Mr. Brian Ostroff reports

MADORO METALS CORP. PROVIDES UPDATE ON PROPOSED REVERSE TAKEOVER WITH NARROW RIVER RESOURCES

Madoro Metals Corp. has provided a further update regarding the proposed reverse takeover with Narrow River Resources Pty. Ltd. previously announced in the company's news release dated Feb. 2, 2026, and as most recently updated in the company's news release dated May 4, 2026.

Madoro and NRR continue to advance the various components required under TSX Venture Exchange Policy 5.2 (Changes of Business and Reverse Takeovers), including the preparation of the required disclosure and transaction documentation in connection with the proposed transaction. As announced on May 4, 2026, the parties completed a technical report in respect of the Lac Simard mineral project in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects), which the company intends to file on SEDAR+ concurrently with the filing of the management proxy circular once finalized.

The parties continue to work toward finalizing and executing a definitive agreement. The company is also continuing to prepare the circular to be sent to its shareholders in connection with a special meeting of shareholders required to approve the proposed transaction. As announced on May 4, 2026, the company is also proceeding with a concurrent non-brokered private placement for aggregate gross proceeds of up to $1.23-million, the completion of which remains subject to TSX-V acceptance and all other required regulatory approvals. 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, among other things, the negotiation and execution of definitive documentation, regulatory and shareholder approvals, the completion of the private placement, and satisfaction of all applicable TSX-V requirements.

Details of the proposed transaction, as contemplated in the letter of intent signed by Madoro and NRR on Jan. 30, 2026, may be found in the company's news release dated Feb. 2, 2026.

About Madoro Metals Corp.

Madoro 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.; a 50-per-cent interest in the Ralleau mineral property in the Urban Barry district, Lebel-sur-Quevillon area of Quebec; and a 100-per-cent interest in the Cerro Minas property in Oaxaca, Mexico.

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