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Madoro Metals Corp. Provides Update On Proposed Reverse Takeover With Narrow River Resources

Thu, 02 Apr 2026 16:25:00 MDT

April 2, 2026 – TheNewswire - VANCOUVER, British Columbia – Madoro Metals Corp. (“Madoro” or the “Company”) (TSX VENTURE: MDM; OTC: MSTXF; FSE: A2QQ1X), is pleased to provide a brief update regarding the proposed reverse takeover (the “Proposed Transaction”) with Narrow River Resources Pty Ltd. (“NRR”) previously announced in the Company’s news release dated February 2, 2026.

Madoro and NRR continue to advance the various components required under TSX Venture Exchange (“TSXV”) Policy 5.2 – Changes of Business and Reverse Takeovers. The parties are also pleased to announce the completion of a combined airborne magnetic survey over the Company’s First Green Lithium mineral project and NRR’s adjacent Lac Simard project, as previously announced in the Company’s news release dated January 20, 2026.

In addition, the parties are in the process of finalizing the technical report in respect of the Lac Simard project in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Madoro and NRR continue to work toward negotiating and entering into a definitive agreement and satisfying other closing conditions, including the preparation of transaction documentation and assembly of required regulatory filings. The parties remain committed to moving the Proposed Transaction forward and will provide further updates as appropriate.

Completion of the Proposed Transaction remains subject to execution of definitive documentation, regulatory and shareholder approvals, and satisfaction of all applicable TSXV requirements.

Details of the Proposed Transaction, as contemplated in the letter of intent signed by Madoro and NRR on January 30, 2026, may be found in the Company’s news release dated February 2, 2026.

About Madoro Metals Corp.

Madoro Metals Corp. (MDM - TSX Venture Exchange; MSTXF – OTC Markets; A2QQ1X - Frankfurt) is an emerging resource company engaged in the evaluation, acquisition, and exploration of mineral properties in Canada and Mexico. Madoro holds an option to acquire a 100% interest in the First Green Lithium Property located in the emerging Decelles lithium camp in the Abitibi Témiscamingue region, approximately 75 kilometres southwest of Val-d’Or, Québec; a 50% interest in the Ralleau mineral property in the Urban Barry District, Lebel-sur-Quévillon area of Quebec; and a 100% interest in the Cerro Minas Property in Oaxaca, Mexico. For further information, investors and shareholders are invited to visit the Company’s website at www.madorometals.com, call the office at 1-604-681-1568, toll free at 1-877-377- 6222, or send an email to info@madorometals.com.

ON BEHALF OF THE BOARD OF DIRECTORS

“DUSAN BERKA”

Dusan Berka, P. Eng., President & CEO, Director

dberka@madorometals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, disinterested shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Madoro should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.

Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward- looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations (including negative and grammatical variations) of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.

Forward-looking information in this press release may include, without limitation, statements regarding the advancement of the Proposed Transaction, the execution of definitive documentation, and the receipt of regulatory and shareholder approvals. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, market conditions, general economic factors, the ability of the parties to successfully complete the Proposed Transaction and satisfy regulatory requirements, management’s ability to manage and to operate the business, and the equity markets generally. Because of these risks and uncertainties, the actual results, expectations, achievements or performance of each of Madoro and NRR may differ materially from those anticipated and indicated by forward-looking information.

Although each of Madoro and NRR believes that the expectations reflected in forward-looking information are reasonable, they can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, each of Madoro and NRR disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise, except as expressly required by applicable securities laws.

Madoro Metals Corp. Provides Update On Proposed Reverse Takeover With Narrow River Resources

Mon, 02 Mar 2026 14:20:00 MST

March 2, 2026 - VANCOUVER, British Columbia – TheNewswire - Madoro Metals Corp. (“Madoro” or the “Company”) (TSX VENTURE: MDM; OTC: MXSTF; FSE: A2QQ1X), is pleased to provide a brief update regarding the proposed reverse takeover (the “Proposed Transaction”) with Narrow River Resources Pty Ltd. (“NRR”) previously announced in the Company’s news release dated February 2, 2026.

Madoro and NRR continue to advance the various components required under TSX Venture Exchange (“TSXV”) Policy 5.2 – Changes of Business and Reverse Takeovers. Work related to the Proposed Transaction—including technical reporting, preparation of transaction documentation, and assembly of required regulatory filings—is progressing as expected. The parties remain committed to moving the Proposed Transaction forward and will provide further updates as appropriate.

Completion of the Proposed Transaction remains subject to execution of definitive documentation, regulatory and shareholder approvals, and satisfaction of all applicable TSXV requirements.

Details of the Proposed Transaction, as contemplated in the letter of intent signed by Madoro and NRR on January 30, 2026, may be found in the Company’s news release dated February 2, 2026.

About Madoro Metals Corp.

