Further strong infill & extensional results at RGP

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11 November 2021

ASX:MM8

Further strong infill & extensional results at RGP

• RC holes RC21KP1049 and RC21KP1050 confirm broad zone of mineralisation with strong continuity to surrounding drilling at western end of Kaolin deposit at the Ravensthorpe Gold Project ("RGP");

1. 20m @ 2.57 g/t Au, 0.14 % Cu, 2.25 g/t Ag from 38m (RC21KP1050) including
2. • 9m @ 2.6 g/t Au, 0.03 % Cu, 0.91 g/t Ag from 71m
   • 8m @ 3.4 g/t Au, 0.30% Cu, 4.48 g/t Ag from 83m

• 1. 34m @ 1.56 g/t Au, 0.2 % Cu, 2.06 g/t Ag from 91m (RC21KP1049) including
  2. • 21m @ 1.45 g/t Au, 0.1 % Cu, 0.84 g/t Ag from 91m
     • 11m @ 2.01 g/t Au, 0.42% Cu, 4.92 g/t Ag from 114m
• Mineralisation remains open at Kaolin down-dip to the south and down-plunge to the southwest with extensional drilling in progress.
• Deeper stratigraphic drilling in drill holes DD21KP959 and DD21KP960 identify multiple mineralised intersections interpreted as down-dip from both Kaolin and Harbour View including;
• 1. 1m @ 12.8 g/t Au, 0.96 % Cu, 13.9 g/t Ag from 218m (DD21KP959)

• 1. 0.63m @ 14.1 g/t Au, 0.87% Cu, 6.2 g/t Ag from 51.82m (DD21KP960) o 16m @ 0.41 g/t Au from 215m (DD21KP960)
     o 2m @ 2.19 g/t Au, 0.12 % Cu, 1.23 g/t Ag from 331m (DD21KP960)
• Stratigraphic drilling demonstrates the Kundip Mining Centre ("KMC") structures are open to a depth of at least 350m below surface.

Managing Director, Paul Bennett, commented:

"These results are significant in two key respects. Firstly, the continuity of the broad zones of mineralisation at the western extent of Kaolin provide confidence that material additions to the existing 674koz gold resource at RGP can be expected from this area. The widths and grades are amenable to open pit mining and we're confident this will lead to extensions of the existing pit design at depth and along strike. Secondly, the deep stratigraphic holes into the projected intersection of the Kaolin and Harbour View corridors confirm the system is open to a depth of at least 350m below surface. When Medallion commenced this drill program in April 2021, the average depth of drilling at KMC was 85m below surface and we are now starting to see the potential of the area begin to emerge."

Medallion Metals Limited

S1/11 Ventnor Ave, West Perth WA 6005

www.medallionmetals.com.au

ABN 89 609 225 023

Medallion Metals Limited

ASX Announcement

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Overview

Medallion Metals Limited (ASX:MM8, the "Company" or "Medallion") is pleased to report additional results from drilling at the Kaolin deposit, part of the Kundip Mining Centre ("KMC") which hosts the Company's current JORC 2012 Mineral Resource Estimate ("MRE") of 674,000 oz1. The Kaolin prospect is located at the northern end of KMC within the greater Ravensthorpe Gold Project ("RGP") (Figure 1).

Drilling will continue over the coming months at all KMC deposits to support a global MRE update which is expected to be completed in the March quarter of 2022.

Figure 1: Location of Ravensthorpe Gold Project showing Kaolin deposit location within the Kundip Mining Centre

Hillsborough

The historical Hillsborough workings are situated at the western end of the Kaolin deposit (Figure 2) where an extensive line of shafts can be observed. Mineralisation at this end of the Kaolin deposit is characterised by en- echelon pyrite-chalcopyrite-quartz lodes (Figure 3) dipping to the south at ~60° and plunging to the southwest. Ongoing drilling along strike and beneath the Hillsborough workings is being undertaken with the objective of improving confidence in, as well as extending the known resources in this area. The 2020 Feasibility Study ("FS")2 demonstrated a relatively low stirp ratio pit would optimise at the western end of Kaolin (Figure 4) and the Company views strike and depth extensions of the deposit in this area as a compelling opportunity to add high margin ounces to the mine plan.

1. Total Mineral Resources of 8.8 Mt @ 2.4 g/t Au (7.0 Mt @ 2.3 g/t Au Indicated and 1.8 Mt @ 2.6 g/t Au Inferred), Probable Ore Reserves of 4.1Mt @ 2.1 g/t Au. Refer to the Company's Prospectus announced on the ASX on 18 March 2021 for further details regarding the MRE, Ore Reserves and Competent Person's Statement.
2. Refer to the Company's Prospectus announced on the ASX on 18 March 2021 for further details regarding the FS.

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Figure 2: Plan view of Kaolin within the Kundip Mining Centre showing drillhole collar positions.

Figure 3: RC21KP1049 rock chips between 115-120m with notable 1m intersections of 4.75 g/t Au, 0.77% Cu, 5.6 g/t Ag between 115m-116m and 3.14 g/t Au, 2.59% Cu, 32.4 g/t Ag between 117m-118m.

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Figure 4: Long section of the Kaolin deposit looking north with Medallion and historical drill intercepts highlighted in gram x metres (greater than 0.5g/t cut-off) with reported drill hole intercepts annotated in yellow.

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Figure 5: Cross section at Hillsborough looking east with Medallion and historical drill intercepts highlighted (greater than 0.5g/t cut-off).

Near Mine Targeting

Several deeper stratigraphic diamond holes have been drilled to target the down-dip extensions of the Kaolin and Harbour View deposits and the interpreted intersection of the two structural corridors.

Drilling (DD21KP959 and DD21KP960) has demonstrated that what is interpreted to be the Kaolin mineralised system at Hillsborough remains open at depth up to 350m below surface with the intersection of numerous narrow high grade gold copper veins over the hole length.

Drilling in this area is currently on-going with assay results for recent DDH holes pending. A downhole Electromagnetic survey was recently undertaken on DD21KP960. Additional RC and DD drilling is planned in 2022.

Drill Programme Update

Medallion's 32,000m drill programme at RGP is progressing rapidly with approximately 24,000m of RC & DDH drilling completed to date. Of the 159 holes drilled in this program to date there have been assays reported for 123 holes, representing approximately 17,000m of drilling. The Company currently has 2 drill rigs (1 RC and 1 DDH) deployed at RGP to conclude the remaining 8,000m of the drill programme by the end of the calendar year.

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