nickel rights over certain tenure and associated freehold land in 2021. Antares shares are quoted on the ASX and had a closing value as at 30 June 2026 of $0.006 per share. 10. Exploration and Evaluation Assets Jun 2026 Jun 2025 Note $ $ Cost Opening balance 17,292,073 13,314,481 Expenditure capitalised during the year 8,262,903 3,984,445 Acquisition of the Forrestania Gold Project 7 39,666,042 - Adjustment to rehabilitation provision 15 (2,748,750) - Exploration expenditure written off - (6,853) Transfer to mine properties under development 11 (21,024,537) - 41,447,731 17,292,073 11. Mine Properties under Development On 17 February , the G roup made a final investment decision (FID)to proceed with the development of the Ravensthorpe Gold Project (RGP), following a December 2025 feasibility study. As technical feasibility and commercial viability were demonstrated, the RGP exploration and evaluation assets no longer met the criteria for capitalisation under AASB 6 Exploration for and Evaluation of Mineral Resources. In accordance with AASB 6 paragraph 18, management performed a mandatory impairment assessment under AASB 136 Impairment of Assets prior to reclassification, resulting in $21,024,537 million being transferred from Exploration and Evaluation to Mining Properties Under Development at 30 June 2026. A key judgement was the determination of the cash generating unit (CGU): the RGP tenements were assessed as a single CGU, reflecting their integration as one project sharing common infrastructure and management. The CGU's recoverable amount was estimated using the discounted cash flow model underpinning the feasibility study, with key estim ates including forecast ed gold price, resource/reserve and production Jun 2026 Jun 2025 $ $ Opening balance - - Expenditure capitalised during the year 3,472,225 - Exploration expenditure transferred 21,024,537 - Adjustment to rehabilitation provision 15 (3,558,213) - 20,938,549 -
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Medallion Metals Limited Annual Report 2026 / Page 58 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 estimates, operating and capital costs, and discount rate. The recoverable amount exceeded carrying value and no impairment was recognised on transfer. Exploration expenditure on non -RGP tenements remains capitalised under AASB 6, subject to ongoing impairment indicator assessment. Refer to note 10. 12. Property, Plant and Equipment Land & buildings Plant & equipment Motor vehicles Office equipment Capital WIP Total 30 Jun 2026 $ $ $ $ $ $ Cost Opening balance 1 July 2025 448,639 558,700 114,357 134,792 1,000,000 2,256,488 Additions 1,242,166 73,959 193,035 69,949 1,648,635 3,227,744 Acquisition of FGP (Note 7) 5,570,300 10,421,579 773,250 - - 16,765,129 Disposals - - - (6,862) - (6,862) Balance as at 30 June 2026 7,261,105 11,054,238 1,080,642 197,878 2,648,635 22,242,498 Depreciation Opening balance (15,783) (231,772) (83,237) (97,794) - (428,586) Depreciation (3,962) (46,789) (24,439) (22,134) - (97,323) Disposals - - - 1,000 - 1,000 Balance as at 30 June 2026 (19,745) (278,561) (107,676) (118,928) - (524,910) Carrying amount Opening balance 432,856 326,928 31,120 36,998 1,000,000 1,827,902 Balance as at 30 June 2026 7,241,360 10,775,677 972,966 78,951 2,648,635 21,717,588 Property, Plant and Equipment with a fair value of $10,421,579 was acquired as part of the acquisition of FGP. As at 30 June 2026, these assets were not yet available for use in the manner intended by management. Consistent with the group