Madison Metals Enters Strategic Partnership with Star Minerals to Advance Cobra Uranium Project in Namibia, Africa Page 1

TORONTO, September 19, 2024 (GLOBE NEWSWIRE) — Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that Star Minerals Limited (“Star Minerals”) (ASX: SMS), a well-managed Australian listed company, has entered into a binding agreement with Madison to acquire exclusive prospecting license 8531 (the “Cobra Uranium Project”) at Madison North, near the world-renowned Rossing Uranium Mine in the Erongo Uranium Province, Namibia.

Under the terms of the agreement, Star Minerals has the option to acquire up to a 51% interest in the Cobra Uranium Project through phased cash payments, issuance of common shares to Madison and the performance of exploration expenditures over a three-year period. If all earn-in options are exercised by Star Minerals, Madison would be entitled to receive cash, shares and work expenditures valued at approximately US$4.4 million. In addition, Star Minerals will issue performance shares to Madison upon achievement of specified exploration milestones. Upon successful completion of the earn-in, Madison and Star Minerals will form a joint venture to further explore and potentially develop the Cobra Uranium Project license, with future contributions made on a pro-rata basis.

“We are pleased to welcome Star Minerals as a partner in the development of the Cobra Uranium Project,” said Duane Parnham, Executive Chairman and CEO of Madison Metals. “This agreement strengthens Madison’s operational footprint in Namibia as we now have active exploration efforts on two uranium projects in one of the world’s most important uranium mining regions. We believe this partnership will unlock significant value for both companies and our respective shareholders, and we look forward to achieving our shared goal of advancing sustainable uranium production to meet global energy demand.”

The Cobra Uranium Project is strategically located in Namibia, a leading global jurisdiction for uranium mining, known for its favorable regulatory environment and long history of supporting the uranium industry. This collaboration with Star Minerals aligns with Madison’s strategy of leveraging partnerships to accelerate exploration and development, while remaining focused on creating long-term value for its shareholders.

In connection with the execution of the earn-in agreement referred to above, the Company is obligated to issue 450,000 shares of Madison common stock in two equal tranches to a non-independent person, with the first half occurring upon execution and the remaining half occurring once Star Minerals achieves its first earn-in milestone.