Madison's Parnham must be happiest man regarding Namibian ops

Madison Metals executive chairperson and chief executive officer Duane Parnham must be the happiest man regarding the company's operations in Namibia in 2022.

The Canadian company Madison Metals scored big in Namibia by buying large tracts of land to expand its jurisdiction in the Erongo region, renowned for its rich deposits of uranium.

Madison Metals now owns mining licences 86A and 121, exclusive prospecting licences 8905, 7011, 8531 and 8115.

The company also signed a first-of-its-kind deal with Lux Partners to mint uranium mined from its projects in Namibia into non-fungible tokens. In October 2022, Madison Metals said it had received US$5,12m from the Lux Uranium token deal. 

According to Madison, the initial sales exceeded all Lux projections as the non-fungible tokens continued to offer an exceptional value proposition, price discovery and transparency for exposure to uranium at a marginal discount.

Parnham said the ability to potentially monetise uranium resources at a premium using innovative technology provided by industry leaders was a testament to a forward-thinking strategy to deliver shareholder value.

“We believe there are many benefits to forward selling a portion of our assets in this way. We expect it to provide non-dilutive capital to explore, develop and mine our properties while generating additional revenue through token trading fees,” Parnham said when they sealed the deal with Lux Partners in September 2022.

17 January 2022 

Madison Metals entered into a binding letter of intent with Giraffe Energy Investments Close Corporation and Otjiwa Mining and Prospecting Close Corporation to acquire 85% interest in three separate concessions named the Rössing North Uranium Project. 

The Rössing North Uranium Project, collectively consisting of 38,391 hectares, is directly adjacent to one of the world's longest-running and largest open-pit uranium mines, the Rössing Uranium Mine. 

Property-wide exploration has also identified 11 new uranium mineralization areas throughout the property that warrant further evaluation by Madison.

18 January 2022 

Madison Metals announced Madison Metals Inc. announced a private placement financing of C$10 million to acquire Rossing North Uranium Project and list on the Canadian Securities Exchange.

The company said the C$10 million would be used to explore the Kenora uranium project, the Rossing North Uranium project's acquisition and general working capital purposes. 

11 July 2022 

Madison Metals announced the delineation of two new uranium anomalies at its Rössing North Uranium Project, one of the world's top uranium-producing countries. 

Additionally, Madison is making ongoing exploration progress on its exclusive prospecting license 7011, a significant untested anomaly adjacent to the Rössing Uranium Mine in Namibia's renowned Erongo uranium province.

"These very encouraging results have confirmed the expected high potential of EPL-7011," said Duane Parnham, Executive Chairman and CEO of Madison Metals. "Our team expects to plan to drill of the anomalies to define further the potential for a major uranium deposit on Madison's Rössing North Project."

July 27, 2022

Madison Metals closed a non-brokered private placement after issuing 1,598,996 units for US$0.60 per unit for gross proceeds of $959,398.

The proceeds from the placement were for general working capital purposes and exploration at the Rössing North Uranium Project.

7 September 2022 

Mines ministry approved Madison Metals' request for the partial (1/3) transfer of three separate concessions held by Giraffe Energy Investments CC and Otjiwa Mining and Prospecting CC, named the Rössing North Uranium Project to its subsidiary Pennywort Investments (Pty) Limited.

After completing the first transfer, Madison issued 533,333 common shares at C$$0.52 and paid C$50 000 to Giraffe Energy. 

Madison also issued 75,000 ordinary shares for services rendered to Sanmiguel Capital Investment (Bahamas) Ltd., a consultant to the Company.

13 September 2022 

Madison Metals agreed to acquire a 23% interest in mining licence 121 by acquiring 24 shares of Namibia Nuclear Corporation Limited, which equals a 24% ownership interest.

The consideration paid to the vendors will be US$2m and 2 million common shares in Madison's capital to be paid and issued.

Mining licence 121 is in the renowned Erongo Uranium region, where Madison already holds rights to exclusive prospecting license 7011. 

19 September 2022

Madison Metals said Otjiwa Mining and Prospecting had received a letter of intent to grant from the mines ministry for exclusive prospecting licences 8531 and 8115, which Madison wanted to buy.

The licence approval and granting were subject to an environmental clearance certificate and the environmental impact assessment scoping study. 

The company said the environmental management plan report to obtain the environmental clearance certificate had already been submitted to the relevant authorities and is expecting a response shortly.

30 September 2022

Madison Metals signed a five-year historic and first-of-its-kind uranium forward sales agreement with Lux Partners Ltd, which operates the Lux Network. 

The Lux Network is the first decentralized blockchain integrated with and operated by a network of regulated banks and money transmitter partners. 

Under the deal, Lux would mint the uranium into non-fungible tokens. 

The five-year exclusive supply agreement provides for the delivery of up to 20 million pounds of U3O8 from Madison's uranium projects in Namibia following the commencement of commercial production. 

The fulfilment of the U3O8 delivery would back the first-ever uranium-backed non-fungible tokens.

27 October 2022 

Madison Metals said it had received US$5,12m from the Lux Uranium token deal. According to Madison, the initial sales exceeded all Lux projections as the non-fungible tokens continued to offer an exceptional value proposition, price discovery and transparency for exposure to uranium at a marginal discount.

The five-year exclusive supply agreement initially provides 7.65 million pounds of U3O8 that Madison contributed to the Lux partnership from Madison's uranium projects in Namibia to back the first-ever uranium-backed NFTs. 

Lux NFTs minted exclusively on their network bring liquidity and universal access to the uranium market and usher in a new era for tokenising physical assets and distribution.

11 November 2022

Madison Metals announced they had received the environmental clearance certificate from the environment ministry for exclusive prospecting licences 8531 and 8115, valid for three years.

The environmental clearance certificate authorises Madison to commence exploration activities, including extensive reverse circulation and core drilling, in early 2023, marking the start of an exciting phase of exploration and discovery for the Company. 

14 November 2022 

Madison Metals entered into a binding agreement with an arm's length vendor to acquire a 90% direct interest in mining licence 86A and exclusive prospecting licence 8905 with 10% free carry in favour of the vendor. 

Mining licence 86A and exclusive prospecting licence 8905 are in Erongo, renowned for rich uranium deposits.