MDL Medallion Resources Ltd

Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”) announced today that it has received notice of default from Purdue Research Foundation (“PRF”) and has until October 17, 2023 to cure the default or the Company’s license 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 Resources (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: 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 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. Medallion utilizes the Life Cycle Assessment methodology to support investment and process decision-making.

More about Medallion can be found at www.mdl-innovations.com.

Contacts

Gabriel Alonso-Mendoza, Interim CEO +1 212 970 1963 | gam@mdl-innovations.com

Douglas Newby, CFO +1 212 867 1834 | douglas.newby@mdl-innovations.com

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.

Medallion management takes full responsibility for the content of and has prepared this news release. Some of the statements contained in this release are forward-looking statements, such as statements regarding its rights to commercialization of technologies and opportunities for expansion of the technology portfolio in the future, and any statements that describe Medallion’s plans with respect to general strategic matters and the advancement of its business plan, and Medallion’s ability to advance and commercialize its technology platforms and negotiate commercial agreements with third parties.

Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates," "potential," "possible," "projects," "plans," and similar expressions, or statements that events, conditions or results "will," "may," "could," or "should" occur or be achieved or their negatives or other comparable words.   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. 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, except as required pursuant to applicable laws.