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.) will be the largest holder of highly prospective exploration ground in the Republic of Serbia.

The company announces that the previously announced subscription receipt financing which is to close concurrently with the acquisition has been repriced to better reflect the current market conditions. The concurrent financing will now consist of a minimum of 18 million units of Balkan Metals at a price of 10 cents per unit for aggregate gross proceeds of a minimum of $1.8-million. Each unit will consist of one common share in the company and one common share purchase warrant, exercisable for two years at an exercise price of 20 cents.

The funds available to the resulting issuer after the closing of the acquisition will be used for expenditures on exploration activities at the Timok East project, working capital, and general and administrative expenses. After the completion of the acquisition, and assuming the completion of the minimum financing, the resulting issuer will have 59,713,077 common shares outstanding on a non-diluted basis and 83,008,602 common shares outstanding on a fully diluted basis.

Trading in the company's common shares continues to be halted and is expected to remain halted until completion of the acquisition which is expected on or about Dec. 31, 2023.

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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