accounting policy, depreciation only commences once the asset is available for its intended use. Accordingly, no deprecation has been charged on these assets during the period. The assets are expected to be available for use in Q2 2027, from which point deprecation will be charged using units of production. Land & buildings Plant & equipment Motor vehicles Office equipment Capital WIP Total 30 Jun 2025 $ $ $ $ $ $ Cost Opening balance 1 July 2024 448,639 498,775 114,357 107,305 - 1,169,076 Additions - 59,925 - 27,487 1,000,000 1,087,412 Disposals - - - - - - Balance as at 30 June 2025 448,639 558,700 114,357 134,792 1,000,000 2,256,488 Depreciation Opening balance (11,837) (180,003) (69,067) (73,696) - (334,603) Depreciation (3,946) (51,769) (14,170) (24,098) - (93,983) Disposals - - - - - - Balance as at 30 June 2025 (15,783) (231,772) (83,237) (97,794) - (428,586) Carrying amount Opening balance 436,802 318,772 45,290 33,609 - 834,473 Balance as at 30 June 2025 432,856 326,928 31,120 36,998 1,000,000 1,827,902
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Medallion Metals Limited Annual Report 2026 / Page 59 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 13. Trade and Other Payables Jun 2026 Jun 2025 $ $ Trade payables 2,961,810 712,012 Accruals 1,754,611 306,291 Accrued interest payable - 43,626 Other payables 481,290 78,012 Balance at the end of the period 5,197,711 1,139,941 Current 5,197,711 1,139,941 Non-current - - Balance at the end of the period 5,197,711 1,139,941 14. Borrowings Jun 2026 Jun 2025 $ $ Opening Balance 2,916,410 2,916,410 Repayment of borrowings (2,916,410) Closing Balance - 2,916,410 Non-current - 2,916,410 Closing Balance - 2,916,410 In the financial year ended June 2026, the unsecured shareholder loan was fully repaid. During the period Medallion executed documentation with Trafigura Pte Ltd for the provision of a US$50 million loan facility, which remained undrawn at 30 June 2026. The Company also executed a commercial contract for the sale and purchase of copper gold concentrate to be produced from the Project. 15. Provisions for Rehabilitation Jun 2026 Jun 2025 Note $ $ Balance at beginning of the period 701,712 698,552 Acquisition of the Forrestania Gold Project 7 53,787,323 - Adjustment to the Ravensthorpe Gold Project provision (58,356) 3,160 Adjustment to Forrestania Gold Project provision (6,247,158) - 48,183,521 701,712 Current - - Non-current 48,183,521 701,712 48,183,521 701,712 The provision for rehabilitation and restoration costs is measured as the present value of the estimated future costs required to rehabilitate and restore environmental disturbances existing at the reporting date. Significant judgement and estimates are required in determining the provision, including the expected scope and timing of rehabilitation activities, forecast reh abilitation costs, inflation assumptions, discount rates, regulatory requirements and the application of closure methodologies. Changes in these assumptions, including revisions to forecast inflation rates or discount rates, may result in material changes to the carrying amount of the provision. During the year, the rehabilitation provision was remeasured to reflect updated assumptions, including revisions to forecast inflation rates used in estimating future rehabilitation cash flows. The provision recognised at the reporting date represents management's best estimate of the present value of the future expenditure required to settle the obligation based on information available at that date.
