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Contents

Company Snapshot

Magnet Metals

• Existing Marketplace (and history)• Growing demands • China • Rest of World Response

Medallion Production Strategy

• Monazite opportunity • Rare-Earth plant• Longer term potential

Milestones / News Flow

Talent

Investment Summary

Capital Structure

The Smart Producer of

Magnet Metals (NdPr)

Q4 2017

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Disclaimer

This presentation by Medallion Resources Ltd. (“the Corporation”) is for informational purposes only and does not

constitute a solicitation or offer to sell securities. This presentation contains projections and forward-looking information

that involve various risks and uncertainties regarding future events. Such forward-looking information can include,

without limitation, statements based on current expectations or other assumptions that involve a number of risks and

uncertainties. Forward-looking statements and information are not guarantees of future performance of the Corporation.

Forward-looking information is subject to risks and uncertainties that may cause actual results, and the Corporation’s

plans and objectives to differ materially from those expressed in the forward-looking information. Such risks and

uncertainties are detailed in the Corporation’s public filings available on SEDAR. Actual results and future events could

differ materially from those anticipated in forward-looking information. These, and all subsequent written and oral

forward-looking statements are based on estimates and opinions of management on the dates that they are made and

expressly are qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking

information, should circumstances or management’s estimates or opinions change.

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Company SnapshotMedallion Resources

• A smarter approach to rare-earth production —

purchase, transport, and process a by-product rare-earth

mineral in a North American processing plant

• Extract and sell rare-earth chemical concentrates – focus

on magnet metals (especially NdPr) to drive the business

• Low capex / low opex – relatively quick production

• Flowsheet developed and NA supplies being sourced –

metallurgical test-work and business development

execution now underway

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Demands for Rare Earths Market Overview

La (Lanthanum), Nd (Neodymium), Dy (Dysprosium), Tb (Terbium), Ce (Cerium),

Sm (Samarium), Pr (Praseodymium), Eu (Europium), Y (Yttrium), and Gd (Gadolinium)

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Market OverviewSpecific uses of Rare Earths

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Rare-Earth MarketHistorical Rare-Earth Production

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

USA CHINA AUSTRALIA OTHER

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Industry Insights

• Good geology, state support and lax environmental standards – China came to

dominate the REE industry

• Since 2010 has practised overt industrial policy … to ensure access of REEs for its

manufacturing economy :

– Export quotas, taxes and state supply management

– Directed 6 state companies to consolidate REE production & processing

• Rest of the world response:

– Initial panic / new exploration / strategic investment

– Two new producers -- Lynas + Molycorp – one survives

• Lessons learned:

– Rare-earth processing is complex

– For ROW: requirement for alternative supplies still there

– Japanese and Europeans now exploring deals for longer term offtakes

All about China …

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Industry Insights

Rising Demand for Rare Earths is being driven by magnet metals:

• Nd and Pr• Dysprosium • Terbium

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Industry InsightsRare-Earth Prices Up . . . Then Down

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Monazite Sand

Heavy mineral sands dredging operation• Target ore mineral is monazite sand (50-

60% rare earths)

• Available as a by-product from heavy

mineral sands mines in SE USA (as well

as Australia, South Africa and South

America)

• Processed currently for REEs in India and

China and historically USA,Brazil and

France

• Concentrated as a by-product during

heavy mineral sands processing

• Stockpiles estimated at 200,000 tonnes

plus ongoing production

Major Rare-Earth Mineral

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Monazite sand

Distribution of rare-earth elements in monazite

Light REEs

Lanthanum 23.9%

Cerium 46.4

Neodymium 16.8

Praseodymium 4.8

Samarium 2.7

94.6% Total Lights

Heavy REEs

Europium 0.1%

Gadolinium 1.8

Terbium 0.2

Dysprosium 0.6

Erbium 0.2

Yttrium 2.4

Others 0.1

5.4% Total Heavies

100.0%

Magnetic metals 22.4 = 86% of value

RARE EARTHS

50 – 60%

of monazite concentrate

THORIUM

(must be sequestered

or disposed of) 5 – 10%

PHOSPHATE

for fertilizer or animal feed

30 – 40%

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Monazite SourcesCountries with 50,000+ tonnes

Source: US Geological Survey, Medallion Resources

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Senegal

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South Korea

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Vietnam

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Australia

�US Southeast

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India

�Sri Lanka

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Brazil

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�Madagascar�

Mozambique�

South Africa

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✪ Stockpiles

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Indonesia

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Fast-Track StrategyRare-Earth-Production Flow

