Mr. Jeremy Crozier reports

MEDGOLD ANNOUNCES MAILING OF PROXY MATERIALS

Medgold Resources Corp. has filed on SEDAR+ the notice of meeting, management information circular and form of proxy relating to its annual general and special meeting of shareholders to be held on Aug. 31, 2023, and it has mailed proxy materials for the meeting.

The circular contains the following disclosure of exploration work Medgold has completed on its Tlamino project exploration licences subsequent to the date of its preliminary economic assessment with an effective date of Jan. 7, 2021.

"In 2021, subsequent to the date of the Tlamino project technical report, Medgold collected a total of 121 rock chip and soil samples over the Donje Tlamino, Surlica-Dukat and Zuti Kamen exploration licences. This work was undertaken for tenure maintenance purposes and was unrelated to the area that was the subject of the preliminary economic assessment. The assay results from the samples did not warrant any follow-up work on the areas from which the samples were taken. In 2022, 319 sample pulps from existing rock chip and drill core samples were set aside from the Donje Tlamino and Surlica-Dukat materials for analysis, but due to budgetary constraints, the analysis was never completed. Consequently, the results of the aforementioned work conducted by Medgold does not impact the findings or the recommendations set out in the Tlamino project technical report and no component of the recommended work program set out in the Tlamino project technical report has been completed, and therefore, no update to the recommended work program is required."

At the request of the TSX Venture Exchange, Richard Siddle, MSc, MAIG, one of the authors of the Tlamino project technical report, signed a certificate relating to a reconciliation of such work.

Qualified person and data verification

Richard Siddle, MSc, MAIG, of Addison Mining Services Ltd., an independent qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical content of this news release. Mr. Siddle has not verified the data disclosed in the reconciliation, since the purpose of the reconciliation was to confirm that the recent exploration work did not impact the findings or the recommendations set out in the Tlamino project technical report.

About Medgold Resources Corp.

Medgold is a TSX Venture Exchange-listed, gold exploration company targeting early-stage properties in the Balkan region. Run by an experienced management team with a successful record of building value in resource companies, Medgold is seeking to build value through fast-paced exploration and resource definition in the prospective and underexplored region.

We seek Safe Harbor.