The initiative is in line with Madison’s goal to investigate lucrative base and rare metal prospects. Credit: Phawat/Shutterstock.

Upstream mining and exploration company Madison Metals is set to expand its mining operations in Namibia, Africa, with the Ministry of Mines and Energy granting a new licence.

This licence, covering base and rare metals, industrial minerals and nuclear fuels, is for exclusive prospecting licence 8905 (EPL-8905), situated within the same area as the Khan Copper Mine.

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The grant of EPL-8905 marks a substantial step forward for Madison Metals as it seeks to enhance its mining portfolio and seize growth opportunities, particularly in the uranium sector.

Madison is on track to earn a 90% interest in both ML-86A and EPL-8905, with the remaining 10% carried by its Namibian partners.

The newly acquired licence broadens Madison’s exploration and development activities to include not only uranium but also copper, gold, silver and other valuable metals.

This initiative is in line with Madison’s goal to boost uranium production and investigate lucrative base and rare metal prospects.

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By adding copper exploration to its Namibian operations, Madison is positioning itself to produce more critical metals that are essential for the global energy transition.

This development complements the company’s strategy to expedite uranium production and utilises the full range of mineral resources in the ML-86A and EPL-8905 areas.

Madison remains committed to its strategy of creating shareholder value and progressing premier uranium assets, while also exploring additional opportunities in base, precious and critical metals.

Madison executive chairman and CEO Duane Parnham said: “We are thrilled to announce the expansion of our EPL-8905 licence to include nuclear fuels as a significant step forward 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.”