Medallion Completes Diagnostic Testing with Australian Nuclear Science and Technology Organization (ANSTO)

Mineral sand monazite is an abundant REE-rich feedstock, that can be accessed as a by-product from global mineral-sand mines that target zirconium and titanium, without the need for additional mining. Medallion's business model is centered on the Medallion Monazite Process, a transferable and scalable technology designed to accept multiple mineral-sand monazite feedstocks and extract high-value REEs with high efficiency, high recovery and zero liquid waste.

Current and ongoing test work is focused on correlating low cost "diagnostic" mineralogical and chemical data from "run of mine" monazite, sourced from operating mines and prospective producers, with extraction results from the Medallion Monazite Process. This growing data bank will ensure optimal process conditions can be anticipated for all monazite sources and optimal sites identified for a Medallion Monazite Processing hub.

The diagnostic test work builds upon research completed by Medallion over the past 5 years in Saskatchewan, Canada. ANSTO's deep experience in REE-processing and mineral sand monazite makes it an unrivaled research partner for Medallion's ongoing work.

Medallion utilizes Life Cycle Assessment (LCA) as a tool to help reduce the environmental and CO₂ impact of REE production wherever possible. Processing mineral-sand monazite close to source presents the most sustainable solution versus long distance transport. As Australia, South East Asia and the Indian Ocean region are the dominant global sources of mineral sand monazite, expanding research networks in this region, with partners like ANSTO, is highly relevant for future business opportunities.

"The study we have just completed at ANSTO enables us to be increasingly predictive toward REE- extraction and separation process conditions," said Mark Saxon, CEO and President. "By acquiring a simple set of data from monazite suppliers, we can be predictive on the process conditions, costs and quantity of market-ready REE products."

Techno-Economic Assessment (TEA) Update

Utilizing independent consultants, Medallion is presently finalizing a Techno-Economic Assessment (TEA) and Life Cycle Assessment (LCA) for the Medallion Monazite Process (see press release dated November 10 2020) and January 5 2021. These studies draw together Medallion's engineering, financial and environmental impact data and will become the foundation of Medallion's technology execution strategy.

Delivery of the TEA has unfortunately been impacted by COVID-19 staffing restrictions within consulting service providers. Results are now anticipated by mid-May 2021.

Mark Saxon further commented, "while reporting delays are never ideal, we acknowledge the current challenges and restrictions faced by consultants and researchers in the execution of their business. The financial and LCA model is a far-reaching study that will allow us to compare and prioritize operating locations and feedstocks to ensure the most profitable and lowest-environmental impact decisions are made."

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. Furthermore, Medallion has recently licensed an innovative REE separation technology from Purdue University which can be utilized by Medallion and sub-licensed by Medallion to third-party REE producers.

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. Medallion utilizes Life Cycle Assessment methodology to support investment and process decision making.

More about Medallion (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) can be found at medallionresources.com.

Contact(s):

Mark Saxon, President & CEO
Donald Lay, Director & VP, Corporate Development
+1.604.681.9558 or info@medallionresources.com

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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 additional tranche(s) of the Offering 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. 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.