Madison Metals Corp. 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.
