TORONTO, May 09, 2024 (GLOBE NEWSWIRE) -- Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) 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 obligations on 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.

About Madison Metals Inc.

Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.

Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the Company’s SEDAR+ profile at www.sedarplus.ca.

For further information, please contact:

Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
[email protected]

Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
[email protected]

European investor inquiries:
Florian Munsch
Euroswiss Equity Group
+49 1575 5821793
[email protected]

Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to statements regarding the proposed future exploration and drilling by Madison.

Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future.