Mr. Jeremy Crozier reports

MEDGOLD PROVIDES UPDATE ON PROPOSED ACQUISITION OF BALKAN METALS CORP.

Medgold Resources Corp. has provided an update on its proposed acquisition of Balkan Metals Corp., a private British Columbia company which 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 (to be renamed Electrum Metals Group Corp. (the resulting issuer)) will be the largest holder of highly prospective exploration ground in the Republic of Serbia.

Subsequent to receiving shareholder approval, the TSX Venture Exchange has granted Medgold a 90-day extension of the deadline to close the acquisition.

In addition, Medgold announces that, as of Aug. 23, 2023, Balkan Metals had received subscription agreements for 1,760,993 units of Balkan Metals to raise approximately $264,149, with each unit being sold at a price of 15 cents per unit in an interim financing. The interim financing is an extension to the preclosing financing of Balkan Metals, as disclosed in Medgold's information circular dated July 14, 2023. Each unit is composed of one common share of Balkan Metals and a share purchase warrant entitling the holder to purchase, subject to adjustment, one additional common share of Balkan Metals for a period of two years, at a price of 25 cents for the first year and a price of 30 cents for the second year, subject to acceleration. Following closing of the acquisition, the warrants will be assumed by the resulting issuer and adjusted in accordance with their terms to receive the same number of common shares of the resulting issuer.

Balkan Metals used a portion of the proceeds of the interim financing to pay for the extension of some of Balkan Metals' licences, including the Luka licence (forming part of the Timok East project), to keep the Tlamino project in good standing and for other working capital requirements.

As a result of the increased preclosing financing, the exchange requires Medgold and Balkan Metals to increase the size of financing to close concurrently with closing of the acquisition. The concurrent financing will now be a minimum of 10,405,450 units to be sold at 20 cents to raise a minimum of $2,081,090.

The parties are continuing to work closely together to satisfy the conditions precedent to completion of the acquisition, primarily arranging the concurrent financing, the net proceeds of which 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 the company'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+.

We seek Safe Harbor.