Medallion Resources Announces $400,000 Private Placement

Medallion Resources Announces $400,000 Private Placement

NOT FOR RELEASE IN THE UNITED STATES

VANCOUVER, British Columbia, Feb. 02, 2018 -- Medallion Resources Ltd. (TSX-V:MDL) (OTCPK:MLLOF) (Frankfurt:MRDN)

– “Medallion” or the “Company”), the smart producer of magnet metals, is pleased to announce that it has arranged a non-

brokered private placement of up to 4,000,000 units (each a “Unit”) at a price of $0.10 per Unit for gross proceeds of up to

$400,000 (the “Offering”). Each Unit will consist of one common share of the Company (a “Common Share”) and one

transferable Common Share purchase warrant (a “Warrant”) with a three-year term. Each Warrant will be exercisable to

acquire one additional Common Share at an exercise price of $0.15 for 36 months.

Medallion has agreed to pay finders’ fees to arm’s length finders of up to 8% of the gross proceeds funded by outside parties,

payable in cash or Units at the election of the finder, and will also grant finders’ options equal to up to 8% of the Units sold

through qualified finders. Each finder’s option will be exercisable to acquire one Common Share of the Company at an exercise

price of $0.10 per Common Share for a period of 24 months from the closing date of the Offering.

The proceeds of the Offering will be used to further the metallurgical test program that Medallion has undertaken with the

Saskatchewan Research Council; 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 the Offering is subject to the

acceptance of the TSX-V. Medallion anticipates that following the completion of the Offering, assuming the Offering is fully

subscribed, there will be approximately 29,210,472 Common Shares issued and outstanding

All securities issued to purchasers and finders under the Offering will be subject to a four-month hold period from the Closing

Date, pursuant to applicable securities laws and the policies of the Exchange. 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 Resources

Medallion 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.

Contact:

Name: Donald Lay

Title: President & CEO

Phone: +1.604.681.9558

email: [email protected]

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 the the completion 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.