Mr. Alfredo Ramos reports

MEDALLION RESOURCES ANNOUNCES PRIVATE PLACEMENT OF UP TO CDN$2,000,000 AND DEBT SETTLEMENT OF US$650,000

Medallion Resources Ltd. has arranged a non-brokered private placement offering consisting of up to 40 million units at a price of five cents per unit, for gross proceeds of up to $2-million.

Each unit will comprise one common share of the company and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase an additional common share of the company at 7.5 cents per share at any time within three years of closing of the offering, except that the number of warrants that may be exercised by any purchaser at any time shall not cause the purchaser to beneficially own more than 19.9 per cent of the company's total issued capital at the time of the exercise.

The company may pay finders' fees, as permitted under the policies of the TSX Venture Exchange, in respect of units placed with the assistance of registered securities dealers.

The net proceeds from the offering will be used to repay any remaining unsecured notes that have not been retired under the shares for debt transaction (defined herein), accrued interest on the notes and for general corporate purposes.

The offering may be closed in one or more tranches with final close on or before June 30, 2023, and is subject to the approval of the TSX-V.

Alfredo Ramos Plasencia, chief executive officer, said, "Completion of this financing will enable the Medallion team to focus on the separation and refining of magnetic rare earth oxides using patented displacement chromatography that we have licensed from Purdue Research Foundation."

Shares for debt transaction

The company further announces that it will enter into a shares for debt settlement agreement with certain of its creditors to retire $650,000 (U.S.) of the $1.15-million (U.S.) unsecured notes due Aug. 1, 2023).

The creditors are not insiders of the company and will receive units of the company at a price of five cents per unit, with each unit consisting of one common shares and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase an additional common share of the company at 7.5 cents per share at any time within three years of closing. The number of common shares to be issued to any one creditor will not result in any new control person and the number of warrants that may be exercised at any time shall not cause the holder to beneficially own more than 19.9 per cent of the company's total issued capital. The debt settlement is subject to compliance with applicable securities laws and is subject to the approval of the TSX-V.

About Medallion Resources Ltd.

Medallion Resources has exclusively licensed patented displacement chromatography methodologies, developed by Purdue University from Purdue Research Foundation, to separate minerals including rare earth elements from all raw material feedstocks excluding coal sources and excluding recycled materials from manufacturing wastes and recyclates from battery and magnet sources. Separately, Medallion has developed a proprietary process and related business model to achieve low-cost extraction of rare earth elements from monazite, a phosphate mineral that is a common byproduct of heavy mineral sand operations.

Rare earth elements are critical inputs to electric and hybrid vehicles, robotics, electronics, imaging systems, wind turbines, and strategic defence 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. Medallion utilizes life cycle assessment methodology to support investment and process decision making.

We seek Safe Harbor.