MEDALLION METALS LIMITED. — Investor Presentation 2021

Nov 30, 2021

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1 December 2021

ASX:MM8

RIU Resurgence Conference

Medallion Metals Limited’s Managing Director, Paul Bennett, will be presenting at the RIU Resurgence Conference on Wednesday, 1 December 2021.

The presentation to be delivered at the conference is attached.

This announcement is authorised for release by the Company Secretary of Medallion Metals Limited.

-ENDS-

For further information, please visit the Company's website www.medallionmetals.com.au or contact:

Paul Bennett Managing Director Medallion Metals Limited Phone: +61 8 6424 8700 Email: info@medallionmetals.com.au Suite 1, 11 Ventnor Avenue, West Perth WA 6005

Suite 1/11 Ventnor Ave, West Perth WA 6005

Medallion Metals Limited

www.medallionmetals.com.au

ABN 89 609 225 023

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HIGH GRADE GOLD & COPPER IN WESTERN AUSTRALIA

Investor Presentation December 2021

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Important Notices

Nature of Document : This presentation has been prepared and issued by Medallion Metals Ltd ( Company ) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company and its advisers have not verified the accuracy or completeness of the material contained in this presentation.

Not an offer : This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

Not financial product advice : Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products. You should not act and refrain from acting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis of the Company before making any investment decision.

Forward looking statements : This presentation contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", “should”, "could", "estimates", “target”, “likely”, “plan”, "expects", "may", “intend”, "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

Disclaimer : No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

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Investment Highlights

District scale opportunity, Tier 1 Jurisdiction 0.7Moz Au resource, multiple growth opportunities Approvals, studies advanced 45,000m drill programme underway Strategy: production scenario 100kozpa + 7 years

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Cor orate p

	Corporate structure(ASX: MM8)1	Corporate structure(ASX: MM8)1	Corporate structure(ASX: MM8)1	Corporate structure(ASX: MM8)1
	Shares			195.6m
	Share		price	$0.21
	Market cap			$41.1m
	Options Cash			38.2m(w.avgstrike $0.302) $8.1m		@ 26 Nov 2021
	Debt			$4.0m
	Listed EV		inv.	$2.5m(ASX: NIS) $34.5m
	Resource2			674koz Au	$51/oz
	Share Register

	Board
	Non-Executive Chair	John Fitzgerald
	Managing Director	Paul Bennett
	Non-Executive Director	Anthony (Tony) James
	Non-Executive Director	Ed Ainscough
	Executive
	Chief Financial Officer	Ben Larkin
	Exploration Manager	David Groombridge

1. Pro-forma capital structure & cash balance at 26 Nov, refer App 1 | 2. Refer App 3 and MM8’s Prospectus (ASX, 18 March 2021) for further details

Peer Comparable Analysis At $51/oz, Medallion represents substantial value relative to ASX WA Gold Peers EV/Resource ($/oz) Select ASX Peers

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- $50/oz $100/oz $150/oz $200/oz $250/oz $300/oz $350/oz
	$287/oz $243/oz $197/oz $153/oz $125/oz $103/oz $79/oz $70/oz $63/oz $60/oz $51/oz $49/oz
	~~1~~ BGL	~~2~~ MGV	~~3~~ GMD	~~4~~ AME	~~5~~ YRL	~~6~~ GML	~~7~~ CLZ	~~8~~ VAN	~~9~~ KIN	~~10~~ BC8	~~11~~ MM8	~~12~~ MXR		Average Median
Enterprise Value	$860m $160m $316m $51m $34m $25m $32m $70m $80m $71m $34m $7m													$145m $60m
Resource	3,000koz 659koz 1,608koz 331koz 268koz 240koz 404koz 1,002koz 1,275koz 1,185koz 674koz 136koz													899koz 667koz
% M&I	47% 46% 61% 20% 34% 0% 4% 66% 62% 49% 78% 17%													40% 46%
Resource Grade	9.90g/t 3.19g/t 1.83g/t 1.66g/t 1.13g/t 2.18g/t 1.52g/t 3.00g/t 1.27g/t 2.10g/t 2.38g/t 2.02g/t													2.68g/t 2.06g/t
Reserves	1,040koz Nil Nil Nil Nil Nil Nil Nil Nil Nil 270koz Nil													109koz Nil
EV/Resource	$287/oz $243/oz $197/oz $153/oz $125/oz $103/oz $79/oz $70/oz $63/oz $60/oz $51/oz $49/oz													$123/oz $91/oz