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Medallion Metals Limited Annual Report 2026 / Page 60 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 16. Commitments and Contingencies To maintain its exploration and mining tenements in good standing, the Company is subject to annual minimum expenditure obligations under the Mining Act 1978 (WA), administered by the Department of Mines, Petroleum and Exploration (DMPE). As at the balance date, minimum statutory expenditure obligations falling due within the next 12 months total approximately $4,927,080. These obligations may vary as tenements progress through their respective terms and applicable minimum expenditure requirements change and may also be affected by changes to the Company's tenure portfolio, including tenement surrenders, farm-outs and approved statutory expenditure exemptions. The Company holds Ministerial approval for combined reporting arrangements covering its tenement packages at Ravensthorpe and Forrestania. These arrangements establish recognised project groupings for the purpose of administering exploration expenditure obligations and may support applications for expenditure exemptions under section 102(2)(h) of the Mining Act 1978 (WA), particularly where exploration activities are concentrated on priority targets within the relevant project areas. " The Company is subject to royalty obligations on production from its mining tenements, payable to relevant state governments and, in certain cases, to private royalty holders under existing agreements. These royalties are typically calculated as a percentage of revenue or profit derived from the sale of minerals extracted from the tenements, in accordance with the applicable mining legislation and any negotiated royalty deeds. As the Company transitions from exploration and development into mining operations, royalty payments will become payable and are expected to represent an ongoing cost of production. The Company has factored these obligations into its project economics and cash flow forecasts and will continue to monitor and disclose its royalty liabilities in accordance with its financial reporting obligations. Refer to note 7 for further details of the royalty liabilities associated with the acquisition of the Forrestania Gold Project. 17. Share Capital The Company’s share capital comprises fully paid ordinary shares. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares are fully paid and rank equally with regard to the Company’s residual assets. The number of ordinary shares on issue and amounts paid up, net of transactions costs, are as presented below. Jun 2026 Jun 2025 Jun 2026 Jun 2025 Ordinary Share Capital shares shares $ $ On issue at the beginning of the period 508,645,690 307,684,152 49,704,709 32,822,862 Exercise of employee options1 3,559,167 382,400 16,219 2,250 Exercise of lead manager options2 - 3,500,000 - 341,250 Issued for cash, net of costs3 284,135,543 193,635,020 77,466,856 16,159,865 Issued in return for services4 796,954 3,444,118 188,721 378,482 On issue at the end of the period, net of costs 797,137,354 508,645,690 127,376,504 49,704,709 1 Exercise of employee options Ordinary shares issued to employees of the Company upon the exercise of incentive options issued under the Incentive Awards Plan (refer note 19 for further information). 2 Exercise of lead manager options Ordinary shares issued to brokers upon the exercise of incentive options issued in return for services in relation to the management of placements (refer note 19a for further information). 3 Issued for cash, net of costs In July 2025, the Company completed a two-tranche placement (Capital Raising), issuing 102,317,361 ordinary shares at an issue price of $0.21 per share. Gross proceeds of $21,486,646 were raised before costs. During December 2025, the Company announced it had secured firm commitments for a two-tranche $55 million placement (Capital Raising). Tranche 1 was completed during the reporting period, with 151,515,151 ordinary shares issued at an issue price of $0.33 per share, raising gross proceeds of $50,000,000 before costs. Tranche 2 of the placement received shareholder approval at the General Meeting held on 27 January 2026.
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Medallion Metals Limited Annual Report 2026 / Page 61 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 4 Issued in return for services During the prior period, the Company entered an agreement with its drilling contractor Topdrill Pty Ltd (Topdrill) which allowed the Company at its election to settle portions of drilling invoices through the issue of equity. Total consideration which can be settled via equity issuance is capped at $1 million and shares issued to Topdrill under these arrangements are escrowed for 6 months. On 22 July 2025 a final tranche of 796,954 shares was issued to Topdrill as payment for services rendered to the Company. The shares have been valued in respect of the services in accordance with AASB 2. 