Mr. Duane Parnham reports

MADISON METALS CEO DUANE PARNHAM INCREASES STAKE IN COMPANY TO 10.6%, EXPRESSES OPTIMISM ABOUT MADISON'S FUTURE

Madison Metals Inc. executive chairman and chief executive officer Duane Parnham has acquired 233,000 of the company's common shares on the open market. Prior to the Acquisition, Mr. Parnham held 1,890,000 common shares in Madison. As a result of the Acquisition, Mr. Parnham now holds a total of 2,123,000 common shares, representing approximately 10.6% of the Company's common shares on an undiluted basis, and 2,907,333 common shares (including 600,000 stock options and 184,333 common share purchase warrants), representing approximately 9.8% of the common shares on a fully diluted basis.

A Statement from CEO Duane Parnham

Mr. Parnham had the following to say about his increased investment in the Company:

"The current course of Madison Metals' development reminds me of 2007. That year, uranium prices soared to US$140 per pound, and my small uranium company at the time catapulted to a C$860 million market cap from its start-up status. Given the calibre of our uranium assets, the management team's track record in asset development, and the tailwinds in the overall uranium market, I have confidence in the direction and value of Madison, especially as it continues to focus on sustainable uranium exploration and production on its flagship assets in Namibia."

Except as required by law, the Company generally does not commit to announce further acquisitions or dispositions of its common shares by its officers or directors. The recent share purchases are mainly for investment purposes and Mr. Parnham may increase or decrease his holdings as market conditions dictate.

This press release is issued pursuant to National Instrument 62-104 Take-Over Bids and Issuer Bids and National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

For further details relating to the Acquisition, please see the Early Warning Report filed by Mr. Parnham, a copy of which is available on Madison's SEDAR+ profile, or contact Mr. Parnham at +1 (416) 489-0092.

About Madison Metals Inc.

Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) 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 track record of creating shareholder value.

We seek Safe Harbor.