Top Page
Medallion Metals Ltd
(Sydney:MM8)
Medallion Metals Ltd (MM8) vs. iShares MSCI Australia ETF (EWA)
Medallion Metals Ltd Business Overview & Revenue Model
Medallion Metals Ltd Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.11M | 1.86M | 3.03M | 2.14M | 503.47K |
| Gross Profit | 1.11M | 1.86M | 3.03M | 2.14M | 503.47K |
| EBITDA | -5.85M | -2.58M | -4.68M | -3.21M | -3.57M |
| Net Income | -6.13M | -2.94M | -5.09M | -3.60M | -3.77M |
Balance Sheet | |||||
| Total Assets | 28.93M | 16.42M | 15.59M | 15.93M | 16.85M |
| Cash, Cash Equivalents and Short-Term Investments | 9.46M | 1.71M | 423.51K | 1.84M | 8.82M |
| Total Debt | 2.92M | 2.93M | 4.10M | 4.04M | 4.11M |
| Total Liabilities | 5.00M | 4.48M | 5.77M | 6.04M | 8.49M |
| Stockholders Equity | 23.93M | 11.94M | 9.82M | 9.89M | 8.36M |
Cash Flow | |||||
| Free Cash Flow | -9.54M | -2.16M | -6.02M | -11.14M | -3.94M |
| Operating Cash Flow | -5.02M | -1.57M | -3.87M | -5.18M | -1.98M |
| Investing Cash Flow | -4.45M | -491.39K | -2.14M | -5.95M | -1.96M |
| Financing Cash Flow | 17.15M | 3.34M | 4.59M | 4.16M | 10.50M |
Medallion Metals Ltd Technical Analysis
Medallion Metals Ltd Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | AU$361.83M | -17.11 | -34.16% | ― | -100.00% | -52.08% | |
46 Neutral | AU$79.01M | -0.63 | -16.47% | ― | ― | -19.57% | |
46 Neutral | AU$140.82M | -10.50 | -23.45% | ― | ― | 54.41% | |
42 Neutral | AU$73.15M | -4.37 | -148.97% | ― | ― | -643.11% | |
42 Neutral | AU$83.72M | ― | ― | ― | ― | ― | |
29 Underperform | AU$81.97M | -10.00 | -9377.41% | ― | ― | -214.29% |
Medallion Metals Ltd Corporate Events
Medallion Metals Limited has announced it will host an investor briefing webinar on 11 March 2026, giving shareholders and potential investors direct access to Managing Director Paul Bennett. The session follows the recent completion of the Forrestania Nickel Operation acquisition, signalling the company’s efforts to deepen engagement as it integrates this newly acquired asset.
The webinar, scheduled for mid-morning Perth time and mid-afternoon on the east coast, will include a live Q&A segment and the option to submit questions in advance. This initiative underscores Medallion’s push for transparency and investor outreach at a key moment in its growth trajectory, as stakeholders seek clarity on how the Forrestania transaction will shape future operations and value.
The most recent analyst rating on (AU:MM8) stock is a Buy with a A$0.87 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
IGO Limited has completed the sale of the Forrestania Nickel Operations assets, including the Cosmic Boy processing plant, infrastructure and inventories, to Medallion Metals for no cash consideration, while retaining certain mineral rights. Under the deal, IGO keeps the right to explore, develop and mine nickel and lithium with site access and support from Medallion, and is entitled to receive up to a 1.5% net smelter return royalty on any future gold production from the Forrestania tenements.
The transaction forms part of IGO’s strategy to cut ongoing costs and unlock value from its portfolio, while maintaining exposure to key battery minerals. The company is also reviewing options for other assets, including the Cosmos site and infrastructure, which it highlights as highly prospective for gold and other minerals and already equipped with plant and equipment suited to mining and processing these commodities.
The most recent analyst rating on (AU:MM8) stock is a Buy with a A$0.87 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has completed all conditions for its acquisition of the Forrestania Nickel Operation from IGO, with handover scheduled on 27 February 2026. The asset will be renamed the Forrestania Gold Project and will serve as the company’s long-term gold processing and development hub in the region.
Taking ownership of established processing infrastructure gives Medallion greater control over its production pathway and reduces development risk. The project is central to the company’s Sulphide Development Strategy and is expected to complement the Ravensthorpe project as Medallion advances broader regional gold development and exploration initiatives.