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See Appendix 2 for full details of peer data

Ravensthorpe Gold Project – building critical mass MM8 has the dominant landholding across the Annabelle Volcanics

• ~40km of prospective stratigraphy host to Au (+/- Cu, Ag)

• ~128koz Au and 20kt Cu produced from 3 main centres: Kundip , Elverdton and Mt Cattlin (Ravensthorpe)

• South of RGP, Archaean dips beneath the Proterozoic and is untested (Homestake, Boddington)

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2021 DRILLING; 32,000m RC & DDH  26,000m resource extensional, KMC  4,000m RGP regional (Meridian, Old Gregg & Ariel)  2,000m Jerdacuttup  Aiming for: +1Moz Au JORC Resource 2022 DRILLING; 13,000m and more to follow

Exploration update – KMC

Value leveraged to resource/mine life extension

• 674koz JORC MRE, 80% Indicated, 92% within 200m of surface

• Average depth of drilling 85m, deepest drill hole 300m

• Lodes open at depth and along strike

• Aggressive extensional programme (26,000m) targeting areas outside current resource

• hole 100 holes reported of the 160 programme

• Near mine targets at historical Gem Restored and Gift deposits, lode intersections

• Resource updates: KMC global MQ22

• Step change in geological understanding, launch pad for next round of drilling

Refer to MM8 ASX announcements: 16/6/21, 18/6/21, 14/7/21, 2/8/21, 9/9/21, 11/11/21 & 18/11/21 for further details relating to Kundip Mining Centre drilling results.

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Ravensthorpe Gold Project – Mineralogy

Deflector Analogy

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1,723koz
Deflector basis of
development
591koz
674koz
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Deflector South-West exploration development face (SLR: ASX announcement 5 June 2020)

Source: SLR Resource & Reserve Statement (SLR: ASX 15 September 2021)

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• RGP analogous to Deflector specifically as it relates to mineralogy and more generally as it relates to scale

• Deflector mine reserve grade (30 Jun 21) 5.1g/t Au v RGP UG LOMP grade 4.7g/t Au

• Deflector FY21 EBITDA $172.5m

• Deflector FY22 guidance 110-120Koz Au production @ A$1,400-1,500/oz AISC

DD21KP915: 2.6m @ 19.8g/t Au, 3.6% Cu & 35.8 g/t Ag from 226.9m (MM8: ASX announcement 14 July 2021)

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Strategic focus on Au-Cu Portfolio managed for the maximum benefit of MM8 shareholders

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• Buy back ESS royalty over RGP, $200K MM8 shares

• Divest ultramafic ground into NickelSearch Ltd (ASX: NIS)

• $10m IPO, new WA nickel sulphide explorer

• Increase shareholder exposure to RGP exploration upside

  • MM8 ownership ~ 16%, in-specie distribution

• 40km prospective stratigraphy

1. Refer to Appendix 4 and MM8’s Prospectus (ASX, 18 March 2021) for further details of the Jerdacuttup MRE

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• : 400km[2] Proterozoic

• Jerdacuttup sedimentary basin

• Confirmed SedEx discovery (Trilogy) JORC MRE: 5.6Mt for 134kt Pb, 77kt Zn, 67kt Cu, 9.8Moz Ag & 162koz Au[1]

• SedEx host 50% global Zn/Pb reserves, tend to cluster

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Medallion Value Proposition

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Western Australia

Belt scale

0.7Moz Au and growing

45,000m drilling underway

Experienced Board & Management

Development scenario: 100kozpa + 7yrs

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Massive pyrite-chalcopyrite-pyrrhotite sulphide mineralisation intersected at Harbour View, DD17KP873: 5.3 m @ 17.1 g/t Au, 21 g/t Ag, 7.3% Cu from 147.6m (refer to the Company’s Prospectus announced on the ASX on 18 March 2021)

www.medallionmetals.com.au

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Appendices

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Appendix 1: Pro-forma capital structure & cash balance

