MEDALLION METAL LIMITED (MM8)
Share Price Analysis and Chart

09/10/2025

1

Speculative Buy

$0.61

38.64%

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

For Medallion Metals, Morgans likes the development projects' (Ravensthorpe & Forrestania) low capital intensity supported by existing synergies, high-grade resource delivering strong margins, and a rapid payback period.

Valuable copper credits are also noted, along with organic growth potential at the Forrestania nickel operation, and clear M&A appeal.

Target price to lifted to 61c from 41c. Speculative Buy maintained.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.00 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 20.00 cents.

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31/10/2025

1

Buy

$0.90

104.55%

Medallion Metals has selected Trafigura to provide a secured prepayment facility of up to US$50m and an associated seven-year copper-gold concentrate offtake agreement, with a separate gold arrangement.

The report highlights funding underpins development of the Ravensthorpe Gold Project and processing operations at Forrestania, representing a strong endorsement of the project and supporting plans to commence gold and copper production by early 2027.

The facility includes a four-year term with a one-year grace period and three-year repayment, tied to delivery of up to 105kt of concentrate. 

Environmental approvals are progressing, with the federal submission complete, feasibility study due in November, and a final investment decision targeted for December.

Petra Capital retains a Buy rating with a 90c target price, up from 89c previously.

FORECAST
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.50 cents.
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.70 cents.