Madison in rare earths metal hunt

The mines ministry has granted Madison Metals Incorporated a licence for base and rare metals, industrial minerals and nuclear fuels for exclusive prospecting licence (EPL) 8 905, which lies at Madison West within mining licence (ML) 86A, the same licence area that hosts the Khan Copper Mine.

The 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 8 905 through cash payments, while 10% carried is held by the company’s Namibian partners, it announced.

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 the company'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 8 905 licence to include nuclear fuels as a significant step forward for Madison,” Duane Parnham, executive chairman and CEO, said.

The granting of the licence will enable Madison to expand its asset portfolio, he added.

“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."

The milestone complements Madison’s ongoing efforts to fast-track to uranium production and enhances the company’s ability to leverage the full spectrum of mineral resources available in the ML 86A and EPL 8 905 licence areas.