Medallion Metals Advances Second Forrestania Gold Opportunity at Teddy Bear

Medallion Metals (ASX: MM8) has identified Teddy Bear as a second advanced gold development opportunity within its recently acquired Forrestania gold project in Western Australia.

Historical drilling has defined broad, shallow gold mineralisation over approximately 500m of strike within and around the former Teddy Bear open pit, including substantial unmined intersections outside the existing pit shell.

The review, which follows recent progress at Lounge Lizard, strengthens Medallion’s view that Forrestania hosts multiple deposits capable of contributing to future resource growth and early production opportunities.

Recent drilling has also confirmed an average grade of 0.95 grams per tonne gold across a historical stockpile adjacent to the Teddy Bear waste dump.

These results will support a mineral resource estimate for the stockpile and provide inputs into Medallion’s assessment of potential early processing opportunities at Forrestania.

Historical Drilling Validates Scale

Teddy Bear is located on a granted mining lease approximately 16km west of the 1.4-million-ounce Bounty gold mine and 64km by established roads from the Cosmic Boy concentrator.

Medallion has validated the historical drilling dataset through database reviews, original exploration records, collar surveys, pit mapping, and targeted field inspections.

Broad unmined intersections outside the historical pit include 40m at 1.41g/t gold from 20m, 29m at 1.52g/t from 27m, and 24m at 1.30g/t from 58m.

Higher-grade results include 18m at 3.64g/t gold from 57m, containing 3m at 10.23g/t, and 22m at 1.98g/t from 55m, containing 6m at 4.81g/t.

Much of the mineralisation has an interpreted true thickness of between 10m and 20m and was historically drilled on approximately 20m by 20m spacing, while historical drilling generally tested to about 60m below surface, leaving the deposit’s deeper plunge geometry and potential for repeat lodes largely unresolved.

Second Forrestania Growth Pillar

Teddy Bear follows the rapid advancement of Lounge Lizard as Medallion systematically assesses the extensive historical gold endowment across Forrestania.

Acquired from IGO in February 2026, the project comprises 90 tenements covering approximately 916 square kilometres.

Medallion considers Forrestania capable of contributing both near-term processing feed and longer-term resource growth alongside its Ravensthorpe gold project.

Its proximity to established roads and the Cosmic Boy concentrator provides a potential development pathway if future resource, mining, and processing studies support commercial extraction.

Medallion will continue grade validation, resource definition, and extension drilling to support a future Teddy Bear mineral resource estimate, with deeper sectional drilling planned to clarify the plunge geometry and test for additional mineralisation beneath the historical drilling limit.

Multiple Gold Opportunities

Managing director Paul Bennett said Teddy Bear provided further evidence of the breadth of Forrestania’s gold potential.

“Following the recent results from Lounge Lizard, Teddy Bear provides further confidence that the project hosts multiple opportunities capable of contributing to future resource growth,” Mr Bennett said.

“Importantly, the evaluation of the Teddy Bear stockpile complements our Early Production Strategy, demonstrating that Forrestania presents opportunities to both build long-term resources and identify near-term processing opportunities as we continue unlocking value across the project.”

“Combined with the Ravensthorpe Gold Project, Forrestania provides the second pillar of Medallion’s growth strategy, with a unique platform to expand resources, extend mine life, and build a larger, sustainable gold business.”

The company is also preparing to drill other priority Forrestania prospects during the second half of 2026 as it advances the broader project alongside Ravensthorpe.