Madoro Metals Corp. (MDM - TSX Venture Exchange; MSTXF – OTC Markets; A2QQ1X - Frankfurt) is an emerging resource company engaged in the evaluation, acquisition, and exploration of mineral properties in Canada and Mexico. Madoro holds an Option to acquire 100% interest in the First Green Lithium Property located in the emerging Cadillac-Pontiac lithium camp in the Abitibi Témiscamingue region, approximately 75 kilometres southwest of Val-d’Or, Québec; a 50% interest in the Ralleau mineral property in the Urban Barry District, Lebel-sur-Quévillon area of Quebec; and a 100% interest in the Cerro Minas Property in Oaxaca, Mexico. For further information, investors and shareholders are invited to visit the Company’s website at www.madorometals.com, call the office at 1-604-681-1568, toll free at 1-877-377- 6222, or send an email to info@madorometals.com.

ON BEHALF OF THE BOARD OF DIRECTORS

“BRIAN OSTROFF”

Brian Ostroff, Executive Chair & Director

bostroff@madorometals.com

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.

Forward Looking Information

Madoro Consolidates Quebec's Emerging Decelles Lithium Camp with the Proposed Takeover of Australian Privately Owned Narrow River Resources

Mon, 02 Feb 2026 12:30:00 MST

February 2, 2026 – TheNewswire - VANCOUVER, British Columbia – Madoro Metals Corp. (“Madoro” or the “Company”) (TSX VENTURE: MDM; OTC: MXSTF; FSE: A2QQ1X), a mining exploration company primarily focused on hard rock lithium and critical mineral projects in Québec, Canada is pleased to announce that it has signed a letter of intent dated January 30, 2026 (the “LOI”) with Narrow River Resources Pty Ltd. (“NRR”), an arm’s length party to Madoro, to acquire all of NRR’s assets in the Province of Québec (the “Proposed Transaction”). It is anticipated that the Proposed Transaction will constitute a “Reverse Takeover” of Madoro in accordance with Policy 5.2 – Changes of Business and Reverse Takeovers of the TSX Venture Exchange (the “Exchange”).

NRR is a private company existing under the laws of Australia and holds exclusive exploration rights (formerly know as claims) in the Decelles mining camp in the Abitibi Temiscamingue region, approximately 75 kilometers southwest of Val-d’Or, contiguous with Madoro’s First Green Lithium property (see Figure 1).

It is anticipated that, upon closing of the Proposed Transaction, the two properties combined will comprise a total of at least 350 exclusive exploration rights covering a minimum of 20,000 hectares in this emerging lithium belt where large mineral claim holdings have been assembled by several companies. The properties lie north of the Tansim project discovery held by Elevra Lithium Limited (ASX: ELV) (previously Sayona Mining) and southwest of the Decelles Project held by Power Metals Corp (TSX-V: PWM).

Click Image To View Full Size

Figure 1: Landholdings in the Decelles Region, Québec

“The combination of the two companies will allow us to focus our combined efforts on advancing these properties,” said Brian Ostroff, Madoro’s Executive Chairman. “Over the last few years, Québec has emerged as a ‘go to’ jurisdiction for hard rock lithium and critical mineral exploration with several large-scale discoveries. The Decelles area of Québec has not been widely explored for lithium but early-stage work by some larger companies in the area has identified it as an area of interest that we will look to exploit.”

Stephen Roux, Director of Narrow River Resources Pty Ltd. added, “aside from all the operational and geological benefits achieved through the combination of these assets, this transaction will also allow investors the opportunity to participate in a company that will be one of the largest claim holders in this emerging camp and, while lithium remains the primary focus, the area is also prospective for other valuable minerals such as gold. The transaction with Madoro will allow the combined Company to actively pursue these opportunities. As well, this transaction moves us from being a private company to a public company providing easier access for qualified investors who want to participate in the potential of these properties.”

Staffan Ever, Chairman of Square Resources Holding Pty Ltd and shareholder of Narrow River Resources added “as a significant global player in the raw material supply chain of exploration through sales, marketing and trading, we look to prospective areas as an opportunity to explore for the next potential mine. As a key investor in NRR, we believe this transaction with Madoro offers an opportunity to be involved in a venture that can prove out a future resource with supply potential.”

Summary of the Proposed Transaction

The LOI contemplates that Madoro and NRR will negotiate and enter into a definitive agreement in respect of the Proposed Transaction (the “Definitive Agreement”), pursuant to which it is anticipated that Madoro will acquire from NRR all of the issued and outstanding shares of the subsidiary of NRR which holds the Property (“NRR SubCo”) in exchange for 95 million common shares of Madoro (the “Madoro Shares”) . As additional consideration, Madoro will grant NRR a 2% net smelter return royalty on the Property, of which 0.5% can be bought back at any time at the discretion of MDM for $1,000,000.

It is anticipated that the resulting entity following the completion of the Proposed Transaction (the “Resulting Issuer”) will continue Madoro’s mining exploration activities and continue its listing on the Exchange as a Tier 2 mining issuer. The business of the Resulting Issuer will be primarily focussed on the exploration of the Resulting Issuer’s combined projects in the Province of Québec.

The Madoro Shares to be issued in connection with the Proposed Transaction will be issued pursuant to exemptions from the prospectus requirements of applicable securities legislation. Furthermore, certain common shares of the Resulting Issuer, including certain Madoro Shares to be issued pursuant to the Proposed Transaction, are expected to be subject to escrow requirements under the policies of the Exchange, including the securities of the Resulting Issuer held by “Principals” (as defined under Exchange policies).

