4ef0 Announces Maiden Drill Results

Announcing the Downhole Probe and Chemical Results from the Maiden Drill

4EF0 Announces Maiden Drill Results

Toronto, December 12, 2023 – Madison Metals Inc. (WEB)

As previously reported, nine Reverse Circulation (RC) drill holes were completed totaling 997m under the previously announced nine-hole maiden drill program at the Khan Uranium Project in Namibia. The program was designed to test a series of priority electromagnetic conductors identified from an airborne electromagnetic survey flown in 2022. The downhole probe and chemical assay results from the drill program have been received and are currently being interpreted. Initial observations indicate that several of the conductors tested in the drill program are associated with zones of uranium mineralization.

Madison Metals is a Canadian mineral exploration company focused on the acquisition, exploration, and development of uranium resources. The Company's flagship asset is the Khan Uranium Project in Namibia, which is located in the southern part of the country, approximately 200 kilometers northeast of the capital city of Windhoek. The Khan Uranium Project is situated within the Central Namibian Uranium Province, which is home to some of the world's largest uranium deposits. The project area is underlain by Proterozoic metasedimentary rocks of the Damara Supergroup, which host uranium mineralization associated with shear zones and pegmatites.

The Company is currently in the process of completing a technical report on the Khan Uranium Project in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The technical report will provide an overview of the project, including the geology, mineralization, exploration results, and development potential. The technical report is expected to be completed in the first quarter of 2024.

Madison Metals is committed to exploring and developing the Khan Uranium Project in a responsible and sustainable manner. The Company is working closely with local communities and stakeholders to ensure that the project benefits the local economy and environment. The Company is also committed to adhering to the highest standards of environmental protection and social responsibility.