Mr. Duane Parnham reports

MADISON METALS TERMINATES SANMIGUEL AGREEMENT

Madison Metals Inc. has terminated its uranium forward sales agreement with Sanmiguel Capital Investment (Bahamas) Ltd., an arm's-length financial advisory firm assisting with the administration of uranium tokenization (see press release dated June 1, 2023). To date, only 2,130 pounds of U3O8 (triuranium octoxide) priced at $68 (U.S.) per pound has been purchased from initial uranium token sales. Madison will honour delivery if the investor meets all the contractual redemption and delivery protocols.

The decision to terminate the forward sales agreement with Sanmiguel also removes any confusion with respect to obligations, thereby freeing up 100 per cent of Madison's future uranium production for full financial benefit back to the company's shareholders.

"A good, honest effort was made to support this innovation with Sanmiguel," said Duane Parnham, executive chairman and chief executive officer of Madison Metals. "However, our goal has always been focused on operational excellence, expanding our current uranium resource base in Namibia, making new discoveries and providing shareholders with an incredible opportunity for share price appreciation. The Khan high-grade uranium discovery at Madison West shows all the attributes similar to the Rossing mine, located only six kilometres along strike. We believe that proving up Khan's full potential will position Madison as a powerhouse within the industry."

In connection with the uranium forward sales agreement, Madison will also file to cancel 1.5 million performance shares issued to JJK Holdings Ltd., an arm's-length company (see press release dated June 1, 2023).

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.