Medallion Metals Limited reported extensional drilling results from the Flag deposit within the Kundip Mining Centre (KMC). KMC is host to a JORC 2012 Mineral Resource Estimatof 1.37Moz AuEq @ 2.60g/t AuEq 1. The MRE at KMC totals 16.5Mt @ 2.1 g/t gold and 0.3% copper for 1.1 million ounces of gold and 50,000 tonnes of copper metal contained. 67% of the gold estimated is in the Indicated category, with 80% of the MRE within 150 meters of surface.

A total of approximately 5,300 metres of Reverse Circulation and Diamond drilling was completed at Flag during 2022. Significant intersections include; 4.9m @ 8.1 g/t Au, 0.27 % Cu, 5.09 g/t Ag from 285m (DD22KP1128) including; 0.35m @ 52.2 g/t Au, 2.3 % Cu, 34.8 g/t Ag from 286.95m; 0.34m @ 55.2 g/t Au, 0.55 % Cu, 8.4 g/t Ag from 289m; 3.6m @ 13.3 g/t Au, 0.44 % Cu, 13.9 g/t Ag from 351m (DD22KP1128) including; 0.48m @ 60.4 g/t Au, 0.38 % Cu, 7.4 g/t Ag from 351.67m; 0.61m @ 25.5 g/t Au, 1.96 % Cu, 34.9 g/t Ag from 353.69m; 4.14m @ 4.4 g/t Au, 0.29 % Cu, 6.97 g/t Ag from 218m (DD22KP1142) including; 0.68m @ 25.5 g/t Au, 1.6 % Cu, 40.4 g/t Ag from 220.97m; 1.45m @ 17.15 g/t Au, 0.36 % Cu, 3.88 g/t Ag from 232.75m (DD22KP1144); 0.30m @ 63.7 g/t Au, 0.78 % Cu, 12.4 g/t Ag from 233.6m; 6m @ 3.98 g/t Au, 0.24 % Cu, 3.68 g/t Ag from 249m (RC22KP1137) including; 1m @ 12.5 g/t Au, 0.98 % Cu, 18.2 g/t Ag from 251m; 1.33m @ 3.39 g/t Au, 0.73% Cu, 4.7 g/t Ag from 199.99m (DD22KP1121) including; 0.30m @ 13 g/t Au, 0.42 % Cu, 5.5 g/t Ag from 201.02m. High-grade drill results are situated within the SE plunge at Flag Central which was previously mined by Norseman Gold in the 1980s.

Multiple, thin, parallel, high-grade veins observed in drilling correlate with geological characteristics, and high gold values, observed from the underground development mined by Norseman Gold. Mineralisation remains open down-dip and the SE. Drilling at Flag West continued to confirm the modelled position of the main lode.

Structural analysis of diamond drill core will be a priority in November 2022. In combination with down-hole electromagnetic surveys currently underway, the results of the analysis will assist future drill targeting of these very high grade shoots at Flag. Flag Deposit; The Flag deposit is currently the southernmost known Au-Cu deposit at KMC and in the Ravensthorpe Greenstone Belt.

Mineralisation outcrops in the greenstones proximal to the overlying unconformable contact with the Proterozoic Mt Barren Group metasediments and dips moderately to steeply (35° - 60°) to the south beneath these Proterozoic rocks. Flag is noteworthy for its consistent planar structure that strikes west-east over at least 550m, with the regular nature of the structure enabling it to be mined from underground on an intermittent basis from the early 1900s to 1989 when commodity prices were favourable. Flag is also notable for its high grades of gold and copper, as evidenced by the available historical documentation recorded on both the hangingwall and footwall of the structure.

Medallion's 2022 assay results now provide further confidence that the very highest grades observed are a consistent feature at Flag. Prior to 1989, production from the Flag deposit was recorded as 30,049 tonnes at an average grade of 16.6g/t Au for 16,000 ounces (Penkethman & Czerw, 2005). All the mineralisation bearing structures identified at Flag are still open at depth and along strike to the east and west.

Exploration Programme Update; Medallion has completed approximately 46,000m of combined RC and DDH drilling at RGP since listing on the ASX in March 2021. Approximately 40,000m was carried out at KMC with the remainder completed at the Company's highly prospective regional targets. In June 2022, Medallion released an interim MRE update comprising 26,308m of new drilling with global Mineral Resources increasing to approximately 1.4Moz AuEq @ 2.6g/t. Approximately 15,000m of drilling has been reported subsequent to the MRE update.

A further MRE update based on approximately 12,000m of completed drilling is expected in November 2022. Drilling has recommenced at RGP in September 2022 with 10,000m of drilling to be undertaken targeting extensions to established Mineral Resources at Gem and Harbour View in addition to priority near mine targets. There are currently two drill rigs operating at KMC (one RC and one DDH rig).

Additional work programs include Down Hole Electro-Magnetic (DHEM) surveys and structural mapping and analysis.