18. Reserves Jun 2026 Jun 2025 $ $ Share-based payments reserve 18a 8,553,365 5,324,188 Option premium reserve 18b 4,000 4,000 Balance at the end of the period 8,557,365 5,328,188 a) Share-based payments reserve Jun 2026 Jun 2025 Note $ $ Balance at the beginning of the period 5,324,188 4,092,727 Share-based payments recognised during the period 19 3,229,177 1,231,461 Balance at the end of the period 8,553,365 5,324,188 The share -based payments reserve includes the cumulative share -based payments expense recognised in respect of share options granted. Refer to note 19 for further information regarding share-based payments. b) Option premium reserve The Company has recognised an option premium reserve of $4,000 in respect of the subscription price paid in relation to unlisted options issued March 2021. 19. Share-Based Payments Share-based payments recognised during the period Note Jun 2026 Jun 2025 $ $ Recognised in profit and loss 18a 3,229,177 786,954 Recognised in equity 18b - 444,507 Total recognised during the period 3,229,177 1,231,461 a) Incentive Awards Plan Options The Company has an established an Incentive Awards Plan (IAP) under which directors, employees and certain other eligible participants may be offered options to acquire shares in the Company (IAP Options ), subject to the terms of the IAP and any additional terms and conditions as the Company determines. The objective of the plan is to assist in the recruitment, reward, retention and motivation of eligible persons in the Group. The vesting of all options is subject to performance conditions being met whereby the recipient must meet the eligible participant criteria as defined in the IAP , unless determined otherwise by the Board. The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, IAP Options during the period:
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Medallion Metals Limited Annual Report 2026 / Page 62 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Jun 2025 # WAEP ($) Jun 2024 # WAEP ($) Opening balance 20,089,000 0.00 9,646,900 0.00 Options granted during the period 10,150,000 0.00 14,300,000 0.00 Options exercised during the period (3,559,167) 0.01 (382,400) 0.01 Options lapsed during the period (958,333) 0.00 (3,475,500) 0.00 Options outstanding at the end of the year 25,721,500 0.00 20,089,000 0.00 Options exercisable at the end of the year 8,525,000 0.00 307,500 0.01 The details of the terms and conditions for all outstanding IAP Options as at 30 June 2026 were: Number of options Grant date Vesting Conditions Expiring Strike price per option ($) Contractual life (years) Fair value per option ($) Key Management Personnel 2,850,000 29-Nov-22 Performance conditions2 26-Nov-27 - 5 0.15 2,000,000 4-Apr-25 Performance conditions3 30-Apr-28 - 3 0.23 5,800,000 16-Jul-25 Performance conditions4 16-Jun-28 - 3 0.25 900,000 26-Nov-25 Performance conditions5 31-May-28 - 3 0.40 1,500,000 26-Jun-26 Performance conditions6 31-May-28 - 3 0.41 Employees 721,000 16-Dec-22 Performance conditions2 26-Nov-27 - 5 0.15 4,500,000 4-Apr-25 Performance conditions3 30-Apr-28 - 3 0.23 1,500,000 26-Jun-26 Vested10 26-Jun-26 - 3 0.41 500,000 26-Jun-26 Will vest on 15 Feb 2711 15-Feb-27 - 3 0.41 400,000 26-Jun-26 Performance conditions7 30-Jun-27 - 3 0.41 1,000,000 26-Jun-26 Will vest on 31 Aug 2711 31-Aug-27 - 3 0.41 325,000 26-Jun-26 Will vest on 15 Nov 2711 15-Nov-27 - 3 0.41 200,000 26-Jun-26 Performance conditions8 31-Dec-27 - 3 0.41 500,000 26-Jun-26 Will vest on 31 Jan 2811 31-Jan-28 - 3 0.41 3,025,000 26-Jun-26 Performance conditions9 31-May-28 - 3 0.41 1Performance conditions: • Half vesting upon achievin g a 20 -trading day Volume Weighted Average Price (VWAP) of $0.40 per share; and • Half vesting upon achieving a 20-trading day VWAP of $0.50 per share. 2Performance conditions: • One third vesting upon the declaration of JORC Resources in excess of 2 million gold equivalent ounces at RGP; • One third vesting upon the declaration of JORC Reserves in excess of 1 million gold equivalent ounces at RGP; and • One third vested upon reaching a final investment decision regarding the development of a mine at RGP . 3Performance conditions: • Vested upon the Company making a positive Final Investment Decision (FID) to develop the Ravensthorpe Gold Project (RGP) with processing of RGP ore at Forrestania; • One quarter vesting upon receipt of approval to commence development of RGP under the Environmental Protection (EP) Act (WA) and the Environmental Protection and Biodiversity Conservation (EPBC) Act (Cth); and • One quarter vesting upon completing a period of continuous service and remaining employed or engaged by the Group at all times until 31 December 2026. 4Performance conditions:
