Madoro Reports ON Rama de Oro and Magdalena Option Agreements

Suite 1450 – 789 West Pender Street, Vancouver, BC, Canada V6C 1H2

Tel.: (604) 681-1568, Fax: (604) 681-8240, TF: 1-877-377-6222

www.madorometals.com

TSXV: MDM | OTC: MSTXF

WKN: A2QQ1X

MADORO REPORTS ON RAMA DE ORO

AND MAGDALENA OPTION AGREEMENTS

FOR RELEASE: JANUARY 11, 2023

Vancouver, BC, Canada - Madoro Metals Corp. (“Madoro” or the “Company”) is providing

an updat e on the st atus of the Rama de Oro and Magdalena properties in O axaca, Mexico.

Following the Company’ s news release dated June 24, 2022 announcing that it had received

from Paradex Inc. and Minera Zalamera, S.A. de C.V. (collectively, the “Optionors”) written

notices of termination of the Rama de Oro and Magda lena option agreements on the basis that

the Company had failed to make the required work expenditures within the option periods

specified in the agreements , despite the Company’s demonstration tha t the opt ion periods for

both agreements had been extended by agree ment of the parties, as a result of the lack of a ccess

to the properties . As reported at the time (and subsequently thereafter), the Company considers

itself to be in compliance with the terms of the Rama de Oro and Magdalena option agreements

and intends to vigorously dispute these termination notices.

Despite the Company’s communications to the Optionors that (i) it remained ready, willing and

able to satisfy its obligations under each of the option agreements and (ii) it required the

Optionors to retrac t the purported terminati on notices, the Company has received no response

from the O ptionors in this regard . As a result , Madoro announces that it has filed a N otice of

Civil Claim in the Supreme Court of British Columbia (the “Claim”) brought against the

Optionors seeking to enforce the Company’s rights under the option agreements, including:

specific performance of the option agreements , damages, costs, and ot her relief. The Company

intends to advance its claims and prove its allegations in court.

While management regrets having to file the C laim, it has concluded that it must do so in order

to protect the legitimate interests of the Company and its stakeholders.

About Madoro Metals Corp.

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. Mador o also owns a 50% interest in the Ralleau

mineral property in t he Urban Barry District, Le bel-sur-Quévillon area of Quebec, with 50%

owned by DeepRock Minerals Exploration Inc. For further information, investors and

shareholders are invited to visit the Company ’s website at w ww.madorometals.com, call the

office at 1-604-681-1568, toll free at 1-877-377-6222, or via email at [email protected].

ON BEHALF OF THE BOARD OF DIRECTORS

“DUŠAN BERKA”

Dušan Berka, P. Eng., President & CEO

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.

This news release contains certain "forward-looking statements" within the meaning of Canadian

securities legislation, including stat ements 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 pro ve 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 th e 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.

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 infor mation, 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.sedar.com.