Management said the transaction milestone, alongside key approvals and funding, shifts the focus to disciplined execution. The company plans to advance Ravensthorpe toward production while progressing technical work at Forrestania to support development and unlock value across its tenure in Western Australia.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has reported further progress on its planned acquisition of the Forrestania Nickel Operation from IGO, noting that only a small number of conditions precedent remain outstanding, including third-party consents. The parties have extended the transaction’s sunset date from 20 February 2026 to 26 February 2026, without altering any commercial terms or adding new conditions.
Completion is still expected on or before 27 February 2026, with Medallion scheduled to assume full operational and statutory responsibility for the Forrestania Nickel Operation that same day, subject to finalising remaining conditions. The update signals that both Medallion and IGO remain committed to closing the deal, reinforcing expectations that Medallion will soon integrate the nickel asset into its operations, which could be significant for its growth and positioning in the nickel market.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.41 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has secured final approval under Australia’s Environment Protection and Biodiversity Conservation Act for its Ravensthorpe Gold Project, clearing the last primary environmental hurdle needed to advance its sulphide-focused underground mining and processing strategy in Western Australia. With both Federal and State primary environmental approvals now in place, the company has significantly reduced permitting and development risk for Ravensthorpe and is positioned to move into final development planning and execution, subject to completing the proposed Forrestania acquisition and obtaining remaining secondary licences, a step that could accelerate its transition from project evaluation to production and strengthen its role in the regional gold sector.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited has issued 15,151,516 new ordinary shares, as previously flagged in an Appendix 2A filing on 30 January 2026. The company confirmed that the shares were issued without a formal disclosure document under the Corporations Act, while stating it remains compliant with its continuous disclosure and financial reporting obligations and that there is no excluded information, signalling regulatory adherence around the capital issuance for existing and potential investors.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Ltd has applied to the ASX for quotation of 15,151,516 new fully paid ordinary shares under its ticker MM8, with an issue date of 29 January 2026. The additional securities, issued following a previously announced transaction, will expand the company’s quoted share base and may affect its capital structure and liquidity profile once trading in the new shares commences.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has completed the Feasibility Study for its Ravensthorpe Gold Project, confirming the technical robustness and strong economics of processing Ravensthorpe ore through the Forrestania infrastructure, with forecast production of 374,000 ounces of gold and 15,000 tonnes of copper over an initial 5.7-year mine life and rapid post-tax payback. During the December quarter the company also raised $60 million to strengthen its balance sheet, advanced permitting, mine planning and key procurement such as the ball mill, prepared and commenced a substantial drilling program at the Kundip Mining Centre to convert resources and extend deposits, and continued progressing the acquisition of the Forrestania Nickel Operation from IGO, a transaction that underpins its integrated, capital-efficient pathway from developer to producer.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has disclosed a change in director John Fitzgerald’s indirect interests in the company’s shares following his participation in Medallion’s share purchase plan. Through two family-related accounts in which he is a trustee and beneficiary, Fitzgerald acquired 23,759 additional ordinary fully paid MM8 shares for a total consideration of A$7,840.47, increasing his indirect shareholding while retaining his existing unlisted options. The on-market capital management move modestly lifts director alignment with shareholders and signals continuing insider support for the company’s equity funding activities.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has reported that all resolutions put to shareholders at its 27 January 2026 general meeting were passed by the required majority, including the ratification of prior share issues under Listing Rules 7.1 and 7.1A and approval of Tranche 2 placement shares. The strong support for these capital-related resolutions confirms shareholder backing for the company’s recent and planned equity raisings, providing governance certainty and flexibility for future funding of its exploration and development activities.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Ltd has applied to the ASX for quotation of 15,151,515 new ordinary fully paid shares under its issuer code MM8. The new securities, issued on 23 January 2026, expand the company’s quoted share capital, potentially affecting ownership dilution, liquidity in the stock and the company’s capacity to fund ongoing activities, though no further context on the use of proceeds was disclosed in the filing.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has completed its Share Purchase Plan, which was heavily oversubscribed relative to the A$5 million target, signalling strong backing from existing shareholders for the company’s strategy and asset base. After a pro-rata scale-back, the company will issue 15,151,515 new shares at the same price as its recent placement, with quotation expected on 23 January 2026, and the combined capital raising to be used for Front End Engineering and Design of the Cosmic Boy processing infrastructure, early and site works at Kundip Mining Centre, and, subject to the Forrestania acquisition closing, construction and development of that project plus associated drilling, transaction costs and working capital, leaving Medallion well funded as it transitions towards producer status.