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Medallion Metals Limited Annual Report 2026 / Page 63 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 • Vested upon the Board making a bona fide decision to proceed to development and mining to bring the Ravensthorpe Gold Project into production; and • Half vesting upon the Ravensthorpe Gold Project achieving an annualised production rate of 70koz gold equivalent over three consecutive months. 5Performance Conditions • Vested upon the Board deciding to proceed to development and mining; and • Half vesting upon achieving an annualized production rate of 70koz gold equivalent over three consecutive months. 6Performance Conditions • Half vesting on Ravensthorpe achieving an annualized production rate of 70koz gold equivalent over three consecutive months; and • Half vesting on delivery of Ravensthorpe on time and on budget. 7Performance Conditions • Vesting upon declaration of JORC compliance at FGP of at least 300koz above min grade 0.5g/t au. 8Performance Conditions • Vested upon increase in JORC compliant at RGP of 150koz AuEq above min grade 2.0g/t AuEq. 9Performance Conditions • Vesting upon achieving an annualized production rate of 70koz gold equivalent over three consecutive months. 10Vested options: • Vested on 26 June 2026 upon employee remaining employed. 11 Service Conditions • Will vest on the specified date subject to the employee remaining employed/engaged with the Company. Fair value of IAP Options granted during the period The assumptions used to estimate fair value using the Black -Scholes option pricing model of the IAP options granted to employees and directors during the period were: Employee Grant Director Grant Director Grant Employee Grant Period Ended 30 June 2026 4-Apr-25 16-Jun-25 26-Nov-25 26-Jun-26 Fair value at grant date $0.230 $0.250 $0.400 $0.410 Expected dividends - - - - Contractual life (years) 3.1 3.0 2.64 3.00 Market value of underlying shares $0.23 $0.25 $0.40 $0.41 Option exercise price $0.000 $0.000 $0.000 $0.00 Expected volatility of the underlying shares 90.0% 90.0% 90.0% 90.0% Risk free rate applied 3.42% 3.49% 3.53% 3.88% b) Lead Manager Options The details of the terms and conditions for all outstanding Lead Manager Options as at 30 June 2026 were: Number of options Grant date Vesting Conditions Expiring Strike price per option ($) Contractual life (years) Fair value per option ($) Lead Manager Options 3,500,000 9-Aug-23 Vested 8-Aug-26 0.0975 3 0.031 4,000,000 29-Sep-24 Vested 30-Sep-27 0.075 3 0.027 5,500,000 3-Feb-25 Vested 7-Feb-28 0.150 3 0.061
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Medallion Metals Limited Annual Report 2026 / Page 64 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Fair value of Lead Manager Options During prior financial years, the Company executed Lead Manager Mandates (Mandates) with various brokers in relation to two separate Placements (refer note 16). The terms of the Mandates included the issue of 4 million options exercisable at $0.075 per option on or before 30 September 2027 as well as the issue of 5.5 million options exercisable at $0.15 per option on or before 7 February 2028. In accordance with the Company’s accounting policies, the grant date fair value of the Lead Manager Options were unable to be reliably measured so the options have been valued in respect to equity using the Black - Scholes model. The inputs used to determine the fair value of the options granted were: Lead manager grant Lead manager grant Period Ended 30 Jun 2026 30-Sep-24 3-Feb-25 Fair value at grant date $0.027 $0.061 Expected dividends - - Contractual life (years) 3 3 Market value of underlying shares $0.05 $0.12 Option exercise price $0.075 $0.15 Expected volatility of the underlying shares 90.0% 90.0% Risk free rate applied 3.53% 3.74% 20. Related Parties a) Key Management Personnel Compensation Jun 2026 Jun 2025 $ $ Short-term employee benefits 1,140,522 678,046 Post-employment benefits 83,585 61,972 Share-based payments 1,853,602 362,060 3,077,709 1,102,078 b) Subsidiaries The consolidated financial statements include the financial statements of the Parent entity and the subsidiaries a set out in the consolidated entity disclosure. Individual Director and Executive Compensation Disclosures Information regarding individual director and executive compensation and some equity instruments disclosures as required by Corporations Regulations 2001, Part 2M.3.03 are provided in the Remuneration Report as presented in the Directors Report. Other Key Management Personnel Transactions Other than Key Management Personnel compensation presented in the preceding table, the Company had no other transactions or balances with related parties (2025: nil). 21. Auditors Remuneration Jun 2026 Jun 2025 $ $ Audit and review services 102,064 54,346 Other services provided by a related practice of the auditor - 16,385 102,064 70,731
