Madison Metals Inc. has announced that the Ministry of Mines and Energy of Namibia has granted a licence for base and rare metals, industrial minerals, and nuclear fuels for Exclusive Prospecting Licence 8905, which lies at Madison West within Mining Licence 86A, the same licence area that hosts the Khan Copper Mine.
This important development signifies a major milestone for Madison as the company continues to build its portfolio and capitalise on the growth opportunities in the uranium mining sector. Madison is earning a 90% interest in ML-86A and EPL-8905 through cash payments, while 10% carried is held by the company’s Namibian partners.
The new licence expands Madison’s scope of exploration and development to include uranium, copper, gold, silver, and other precious metals. This strategic move aligns with Madison’s commitment to advancing uranium production and exploring high-value base and rare metals opportunities. The addition of copper exploration on the Namibian licence, alongside that of uranium, expands Madison’s potential for producing more of the in-demand critical metals needed for the global energy transition.
“We are thrilled to announce the expansion of our EPL-8905 licence to include nuclear fuels as a significant step forward for Madison,” said Duane Parnham, Executive Chairman and CEO for Madison. “On behalf of the Madison team, I would like to extend heartfelt thanks to our Namibian partners for their professionalism, friendship, and unwavering support as we work together to systematically advance our knowledge and unlock the full potential of this project. This achievement marks a pivotal moment in our uranium advancement strategy on the heels of our recent successful drilling results. It also introduces new dimensions to our asset portfolio through the rich copper resources of the Khan Copper Mine. We look forward to the exciting opportunities this development will bring.”