Mr. Duane Parnham reports

MADISON METALS OUTLINES PRIORITY URANIUM DRILL TARGETS AT KHAN PROJECT IN NAMIBIA, AFRICA

Madison Metals Inc. has provided an update regarding continuing geologic mapping being done in advance of a maiden 2024 drill program at the company's Khan project at Madison West in Namibia's highly prospective Erongo uranium province.

The mapping program consisted of infill geological mapping along with ground scintillometer and spectrometer surveys over the previously announced Anomaly 5 drill targets. Madison's original surveying was completed at 40-metre line spacing with 10 m station spacing. The company has added new drill targets at Anomaly 5 by surveying at 20 m line spacing. The results of the recent mapping and surveying program are an increased surface expression of radiometric D-type leucogranites (favourable rock type mined at Rossing). In particular, the surface expression of mineralized leucogranites around trenches 4 and 5 and north of Trench 3 has increased to thicknesses of up to 40 m.

The mapping campaign accomplished several key goals, including:

• Outlining priority drill targets;
• A base map of surface features to guide drill targeting;
• Identifying and delineating mineralized surface lithologies;
• Highlighting the surface continuity of mineralized D-type leucogranites.

As previously reported, surface sample assays at Anomaly 5 included nine m grading 0.25 per cent U3O8 (triuranium octoxide) (including one m grading 1.28 per cent) in Trench 4 (KM5TR004), nine m grading 0.39 per cent U3O8 in Trench 5 (KM5TR005) and five m grading 0.12 per cent U3O8 in Trench 3 (KM5TR003). The assays from the six trenches confirm the surface continuity of mineralized alaskites at Anomaly 5, with uranium grades above 0.1 per cent U3O8 (see company news release on March 4, 2024).

Qualified person

Mary Barton, a professional natural scientist (SACNASP) and a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for ML86A, has reviewed, verified and approved the technical information contained in this news release.

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.