Madison Metals Provides Kenora Project Update and Issues Stock Options

Madison Metals Inc. (“Madison”) announces an amendment to 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 CDN $ 600,000 in exploration activities by May 3, 2025, and an additional CDN $300,000 by May 3, 2026. Successfully meeting these commitments will enable Great Northern Energy to earn a 60% interest in the project.

Once Great Northern Energy satisfies the agreed earn-in terms, Madison Metals will retain a 40% carried interest, thereby holding a significant stake without any further funding obligationson the project.

Stock Options

Madison Metals also announces a stock option grant for 1,200,000 common shares to its board of directors, management, and consultants of the Company. These options will vest immediately and are exercisable at a price of CDN $ 0.29 per share for a period of five years following the grant date.