The most recent analyst rating on (AU:MM8) stock is a Buy with a A$1.05 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has announced that 796,954 fully paid ordinary shares will be released from voluntary escrow on 22 January 2026, in line with ASX Listing Rule 3.10A. The release of these shares will modestly increase the volume of tradable stock on the market, potentially enhancing liquidity for existing and prospective shareholders without altering the company’s capital structure overall.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Ltd has updated its previously announced securities purchase plan and associated securities issue, advising the market that the closing date for the share purchase plan and the corresponding share issue date have been revised. The company has lodged an updated Appendix 3B with the ASX outlining the proposed issue of securities via a placement or other type of issue alongside the securities purchase plan, signalling a continued focus on raising equity capital and fine-tuning the timetable for investors participating in the offer.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has announced that its recently launched Share Purchase Plan has been oversubscribed, with applications exceeding the $5 million targeted, prompting the board to close the offer early at 5:00pm AWST on 16 January 2026, ahead of the original 28 January deadline. The company will scale back applications received before the revised closing date and refund excess application monies, with results of the plan to be announced on 21 January and new shares to be issued on 23 January, underscoring strong investor demand and providing Medallion with additional capital to support its ongoing activities.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has launched a 2025 share purchase plan (SPP) offering eligible shareholders in Australia and New Zealand the opportunity to acquire between A$2,000 and A$30,000 of new shares at A$0.33 each, a 20.8% discount to the five-day volume-weighted average price prior to 12 December 2025. The company aims to raise about A$5 million, with the ability to accept oversubscriptions for up to an additional A$5 million, to be used alongside recent placement proceeds to fund front-end engineering and early site works for the Cosmic Boy processing infrastructure at Kundip, potential construction and development of the Forrestania project, infill and extensional drilling to grow and de-risk its mineral resource, and general working capital, thereby strengthening its project pipeline and capital position ahead of key development milestones.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited has launched a 2025 Share Purchase Plan (SPP) offering eligible shareholders in Australia and New Zealand the opportunity to subscribe for between A$2,000 and A$30,000 of new shares at A$0.33 per share, a 20.8% discount to the five-day volume-weighted average price prior to 12 December 2025. The company aims to raise approximately A$5 million, with the capacity to accept oversubscriptions of up to an additional A$5 million, following a recent placement at the same issue price and supported by an ASX waiver that allows the SPP pricing below the usual 80% VWAP threshold. Proceeds from the placement and SPP are earmarked for front-end engineering and design of the Cosmic Boy processing infrastructure, early site works at the Kundip Mining Centre, potential construction and development of the Forrestania project (subject to transaction completion), further drilling to expand and de-risk the existing mineral resource at RGP, as well as transaction costs and general working capital, underscoring Medallion’s drive to advance its project pipeline and strengthen its operational and development capacity.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited has announced it will conduct a share purchase plan, offering fully paid ordinary shares to existing investors under an offer document released to the ASX, without the need for a full prospectus under Part 6D.2 of the Corporations Act. The company confirmed it is compliant with its financial reporting and continuous disclosure obligations and stated there is no excluded information requiring disclosure, signalling that the capital-raising initiative is being undertaken within the standard regulatory framework and may provide additional funding while minimising disclosure and documentation costs for both the company and shareholders.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals has secured a waiver from the ASX to proceed with its Share Purchase Plan (SPP) at an offer price of A$0.33 per share, a 20.8% discount to the five-day VWAP, without drawing on its placement capacity or seeking shareholder approval. The waiver allows the SPP to be conducted on the same pricing terms as the recent institutional placement, including participation by related parties, while capping issuance at 30% of existing share capital and keeping expected dilution at about 1.94%, thereby enabling a timely, cost-efficient capital raise that offers retail shareholders equal access to the discounted pricing enjoyed by institutional investors.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited has called a general meeting of shareholders to be held in West Perth on 27 January 2026 at 10:00am AWST, with proxy votes due by 10:00am AWST on 25 January 2026. In line with Corporations Act provisions, the company will not mail hard copies of the Notice of Meeting unless specifically requested, instead directing investors to access meeting documents and lodge proxies online via its website and share registry portal, underscoring a shift toward electronic communications and potentially improving the efficiency and accessibility of shareholder engagement.