MDL Medallion Resources Ltd

NOT FOR RELEASE IN THE UNITED STATES

Medallion Resources Ltd. (TSX-V:MDL) (OTCPK:MLLOF) (Frankfurt:MRDN) – “Medallion” or the “Company”), the smart producer of magnet metals, today announced that it has closed the first tranche of its $500,000 non-brokered private placement (the “Offering”), as announced February 2, 2018 and updated in its February 22, 2018 news release, for gross proceeds to date of $450,000.

Medallion is pursuing production of rare earth elements (REE) by sourcing and processing the by-product mineral monazite, which is rich in the REE elements neodymium and praseodymium, collectively also known as “NdPr”. NdPr is the core input material for lightweight, powerful rare earth permanent magnets, which are facing increased demand for their use in vehicle electrification, wind power generation and robotics.

Medallion has issued an aggregate of 4,500,000 units (each a “Unit”) pursuant to a first tranche of the Offering at a price of $0.10 per Unit, each Unit consisting of one common share and one transferable common share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one common share of Medallion at an exercise price of $0.15 until March 9, 2021. Following the completion of this financing tranche, Medallion now has 29,710,472 common shares issued and outstanding, and an aggregate of 45,392,639 common shares on a fully diluted basis, including exercise of all outstanding options and warrants.

Proceeds of the Offering will be used to further the metallurgical test program that Medallion has undertaken with the Saskatchewan Research Council; additional customer and monazite feedstock supply development work; jurisdiction and site analysis for the Company’s proposed rare-earth extraction plant; and working capital. The completion of further tranches of the Offering are subject to the acceptance of the TSX Venture Exchange (the “Exchange”).

All securities issued to purchasers in the Offering are subject to a hold period expiring four months and one day after issuance, pursuant to relevant securities legislation and the policies of the Exchange. In connection with this tranche of the Offering, the Company paid aggregate finders’ fees to qualified finders of $2,000, representing 4% of the gross proceeds in respect of certain subscriptions. The Company also issued 20,000 finder warrants to qualified finders, each finder warrant giving the finder the right to acquire one common share of Medallion at an exercise price of $0.10 until March 9, 2020.

The securities offered have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale, or solicitation would be unlawful.

About Medallion ResourcesMedallion 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:MRDN) can be found at medallionresources.com.

Donald Lay, President & CEO at +1.604.681.9558 or info@medallionresources.com

Medallion management takes full responsibility for content and has prepared this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as statements that describe Medallion’s plans with respect to the completion of further tranches of the Offering and the use of the proceeds of the Offering. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks related to market conditions and regulatory approval and other risks outlined in the Company’s management discussions and analysis of financial results. Actual results in each case could differ materially from those currently anticipated in these statements. Also, in order to proceed with Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Medallion disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.