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Medallion Metals Limited Annual Report 2026 / Page 65 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 22. Parent Entity Information Jun 2026 Jun 2025 $ $ Result Loss for the period (10,501,039) (6,126,739) Other comprehensive income - - Total Comprehensive Loss (10,501,039) (6,126,739) Financial Position Current Assets 68,790,897 9,668,089 Total Assets 97,621,005 28,929,587 Current Liabilities (2,358,277) (1,293,619) Total liabilities (3,290,712) (4,999,227) Net assets 94,330,293 23,930,360 Equity Share capital 127,376,504 49,704,709 Reserves 8,557,365 5,328,188 Accumulated losses (41,603,576) (31,102,537) Total equity 94,330,293 23,930,360 23. Events Subsequent to the Reporting Date • On 3 August 2026, Medallion announced receipt of all key regulatory approvals required to commence development of the Ravensthorpe Gold Project (RGP), including the Mining Development and Closure Plan and a Section 45C amendment to Ministerial Statement 1143. • On 12 August 2026, Medallion announced Macmahon Underground Pty Ltd had been selected as preferred tenderer for the RGP underground mining contract. • On 20 August 2026, Medallion announced binding commitments to raise $60 million (before costs) via a placement of 125,000,000 shares at $0.48 per share. This was successfully completed on 27 August 2026. • On 1 September, Medallion announced the execution of an Engineering, Procurement and Construction (EPC) contract with GR Engineering. The $50M contract replaces the $7.6M early works agreement. There have been no other events subsequent to balance date which would have a material effect on the Group’s consolidated financial statements.
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Medallion Metals Limited Annual Report 2026 / Page 66 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Consolidated entity disclosure Basis of Preparation This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001. It includes certain information for each entity that was part of the consolidated entity at the end of the financial year. Determination of Tax Residency Section 295 (3A) of the Corporation s Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency. It should be noted that the definitions of ‘Australian resident’ and ‘ foreign resident’ in the Income Tax Assessment Act 1997 are mutually exclusive. This means that if an entity is an ‘Australian resident’ it cannot be a ‘foreign resident’ for the purposes of disclosure in the CEDS. In determining tax residency, the consolidated entity has applied the following interpretations: • Australian tax residency • The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner’s public guidance in Tax Ruling TR 2018/5. • Foreign tax residency • Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in determining tax residency and ensure compliance with applicable foreign tax legislation. Name of Entity Type of Entity Trustee or participant in Joint Venture % of Share Capital Held Country of Incorporation Australian Resident or Foreign for Tax Purposes Foreign Tax Jurisdiction Medallion Metals Limited Body Corporate N/A N/A Australia Australian N/A Myamba Minerals Pty Ltd Body Corporate N/A 100 Australia Australian N/A
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Medallion Metals Limited Annual Report 2026 / Page 67 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Directors Declaration In accordance with a resolution of the Directors of Medallion Metals Limited, I declare that: (1) In the opinion of the Directors: a) The consolidated financial statements and notes of Medallion Metals Limited for the year ended 30 June 2026 are in accordance with the Corporations Act 2001, including: i) giving a true and fair view of the consolidated financial position as at 30 June 2026 and of its performance for the year ended on that date; and ii) complying with Accounting Standards (including the Australian Accounting Inter pretations), the Corporations Regulations 2001 and other mandatory professional reporting requirements; b) the information disclosed in the consolidated entity disclosure statement is true and correct. (2) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. (3) This declaration has been made after receiving the declarations required to be made by the Directors in accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2026. On behalf of the Board: Paul Bennett Managing Director Dated at Perth, this 23 September 2026
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Medallion Metals Limited Annual Report 2026 / Page 68 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Independent Auditors Report
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Medallion Metals Limited Annual Report 2026 / Page 69 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Independent Auditors Report
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Medallion Metals Limited Annual Report 2026 / Page 70 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Independent Auditors Report
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Medallion Metals Limited Annual Report 2026 / Page 71 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Independent Auditors Report
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Medallion Metals Limited Annual Report 2026 / Page 72 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Auditors Independence Declaration
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= Medallion Metals Limited Annual Report 2026 / Page 72 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 ADDITIONAL INFORMATION 04.
