These 2 ASX Mining Juniors Just Struck Gold (Literally)

Gold juniors live and die by the drill bit—and right now, Medallion Metals and Prodigy Gold are delivering the kind of intercepts and project milestones that can shift narratives from “potential” to “probable.” With fresh high-grade hits, momentum on resource upgrades, and clear development pathways, both names have put real ounces—and real catalysts—on the table. Here’s a brisk, investor-friendly look at why these two explorers just lit up the watchlists.

Medallion Metals (MM8): High-grade hits, expanding footprint, fast track to feasibility

Medallion’s Ravensthorpe Gold Project (RGP) in WA keeps punching above its weight. The 17,000m campaign at the Kundip Mining Centre (KMC) has returned thick, high-grade gold with copper and silver credits—exactly the kind of multi-commodity kicker that strengthens project economics as studies progress. Infill and extensional drilling at Gem delivered a standout 7.8m at 17.4 g/t Au, 1.5% Cu and 6.6 g/t Ag (19.9 g/t AuEq) from 218.2m, with multiple >10 GxM hits extending mineralisation down-plunge beyond current mine plan limits—confidence-building data heading into feasibility-level work. Harbour View infill reinforced high-grade continuity, broadening the mine-plan base and feeding directly into the upcoming feasibility timeline.

On the pathway side, Medallion is advancing a feasibility study targeted for completion by December 2025, while maintaining exclusive negotiations with IGO for the Forrestania Nickel Operation and Cosmic Boy plant—processing optionality that could de-risk capital intensity and schedule. Put simply: grade is talking, growth is visible, and infrastructure optionality is in play. It’s the triad that moves a junior from explorer to near-term developer.

What to watch next:

1. August resource updates incorporating the 17,000m program (look for grade/tonnage lifts and higher confidence categories).
2. Feasibility milestones (metallurgy, geotech, mine design, opex/capex detail).
3. Any resolution on Forrestania processing access—an external lever that could pull forward cash flow timing.

Risks in view:

1. Conversion risk from resource to reserve (metallurgy, geotechnical domains, mining dilution).
2. Funding and permitting cadence; great ounces still need capital and approvals.

Prodigy Gold (PRX): Hyperion lights up the Tanami with grades that move the needle

Over in the Northern Territory’s Tanami North Project, Prodigy’s Hyperion deposit is stringing together the kind of intercepts that lift both scale and quality. Recent drilling produced eye-catching hits including 10m at 15.9 g/t (among others), with multiple lodes demonstrating continuity at grades above the updated Hyperion MRE (8.64Mt at 1.5 g/t Au for 407koz). That matters: consistent intercepts above model grade typically pull resources upward—both in ounces and confidence—when rolled into the next estimate.

Geologically, Hyperion sits in a rich neighbourhood—between the 1.1Moz Groundrush and 94koz Crusade deposits—supporting a district-scale thesis. Prodigy is also lining up nearby prospects (Brokenwood, Pandora, Tregony North) for follow-up, improving the chance of satellite ounces feeding a central plan. With the 2024 field season complete and assays in, the 2025 program zeroes in on step-outs around the highest-grade zones and resource conversion—exactly the plan to move from “interesting” to “mineable.”

What to watch next:

1. Hyperion resource update timing and magnitude (grade uplift, strike/width continuity, conversion to Indicated).
2. 2025 drill design around the best shoots; watch for deeper lode extensions and thicker near-surface zones.
3. Any early scoping work or development concept framing (mining method, processing route, centralisation potential).

Risks in view:

1. Ongoing exploration dependency—valuation is sensitive to each drill season.
2. Scheduling and weather/logistics typical of remote field programs.

Why these two land on the same shortlist

1. Fresh, high-impact intercepts: Both have delivered recent hits that expand mineralised envelopes and lift confidence—fuel for resource upgrades.
2. Visible next steps: Medallion has a dated feasibility target and potential third-party processing access; Prodigy has a pipeline of targets feeding a near-term MRE update.
3. District leverage: KMC sits in a proven WA belt with existing infrastructure options; Hyperion sits within a Tier-1 camp alongside sizable deposits—optionality for hub-and-spoke development down the line.

The playbook for investors

1. Track the resource maths: For Medallion, watch for grade/tonnage shifts and the ratio of Indicated to Inferred—inputs to mine scheduling and debt capacity. For Prodigy, watch grade vs. the 1.5 g/t Au baseline and any step-changes in lode continuity that enable larger pit shells or underground starts.
2. De-risking milestones matter: FEED/DFS steps, metallurgical recoveries, and processing access for Medallion; MRE upgrade and cohesive development concept for Prodigy.
3. Funding windows: Strong drill news and tangible studies/permits usually open cheaper capital. Timing those windows can be as important as the geology.

A quick “pros and watchouts” grid

Medallion Metals (MM8)

1. Pros: High-grade gold with Cu/Ag credits; feasibility timeline; potential third-party processing; resource upside from recent hits.
2. Watchouts: Converting grade to reserves; capex/funding; execution across studies and approvals.

Prodigy Gold (PRX)

1. Pros: Consistent intercepts above MRE grade; Tier-1 district setting; multiple lodes and nearby prospects; clear 2025 catalyst path.
2. Watchouts: Exploration dependence; pace of resource conversion; logistics and seasonal constraints.

Bottom line

Medallion Metals and Prodigy Gold just did the hardest part: deliver fresh, quality intercepts that expand scale and raise confidence. Medallion layers that with a visible development path and potential processing access—turning drill success into near-term feasibility momentum. Prodigy is methodically thickening and upgrading Hyperion within a proven gold camp—stacking ounces where infrastructure cases have precedent. If the next waves of resource updates and study milestones land as signalled, these “just struck gold” stories can quickly evolve into “ready to build” narratives—and that’s when re-ratings tend to show up fastest.

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