The completion of the Proposed Transaction remains subject to a number of terms and conditions, among other standard conditions for a transaction of this nature, including, among other things: (i) the negotiation and execution of the Definitive Agreement; (ii) Madoro having received a satisfactory technical report on the Property prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects; (iii) Madoro having received from NRR the required audited and unaudited financial statements in relation to the Property and NRR SubCo; (iv) no material adverse changes occurring in respect of either Madoro or NRR; (v) the parties obtaining all necessary consents, orders and regulatory and shareholder approvals to complete the Proposed Transaction, including the approval of the Exchange; (vi) at the closing of the Proposed Transaction, a determined number of exclusive exploration rights forming part of the Property, for a minimum of 10,519 hectares, shall either have been renewed for an additional two (2) year period or shall continue to be in good standing for a minimum period of 1 year; and (vii) completion of the Concurrent Financing (as defined below).

The Proposed Transaction will require the approval of the shareholders of Madoro. Matters to be approved by Madoro’s shareholders in connection with the Proposed Transaction will be sought at the Company’s annual and special meeting (the “Meeting”) to be held on a date to be announced by Madoro. In connection with the Meeting, the Company will file a management information circular on its issuer profile on SEDAR+ (www.sedarplus.ca), which will contain, notably, details regarding matters to be approved at the Meeting, the Proposed Transaction, the Property, NRR Subco, and the Resulting Issuer.

There can be no assurance that all of the necessary regulatory and shareholder approvals will be obtained or that all conditions of closing will be met.

Concurrent Financing

In connection with the Proposed Transaction, it is assumed that Madoro will conduct a concurrent non-brokered private placement for sufficient gross proceeds for the Resulting Issuer to meet the Exchange’s listing requirement (the “Concurrent Financing”). The terms of the Concurrent Financing will be determined by the parties in the Definitive Agreement and will be subject to the requirements of the Exchange. The Concurrent Financing will be done on a private placement basis either by way of shares / units of the Resulting Issuer or subscription receipts entitling to receive shares / units of the Resulting Issuer at the closing of the Proposed Transaction.

Finder’s fees may be paid in connection with the Concurrent Financing within the maximum amount permitted by the policies of the Exchange.

The proceeds of the Concurrent Financing will be used to fund (i) expenses of the Proposed Transaction and the Concurrent Financing, (ii) the exploration and other expenses relating to the Property and other projects Madoro currently holds in the Province of Québec, and (iii) the working capital requirements of the Resulting Issuer.

Officers, Directors, and Insiders of the Resulting Issuer

There may be changes to the officers and directors of Madoro prior to or concurrently with the closing of the Proposed Transaction. At the closing of the Proposed Transaction, the board of directors of the Resulting Issuer (the “Board”) shall comprise a minimum of five (5) members, three of which shall be appointed by Madoro and two by NRR. A new slate of directors will be appointed and put up for election as determined by Madoro and NRR to be described in further detail upon the announcement of a Definitive Agreement.

At the closing of the Proposed Transaction, Madoro and NRR will execute a nomination agreement providing that as long as NRR holds at least 20% of the issued and outstanding shares of the Resulting Issuer on a undiluted basis, it will have the right to designate two representatives to the Board.

Sponsorship of Proposed Transaction

Sponsorship of the Proposed Transaction may be required by the Exchange unless an exemption or waiver from this requirement is obtained in accordance with the policies of the Exchange. Madoro intends to apply for an exemption from the Exchange’s sponsorship requirement.

Other Information relating to the Proposed Transaction

The Proposed Transaction is not a “related party transaction” as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions and is not subject to Policy 5.9 of the Exchange.

No finder’s fees are expected to be payable in connection with the Proposed Transaction.

Trading in the Company's shares on the Exchange are currently halted as a result of this announcement and may remain halted until the closing of the Proposed Transaction.

The Company will issue a subsequent press release in due course containing the required financial statement disclosure for NRR Subco and the Property, details of the Concurrent Financing and additional disclosure regarding the Proposed Transaction once confirmed and as may be required under Exchange Policy 5.2.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Madoro Metals Corp.

Madoro Metals Corp. (MDM - TSX Venture Exchange; MSTXF – OTC Markets; A2QQ1X - Frankfurt) is an emerging resource company engaged in the evaluation, acquisition, and exploration of mineral properties in Canada and Mexico. Madoro holds an Option to acquire 100% interest in the First Green Lithium Property located in the emerging Cadillac-Pontiac lithium camp in the Abitibi Témiscamingue region, approximately 75 kilometres southwest of Val-d’Or, Québec; a 50% interest in the Ralleau mineral property in the Urban Barry District, Lebel-sur-Quévillon area of Quebec; and a 100% interest in the Cerro Minas Property in Oaxaca, Mexico. For further information, investors and shareholders are invited to visit the Company’s website at www.madorometals.com, call the office at 1-604-681-1568, toll free at 1-877-377-6222, or send an email to info@madorometals.com.

ON BEHALF OF THE BOARD OF DIRECTORS

“BRIAN OSTROFF”

Brian Ostroff, Executive Chair & Director

bostroff@madorometals.com

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.

Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations (including negative and grammatical variations) of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.

Forward-looking information in this press release may include, without limitation, statements relating to: the completion of the Proposed Transaction and the timing thereof, the execution of the Definitive Agreement, the proposed business of the Resulting Issuer, the completion of the proposed Concurrent Financing and the use of proceeds therefrom, the completion and receipt by Madoro of a NI 43-101 compliant technical report for the Property, the mining rights forming part of the Property at the closing of the Proposed Transaction, the proposed directors and officers of the Resulting Issuer, Exchange sponsorship requirements and intended application for exemption therefrom, shareholder and regulatory approvals.

These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, market conditions, general economic factors, the ability of the parties to successfully complete the Proposed Transaction, management’s ability to manage and to operate the business, and explore and develop the projects of the Resulting Issuer, and the equity markets generally. Because of these risks and uncertainties, the actual results, expectations, achievements or performance of each of Madoro and NRR may differ materially from those anticipated and indicated by forward-looking information.

Madoro Metals Successfully Executes on British Columbia Court Judgement

Mon, 30 Dec 2024 06:00:00 MST

December 30, 2024 – TheNewswire - VANCOUVER, British Columbia – Madoro Metals Corp. (“Madoro” or the “Company”) is pleased to announce that the Company has successfully executed on a judgement awarded by the Supreme Court of British Columbia regarding several Mexican properties that Madoro had optioned. As per the Company’s Press Release dated January 11, 2023, Madoro had filed a claim against the optionors for non-performance on agreements entered into, along with associated damages and costs. In a verdict dated December 18, 2023, the Supreme Court of British Columbia sided with Madoro on its claim and awarded the Company a judgement in the amount of approximately $1.85 million.

Following the rendering of the Court’s decision, Madoro engaged the services of local court and bailiff services authorities to execute on the judgement and has subsequently received approximately $1.70 million cash. In addition, 6,000,000 Madoro shares valued at $150,000 were returned to treasury, which together with $1.70 million cash received represents the full satisfaction of amounts awarded by the Courts.

About Madoro

Madoro Metals Corp. (MDM | TSX Venture Exchange; MSTXF | OTC) is an emerging resource company engaged in the evaluation, acquisition, and exploration of mineral properties in Mexico and Canada. Madoro owns a 100% interest in the Cerro Minas Property in Oaxaca, Mexico, a 50% interest in the Ralleau mineral property in the Urban Barry District, Lebel-sur-Quévillon area of Quebec, and an Option to acquire 100% interest in the First Green Lithium Property located in the emerging Cadillac-Pontiac lithium camp in the Abitibi Témiscamingue region, approximately 75 kilometres southwest of Val-d’Or, Québec. For further information, investors and shareholders are invited to visit the Company’s website at www.madorometals.com, call the office at 1-604-681-1568, toll free at 1-877-377-6222, or send an email to info@madorometals.com

ON BEHALF OF THE BOARD OF DIRECTORS

“BRIAN OSTROFF”

Brian Ostroff, Executive Chair & Director

bostroff@madorometals.com

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts, and by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties.

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. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR+ at www.sedarplus.ca.

Madoro Amends Option Agreement to Acquire 100% of the First Green Lithium Project in Quebec

Tue, 23 Jan 2024 06:00:00 MST

VANCOUVER, British Columbia – TheNewswire -- JANUARY 23, 2024 -- Madoro Metals Corp. (“Madoro” or the “Company”) (TSXV:MDM) (OTC:MSTXF) (WKN:A2QQ1X) is pleased to report that it has amended the option agreement dated January 31, 2023 (the “Option Agreement”), whereby the Company was granted the option to acquire a 100% interest in the 213 claim, 12,325 hectare First Green Lithium Project (the “Property”) located in the emerging Cadillac-Pontiac lithium camp in the Abitibi Témiscamingue region, approximately 75 kilometres southwest of Val-d’Or, Québec (the “Property”).

Under the terms of the amendment agreement (the “Amendment Agreement”), the parties have agreed to amend certain terms of the Option Agreement as follows:

Half of the cash payment, being $18,000, due on January 31, 2024 is extended to July 31, 2024.
$150,000 of the exploration expenditures due on the Property by January 31, 2024, is extended to : $75,000 by January 31, 2025 and $75,000 by January 31, 2026. The $1,000,000 staged work expenditure is now as follows:
1. $50,000 on or before Januray 31, 2024 (completed);
2. $375,000 on or before Januray 31, 2025; and
3. $575,000 on or before Januray 31,2026.
In consideration of the Optionors agreeing to the amendments, the Company shall issue the Optionors 600,000 common shares of the Company.

The Amendment Agreement remains subject to the approval of the TSX Venture Exchange. All shares issued pursuant to the Amendment Agreement shall be subject to a statutory hold period of four months and one day from issuance.

