Mr. Duane Parnham reports

MADISON METALS ANNOUNCES SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT AND AMENDED OFFERING DOCUMENT

Madison Metals Inc. intends to proceed with the second tranche of a private placement financing of units in the capital of the company at a price of 35 cents per unit. The private placement was initially announced in a press release of the company on March 12, 2024, and on March 25, 2024, the company announced the closing of the first tranche of the private placement by way of the issuance of 3,069,600 units for gross proceeds of $1,074,360. It is expected that the second tranche will close on or before April 12, 2024. The private placement is subject to a maximum offering size of $2.5-million.

Each unit consists of one common share and one-half common share purchase warrant. Each full warrant entitles the holder thereof to purchase one common share in the capital of the company for a price of 50 cents for a period of 18 months from the date of the closing.

A finder's fee may be paid in the amount of 6 per cent cash and the issuance of broker warrants equal to 6 per cent of the units issued in the offering, with each broker warrant entitling the holder to acquire one common share of the company for a period of 18 months from the date of issuance at an exercise price of 50 cents per common share.

The units will be offered for sale to purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions. The securities issued pursuant to the offering will not be subject to any statutory hold period in accordance with applicable Canadian securities laws.

The company has filed an amended offering document related to the listed issuer financing exemption that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this amended offering document before subscribing for any securities issued in connection with the offering.

Madison has hired Gene McBurney and Michael Wekerle of ECM Capital Advisors Inc., a Bahamian corporation, as a strategic adviser in connection with this transaction.

The proceeds from the offering will be used by the company primarily to commence drilling activities at the Khan high-grade uranium discovery in Namibia, for acquisition costs and general working capital.

About Madison Metals Inc.

Madison Metal 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.