		Pre-placement	Placement	Pro-forma	Comments
	Shares	170,522,545	25,069,570	195,592,115	394,737 shares to be placed with Directors subject to
					shareholder approval
	Options	4,220,000 @ 0.010 4,000,000 @ 0.350 25,000,000 @ 0.350	2,000,000 @ 0.285 2,000,000 @ 0.380	38,188,600 @ 0.302	4,000,000 Broker Options; 3 year term 50% struck at 50% premium to Placement issue price ($0.19) 50% struck at 100% premium to Placement issue price
		968,600 @ 0.000			Subject to shareholder approval
		34,188,600@0.298
	Cash	$3,645,309	$4,481,925	$8,127,234	Placement proceeds net of Broker fee (6% of gross proceeds
					inc. Director contributions)
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Board of Directors

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JOHN FITZGERALD

Non-Executive Chair

Mr Fitzgerald has over 30 years’ resource financing experience and has provided project finance and corporate advisory services to a large number of companies in the resource sector. He has previously held senior positions at NM Rothschild & Sons, Investec Bank Australia, Commonwealth Bank, HSBC Precious Metals and Optimum Capital. Mr Fitzgerald is a Chartered Accountant, a Fellow of the Financial Services Institute of Australasia and a graduate member of the Australian Institute of Company Directors. Mr Fitzgerald is a Non-Executive Director of Northern Star Limited, a Non-Executive Chairman of Turaco Gold Limited and was previously Chairman of Carbine Resources Limited, Integra Mining Limited and Atherton Resources Limited.

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PAUL BENNETT

Managing Director

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 25-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 finance for small to mid-sized resource companies across a range of commodities and jurisdictions. Mr Bennett is a Non-Executive Director of NickelSearch Ltd (ASX: NIS) and was a Non-Executive Director of Horizon Gold Ltd (ASX: HRN) between August 2016 and July 2020.

ED AINSCOUGH

Non-Executive Director

Mr Ainscough led the acquisition by Medallion of the Project (in 2016) from Silver Lake Resources. Prior to this he negotiated a joint venture over the Foster/Jan Nickel Project at Kambalda (in 2014) with Gold Fields Ltd. The joint venture interests were subsequently vended into ASX listed Lunnon Metals Ltd, of which he is a founder and Managing Director. A geologist by training, he has extensive operational experience (gold, copper, nickel and tin) in Australia and globally. He was a senior member of the Gold Fields executive team in Australia where he held a key business development role reporting to the Executive Committee until 2008. He was the last Chief Geologist for WMC at the St Ives Gold Mine and under the new Gold Fields’ ownership initiated a $25 million per annum drill program. Prior to founding Lunnon Metals, Mr Ainscough was at PCF Capital Group where he advised resource sector companies on corporate, merger and acquisition, and valuation assignments.

ANTHONY JAMES

Non-Executive Director

Mr James has over 30 years’ mine operating and project development experience predominantly in Western Australia and experience at Managing Director level of four ASX listed companies (Galena Mining Ltd, Atherton Resources Ltd, Mutiny Gold Ltd and Carbine Resources Ltd). He has a background in feasibility studies leading into successful project development and operating results (including the Pillara Zinc/Lead project, Trident/Higginsville Gold project and Kanowna Belle Gold mine). Mr James is currently Managing Director of Galena Mining Ltd and a Non-Executive Director of Apollo Consolidated Ltd (ASX: AOP).

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Appendix 1: Ravensthorpe Gold Project Feasibility Study Outcomes[1] Robust base case (A$2,173/oz Au), returns significantly enhanced at spot

	Cut-off grade (g/t)	Indicated	Inferred	Total
		kt Au (g/t) Au (koz)	kt Au (g/t) Au (koz)	Kt Au (g/t) Au (koz)
Open cut Underground	0.5 2.0	6,550 2.1 432 504 5.8 94	1,210 1.8 69 560 4.4 79	7,759 2.0 502 1,063 5.0 172
Total		7,053 2.3 526	1,769 2.6 148	8,823 2.4 674

