Mr. Dusan Berka reports

MADORO AMENDS OPTION AGREEMENT TO ACQUIRE 100% OF THE FIRST GREEN LITHIUM PROJECT IN QUEBEC

Madoro Metals Corp. has amended the option agreement dated Jan. 31, 2023, whereby the company was granted the option to acquire a 100-per-cent interest in the 213-claim, 12,325-hectare First Green lithium project located in the emerging Cadillac-Pontiac lithium camp in the Abitibi Temiscamingue region, approximately 75 kilometres southwest of Val d'Or, Que.

Under the terms of the amendment agreement, the parties have agreed to amend certain terms of the option agreement as follows:

• Half of the cash payment, being $18,000, due on Jan. 31, 2024, is extended to July 31, 2024;

• $150,000 of the exploration expenditures due on the property by Jan. 31, 2024, are extended to: $75,000 by Jan. 31, 2025, and $75,000 by Jan. 31, 2026.

The $1-million staged work expenditure is now as follows:

• $50,000 on or before Jan. 31, 2024 (completed);

• $375,000 on or before Jan. 31, 2025; and

• $575,000 on or before Jan. 31,2026.

In consideration of the optionors agreeing to the amendments, the company shall issue the optionors 600,000 common shares of the company.

The amendment agreement remains subject to the approval of the TSX Venture Exchange. All shares issued pursuant to the amendment agreement shall be subject to a statutory hold period of four months and one day from issuance.

As reported by the company in the news release dated Sept. 26, 2023, the initial prospecting and sampling program on its 213-claim, 12,325-hectare First Green lithium property has resulted in the discovery of a potential swarm of lithium-bearing pegmatite dikes. A dike swarm was discovered on the last day of the fall exploration work program in an area of dense moss and tree cover, so only five grab samples were collected over a 1,500 m by 250 m area in the central part of the property. Further surface work is required to better expose bedrock in this area. Geochemical analysis of the five grab samples showed elevated levels of lithium, as well as rubidium, cesium, beryllium and tantalum -- all good pathfinder elements.

The property is located within an emerging lithium belt where large mineral claim holdings have been assembled by Brunswick Exploration Inc., Narrow River Resources Pty. Ltd., Sayona Quebec Inc., Renforth Resources Inc., Vison Lithium Inc. and Winsome Resources Inc.

Companies already exploring for lithium-cesium-tantalum pegmatites in the Cadillac-Pontiac camp include Sayona Mining, Vision Lithium, Brunswick Exploration, Winsome Resources and High Tide Resources.

Corporate update

As reported previously, in 2018 the company entered into option agreements for three Mexican properties -- Rama de Oro, Yautepec and Magdalena. As reported in the news release dated Jan. 26, 2023, the company filed a notice of civil claim in the Supreme Court of British Columbia against the optionors, seeking to enforce the company's rights under the option agreements, including specific performance of the option agreements, damages, costs and other relief. The company has incurred substantial acquisition and exploration expenses, for which it did not receive the benefits to which it was entitled under the option agreements. Subsequently, the company filed a notice of application in the Supreme Court of British Columbia, seeking an order for damages for breach of contract and misrepresentation rather than for specific performance of the option agreements, as well as for the cost of the application and prejudgment interest.

The company is pleased to announce that it has received a favourable court order, issuing a judgment against the defendants, as requested in the application. The option agreements having been terminated and, as a result, the company is now taking steps to act on the judgment. Further information will be provided in due course.

About Madoro Metals Corp.

Madoro Metals (MDM: TSX Venture Exchange; MSTXF: OTC) is an emerging resource company engaged in the evaluation, acquisition, and exploration of mineral properties in Mexico and Canada. Madoro also owns a 100-per-cent interest in the Cerro Minas property in Oaxaca, Mexico, and a 50-per-cent interest in the Ralleau mineral property in the Urban Barry district, Lebel-sur-Quevillon area of Quebec.

Quality assurance/quality control and qualified person

The scientific and technical information that forms the basis for parts of this press release was reviewed and approved by John Langton (PGeo), who is a qualified person (QP) as defined by National Instrument 43-101.

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