IGO to sell Forrestania nickel project to Medallion Metals

The news: Critical miners miner IGO has signed a binding agreement with small cap Medallion Metals to sell its Forrestania nickel operation in Western Australia.

The numbers: Under the agreement, Medallion will acquire a 100% interest in Forrestania, including its Cosmic Boy processing plant. IGO will receive a royalty of up to 1.5% on all future gold production from the site. The agreement includes no upfront or deferred cash consideration.

The context: IGO said it will reserve the right to explore for, develop and mine nickel and lithium minerals over Forrestania's tenements.

The deal, expected to complete in late 2025, is subject to various conditions, including Medallion reaching a final investment decision on its Ravensthorpe gold project.