Mr. Duane Parnham reports

MADISON METALS PROVIDES KENORA PROJECT UPDATE AND ISSUES STOCK OPTIONS

Madison Metals Inc. has amended its agreement with Great Northern Energy Inc. on Madison's Kenora uranium project. Under the revised terms, Madison Metals has agreed to extend the first-year expenditure commitments into the second year of the agreement. This extension requires Great Northern Energy to invest $600,000 in exploration activities by May 3, 2025, and an additional $300,000 by May 3, 2026. Successfully meeting these commitments will enable Great Northern Energy to earn a 60-per-cent interest in the project.

Once Great Northern Energy satisfies the agreed earn-in terms, Madison Metals will retain a 40-per-cent carried interest, thereby holding a significant stake without any further financing obligations on the project.

Stock options

Madison Metals has granted options to buy 1.2 million common shares to directors, management and consultants of the company. These options will vest immediately and are exercisable at a price of 29 cents per share for a period of five years following the grant date.

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.

We seek Safe Harbor.