Following this transaction, Mr. Lay’s beneficial ownership of the issued and outstanding Common Shares is below 10%. Following the sale of the 3,185,000 Common Shares, Mr. Lay beneficially owns and has control over 632,001 Common Shares, 743,250 Common Share purchase warrants of the Com pany exercis

NEWS RELEASE.

For Immediate Release

DISPOSITION OF SHARES OF MEDALLION RESOURCES LTD.

March 19, 2019 – Mr. Donald Lay (“Mr. Lay”), an officer and director of Medallion Resources Ltd. (the

“Company”) announces that on March 15, 2019 he sold an aggregate of 3,185,000 common shares (each,

a “Common Share”) in the capital of the Company through the facilities of the TSX Venture Exchange.

Following this transaction, Mr. Lay’s beneficial ownership of the issued and outstanding Common Shares

is below 10%.

Following the sale of the 3,185,000 Common Shares, Mr. Lay beneficially owns and has control over

632,001 Common Shares, 743,250 Common Share purchase warrants of the Com pany exercisable to

acquire an additional 743,250 Common Shares, and 1,050,750 stock options of the Company exercisable

to acquire up to an additional 1,050,750 Common Shares. This represents approximately a 2.02% interest

in the Company on an undiluted basis and approximately a 7.35% interest on a partially diluted basis,

assuming the exercise of the common share purchase warrants and stock options held by Mr. Lay.

Mr. Lay triggered the requirement to file this news and an early warning report by selling his ownership of

and control over the Common Shares.

2,000,000 Common Shares were sold at a purchase price of $0.09 per Common Share for total consideration

of $180,000, and 1,185,000 Common Shares were sold at a purchase price of $ 0.095 per Common Share

for total consideration of $112,575.

As disclosed in the press release of the Company dated March 15, 2019, Mr. Lay sold the Common Shares

to partially fund subscriptions under the Company’s non- brokered private placement (the “ Private

Placement”), and Mr. Lay intends to subscribe for 3,185,000 Common Shares in the Private Placement.

For further information or to obtain a copy of the Early Warning Report filed on SEDAR pursuant to

National Instrument 62- 103, please contact Donald Lay by telephone at 604.681.9558 or by email at

[email protected]. The Company’s offices are located at 1160 – 595 Howe Street, Vancouver,

BC, V6C 2T5.