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Commercialization

• Delivered small concentrate samples from bench level tests

(2015) to rare-earth refineries

• Product specifications for quality and distribution – larger

samples and timing requested

• June 2017 – announced commercial agreement with Rare

Earth Salts – leading novel separation technology group

• Currently processing 20+ tpm

• Competitive with Chinese producers

• Agreed to target 500 tpa � 3,000 tpa

Marketing a Rare-Earth Concentrate

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Looking Forward Newsflow going forward

Note: Bold text denotes separate news releases

2015 2016 2017 – H1 2017 – H2 2018

Process

Development

Bench Level Tests

Sample Product

Produced

Lab and process

development analysis

Metallurgical

Test Work

Furrther Test Work

at SRC Plant

Complete Test Work

Economic Studies

Customer

DevelopmentMarket Analysis

Engagement

SX refiners

New entrants

Commercial

Agreement

Rare Earth Salts

Larger Samples to Customers / Additional

Customer / Strategic Relationships

Financing

M+A$550,000 Equity Raise $300,000 Equity Raise

Equity Capital / Government R&D

Strategic Partner Funding

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Management / Board

• Donald M Lay, BSc — President & CEO, Director — 20+ years of international experience in

public and private venture-capital and project funding. Developed business and raised

capital in technology and ag-bio processing fields. A number of successful investor exits.

• Tom Arnould, CA — CFO & Secretary — 30+ years in private companies including merger

and acquisitions and senior finance roles.

• David Haber, IDD — Chairman — Business / succession consultant; Honorary Consul

General, Republic of Austria. Career in insurance: built, operated and sold benefits

consultancy in 2006 to Morneau Sheppell (TSX: MSI).

• David Shaw, PhD, PGeo — Director — Consulting Geologist, Director of First Majestic Silver

(NYSE: AG), First Mining Finance (TSXV:FF), Great Quest Metals Ltd (TSXV:GQ), 30+ years in

global exploration and mining finance.

• Rod McKeen, LLb — Director — co-founding partner at Axium Law Corporation, 25+ years

practising mining-related securities and corporate law. Formerly partner at Gowling Lafleur

Henderson LLP and Montpellier McKeen Varabioff Talbot and Giuffre.

• Andy Morden, CA — Director — President & CEO Corvus Energy, Vancouver. 20+ years of

operations and finance experience in public and private companies in high-tech field.

Formerly with Intrawest Corporation and KPMG.

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Advisors / Consultants

• Kurt Forrester, PhD — Consulting Metallurgist —Chartered Chemical Engineer (CEng

MIChemE) and Chartered Professional Metallurgist (MAusIMM CP(Metallurgy)). 15+ years as

engineering consultant mining - process development, feasibility and EPCM. Expertise on

commodities including precious metals, REEs and industrial minerals.

• Mark Saxon, B.Sc. (Hons) GDipAppFin, MAusIMM, MAIG — Advisor — 23+ years of

experience in exploration and geology with junior and senior companies in gold, base and

REEs. Previous CEO at REE junior Tasman Metals – now Leading Edge Materials.

• Anthony Mariano, PhD — Advisor — Internationally renowned rare-earth consultant, 50+

years experience in mineral exploration, former advisor to Molycorp Inc and currently advises

Rare Element Resources Ltd and other potential rare-earth producers.

• James G. Clark, PhD, LGeo — Advisor — 30+ years of exploration – strong field and laboratory

orientation. Has managed exploration programs for REE’s, niobium, gold, base metals, and

industrial minerals. Former VP Exploration Rare Element Resources / consultant to Molycorp.

• Bob Roe, MS Geosciences — Advisor / Consultant — Consulting mineral-exploration

geologist, formerly with Rio Algom, Phelps Dodge, and Kerr McGee Corporation, 30+ years

experience in heavy-mineral-sands deposits.

World-Class Talent

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Investment Highlights

• 85% + of economics tied to fast-growing magnet metals

market

• Completed modern metallurgical process producing a high

purity rare-earth chemical concentrate -- minimal technical risk

• Monazite feedstock available from SouthEast US

• Low opex / low capex

• Strategic leverage to:

– Industrial world seeking non-Chinese sources (especially Germans and

Japanese)

– New separation technologies (Rare Earth Salts)

• Attractively priced and de-risked – in an area of newly

emerging interest

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Share Information

Shares Issued25.2 million shares +1.6 million options

+ 10.1 million warrants

Fully diluted 36.9 million shares

Market capitalization ~$4 million

52-week low - high $0.08 - $0.28

Insider holdings ~10%