As reported by the Company in the news release dated September 26, 2023, the initial prospecting and sampling program on its 213-claim, 12,325-ha First Green Lithium property (the “Property”) has resulted in the discovery of a potential swarm of lithium-bearing pegmatite dykes. A dyke swarm was discovered on the last day of the fall exploration work program in an area of dense moss and tree cover, so only five (5) grab samples were collected over a 1,500m by 250m area in the central part of the Property. Further surface work is required to better expose bedrock in this area. Geochemical analysis of the five grab samples showed elevated levels of lithium, as well as rubidium, cesium, beryllium and tantalum - all good pathfinder elements.

The Property is located within an emerging lithium belt where large mineral claim holdings have been assembled by Brunswick Exploration Inc., Narrow River Resources Pty. Ltd., Sayona Québec Inc., Renforth Resources Inc., Vison Lithium Inc. and Winsome Resources Inc. Madoro’s First Green Property lies west and north of the Tansim project held by Sayona Mining (see Figure 1).

Click Image To View Full Size

Figure 1: First Green Lithium Property Location within Cadillac-Pontiac Lithium Camp

Companies already exploring for lithium-cesium-tantalum (“LCT”) pegmatites in the Cadillac-Pontiac camp include Sayona Mining, Vision Lithium, Brunswick Exploration, Winsome Resources and High Tide Resources.

Corporate Update

As reported previously, in 2018 the Company entered into option agreements for three Mexican properties - Rama de Oro, Yautepec and Magdalena (the "Option Agreements''). As reported in the news release dated January 26, 2023, the Company filed a Notice of Civil Claim in the Supreme Court of British Columbia (the “Claim”) against the optionors (the "Defendants"), seeking to enforce the Company’s rights under the Option Agreements, including specific performance of the Option Agreements, damages, costs, and other relief. The Company has incurred substantial acquisition and exploration expenses, for which it did not receive the benefits to which it was entitled under the Option Agreements. Subsequently, the Company filed a Notice of Application in the Supreme Court of British Columbia (the “Application”), seeking an order for damages for breach of contract and misrepresentation rather than for specific performance of the option agreements, as well as for the cost of the Application and pre-judgment interest.

The Company is pleased to announce that it has received a favorable Court Order, issuing a judgment against the Defendants, as requested in the Application. The Option Agreements having been terminated and, as a result, the Company is now taking steps to act on the judgment. Further information will be provided in due course.

About Madoro

Madoro Metals Corp. (MDM | TSX Venture Exchange; MSTXF | OTC) is an emerging resource company engaged in the evaluation, acquisition, and exploration of mineral properties in Mexico and Canada. Madoro also owns a 100% interest in the Cerro Minas Property in Oaxaca, Mexico and a 50% interest in the Ralleau mineral property in the Urban Barry District, Lebel-sur-Quévillon area of Quebec. For further information, investors and shareholders are invited to visit the Company’s website at www.madorometals.com, call the office at 1-604-681-1568, toll free at 1-877-377-6222, or send an email to info@madorometals.com

QAQC and Qualified Person

The scientific and technical information that forms the basis for parts of this press release were reviewed and approved by John Langton (P.Geo.), who is a Qualified Person (QP) as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS

“DUŠAN BERKA”

Dušan Berka, P. Eng., President & CEO

Madoro Discovers Lithium-Bearing Pegmatites on First Green Property, Quebec

Tue, 26 Sep 2023 06:00:00 MDT

VANCOUVER, British Columbia – TheNewswire – September 26, 2023 - Madoro Metals Corp. (“Madoro” or the “Company”) is pleased to announce that a “first-pass” prospecting and sampling program on its 213-claim, 12,325-ha First Green Lithium property (the “Property”) has resulted in the discovery of a potential swarm of lithium-bearing pegmatite dykes. The Property is located approximately 75km southwest of Val-d’Or in the Abitibi-Témiscamingue region of Québec, within a rapidly emerging lithium belt where large mineral claim holdings have been assembled by Brunswick Exploration Inc., Narrow River Resources Pty. Ltd., Sayona Québec Inc., Renforth Resources Inc., Vison Lithium Inc. and Winsome Resources Inc. (see Figure 1).

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Figure 1: First Green Lithium Property, Val d’Or Area, Quebec

A network of forest-harvesting operation roads provide good access to the Property and have helped expose many new outcrops. The inaugural 10-day exploration program was implemented to obtain a fundamental understanding of the geological environment underlying the Property.

A dyke swarm was discovered on the last day of field work in an area of dense moss and tree cover, so only five (5) grab samples were collected over a 1,500m by 250m area in the central part of the Property (see Figure 2). Further surface work is required to better expose bedrock in this area.

Click Image To View Full Size

Figure 2: Sample Location Map

Geochemical analyses of the five grab samples show elevated levels of lithium, as well as rubidium, cesium, beryllium and tantalum - all good pathfinder elements. Three of the samples have K/Rb (potassium/rubidium) ratios less than 160 and two of these have ratios less than 60, indicating that the dykes are highly fractionated and therefore favourable for lithium mineralisation. It is rare for fractionated pegmatite dykes to have K/Rb ratios below 160, so these initial samples from the dyke swarm are very significant.

“We are very pleased with the results of the first-pass prospecting program considering its limited scope,” stated Dušan Berka, Madoro’s President & CEO. “This is the first time that the Property has been explored and sampled for lithium and we are now determining next steps to follow up on these highly encouraging results.”

