Mr. Gabriel Alonso-Mendoza reports

MEDALLION CHANGES NAME TO GABO MINING LTD.

Effective Feb. 14, 2024, Medallion Resources Ltd. is changing its corporate identity and rebranding as Gabo Mining Ltd. and will start trading on the TSX Venture Exchange under the symbol GAB.

Pursuant to director resolutions dated Jan. 11, 2024, and following the receipt of all necessary approvals, effective Feb. 14, 2024, the company will be consolidating its common shares on the basis of one new postconsolidation common share for every seven preconsolidation common shares.

Effective at the opening of the market on Feb. 14, 2024, the common shares of the company will commence trading on a postconsolidation basis under the new ticker symbol GAB (Cusip No.: 36269D101; ISIN: CA36269D1015). There are currently 70,194,437 common shares outstanding, and following the completion of the consolidation, the company will have approximately 10,027,777 shares outstanding.

No fractional shares will be issued in connection with the consolidation. Each fractional share following the consolidation that is less than one-half of a share will be cancelled and each fractional share that is at least one-half of a share will be rounded up to the nearest whole share. No cash consideration will be paid in respect of fractional shares.

All options and warrants outstanding will reflect the change in accordance with the consolidation. Registered holders of common shares will receive a letter of transmittal from Computershare Trust Company of Canada with instructions on how to exchange existing share certificates for new postconsolidation share certificates.

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.

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

We seek Safe Harbor.