Mr. Duane Parnham reports

MADISON METALS SIGNS MULTI-YEAR URANIUM FORWARD SALES AGREEMENT

On May 30, 2023, Madison Metals Inc. signed a multiyear uranium forward sales agreement with an international banking organization (IBO). The 10-year supply agreement provides for the commitment and delivery of the first 20 million pounds of U3O8 (triuranium octoxide) from Madison's in-the-ground resources. The IBO will facilitate market trades at a price to be determined at the time of transaction and within the context of the market. The sales floor for transactions will be set at $45 (U.S.) per pound of U3O8; 50 per cent of the proceeds will be credited to Madison and the company will provide quarterly updates on sales figures.

"Maintaining the belief in monetizing our uranium resources using innovative strategies, I am confident that this new sales agreement appropriately aligns our strategy with delivering shareholder value by providing non-dilutive capital to explore, develop and mine our projects as quickly as possible," said Duane Parnham, executive chairman and chief executive officer of Madison Metals.

Madison will use the sales proceeds to advance compliant resource/reserve figures, for engineering and economic studies, and mining at its Namibian uranium properties. Madison will also be managing a risk assessment program and hedge book to purchase additional uranium products as, or if, needed, on a tax-neutral basis.

In connection with the forward sales agreement, Madison will issue on signing two million common shares to JJK Holdings Ltd., an arm's-length company, 100 per cent owned by Adrian Towning, which facilitated the transaction. An additional one million common shares will be issued to JJK upon achieving a five-million-pound sales milestone. All shares issued under the agreement are priced at 43 cents as of the close of market on May 31, 2023. The shares are subject to a voluntary 18-month escrow period from the date of issue and will be released in three equal installments.

As a result of the mutual termination disclosed in a press release dated April 28, 2023, Madison has no obligation to deliver any uranium to Lux Partners Ltd. Further, the company has not issued any shares as stated in the Oct. 27, 2022, press release.

The IBO forward sales agreement contains standard default clauses for a contract of this type, with right-to-remedy protecting the buyer and seller with no hardship on default. The agreement with IBO is the only forward sales agreement Madison has in place at this time.

About Madison Metals Inc.

Madison Metals is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise, and a record of creating shareholder value.

We seek Safe Harbor.