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= Medallion Metals Limited Annual Report 2026 / Page 73 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 ASX Additional Information AS AT 18 SEPTEMBER 2026 Securities on Issue Medallion Metals Limited shares are listed on the Australian Stock Exchange (ASX) and quoted under the ASX code MM8. The Company has 32,221,000 options on issue which are not quoted on the ASX (Unlisted Options). 20 Largest Shareholders Position Holder Name Holding % 1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED* 140,339,694 15.12% 2 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED* 97,505,413 10.50% 3 PHGM PTY LTD 81,129,138 8.74% 4 CITICORP NOMINEES PTY LIMITED* 61,190,833 6.59% 5 LION SELECTION GROUP LIMITED 38,841,993 4.18% 6 FAN RONG MINERALS CONSULTING PTY LTD <FAN RONG FAMILY A/C> 36,484,112 3.93% 7 ALKANE RESOURCES LIMITED 30,000,000 3.23% 8 MINMETALS PTY LTD <THE MINING A/C> 29,744,419 3.20% 9 AURORA PROSPECTS PTY LTD 28,515,912 3.07% 10 UBS NOMINEES PTY LTD* 23,129,021 2.49% 11 RKP GLOBAL LIMITED 20,953,952 2.26% 12 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT>* 15,116,411 1.63% 13 SHC SMART INVESTMENT PTY LTD 11,800,000 1.27% 14 WARBONT NOMINEES PTY LTD <UNPAID ENTREPOT A/C> 11,794,626 1.27% 15 PLAINBERRY HONG KONG LIMITED 8,281,818 0.89% 16 J FOGARTY SUPERANNUATION PTY LTD <J FOGARTY SUPER FUND A/C> <SCP BENNETT INVESTMENT A/C> 6,658,389 0.72% 17 RUBI HOLDINGS PTY LTD <JOHN RUBINO SUPER FUND A/C> 6,315,000 0.68% 18 MR PAUL WILLIAM BENNETT & MR STUART HAMILTON BENNETT <SCP BENNETT INVESTMENT A/C> 6,174,313 0.67% 19 CIRCUMFERENCE CAPITAL CT PTY LTD <CIRCUMFERENCE CAPITAL A/C> 6,000,000 0.65% 20 RECO HOLDINGS PTY LTD <RECO SUPER FUND A/C> 5,375,027 0.58% TOTAL TOP 20 SHAREHOLDERS 665,350,071 71.68% *Constitutes grouped nominee holding
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= Medallion Metals Limited Annual Report 2026 / Page 74 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Number and distribution of shareholders Range # of Holders Total Units % Units 1 - 1,100 125 72,932 0.01% 1,001 – 5,000 711 2,069,403 0.22% 5,001 – 10,000 400 3,216,637 0.35% 10,001 – 100,000 1,318 52,555,640 5.66% Above 100,001 457 870,347,742 93.76% Totals 3,011 928,262,354 100.00% Unmarketable parcels The number of shareholders holding less than a Marketable Parcel is 71. Substantial shareholder notices lodged with the Company The names of substantial shareholders and the number of shares held as disclosed in substantial shareholding notices given to the Company are: Holder Name Holding HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED* 140,339,694 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED* 97,505,413 PHGM PTY LTD 81,129,138 CITICORP NOMINEES PTY LIMITED* 61,190,833 *Nominee grouped holding On market buy back The Company has not initiated an on-market buy back of any of its securities. Voting rights Ordinary shares On a show of hands every shareholder present in person or by proxy shall have one vote and upon a poll, each share shall have one vote. Options Option holders have no voting rights.
