Medallion Metals Limited reported assay results from Phase 2 drilling at the regional Meridian prospect. Meridian is situated approximately 4km to the west of the Ravensthorpe townsite and 21 kms along strike from the Kundip Mining Centre (KMC) which hosts the Company's current JORC 2012 Mineral Resource Estimate (MRE) of 1.4 Moz at 2.6g/t AuEq . All results reported are outside the KMC and current MRE. Medallion completed Phase 2 of its drilling programme at Meridian in February 2022 comprising 17 holes for 2,691m, including 3 diamond holes for 695m. Results of the drilling confirmed the presence of a mineralised system at Meridian over at least 700m strike length which remains open in all directions. Highlights include from Phase 2 drilling includes: 3.5m @ 17.45 g/t Au, 0.26 % Cu, 3.12 g/t Ag from 133m (DD22MR023) including - 1m @ 13.6 g/t Au, 0.53 % Cu, 8.39 g/t Ag from 133m and 0.91m @ 44.2 g/t Au, 0.19 % Cu, 1.28 g/t Ag from 134.59m. 8m @ 3.45 g/t Au, 0.27 % Cu, 5.81 g/t Ag from 122m (RC22MR024) including - 1m @ 9.46 g/t Au, 0.81%, 32.8 g/t Ag from 125m. 2m @ 3.63 g/t Au, 0.01 % Cu, 1.13 g/t Ag from 60m (RC22MR025). 3m @ 2.61 g/t Au, 0.12 % Cu, 1.37 g/t Ag from 196m (RC21MR021). 1m @ 4.57 g/t Au, 0.05 % Cu, 0.25 g/t Ag from 103m (RC22MR018). 2m @ 1.7 g/t Au, 0.18 % Cu, 1.28 g/t Ag from 166m (RC22MR018). Mineralisation was intersected within all holes along the 700m of strike with the highest gold values recorded at the James Henry historical workings. The results compliment Phase 1 drilling undertaken in 2021 where better results included. 5m @ 11.4 g/t Au, 0.16 % Cu, 1.4 g/t Ag from 32m (RC21MR009) including; 2m @ 26.7 g/t Au, 0.18 % Cu, 2.1 g/t Ag from 32m. 2m @ 6.12 g/t Au, 0.15 % Cu, 1.9 g/t Ag from 125m (RC21MR003). 4m @ 2.89 g/t Au, 0.04 % Cu, 0.13 g/t Ag from 58m (RC21MR003). DD22MR023 is the first diamond drill hole (DDH) to be completed at Meridian which targeted EM conductor RC21MR003_125m. At 131.5m, the drill hole intersected disseminated and blebby sulphides consisting of pyrite+pyrrhotite with trace chalcopyrite. The sulphide abundance increases to 20% between 133.2m­135m with sulphide ratios of 70% pyrite+pyrrhotite and 30% chalcopyrite. Massive and semi-massive mineralisation with subordinate quartz veining occurs between 135m­136.1m averaging 50% pyrite+pyrrhotite and 10% chalcopyrite by total rock volume. High-grade gold consisting of 1m @ 13.6 g/t Au, 0.53 % Cu, 8.39 g/t Ag from 133m and 0.91m @ 44.2 g/t Au, 0.19 % Cu, 1.28 g/t Ag from 134.59m directly correlates with massive sulphides, notably with strong pyrite- pyrrhotite assemblages. RC22MR024 situated 20m northeast of DD22MR023 also targeted an EM conductor and intersected 8m @ 3.45 g/t Au, 0.27 % Cu, 5.81 g/t Ag from 122m. DHEM is consequently considered a priority targeting tool for continued exploration at the Meridian prospect. At the Cousins Glory workings ~400m southeast of James Henry, drilling targeted down-dip of 2021 drilling including 5m @ 11.4 g/t Au, 0.16 % Cu, 1.4 g/t Ag from 32m intersected in RC21MR009. DD22MR019 intersected 0.4m @ 3.53 g/t Au, 0.22 % Cu, 4.8 g/t Ag from 106m situated 60m down-dip of RC21MR009 with mineralisation open at depth. Seven holes from the 2022 drill program were logged at Meridian across two loops. Three new conductors were identified from the survey that are considered high priority targets for follow up drilling. Medallion announced an interim update to the KMC MRE in June 2022 with total resources now standing at 1.4Moz AuEq (1.1Moz Au and 50kt Cu). The MRE update was based on approximately 26,000m of new drilling. Approximately 20,000m of additional drilling has been completed but was not included in the MRE update. The
Company continues to process and receive assay results from this drilling. The new data will inform the next MRE update expected in the final quarter of 2022. Other work programs have identified opportunities to uncover new mineralised lodes proximal to the known deposits to complement the drilling. With the significant regional discovery potential within Medallion's dominant land position, the Company believes the multiple growth opportunities at Ravensthorpe Gold Project (RGP) will significantly increase the resource to a scale that can support the development of a long-life, low-cost gold and copper mine. The interim MRE update and ongoing drill results clearly show that well-funded exploration programmes, led by capable and experienced team will deliver results at RGP. The Company is in the advanced stages of planning its next growth phase and will inform the market of the details of those plans when finalised. This will include further drilling at Meridian in 2022 and 2023.