Stock Option Grant

FOR IMMEDIATE RELEASE

July 31, 2020

STOCK OPTION GRANT

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

or the “Company”) announces that its Board of Directors has approved the grant of 442,500 stock options

to directors and officers which are exercisable into common shares of Medallion at a price of $0. 195 per

common share in accordance with TSX Policy 4.4, subject to the rules of the TSX Venture Exchange and the

Corporation’s Stock Option Plan. The options have a term of five years and will expire on July 22, 2025.

About Medallion Resources

Medallion Resources has developed a proprietary process and related 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 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 asp ects 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 completion 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 events or results or

otherwise.