Mr. Duane Parnham reports

MADISON METALS PROVIDES UPDATE FOR ITS URANIUM FORWARD SALES AGREEMENT WITH SANMIGUEL CAPITAL INVESTMENT

Madison Metals Inc. has provided an update on its uranium forward sales agreement with Sanmiguel Capital Investment (Bahamas) Ltd., a financial advisory firm assisting with the administration. Since November 2023, Madison Metals has successfully received funds for its first tranche of the Company's forward sales agreement, at an average price of US$68 per lb. This achievement underscores the uranium agreement's effectiveness in securing favorable pricing, well above the contractual established US$45 price floor. As there is no price ceiling, Madison's forward sales agreement provides upside potential for advantageous pricing as the market continues to surge. The significant flexibility of the forward sales agreement allows the Company to adapt and capitalize on the uranium market's upward price trajectory.

Given the exceptional performance of the current uranium market, with an 88% spot price increase in 2023 and an additional 10% increase in the first two weeks of 2024, Madison is well-positioned to leverage these robust market conditions.

"Our strategic mining assets in Namibia, Africa, backed by decades of expertise, position us as a leading upstream explorer and developer that can fast-track to uranium production. We're not just creating value for our shareholders; we're setting the pace for the future of sustainable energy. This is more than a market trend - it's a fundamental shift in the global energy market, and Madison is positioned to be a major player at the heart of it," said Duane Parnham, Executive Chairman and CEO of Madison Metals.

Madison Metals remains committed to responsible development, utilizing its extensive experience in Namibia, a leading jurisdiction in uranium supply. The Company's focus on creating shareholder value, coupled with its experienced management team, positions it favorably in the global uranium industry.

About Madison Metals Inc.

Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) 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.

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