Madison Metals Corporate Update to Capitalize on Strong Market Dynamics
Madison Metals Corporate Update to Capitalize on Strong Market Dynamics
Multi-year uranium forward sales agreement goes live today, Namibian drill permit
approved
TORONTO, ON – September 14, 2023 – Madison Metals Inc. (“Madison” or the “Company”)
(CSE: GREN) (OTCQB: MMTLF) is pleased to announce that the uranium market has witnessed
a robust upswing this year, with prices soaring over 20% in 2023, scaling over US$62 per pound
for the first time since 2011. The surge has vastly outperformed other metals markets,
signaling a bull phase for the sector.
Key factors driving the uranium market resurgence are rooted in robust global supply and
demand fundamentals. “This strong market performance is expected to positively influence
the valuations of small-cap entities like Madison, especially as our 20-million-pound forward
sales agreement announced in June goes live today, ” said Duane Parnham, Executive
Chairman and CEO of Madison Metals Inc . “Notably, access constraints to physical uranium
have directed buyers toward the futures market, reminiscent of the 2007 setup when the spot
price of uranium sharply escalated to US$140 per pound.”
Madison is at the forefront of this resurgence, buoyed by the exceptional insights and strategic
choices of industry stalwarts. The Company's uranium prospects have been handpicked by Mr.
Parnham, whose 22 -year track record in Namibia includes the prior founding of uranium
explorer Forsys Metals Corp., and Dr. Roger Laine, formerly of Areva S.A. and responsible for
geological upgrades at Valencia Uranium (Pty) Ltd.
Madison’s projects are uniquely positioned, boasting significant and expandable historical
resources. Furthermore, the Company’s projects lie adjacent to the operating Rössing
Uranium Mine and are surrounded by numerous untested uranium occurrences, marking
them as prized assets in the uranium mining landscape.
"We are excited about the current market dynamics and believe Madison is exceptionally
positioned to ride this wave," said Parnham. "Our ongoing collaboration with industry
veterans and the potential our projects hold, especially with SRK Consulting’s resource
upgrade reporting underway, makes us optimistic about the future."
Namibian Drill Permit Approved
Moreover, Madison also announces that the requisite permitting has been secured for its
upcoming maiden drilling program designed to test existing and new uranium target areas
outlined during recent field studies at its Namibian properties . This proactive approach
ensures Madison remains agile and responsive to the dynamic uranium market and provides
ample support to its forward sales agreement.
About Madison Metals Inc.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration
company focused on sustainable uranium production in Namibia and Canada. With over 50
years of mining experience, including 22 years in Namibia, its management team has
geological and financial expertise and a track record of creating shareholder value.
Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on
the Company’s SEDAR+ profile at www.sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This release contains “forward -looking statements” within the meaning of applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to, statements regarding the fulfillment of
terms of the forward-sales agreement; the issuance of common shares of Madison; and the proposed future
exploration and drilling by Madison.
Generally, forward -looking statements can be identified by the use of forward -looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”,
“continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”,
“occur” or “be achieved”. Forward -looking statements are made based u pon certain assumptions and other
important facts that, if untrue, could cause the actual results, performance or achievements of the Company to
be materially different from future results, performances or achievements expressed or implied by such
statements. Such statements and information are based on numerous assumptions regarding present and future
business strategies and the environment in which the Company will operate in the future.
Certain important factors that could cause actual results, performances or achievements to differ materially from
those in the forward -looking statements include, amongst others: the global economic climate; competition;
labour shortages, and unanticipated expenses of the Company. Forward-looking statements are subject to known
and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: failure of the Company or its contractual partners to
fulfil their respective obligations under agreements; unanticipated delays in drilling as described i n this press
release; the impact the COVID 19 pandemic may have on the Company’s activities and the economy in general;
the impact of the recovery post COVID 19 pandemic and its impact on precious metals; receipt of necessary
approvals; general business, economic, competitive, political and social uncertainties; accidents, labour disputes
and shortages; environmental risks; and other risks of the mining industry.
Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or i ntended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements.
You can find further information with respect to these and other risks in filings made with the Canadian securities
regulatory authorities that are available on the Company’s SEDAR + profile page at www.sedarplus.ca. The
Company disclaims any obligation to update or revise these forward -looking statements, except as required by
applicable law.