Mr. Gabriel Alonso-Mendoza reports

PURDUE RESEARCH FOUNDATION TERMINATES MEDALLION'S LICENSE TO USE LAD CHROMATOGRAPHY

Medallion Resources Ltd.'s licence to use ligand-assisted displacement chromatography has terminated.

The Medallion board and management will consider next steps in light of this development.

Separately, Douglas Newby has given notice of his resignation as chief financial officer but has agreed to continue to serve for up to 30 days on an interim basis pending appointment of a new CFO.

Rod McKeen, chairman, thanked Mr. Newby for all his efforts and hard work, including working closely with the technical team that sought to achieve the technical and financial milestones under the Purdue technology licence.

About Medallion Resources Ltd.

Medallion Resources 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.

We seek Safe Harbor.