Mr. Gabriel Alonso-Mendoza reports

MEDALLION RECEIVES NOTICE OF DEFAULT FROM PURDUE RESEARCH FOUNDATION

Medallion Resources Ltd. has received a notice of default from Purdue Research Foundation and has until Oct. 17, 2023, to cure the default or the company's licence to use ligand assisted displacement chromatography will be terminated.

The company is in discussion with PRF about curing the default or extending the term, but there is no assurance that those discussions will be successful.

About Medallion Resources Ltd.

Medallion (TSX Venture Exchange: MDL, OTCQB: MLLOF and Frankfurt Stock Exchange: MRDN) 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.

REEs 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 the life cycle assessment methodology to support investment and process decision making.

We seek Safe Harbor.