Mr. Donald Lay reports

MEDALLION CLARIFIES PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT

Due to regulatory requirements and depending upon demand, a portion of the private placement previously announced by Medallion Resources Ltd. on Sept. 17, 2015, will be made available to existing shareholders. This offer is being made in accordance with the provisions of the existing shareholder exemption contained in Multilateral CSA Notice 45-313.

The company has set Sept. 16, 2015, as the record date for determining existing shareholders entitled to purchase units pursuant to the existing shareholder exemption. The offering is being conducted pursuant to available prospectus exemptions, including the accredited investor exemption. Any existing shareholder of Medallion interested in participating in the offering should contact Donald Lay, president and chief executive officer.

The maximum offering is 7.5 million units at three cents per unit for maximum gross proceeds of $225,000. The offering is not subject to any minimum aggregate subscription. Each unit will comprise one common share of the company and one transferable common share purchase warrant. Each warrant will be exercisable to purchase one common share of the company at an exercise price of 20 cents until May 1, 2018. If subscriptions received for the offering based on all available exemptions exceed $225,000, Medallion may seek to increase the size of the offering and obtain TSX Venture Exchange approval for such an increase. In the alternative, should Medallion not seek to increase the size of the offering, where subscriptions exceed the maximum, the units will be allocated pro rata amongst all subscribers qualifying under all available exemptions.

Assuming the offering is fully subscribed, the gross proceeds of the offering will be used as follows: metallurgical studies and site selection regarding monazite processing (approximately $75,000); feedstock sourcing work (approximately $50,000); feedstock analysis and logistics (approximately $25,000); general and administrative expenses (approximately $50,000); and the balance to working capital. Although the company intends to use the proceeds of the offering as described above, the actual allocation of proceeds may vary, depending on unforeseen events. If the offering is not fully subscribed, the company will apply the proceeds of the offering to the above uses in such amounts as management of Medallion determines is in the best interests of the company. As previously announced, a finder's fee of cash or units, at the election of the finder, and finders' options may be paid or granted to finders in respect of the offering.

We seek Safe Harbor.