Uranium exploration company Madison Metals has reported that the Namibian Ministry of Mines and Energy has granted a licence for base and rare metals, industrial minerals, and nuclear fuels for exclusive prospecting licence (EPL) 8905, which lies at Madison West within mining licence (ML) 86A, the same licence area that hosts its Khan copper mine. 

The company says 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 notes that it 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.

The company says this strategic move aligns with its commitment to advancing uranium production and exploring high-value base and rare metals opportunities.

It notes that 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,” says Madison executive chairperson and CEO Duane Parnham.

“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,” Parnham expresses.

The company says this milestone complements Madison’s ongoing efforts to fast-track uranium production and enhances the company’s ability to leverage the full spectrum of mineral resources available in the ML-86A and EPL-8905 licence areas.