	Units	Base	Spot
Project physicals Throughput Project life (post construction) Processed ore Gold grade Gold produced for sale	Mt per annum years kt g/t koz	0.8 5.5 4,361 2.40 320
Economic assumptions Gold price Silver price Exchange rate	US$/oz US$/oz A$:US$	1,478 17 0.68	1,723 16 0.65
Cash flow Gross revenue Royalties and refining Operating costs Operating cash flow Pre-production capital - Processing plant and infrastructure - Other pre-production capital Sustaining and other capital	A$ M A$ M A$ M A$ M A$ M A$ M A$ M	693 (18) (293) 382 (70) (14) (80)	850 (22) (293) 535 (70) (14) (80)
Pre-tax net cash flow	A$ M	219	372

 Feasibility Study completed May 2020, RGP technically & commercially viable

 Resource base has increased by 53koz Au subsequent to study completion

 Heritage clearance complete, EPA (WA) approval complete, EPBC (Cth) pending

 Clarity on economics of orebodies and timeline to commercialise them

1. Refer MM8’s Prospectus (ASX, 18 March 2021) for further details .

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Appendix 2: Detailed Peer Data Peer Comparable Data

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Ticker	Company(by Market Cap)	Market Capitalisation1	Cash2	Debt2	**Enterprise Value **	Mineral Resource3 (cont. Au)	Mineral Resource3 (grade)	Mineral Resource3 (M&I only) (cont Au	Mineral Resource3 (M&I only) (grade)	Ore Reserves3 (cont. Au)	Ore Reserves3 (grade)
		$Am	$Am	$Am	$Am	koz	g/t	koz	g/t	koz	g/t
BGL	Bellevue Gold	839.56	179.60	200.00	859.96	3,000.00	9.90	1,400.00	11.08	1,040.00	6.10
GMD	Genesis Minerals	343.89	27.40	-	316.49	1,608.00	1.83	984.00	2.01	-	-
MGV	Musgrave Resources	179.95	20.10	-	159.85	659.00	3.19	301.00	2.98	-	-
KIN	Kin Mining	90.94	10.46	-	80.48	1,275.00	1.27	800.00	1.42	-	-
BC8	Black Cat Syndicate	80.96	10.33	-	70.64	1,185.00	2.10	610.00	2.23	-	-
VAN	Vango Mining	73.08	3.22	-	69.85	1,002.00	3.00	663.00	3.20	-	-
AME	Alto Metals	53.65	3.10	-	50.55	331.00	1.66	65.00	1.68	-	-
MM8	Medallion Metals4	41.07	10.61	4.00	34.46	674.00	2.38	526.00	2.32	270.00	2.06
YRL	Yandal Resources	39.17	5.50	-	33.67	268.35	1.13	91.06	1.32	-	-
GML	Gateway Mining	33.61	9.00	-	24.61	240.00	2.18	-	-	-	-
CLZ	Classic Minerals	27.05	1.10	5.98	31.93	403.91	1.52	16.60	2.01	-	-
MXR	Maximus Resources	20.03	13.33	-	6.70	135.80	2.02	39.45	1.52	-	-

Source: Factset, Bloomberg, Company Announcements

(1) As at 29 October 2021, (2) As per last quarterly cash flow report and adjusted for subsequent relevant announcements, (3) Latest publicly available data

(4) Pro-forma per completion of $4.8m equity raise, refer ASX announcement dated 25 Nov 21 “Medallion Raises $4.8 million to Continue to Advance RGP”

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Appendix 3: Kundip Mining Centre, Resources & Reserves

Mineral Resource Estimate for the Kundip Deposits (Kaolin – December 2019, Harbour View & Flag – June 2020), Ravensthorpe Gold Project

Deposit		Cut-off (g/t)	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	TOTAL	TOTAL	TOTAL
			Tonnes (kt)	Grade Au (g/t)	Ounces (koz)	Tonnes (kt)	Grade Au (g/t)	Ounces (koz)	Tonnes (kt)	Grade Au (g/t)	Ounces (koz)
Flag	Openpit	0.5	525	5.0	84	69	2.8	6	594	4.7	90
	Underground	2.0	129	8.3	35	244	4.4	34	373	5.7	69
	Total		654	5.6	118	313	4.0	41	967	5.1	159
Harbour View	Openpit	0.5	716	3.6	83	171	1.8	10	888	3.2	92
	Underground	2.0	341	4.9	54	273	3.7	33	614	4.4	87
	Total		1,057	4.0	137	445	3.0	42	1,502	3.7	179
Kaolin	Openpit	0.5	5,309	1.6	266	969	1.7	53	6,278	1.6	319
	Underground	2.0	34	5.0	5	43	8.3	12	77	6.9	17
	Total		5,342	1.6	271	1,012	2.0	65	6,354	1.6	336
Subtotals	Openpit	0.5	6,550	2.1	432	1,210	1.8	69	7,759	2.0	502
	Underground	2.0	504	5.8	94	560	4.4	78	1,063	5.0	172
Grand Total			7,053	2.3	526	1,769	2.6	148	8,823	2.4	674

