Mr. Duane Parnham reports

MADISON METALS ACHIEVES RENEWAL MILESTONE FOR EXCLUSIVE PROSPECTING LICENSE 7011 AT MADISON NORTH URANIUM PROJECT IN NAMIBIA

Madison Metals Inc. has renewed exclusive prospecting licence 7011 (EPL-7011) in the Madison North project area, adjacent to the globally acclaimed Rossing uranium mine in the renowned Erongo uranium province of Namibia, Africa. This renewal is significant for Madison's portfolio as the company holds an 85-per-cent interest in EPL-7011 and it is located in a well-known uranium belt.

"EPL-7011 bolsters Madison's strategic land positioning and there is an NI 43-101 technical report, affirming the licence's potential for uranium deposits," says Duane Parnham, executive chairman and chief executive officer of Madison Metals. "This report, alongside the renewal and the previously obtained environmental clearance certificate, underlines Madison's commitment to responsible exploration and development."

Emphasizing the importance of this renewal, Mr. Parnham adds: "The strategic renewal of EPL-7011, supported by an NI 43-101 technical report, aligns with our focused approach in maintaining and expanding our presence in this uranium-rich area. Our current efforts are centred on strategic exploration and drilling for potential deposit expansions on adjoining concessions."

Madison Metals continues its prudent approach, ensuring exploration and development activities are aligned with environmental stewardship and stakeholder value. The company is dedicated to strategically advancing its uranium assets with a keen eye on creating shareholder value through judicious and environmentally conscious exploration activities.

The renewal of EPL-7011 follows the successful transfer of exclusive prospecting licences 8531 (EPL-8531) and 8115 (EPL-8115) to PennyWort Investments Pty. Ltd., which is majority-owned by Madison (85 per cent) with the company's Namibian partners (15 per cent). Please refer to Madison's news release dated June 6, 2023, announcing the EPL-8531 and EPL-8115 licence transfers.

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.

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