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= Medallion Metals Limited Annual Report 2026 / Page 75 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 ASX Additional Information Mineral tenements Tenement Location Nature of Interest Interest E74/0311 Western Australia Granted 100% E74/0379 Western Australia All mineral rights other than Li/Ta 100% E74/0399 Western Australia All mineral rights other than Li/Ta 100% E74/0406 Western Australia All mineral rights other than Li/Ta 100% E74/0486 Western Australia Granted 100% E74/0560 Western Australia Granted 100% E74/0602 Western Australia Granted 100% E74/0638 Western Australia Granted 100% E74/0639 Western Australia Granted 100% E74/0653 Western Australia Granted 100% E74/0656 Western Australia Granted 100% E74/0683 Western Australia Granted 100% E74/0781 Western Australia Granted 100% L74/0034 Western Australia Granted 100% L74/0058 Western Australia Granted 100% M74/0041 Western Australia Granted 100% M74/0051 Western Australia Granted 100% M74/0053 Western Australia Granted 100% M74/0083 Western Australia Granted 100% M74/0135 Western Australia Granted 100% M74/0136 Western Australia Granted 100% M74/0163 Western Australia Granted 100% M74/0165 Western Australia Granted 100% M74/0180 Western Australia Granted 100% M74/0184 Western Australia Granted 100% E74/0636 Western Australia Granted 80% E74/0413 Western Australia Granted 100% E74/0462 Western Australia Granted 100% E74/0557 Western Australia Granted 100% E74/0578 Western Australia Granted 100% E74/0630 Western Australia Granted 100% E74/0631 Western Australia Granted 100% E74/0637 Western Australia Granted 100% E74/0642 Western Australia Granted 100% E74/0643 Western Australia Granted 100% E74/0665 Western Australia Granted 100% E74/0671 Western Australia Granted 100% E74/0740 Western Australia Granted 100% L74/0035 Western Australia Granted 100% L74/0045 Western Australia Granted 100% M74/0176 Western Australia Granted 100% P74/0385 Western Australia Granted 100%
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= Medallion Metals Limited Annual Report 2026 / Page 76 of 77 01. Corporate Overview 02. Directors' Report 03. Financial Report 04. Additional Information ASX:MM8 Tenement Location Nature of Interest Interest P74/0386 Western Australia Expired 0% P74/0389 Western Australia Application 100% E77/3252 Western Australia Application 0% P77/4671 Western Australia Application 0% P77/4672 Western Australia Application 0% P77/4673 Western Australia Application 0% P77/4674 Western Australia Application 0% P77/4675 Western Australia Application 0% P77/4676 Western Australia Application 0% P77/4677 Western Australia Application 0% L74/64 Western Australia Application 0% E77/3247 Western Australia Application 0% E77/3248 Western Australia Application 0%
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Medallion Metals Limited Annual Report 2026 / Page 77 of 77 A Suite 2, Level 1, 50 Kings Park Road, West Perth, WA 6005 P +61 8 6424 8700 E info@medallionmetals.com.au Thank you ASX:MM8