Medallion Comments on Recent Market Activity

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Medallion Resources Ltd. (TSXV:MDL, OTCQX:MLLOF), at the request of Canadian regulatory authority IIROC, confirms that its management is unaware of any material change to the Company or its business that would account for the recent increase in market activity.

It should be noted, however that the market prices of tradable rare-earth element (REE) oxides have firmed up in recent months. Medallion recently reported it has engaged the Saskatchewan Research Council to perform advanced process test-work for further development of the Company’s REE extraction process from monazite, a REE phosphate mineral. This test-work, using sample monazite from a new heavy-mineral sands producer, aims to provide the technical confirmation needed to implement a planned, integrated REE-extraction pilot plant.

Medallion continues to develop business and technical relationships with heavy-mineral sands mining operators in order to assess and source monazite-sand feedstock for the Company’s proposed REE-extraction plant.

Medallion is also dealing with prospective customers, both current solvent extraction-based REE refiners and novel technology-based refining groups, to deliver clean high-valued REE chemical concentrates.

The Company has previously disclosed that it is open to equity investment, strategic partnerships, and alternative financial approaches to provide minimally dilutive capital to develop its business.

About Medallion Resources

Medallion Resources is developing an approach for low-cost, near-term, rare-earth element (REE) production by exploiting monazite. Monazite is a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations. REEs are critical inputs to electric and hybrid vehicles, electronics, imaging systems, wind turbines and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing, and the safe management of waste materials. More about Medallion (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRD) can be found at medallionresources.com.

Click here to connect with Medallion Resources Ltd. (TSXV:MDL, OTCQX:MLLOF) to receive an Investor Presentation.

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