Medallion Grant Stock Options

FOR IMMEDIATE RELEASE

September 18, 2020

MEDALLION GRANT STOCK OPTIONS

Vancouver, BC – Medallion Resources Ltd. (TSX -V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) –

“Medallion” or the “Company”) announces that it has approved the grant of 1,000,000 stock options to

directors, officers, advisors and consultants which are exercisable into common shares of Medallion at a

price of $0. 33 per common share in accordance with TSX Policy 4.4, and subject to the rules of the TSX

Venture Exchange and the Company’s Stock Option Plan. The options have a term of five years and will

expire on September 18, 2025.

About Medallion Resources

Medallion Resources has developed a proprietary process and rel ated business model to achieve 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 input s 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.

Contact(s):

Mark Saxon, President & CEO

Donald Lay, Director & Strategic Advisor

+1.604.681.9558 or [email protected]

– END –

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 content and has prepared this news 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 completio n of the Private Placement and the intended use of the proceeds. 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 ev ents or

results or otherwise.