Medallion Reports More High-Grade Gold Results at Lounge Lizard

3 June 2026 | Western Australia - Medallion Metals has reported further high-grade gold results from the Lounge Lizard deposit, part of its Forrestania Gold Project in Western Australia.

The results come from the ongoing extraction and validation of previously unreleased historical drilling at Lounge Lizard. Medallion said the latest validated intersections are located centrally within the Lounge Lizard system, beneath and near the current mineralised footprint.

Key high-grade results include:

• 11m at 6.94 g/t gold from 50m
• 9m at 8.69 g/t gold from 67m
• 5m at 10.16 g/t gold from 98m
• 6.8m at 7.3 g/t gold from 74m
• 3m at 13.78 g/t gold from 56m
• 1m at 29.5 g/t gold from 18m
• 4m at 8.96 g/t gold from 116m
• 6.4m at 5.59 g/t gold from 65.6m

Medallion said 212 historical drill holes around the Lounge Lizard open pit have now been validated and incorporated into the geological database for Mineral Resource estimation. The company is targeting an initial Mineral Resource Estimate for Forrestania Gold Project deposits in Q3 CY2026.

Managing Director Paul Bennett said the latest phase of validation continued to strengthen the company’s understanding of the Lounge Lizard system and the continuity of high-grade mineralisation beneath the historical open pit. He said the results highlight the potential for additional high-grade ounces and reinforce Lounge Lizard as a potential near-term production source.

Why it matters: Lounge Lizard is important because it sits within Medallion’s broader Forrestania Gold Project and is close to existing mining and processing infrastructure. The deposit is located on a granted Mining Lease, less than 0.6km from the Flying Fox underground mine and about 14km by private haul road from the Cosmic Boy Concentrator.

Medallion said the integration of validated historical drilling with field mapping has improved confidence in the Main, Footwall and Hanging Wall lodes beneath the historical pit floor. The updated 3D geological interpretation supports down-dip and lateral continuity, with mineralisation still open beneath the pit and along strike.

The company said validated drilling now defines gold mineralisation at Lounge Lizard over more than 1km of strike and to a depth of 466m below surface.

The latest work also gives Medallion several potential development options. Subject to future studies, Lounge Lizard could become an additional source of high-grade mill feed for the Cosmic Boy processing hub, supporting future production growth across Forrestania.

Near-term work includes re-establishing ramp access to the Lounge Lizard pit, RC drilling within the pit, Phase 1 DD/RC drilling beneath Lounge Lizard, re-sampling available historical diamond core and progressing the maiden Mineral Resource Estimate.

For Western Australia’s gold sector, the results show how historical mine areas can continue to deliver value when old drilling is validated, modelled and linked to modern development studies.

Source: Medallion Metals ASX announcement, “Exceptional High-Grade Gold Results Continue at Lounge Lizard”, 3 June 2026.