Australia's Medallion Metals rises on securing funding for gold and copper project

Medallion Metals

16/05/2025 04:36

** Shares of Medallion Metals MM8.AX rise as much as 12.5% to A$0.27, their biggest intraday pct gains since April 10

** Stock hits highest level since May 8

** Gold and copper focused miner says received firm commitments to raise A$27.5 mln ($17.64 mln) to progress near-term gold and copper production opportunity for Ravensthorpe Gold Project with processing at Forrestania

** Placement at 21 Au cents/shr

** Says placement proceeds to de-risk and accelerate the proposed acquisition of the Forrestania nickel operation

**About 1.5 mln shares change hands, vs the 30-day average of 1.3 mln

** Stock up over 110% YTD, last up 7.3%

($1 = 1.5591 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)

 ((Sneha.kumar@thomsonreuters.com;))