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Ltd has called a general meeting of shareholders to be held on 27 January 2026 in West Perth, Western Australia, setting out an agenda of resolutions that will be decided by poll in accordance with the company’s constitution. The notice emphasizes the importance of shareholder participation, outlines eligibility and procedures for voting in person, by proxy, through corporate representatives, or by attorneys, and reflects the company’s adherence to Corporations Act requirements, underlining a formal governance process that may influence future corporate decisions and shareholder rights.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited has issued 151,515,151 new ordinary shares, as previously announced, and has confirmed that these shares were issued without a prospectus or other disclosure document under the relevant provisions of the Corporations Act. The company stated it is fully compliant with its financial reporting and continuous disclosure obligations and that there is no excluded information relevant to the new share issue, clarifying regulatory status for investors and supporting confidence in the placement process.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Ltd has applied to the ASX for quotation of 151,515,151 new ordinary fully paid shares under the code MM8, with an issue date of 22 December 2025. The sizeable new share issuance, lodged via an Appendix 2A, expands the company’s quoted capital base and may affect ownership structure and liquidity, marking a notable capital markets move that existing and prospective shareholders will weigh in terms of dilution and funding capacity.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Ltd announced a change in the director’s interest, with David Kelly acquiring 600,000 MM8AR unlisted options as part of his remuneration. These options were issued following shareholder approval at the Annual General Meeting, reflecting the company’s strategy to align director incentives with corporate performance.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Ltd has announced the issuance of 1,200,000 unquoted equity securities, specifically options expiring on July 16, 2028, as part of an employee incentive scheme. This move is likely aimed at enhancing employee retention and motivation, potentially impacting the company’s operational efficiency and aligning employee interests with shareholder value.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited has announced an update regarding its proposed issue of securities. The company has revised the issue date for its Securities Purchase Plan (SPP), reflecting a change in its previous announcement. This update is part of Medallion Metals’ ongoing efforts to manage its securities offerings and align with ASX listing requirements, potentially impacting its market operations and stakeholder engagements.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Lion Selection Group Limited has committed to a $5.0 million investment in Medallion Metals as part of a $60.0 million fundraising effort. This funding will support the development of the Ravensthorpe Gold Project, enabling Medallion to become a gold producer amid high gold prices. The acquisition of the Forrestania processing facility will facilitate a quicker transition to production, while exploration and drilling activities are planned to enhance resource confidence and assess gold potential in the area.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited has announced a successful $60 million capital raising initiative to support its Ravensthorpe-Forrestania gold-copper production strategy. This includes a $55 million placement to institutional investors and a $5 million share purchase plan for eligible shareholders. The funds will be used to advance the company’s development strategy, including engineering and infrastructure works, as well as potential mine life extensions. The strong investor support reflects confidence in Medallion’s growth strategy and positions the company well for future production milestones.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited, listed on the ASX under the ticker MM8, experienced an inadvertent lift of its trading halt by the ASX on 12 December 2025. The trading halt was initially requested by MM8 on 11 December 2025, and after the error was identified, trading was paused again to align with the company’s original request.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited announced the results of a Feasibility Study for the Ravensthorpe Gold Project, highlighting its potential as a technically robust and economically viable gold-copper development. The study emphasizes strong financial returns, low-cost development, and expansion opportunities, positioning the project as a significant growth platform in the Western Australian mining sector. The acquisition of the Forrestania Nickel Operation assets, including the Cosmic Boy Concentrator, is crucial for advancing the project, promising rapid payback and attractive returns, thus enhancing Medallion’s industry positioning.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited has requested a trading halt on its securities pending an announcement regarding a capital raising initiative. This move is expected to impact the company’s operations by potentially increasing its capital for future projects, thereby influencing its market positioning and stakeholder interests.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.
Medallion Metals Limited has announced an update regarding its proposed acquisition of the Forrestania Nickel Operation from IGO Limited. The companies have agreed to extend the deadline for satisfying conditions precedent to February 20, 2026, allowing more time to finalize the acquisition. Medallion will cover project-related costs during this period. The company is advancing key approvals and documentation, aiming for completion by early 2026, which will enable a final investment decision.
The most recent analyst rating on (AU:MM8) stock is a Hold with a A$0.42 price target. To see the full list of analyst forecasts on Medallion Metals Ltd stock, see the AU:MM8 Stock Forecast page.