The Property’s proximity to the mining centres of Malartic and Val-d’Or allows for low-cost exploration work. Québec is a strong supporter of exploration, production, and processing of critical strategic minerals (CSM), including lithium, and developing value-added industries such as battery and electric vehicle manufacturing. In 2021, a special program to support CSM exploration was set up. This is in addition to existing refundable tax credits up to 38.8% for junior mineral exploration companies, and 69.4% flow-through tax savings for investors in Quebec and 38.4% for investors from the rest of Canada.

About Madoro

Madoro (MDM | TSX Venture Exchange; MSTXF | OTC) is an emerging resource company engaged in the evaluation, acquisition, and exploration of mineral properties in Mexico and Canada. The Company is engaged in the exploration of three gold-silver projects in the state of Oaxaca, Mexico. The Yautepec, Magdalena and Rama de Oro projects each consist of large epithermal systems that are highly prospective for precious metals in a structural and geologic setting like those of nearby producing mines. Madoro also owns a 50% interest in the Ralleau mineral property in the Urban Barry District, Lebel-sur-Quévillon area of Québec and has an option to earn a 100% interest in the First Green Lithium Project southwest of Val-d’Or, Quebec.

For further information, investors and shareholders are invited to visit the Company’s website at www.madorometals.com, call the office at 1-604-681-1568, toll free at 1-877-377-6222, or send an email to info@madorometals.com

QA/QC and Qualified Person

The scientific and technical information that forms the basis for parts of this press release were reviewed and approved by John Langton, P.Geo., who is a Qualified Person (QP) as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS,

“DUŠAN BERKA”

Dušan Berka, P. Eng., President & CEO

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements relating to a breach of the option agreements and the Company’s legal action to enforce its entitlement to the Rama de Oro and Magdalena projects. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts, and by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties, including the possibility the Company may not be successful in its legal action to enforce the performance of the option agreements.

Madoro Begins Exploration Program on First Green Lithium Property, Quebec

Tue, 25 Jul 2023 06:00:00 MDT

Vancouver, British Columbia - TheNewswire - July 25, 2023 - Madoro Metals Corp. (“Madoro” or the “Company”) (TSXV:MDM) (OTC:MSTXF) (WKN:A2QQ1X) is pleased to announce that a prospecting and sampling program has begun on its 213-claim, 12,325-ha First Green Lithium property located approximately 75km southwest of Val-d’Or in the Abitibi-Témiscamingue region of Québec. Good access to the property is provided by a network of logging roads and logging operations have exposed multiple outcrops for the exploration crew to examine and sample.

“This first-pass field program will give us a good sense of the geology underlying the property and allow us to configure a potential airborne geophysical survey in the fall,” stated Brian Ostroff, Madoro’s Executive Chairman. “The region is heating up as a potential major source of hard rock lithium and the First Green Project is strategically situated to join the growing ranks of exploration success stories.”

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The First Green Lithium Property lies within a rapidly emerging lithium belt where large mineral claim holdings have been assembled by Brunswick Exploration Inc., Narrow River Resources Pty. Ltd., Sayona Québec Inc., Renforth Resources Inc., Vison Lithium Inc. and Winsome Resources Inc. Numerous pegmatite outcrops reportedly mapped by government geologists are the most significant features of the First Green Lithium property, yet there are no records of the pegmatites having been sampled or analysed for lithium.

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The First Green Lithium Project’s proximity to the mining centers of Malartic and Val-d’Or allows for low-cost exploration work. Québec is a strong supporter of exploration, production, and processing of critical strategic minerals (CSM), including lithium, and developing value-added industries such as battery and electric vehicle manufacturing. In 2021, a special program to support CSM exploration was set up. This is in addition to existing refundable tax credits up to 38.8% for junior mineral exploration companies, and 69.4% flow-through tax savings for investors in Quebec and 38.4% for investors from the rest of Canada.

About Madoro

QA/QC and Qualified Person

ON BEHALF OF THE BOARD OF DIRECTORS,

“BRIAN OSTROFF”

Brian Ostroff, Executive Chairman

Madoro Enters into Option Agreement to Acquire 100% of the First Green Lithium Project in Quebec

Wed, 01 Feb 2023 06:00:00 MST

Vancouver, BC - TheNewswire - February 1, 2023 - Madoro Metals Corp. (“Madoro” or the “Company”) (TSXV:MDM) (OTC:MSTXF) (WKN:A2QQ1X) is pleased to announce that it has entered into an option agreement (the “Agreement”) to acquire a 100% interest in the 213 claim, 12,325 hectare First Green Lithium Project (the “Property”) located in the rapidly emerging Cadillac-Pontiac lithium camp in the Abitibi Témiscamingue region, approximately 75 kilometres southwest of Val-d’Or, Québec (Figure 1).

Dusan Berka, President and CEO of Madoro states, “Adding the First Green Lithium Project to Madoro’s project portfolio is a low-risk and potentially high-reward opportunity for our shareholders. There is unprecedented interest in domestic sources of lithium due to record high prices and very strong demand from the electric vehicle and battery storage markets. Quebec is showing strong support for exploration, production and processing of critical strategic minerals and is emerging as key supplier of lithium to North American markets. The First Green Property acquisition marks a significant move by our Company into a high-demand commodity in a stable jurisdiction.”

