MEDALLION RESOURCES’ ASSOCIATE ACDC METALS LTD RECEIVES LISTING CONFIRMATION ON THE ASX

Vancouver, BC. January 4, 2023 – Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), is pleased to announce that ACDC Metals Ltd (“ACDC”) shares will begin trading on the Australian Securities Exchange on January 17, 2023 under the ticker ADC.  ACDC has completed allocation of shares issued at A$0.20 per share in its initial public offering.

Medallion holds 4,800,000 common shares, 2,500,000 performance rights that convert into common shares upon successful completion of a pilot plant incorporating the Medallion Monazite Process (MMP), and an additional 750,000 performance rights that convert into common shares upon commercial production.  Medallion owns approximately 7% of the issued shares of ACDC and, upon conversion of all performance rights to common shares, Medallion would own 8,050,000 shares, or approximately 10.2% of the total 78,555,130 shares that would then be outstanding.

ACDC is an integrated mineral exploration and resource development company focusing on heavy mineral sand projects located in Victoria, Australia.   The company raised A$8.0 million in the IPO and has already completed an initial drill program at its Goshen Central Project in Victoria, Australia.  The program was designed to follow up on historic drilling by previous operators.

ACDC plans to spend approximately A$1.5 million on a pilot plant incorporating the Medallion’s proprietary MMP process developed to extract rare earth elements (REEs) from monazite.

Monazite is a by-product of heavy mineral sand processing. as well as a primary ore at Lynas Corp’s Mt Weld mine and elsewhere.  Medallion believes MMP has competitive advantages compared with other processes including a high degree of automation, lower energy consumption, better health and safety standards, potential for zero-liquid discharge, and low-cost separation of low-value REEs and radionuclides for environmentally-safe disposal.  MMP has been tested extensively at the Australian Nuclear Science and Technology Organization (ANSTO) and other recognized facilities.

Medallion and ACDC have also agreed to collaborate on advancing a rare earth refinery to process mixed REE compounds to produce separated rare earth oxides (REOs) using the Ligand Assisted Displacement (LAD) Chromatography process developed by Purdue University.  Medallion has exclusively licensed this technology from Purdue Research Foundation to separate REEs and other minerals from raw material feed stocks excluding coal sources and excluding recycled materials from manufacturing wastes and recyclates from battery and magnet sources.

Medallion believes that LAD Chromatography, which targets individual elements in contrast to conventional multi-stage group separation of elements, will have environmental, health, financial, and operational advantages over established liquid-liquid or alternative liquid-solid processes.

“Congratulations to the ACDC team for a successful IPO in these difficult times, indicating strong investor interest in rare earths and the company’s assets in particular. ACDC’s success is an important step towards commercializing Medallion’s critical mineral processing technologies,” stated Alfredo Ramos Plasencia, Medallion’s President and CEO.  “We look forward to working with ACDC to complete the pilot plant and beyond,” Ramos Plasencia added.

 Since joining Medallion, Mr. Ramos Plasencia and the Medallion leadership team have been focused on developing plans to commercialize the LAD Chromatography process  based on its expertise in process development and commercialization using advanced, computer-aided engineering (CAE) technology.

In mid-January the Company plans to summarize its objectives for technology commercialization including partnering with strong technology providers, upstream feedstock suppliers, and downstream offtakers.