Madison Metals Appoints Ryan Thompson as Chief Strategy Officer

TORONTO, Oct. 04, 2022 - Madison Metals Inc. (the "Company" or "Madison") (CSE: GREN) (OTCQB: MMTLF) is pleased to announce the appointment of Ryan Thompson as the Company's new Chief Strategy Officer (CSO). Thompson will manage Madison's relationship with Lux Partners Ltd. ("Lux") amongst other duties for the Company.

"I am honored to be joining the Madison team. It is a privilege to be part of a future-thinking organization that is working to apply innovative solutions to the world's energy crisis," said Thompson. "Madison is guided by a purpose - to make a positive impact in the uranium and broader mining market while creating undeniable shareholder value. I will serve by empowering our organization to make a difference while sharing Madison's mission with the world."

"I can think of no one better than Ryan to drive Madison's overall corporate strategy and manage our new relationship with Lux," said Duane Parnham, Executive Chairman and CEO of Madison Metals. "Ryan's 22 years leading at the intersection of technology, strategy and marketing makes him the perfect choice for the relaunch of one of the world's most cutting-edge mining companies."

Thompson brings over a quarter century of tech, digital marketing and public markets experience to his role as CSO of Madison. His background includes developing investor awareness campaigns for Canopy Growth and Aurora Cannabis, amongst others. Thompson has worked with over 50 publicly traded brands, creating investor awareness as managing partner at enPercept. He has also been involved in cryptocurrencies as early as 2013.

In connection with his appointment, Madison has granted 100,000 stock options to Thompson at $1.16 CAD in accordance with the Company's stock option plan. The options carry a term of five years and vest immediately.

About Madison Metals Inc.

Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. Using cutting-edge technologies and modern strategies, Madison Metals is positioned to move advanced uranium assets to market quickly.

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.sedar.com.

For further information, please contact:

Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
ir@madisonmetals.ca

Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
media@primorisgroup.com

Neither the CSE nor the Investment Industry Regulatory Organization of Canada 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 timing and amount of estimated future exploration and the anticipated use of funds by the Company that were received from the Placement.

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.

Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility, competition, labour shortages, and unanticipated expenses of the Company. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the Company's activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on precious metals; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future metal prices; accidents, labour disputes and shortages; environmental risks; and other risks of the mining industry.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

You can find further information with respect to these and other risks in filings made with the Canadian securities regulatory authorities that are available on the Company's SEDAR profile page at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.