Madison Metals Inc. provided an update on its corporate activities, which continue to be influenced by favourable uranium market conditions. With initial funds now being realized from the Company's forward sales agreement, Madison has the additional capital to further its main objective of advancing its uranium assets in Namibia. Field Operations.

To achieve this objective and create a sustainable presence in Namibia, Madison has established a fully integrated field geological office infrastructure, complemented by full-time staffing. This strategic move bolsters Madison's operational capabilities and reaffirms its commitment to advancing exploration, drilling and development activities in the country. Commencement of Reverse Circulation Drilling at Area 3 North and South.

With all necessary staffing and permits now secured, the Company is preparing for an upcoming reverse circulation drilling campaign focused on both Area 3 North and South, situated within Exclusive Prospecting Licences 8531 ("EPL-8531"), in which Madison owns an undivided 85% interest. This drilling program is designed to identify additional mineralization in both Area3 North and South, as both areas are open in all directions. The 4,800-metre RC drilling program will include deeper holes, as the historical holes stopped at 120 metres, in-fill holes at tighter spacing and some step-out holes.

depths of the boreholes will vary from 60 to 240 metres. Calibrated gamma probe-derived, equivalent uranium results will be announced at regular intervals throughout the program and will guide drill hole collar placement. The in-fill holes are important as the drill spacing of the historical holes in Area 3 South did not allow for that mineralization to be included in the SRK historical resource.

This drill program marks an step forward in the potential expansion of the resource at Area 3. In addition, Madison is investigating the acquisition of additional historical drilling data related to EPL-8531. SRK Consulting's Upgraded Technical Report. Concurrent to the drilling campaign, Madison has entered into a contractual agreement with SRK Consulting to upgrade the historical SRK technical report, originally dated November 2015.

The technical report upgrade will involve the inclusion of the new data from this drilling campaign, as well as the application of updated economic parameters to refine the new overall resource estimation. The scope of this updated technical report will focus on the assessment of Area 3 North and South.