Medallion Comments on Recent Market Activity

VANCOUVER, BC--(Marketwired - March 03, 2017) - Medallion Resources Ltd. (TSX VENTURE: MDL) (OTC PINK: MLLOF) ("Medallion" or the "Company"), at the request of Canadian regulatory authority IIROC, confirms that its management is unaware of any material change to the Company or its business that would account for the recent increase in market activity.

It should be noted, however that the market prices of tradable rare-earth element (REE) oxides have firmed up in recent months. Medallion recently reported it has engaged the Saskatchewan Research Council to perform advanced process test-work for further development of the Company's REE extraction process from monazite, a REE phosphate mineral. This test-work, using sample monazite from a new heavy-mineral sands producer, aims to provide the technical confirmation needed to implement a planned, integrated REE-extraction pilot plant.

Medallion continues to develop business and technical relationships with heavy-mineral sands mining operators in order to assess and source monazite-sand feedstock for the Company's proposed REE-extraction plant.

Medallion is also dealing with prospective customers, both current solvent extraction-based REE refiners and novel technology-based refining groups, to deliver clean, high-valued REE chemical concentrates.

The Company has previously disclosed that it is open to equity investment, strategic partnerships, and alternative financial approaches to provide minimally dilutive capital to develop its business.

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: MRD) can be found at medallionresources.com.

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 estimates and statements that describe Medallion's planned process testing and intended pilot plant testing or other objectives or goals, including words to the effect that Medallion or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks inherent in completing laboratory-scale processing tests and applying the results to full-scale production 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. Such risks include expectations that may be raised by discussing potential business, acquisitions or development plans. 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.