Madison Metals Inc. announced that the Company has signed, on May 16, 2023, a binding joint venture agreement for its Richard Lake Property in Kenora, Ontario, Canada with Great Northern Energy Metals Inc. ("GNEM"). Under the terms of the agreement, GNEM will pay Madison CAD 50,000 on signing and incur CAD 900,000 in exploration over three years (CD 300,000 per year) to earn a 60% interest. Upon completing the earn-in, Madison will retain a 40% free-carry interest in the project.

Madison currently has approximately 23.5 million shares outstanding, CAD 1,000,000 in its treasury and no debt.