The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. Refer MM8’s Prospectus (ASX, 18 March 2021) for further details.

Probable Ore Reserve Estimate for the Kundip Deposits, Ravensthorpe Gold Project

Deposit	Open Pit	Open Pit	Open Pit	Underground	Underground	Underground	Total Ore Reserves	Total Ore Reserves	Total Ore Reserves
	Tonnes (kt)	Grade (g/t)	Ounces (koz)	Tonnes (kt)	Grade (g/t)	Ounces (koz)	Tonnes (kt)	Grade (g/t)	Ounces (koz)
Flag Harbour View Kaolin	183 253 3,208	4.1 2.4 1.6	24.0 19.0 165.0	133 308 -	3.9 4.5 -	17 45 -	316 561 3,208	4.0 3.6 1.6	41 64 165
Total	3,643	1.8	208.0	441	4.4	62	4,085	2.1	270

The preceding statement of Ore Reserves conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. Refer MM8’s Prospectus (ASX, 18 March 2021) for further details.

Appendix 4: Trilogy Mineral Resource Estimate

Trilogy - March 2018	Trilogy - March 2018	Trilogy - March 2018	Trilogy - March 2018	kt	Au	Ag	Cu	Pb	Zn	Au	Ag	Cu	Pb	Zn
					g/t	g/t	%	%	%	koz	koz	kt	kt	kt
OC (CuEq > 0.5%)	Ox		Ind	129	2.4	85.3	0.5	-	-	10	354	0.6	-	-
			Inf	336	1.9	71.7	0.1	-	-	21	774	0.3	-	-
	Tr/Fr		Ind	4,476	0.8	52.5	1.4	2.8	1.6	121	7,556	62.0	126.0	72.1
			Inf	614	0.7	54.9	0.6	1.3	0.9	14	1,084	3.8	8.2	5.3
UG (CuEq > 2.5%)	Tr/Fr		Ind	28	2.8	21.0	1.3	0.6	0.4	3	19	0.4	0.2	0.1
			Inf	18	1.5	19.7	1.4	0.3	1.1	1	11	0.3	0.1	0.2
Sub-total			Ind	4,633	0.9	53.2	1.4	2.7	1.6	133	7,929	63.0	126.2	72.2
			Inf	968	1.1	60.1	0.5	0.9	0.6	35	1,869	4.4	8.3	5.5
Total				5,601	0.9	54.4	1.2	2.4	1.4	169	9,798	67.3	134.4	77.7

The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. Refer MM8’s Prospectus (ASX, 18 March 2021) for further details.

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Appendix 5: Competent Person Statement

EXPLORATION RESULTS

The information in this announcement that relates to exploration results is based on information compiled by Mr David Groombridge, a Competent Person who is a Member the Australasian Institute of Mining and Metallurgy (“AusIMM”). Mr Groombridge is an employee of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ (the “JORC Code”). Mr Groombridge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

DISCLAIMER

References in this announcement may have been made to certain ASX announcements, including exploration results, Mineral Resources and Ore Reserves, production targets and/or forecast financial information. For full details, refer said announcement on said date. The Company is not aware of any new information or data that materially affects this information. Other than as specified in this announcement and mentioned announcements, the Company confirms 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 and Ore Reserves, production targets and/or 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. 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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Questions & further information

CONTACT

Stephen Moloney, Investor Relations stephen@corporatestorytime.com

MAIN OFFICE

Suite 1/11 Ventnor Avenue, West Perth WA 6005

PHONE

(08) 6424 8700

EMAIL

info@medallionmetals.com.au

www.medallionmetals.com.au

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FOLLOW US

@MM8_Medallion

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