Mr. Jeremy Crozier reports

MEDGOLD RECEIVES SHAREHOLDER APPROVAL TO PROPOSED ACQUISITION OF BALKAN METALS CORP.

Medgold Resources Corp. is providing an update on the status of its proposed acquisition of Balkan Metals Corp., a private British Columbia company that holds a portfolio of exploration licences in Serbia, some of which are contiguous to Medgold's existing Serbian exploration permits. With mineral rights covering close to 1,000 square kilometres, the resulting company will be the largest holder of highly prospective exploration ground in the Republic of Serbia.

The company is pleased to confirm that at the annual general and special meeting of Medgold held on Aug. 31, 2023, shareholders voted in favour of all matters brought before the meeting including the acquisition and related share consolidation and company name change. Upon completion of the acquisition, the resulting company will be renamed to Electrum Metals Group Corp.

The parties are continuing to work closely to finalize the acquisition, including completing the proposed $2.0-million non-brokered private placement offering of subscription receipts of Balkan Metals. The net proceeds of the financing will be used by the resulting issuer to finance exploration of its Serbian properties (principally, the Timok East project) and for working capital and general corporate purposes.

Trading in Medgold's common shares continues to be halted and is expected to remain halted until completion of the acquisition.

About Medgold Resources Corp.

Additional information on Medgold can be found on the company's website and by reviewing the company's page on SEDAR+.

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