Mr. Brian Ostroff reports

UPDATE ON REVERSE TAKEOVER TRANSACTION

Madoro Metals Corp. has provided a further update regarding the proposed reverse takeover transaction (RTO) with Narrow River Resources Pty. Ltd. (NRR), previously announced in the company's news release dated Feb. 2, 2026, and as most recently updated in the company's news release dated July 17, 2026.

Madoro and NRR continue to advance the remaining components required under TSX Venture Exchange Policy 5.2, Changes of Business and Reverse Takeovers, in connection with the proposed transaction. The company continues to work toward finalization of the management proxy circular to be sent to the company's shareholders in connection with a special meeting of shareholders required to approve the proposed transaction, together with the remaining transaction documentation and disclosure materials required in connection with the proposed transaction.

As previously announced, the company has entered into a definitive share purchase agreement with 9525-9867 Quebec Inc. and NRR in respect of the proposed transaction. The parties are continuing to co-ordinate with their respective advisors and to address the remaining matters required to advance the proposed transaction, including the preparation and review of the circular and related materials. The parties remain committed to moving the proposed transaction forward and will provide further updates as appropriate.

The company is also continuing to proceed with its previously announced concurrent non-brokered private placement for aggregate gross proceeds of up to $1.23-million, comprising hard-dollar units and flow-through units, the completion of which remains subject to TSX-V acceptance and all other required regulatory approvals.

Completion of the proposed transaction remains subject to, among other things, regulatory and shareholder approvals, TSX-V acceptance, completion of the private placement, finalization and mailing of the circular, completion of ancillary transaction documentation, and satisfaction of other customary closing conditions.

About Madoro Metals Corp.

Madoro Metals 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-per-cent interest in the First Green lithium property, located in the emerging Decelles lithium camp in the Abitibi Temiscamingue region, approximately 75 kilometres southwest of Val d'Or, Que., and a 100-per-cent interest in the Cerro Minas property in Oaxaca, Mexico.

We seek Safe Harbor.