Madison Metals Inc.

Namibian Projects.

MINING IN NAMIBIA.

The country hosts significant uranium mines and projects at various stages of development and accounts for approximately 8% of the world’s uranium production. In 2021, Namibia produced approximately 9.6 million pounds of U3O8.

Namibia is a mining friendly jurisdiction, and the uranium mining opperators have built excellent infrastructure to support mining activities including a seaport, airport, well-established road network, water and power. In addition, mining accounts for 25% of Namibia’s income.

Madison is committed to top-level mining practices that will surpass country guidelines to minimize environmental impact. Madison’s desert location means the company will not relocate communities, wildlife or destroy large amounts of vegetation.

Madison Metals Inc.

Mining Licence Property, ML-121.

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Mining license in place

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Contract signed to earn 24% in ML-121

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Six (6) diamond drill holes and 59 reverse circulation drill holes completed along a 2.5km radiometric anomaly

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Madison undertaking an independent review and verification of the data to define an NI 43-101 compliant resource

RÖSSING URANIUM MINE

CURRENT MINING IN NAMIBIA.

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Started commercial production in
1976

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46 years operation form open pit mining and acid leach recovery process

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World supply of a 140,026t U3O8

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Capacity to produce 4,500t U3O8 per year

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Pit currently measures 3 km by 1.5km and is 390m deep

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Owned by China National Uranium Corporation Limited after sale of Rio Tinto 68.2% interest in 2019

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Reserves reported 2018 at 23,810t U3O8 at 0.033% providing mine life to 2025

Husab Uranium Mine.

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Development started February 2013 and commenced brief commercial production 2016 with 192t U3O8

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Estimated 15 year mine life from 2 pits producing 5500t U3O8 per year

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Reserves/resource figures reported at 188,000t with average grade 0.035% U3O8

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Contiguous to Rössing mine

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Currently trucking ore to Rössing for processing and drilling for shallow minable resources

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