Medallion Metals : Harbour View Continues to Deliver with Outstanding Results

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22 February 2022

ASX:MM8

Harbour View Continues to Deliver with More

Outstanding Results

• Harbour View continues to develop into a high-grade open pit and underground opportunity with drilling further extending mineralisation. Highlights include:

1. 12m @ 4.27 g/t Au, 0.04 % Cu, 0.25 g/t Ag from 0m (RC21KP1068) including
2. • 4m @ 10.0 g/t Au, 0.08 % Cu, 0.25 g/t Ag from 0m

1. 7m @ 7.6 g/t Au, 0.13 % Cu, 1.6 g/t Ag from 204m (RC21KP1067) o 2m @ 9.68 g/t Au, 0.23 % Cu, 1.55 g/t Ag from 35m (RC22KP1074)
   o 18m @ 1.56 g/t Au, 0.87% Cu, 8.54 g/t Ag from 240m (RC22KP1074) including
2. • 4m @ 4.56 g/t Au, 3.68 % Cu, 34.93 g/t Ag from 240m

• 1. 1m @ 23.2 g/t Au, 7.14 % Cu, 93.6 g/t Ag from 193m (RC21KP1071) o 5m @ 3.16 g/t Au, 0.84 % Cu, 5.3 g/t Ag from 41m (RC21KP1073) o 3m @ 4.2 g/t Au, 0.88 % Cu, 4.6 g/t Ag from 158m (RC21KP1067) o 4m @ 3.4 g/t Au, 1.34 % Cu, 9.63 g/t Ag from 166m (RC21KP1065)
     o 1m @ 11.9 g/t Au, 0.56 % Cu and 5.7 g/t Ag from 252m (RC21KP1071) o 0.45m @ 19.3 g/t Au, 0.25 % Cu, 1.2 g/t Au from 65m (DD21KP1036) o 2.6m @ 1.23 g/t Au, 2.34 % Cu, 23.97 g/t Ag from 238m (DD21KP1036)
• All results to be included in Mineral Resource Estimate (MRE) update targeted for release in April 2022
• The Company has three drill rigs operating at the Ravensthorpe Gold Project (RGP). Assays are pending for some 43 holes representing approximately 11,000 meters of drilling

Managing Director, Paul Bennett, commented:

"Another round of excellent results from Harbour View demonstrating high-grade and continuity along the key structures. The copper and silver grades are also encouraging with copper up to 7% in one of the holes. The consistency of the results demonstrates the team has a very good handle on the mineralisation and we can be confident further drilling will continue to extend it. The results are set to have a significant positive impact on the resource and further illustrates that Harbour View represents a high-grade mining opportunity that remains open both at depth and along strike."

Medallion Metals Limited

S1/11 Ventnor Ave, West Perth WA 6005

www.medallionmetals.com.au

ABN 89 609 225 023

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Medallion Metals Limited

ASX Announcement

Overview

Medallion Metals Limited (ASX:MM8, the Company or Medallion) is pleased to report further results from drilling at the Harbour View deposit, part of the Kundip Mining Centre (KMC) which hosts the Company's current JORC 2012 Mineral Resource Estimate (MRE) of 674,000 oz1. Harbour View is located in the central area of KMC within the greater Ravensthorpe Gold Project (RGP) (Figures 1 & 6).

Figure 1: Plan view of Harbour View within KMC showing reported drillhole collar positions.

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.

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Medallion Metals Limited

ASX Announcement

Harbour View

The Harbour View deposit strikes north-northeast for ~1km through the central part of the KMC. The geology consists of andesitic to dacitic volcaniclastics with minor andesite and rhyolite lavas units. Mineralisation is hosted in sub-vertical, parallel sulphide-quartz veins within a chloritic shear zone. Shallow southeast dipping, east-northeast striking cross lodes are observed extending from Harbour View at May and at Omaha (Figure 1).

Final assay results from 2021 combined with the recent 2022 drilling programme results continue to successfully intercept the targeted high-grade plunges at both Harbour View North and Harbour View South. New drill intercepts at Harbour View (>5 gram x metre) are shown in Figures 2 and 3, along with the 2021-22 program and historical results.

Figure 2: KMC plan. Results reported in this announcement (>5 GxM) in yellow

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Medallion Metals Limited

onlyuse personalFigure 3: KMC long section. Results reported in this announcement (>5 GxM) in yellow. r

ASX Announcement

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Medallion Metals Limited

ASX Announcement

Harbour View Drilling

The Diamond (DDH) and Reverse Circulation (RC) drilling program at Harbour View continues to validate the geological model by confirming mineralisation is hosted in multiple sub-vertical, shear hosted lodes that cross- cut the stratigraphy. Drilling has specifically targeted two high-grade plunges within the Harbour View shear; northeast dipping host andesitic agglomerates and; southwest dipping Felsic Porphyry units that plunge shallowly to the south-west.

At Harbour View North, a total of five RC holes down-dip of RC21KP1057 were completed. One diamond hole (DD21KP965) is currently pending assay. Drilling has delineated a southeast plunge extending from RC21KP1057 with highlights including:

1. 12m @ 4.27 g/t Au, 0.04 % Cu, 0.25 g/t Ag from 0m (RC21KP1068) including

• 4m @ 10 g/t Au, 0.08 % Cu, 0.25 g/t Ag from 0m

1. 3m @ 4.2 g/t Au, 0.88 % Cu, 4.6 g/t Ag from 158m (RC21KP1067)

1. 7m @ 7.6 g/t Au, 0.13 % Cu and 1.6 g/t Ag from 204m (RC21KP1067)
2. • 1m @ 37.8 g/t Au, 0.28 % Cu, 2.8 g/t Ag from 207m

1. 4m @ 3.4 g/t Au, 1.34 % Cu, 9.63 g/t Ag from 166m (RC21KP1065)
2. • 1m @ 9.3 g/t Au, 3.47 % Cu, 25 g/t Ag from 168m

1. 2.8m @ 3.05 g/t Au, 0.13 % Cu, 0.7 g/t Ag from 321m (DD21KP963)
2. • 0.45m @ 11.6 g/t Au, 0.04 % Cu, 0.86 g/t Ag from 321.55m

Four diamond and three RC holes were drilled at Harbour View South (HVS) and the May cross lodes targeting the south dipping high-grade plunges. Significant intercepts from the drilling include:

1. 1m @ 23.2 g/t Au, 7.14 % Cu, 93.6 g/t Ag from 193m (RC21KP1071) - HVS o 1m @ 11.9 g/t Au, 0.56 % Cu and 5.7 g/t Ag from 252m (RC21KP1071) - HVS o 2m @ 9.68 g/t Au, 0.23 % Cu, 1.55 g/t Ag from 35m (RC22KP1074) - May
   o 18m @ 1.56 g/t Au, 0.87% Cu, 8.54 g/t Ag from 240m (RC22KP1074) - HVS

• 4m @ 4.56 g/t Au, 3.68 % Cu, 34.93 g/t Ag from 240m

1. 6m @ 1.07 g/t Au, 0.08 % Cu, 0.25 g/t Ag from 30m (RC21KP1073) - May o 5m @ 3.16 g/t Au, 0.84 % Cu, 5.3 g/t Ag from 41m (RC21KP1073) - May

All new drill holes with assay results above 0.5 g/t Au are presented in Annexure 1 and 2.

Figure 5: Steeply west dipping, Pyrite-Chalcopyrite-Quartz veining within DD21KP1036 with the Harbour View South main lode from 238.4m hosting 2.6m @ 1.23 g/t Au, 2.34 % Cu, 23.97 g/t Ag.

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