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Figure 1: First Green Lithium Property Location within Cadillac-Pontiac Lithium Camp

Numerous pegmatite outcrops have been identified by historical government mapping but there is no record of previous mineral exploration on the Property or of any LCT analysis. A network of logging roads and the proximity to the mining centres of Malartic and Val-d’Or will allow for low-cost exploration work. Madoro intends to complete a high-definition airborne magnetic and radiometric survey in conjunction with an interpretive study utilizing high-definition LiDAR data to identify prospective LCT pegmatite targets.

Agreement Details

Pursuant to the Agreement, the Company may acquire a 100% interest in the Property by making aggregate cash payments of $165,000 and issuing an aggregate of 5,400,000 common shares of the Company over a period of three years. In addition, the Company must incur an aggregate of $1,000,000 in exploration expenditures on or before the third anniversary date of the Agreement. The arm’s length vendors will retain a 2.0% net smelter royalty, 0.5% of which may be purchased by the Company for $1,000,000. Further, the Company has agreed to make milestone payments of $500,000 and $1,000,000 upon the filing of a feasibility study and upon the start of commercial production, respectively. The milestone payments may be paid in cash or through the issuance of shares, at the Company’s discretion, and shall be deemed to be an advance to the vendors to be deducted against future royalty payments. A finder’s fee of $17,500 is payable to an arm’s length party in connection with the Agreement. The Agreement remains subject to the approval of the TSX Venture Exchange.

About Madoro

Madoro Metals Corp. (MDM | TSX Venture Exchange; MSTXF | OTC) is an emerging resource company engaged in the evaluation, acquisition, and exploration of mineral properties in Mexico and Canada. The Company is engaged in the exploration of three gold-silver projects in the state of Oaxaca, Mexico. The Yautepec, Magdalena and Rama de Oro projects each consist of large epithermal systems that are highly prospective for precious metals in structural and geologic setting like those of nearby producing mines. Madoro also owns a 50% interest in the Ralleau mineral property in the Urban Barry District, Lebel-sur-Quévillon area of Quebec. For further information, investors and shareholders are invited to visit the Company’s website at www.madorometals.com, call the office at 1-604-681-1568, toll free at 1-877-377-6222, or send an email to info@madorometals.com

QAQC and Qualified Person

ON BEHALF OF THE BOARD OF DIRECTORS

“DUŠAN BERKA”

Dušan Berka, P. Eng., President & CEO

Madoro is Saddened to Announce the Passing of Mr. David M. Jones

Thu, 30 Dec 2021 14:00:00 MST

Vancouver, BC, Canada – TheNewswire - DECEMBER 30, 2021 - Madoro Metals Corp. (“Madoro” or the “Company”) (TSXV:MDM) (OTC:MSTXF) (WKN:A2QQ1X) regretfully announces the passing of its Manager of Exploration and Director, Mr. David M. Jones. Mr. Jones had over 40 years’ experience as a geologist with a particular focus on Mexico where his work successfully led to the discovery of several mines. It was on the basis of Mr. Jones’ work that led to Madoro’s original optioning and advancement of its properties in Oaxaca, Mexico. On behalf of the entire Madoro team, we want to extend our deepest sympathies to Mr. Jones’ wife and family.

“David’s passing will be a loss on the entire industry,” said Dusan Berka, CEO of Madoro Metals. “Over David’s 40-plus year career he was extremely successful, with several mines having been discovered and developed based on his work. Aside from tremendous knowledge, David brought with him passion, energy and drive, and he will be greatly missed by those who had the good fortune of knowing and working with him.

Corporately, Madoro is committed to continue progressing the exploration work on its Mexican properties. The accumulated land package was based on some of Mr. Jones’ geological theories and showed considerable promise as he, and the Madoro geological team, systematically advanced the properties. The Company will look to ensure the continuity of his work and the projects will be advanced by those who worked with Mr. Jones for many years and shared in the success of previous findings.

About Madoro Metals Corp.

Madoro Metals Corp. (MDM | TSX Venture Exchange; MSTXF | OTC) is a Mexico-focused precious metals company actively engaged in exploration and development of three gold-silver projects in the state of Oaxaca, Mexico. The Yautepec, Magdalena, and Rama de Oro projects each consist of large epithermal systems that are highly prospective for precious metals in structural and geologic settings like those of nearby producing mines. Systematic exploration has advanced two of the projects towards drilling with the intention of discovering an economic mineral deposit.

ON BEHALF OF THE BOARD OF DIRECTORS

“DUŠAN BERKA”

Dušan Berka, P. Eng., President & CEO

For more information, please contact: Investor Relations via email at info@madorometals.com ;

www.madorometals.com

#1450 – 789 West Pender Street

Vancouver, BC, Canada V6C 1H2

Tel: +1 (604) 681-1568

Email: info@madorometals.com

This news release may contain forward-looking statements including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Madoro Metals Corp. relies upon litigation protection for forward-looking statements.

