Under the terms of the transaction, Medallion acquires the Cosmic Boy plant, infrastructure, inventories and tenements comprising the Forrestania Nickel Operations from IGO. IGO retains rights to explore, develop and mine nickel and lithium, with Medallion providing access and support to IGO’s continuing rights. IGO will also receive up to a 1.5% net smelter return royalty on future gold production from the FNO tenements sold.
The transaction enables IGO to transfer ownership of the assets, which were placed into care and maintenance in September 2024, while preserving exposure to future value through its retained nickel and lithium rights and royalty interest.
Energy, Resources and Infrastructure partner Claire Boyd led the G+T team, supported by Shay Kiriakidis. Banking partner Dom McGreal and lawyer Natasha Ting advised IGO on the commercial arrangements in connection with Medallion’s project financing.
Claire Boyd said the deal delivers a clear and strategic outcome for IGO.
This transaction allows IGO to streamline its asset base while maintaining meaningful exposure to future upside in commodities that are central to its strategy. It was a complex and at times challenging process, requiring sustained focus and perseverance to reach completion. Achieving a clear and commercial outcome for IGO was a strong result.
The transaction highlights G+T’s expertise in complex resources transactions, particularly those involving asset divestments, retained mineral rights and royalty structuring.