Madoro Metals Receives Positive Results from its Age-Dating Rock Analysis in Oaxaca, Mexico

Wed, 29 Sep 2021 06:00:00 MDT

Results to be presented at the upcoming October 5-7, 2021 Discoveries Mining Conference in Hermosillo, Mexico

September 29, 2021 - TheNewswire - Vancouver, BC, Canada - Madoro Metals Corp. (“Madoro” or the “Company”) (TSXV:MDM) (OTC:MSTXF) (WKN:A2QQ1X), a mineral exploration company focused on Mexico, is pleased to announce results from a limited program of uranium-lead (“U-Pb”) age dating on selected caldera-system (supervolcano) rocks from the region of its active exploration programs in the state of Oaxaca. The study was undertaken to better quantify the relative ages of rocks associated with gold, silver, and base metal mineralization at the Company’s projects and compare these to the ages of similar rocks from the areas of nearby producing mines (e.g.: Gold Resource Corporation’s Arista-Switchback and Alta Gracia mines), which lie approximately 30 kilometers along trend from the Company’s property. It was previously speculated, based on our understanding of local and regional geologic controls, that these mineralized systems are similar in nature and with similar upside exploration potential for bonanza grade Au-Ag polymetallic epithermal deposits.

“These age-date results are proof of our concept that our properties are part of a continuous belt of caldera systems that have shown exceptional potential for hosting bonanza grade Au-Ag epithermal deposits,” said David Jones, Exploration Manager and Director of Madoro Metals. “The calderas associated with Gold Resource Corp.’s producing Arista-Switchback mine are indistinguishable in age from the dates obtained from our Yautepec project. We are encouraged to have formally demonstrated the contemporaneity of our Yautepec project caldera with the ages of nearby producing mines along this rapidly emerging Au-Ag belt.”

U-Pb ages obtained from 4 distinct calderas (D. Jones unpublished mapping, 2000-present) are presented in the following table:

Table 1: U-Pb Zircon Age Dates of Select Caldera-system Rocks of Oaxaca (Analyses by Victor Valencia)
Caldera	Sample No.	Longitude	Latitude	Age (error)	Description
Margaritas	538760	-96.19568	16.711655	18.9 +/- 0.2	Moderately welded rhyolite crystal tuff with no lithics
Pozuleros	538759	-96.08058	16.645947	18.3 +/- 0.2	Welded rhyolite crystal-rich tuff
De La Gracia	765629	-96.08995	16.654957	18.5 +/- 0.2	Weakly welded rhyolite crystal tuff
Yautepec: Intra-caldera tuffs	765627	-95.87813	16.462215	19.0 +/- 0.3	Weakly welded dacite crystal tuff with minor lithic load
Yautepec: Intra-caldera tuffs	765628	-95.96093	16.545902	18.1 +/- 0.2	Modestly welded rhyodacite crystal lapilli tuff
Yautepec: Resurgent intrusions	765630	-96.00912	16.427162	18.0 +/- 0.2	Flow foliated rhyodacite dike crosscutting diorite
Yautepec: Resurgent intrusions	765631	-96.00506	16.426248	18.0 +/- 0.2	Medium-grained holocrystalline diorite

The results indicate that:

- The 3 calderas associated with Gold Resource Corp.’s active Arista-Switchback mine and related epithermal systems all developed between approximately 19-18 Ma (million years ago).

- The caldera system associated with the Company’s Yautepec project developed in a similar age range of approximately 19-18 Ma.

- The similarities in ages indicate that the area of Gold Resource Corp.’s producing mines and Madoro’s Yautepec entire project area is part of a singular magmatic-structural-hydrothermal system spanning 60-kilometers distance; the entire trend may be considered to have similar potential for high-grade epithermal Au-Ag polymetallic deposits

Accompanying Figures 1-3 show, respectively, the locations of identified caldera systems relative to active mining and exploration efforts, the locations of samples for the age dates in Table 1, and our inference of the significance of these results.

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Figure 1: Locations of identified calderas relative to active mines and Madoro Metals Corp. exploration projects.

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Figure 2: Sample locations of age dates in Table 1.

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Figure 3: Interpretation of the significance of Madoro Metals Corp. age dating results.

The technical content of this news release has been reviewed and approved by Robert Johansing, M.Sc., Economic Geologist, and a Qualified Person pursuant to National Instrument 43-101.

Mr. David Jones, Exploration Manager and Director of Madoro Metals, will be presenting these findings at the Discoveries Mining Conference from October 5-7, 2021 in the mining capital of Mexico Hermosillo, Sonora, where he will be speaking ( https://www.discoveriesconference.com ). Mr. Jones’ presentation will incorporate what these findings mean for the emerging Au-Ag polymetallic belt of Oaxaca, Mexico, and the potential for exploration success on Madoro Metals’ properties.

About Madoro Metals Corp.

ON BEHALF OF THE BOARD OF DIRECTORS

“DUŠAN BERKA”

Dušan Berka, P. Eng., President & CEO

For more information, please contact: Investor Relations via email at info@madorometals.com ;

www.madorometals.com

#1450 – 789 West Pender Street

Vancouver, BC, Canada V6C 1H2

Tel: +1 (604) 681-1568

Email: info@madorometals.com