Madison Metals signs uranium forward sale agreement and creates first uranium-backed NFT with Lux Partners

Madison Metals Inc.

TORONTO, Sept. 30, 2022 (GLOBE NEWSWIRE) — Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce the signing of a historic and first-of-its-kind uranium forward sale agreement with Lux Partners Ltd. (“Lux”). Lux operates Lux network, the first decentralized blockchain integrated and operated by a network of regulated banking and money transfer partners. The exclusive five-year supply agreement provides for the delivery of up to 20 million pounds of U3O8 Madison uranium projects in Namibia after the start of commercial production. Fulfillment of the U3O8 delivery would support the first-ever uranium-based non-fungible tokens (“NFT”).

“Having the ability to potentially monetize our uranium resources at a premium using innovative technology provided by industry leaders is a testament to our forward-thinking strategy to create shareholder value,” said Duane. Parnham, executive chairman and CEO of Madison Metals. “We believe there are many advantages to forward selling some of our assets in this way. We expect it to provide non-dilutive capital to explore, develop and operate our properties while generating additional revenue through nominal trading fees.

Parnham continued: “The Lux team has exceptional abilities and a proven experience launch and drive demand for the world’s most innovative products, generating billions of dollars in revenue.

Lux NFTs bring liquidity and universal access to the uranium market and usher in a new era for the tokenization of physical assets and the distribution of the planet’s most valuable resources. Lux Uranium NFTs are to be minted exclusively on the Lux Network but will be made available on all major blockchains through the Lux standard for asset-backed NFTs.

From October 15, 2022 via the luxury market, almost anyone in the world will be able to mint Lux Uranium NFTs. By selling direct to retail, Lux is able to offer buyers the lowest possible price, disintermediating opaque and inefficient financing with transparent and clear pricing. For more information, please see Lux.Market.

“We are delighted to form this strategic alliance with Madison’s resource team to support the launch of Lux Uranium and the Lux Network (Lux.Network) of blockchains, which powers NFT minting, trading and staking,” said Zach Kelling, CEO of Lux Partners. “Through staking, users are exposed to the upside of the uranium market while earning additional fees through loans and liquidity. By digitizing assets, Lux hopes to unlock greater price discovery, asset value and liquidity throughout the mining lifecycle.

Lux will initially score £7.65m from U3O8 that Madison contributed to the Lux partnership. This will be followed by a further £12.35m to be minted as market demands. The token sales are intended to generate cash that will be returned to Madison along with royalties from trading fees. Proceeds from Madison’s capital will be used to advance compliant resource/reserve figures, as well as for engineering and economic studies and mining. Madison will also manage a risk assessment program and a hedge portfolio to purchase additional uranium products as needed or when required on a tax-neutral basis.

Learn more about Madison’s evolution via the new brand website and updated corporate presentation.

Under the forward sale agreement, Madison will issue three million common shares to an independent advisor who made the introductions and facilitated the transaction. The common shares issued under the agreement are priced at C$1.22 at the close of trading on Thursday, September 29, 2022.

About Madison Metals Inc.

Madison Metals Inc (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration company focused on the sustainable production of uranium in Namibia and Canada. Using advanced technologies and modern strategies, Madison Metals is positioned to bring advanced uranium assets to market quickly.

With over 50 years of experience in the mining sector, 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. is available at and on the Company’s SEDAR profile at

About Lux Partners Ltd.

Lux is a FinTech company domiciled in the Isle of Man and associated with a regulated and licensed money transfer business. Lux enables institutions to take advantage of blockchain technology use cases in a tax-efficient and regulated environment, with proper compliance, KYC and AML procedures. The managers of Lux have a long experience in managing transactions and investments in a wide range of industries. Institutions and governments can send and receive tokenized assets, with proper compliance, KYC and AML procedures. Lux processes both crypto and fiat transactions, given its ability to natively process Swift and Fed wires from the blockchain, while offering the highest levels of security and privacy through the Lux Bridge, which uses zero-knowledge proofs to secure assets and enable private transactions. on the Lux network. Lux is uniquely positioned to launch a host of highly profitable, risk-weighted, highly scalable verticals in large, fast-growing markets. These verticals include secure transaction processing, asset management, DeFi ecosystems, and tokenized investments in natural resources and emerging markets.

Additional information can be found at Lux.Partners/about

For more information, please contact:

Duane Parnham
Executive Chairman and CEO
Madison Metals Inc.
+1 (416) 489-0092
[email protected]

Media inquiries:
Adam Bello
Manager, Media and Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
[email protected]

Neither CSE 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 laws. Forward-looking statements include, but are not limited to, statements regarding fulfillment of the terms of the forward sales agreement described in this press release, including, but not limited to, future production capacity and delivery of U308 by Madison; the issuance of Madison stock; the timing and amount of estimated future exploration and the Company’s intended use of funds.

Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is planned”, “budget”, “schedule”, “estimates”, “plans”, “intends”, “continues”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “could” or “will be taken”, “will occur” or “will be carried out”. Forward-looking statements are made based on certain assumptions and other material facts which, if incorrect, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements. expressed or implied by these statements. These 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, performance or achievements to differ materially from those set forth in the forward-looking statements include, among others, production delays; currency fluctuations, global economic climate, dilution, stock price volatility, competition, labor shortages and unexpected Company expenses. 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 differ materially from those expressed or implied by such forward-looking statements, including, but not limited to: the failure of the Company or its contractual partners to perform their respective obligations under the agreements; unforeseen delays or shortages in production from the Company’s mining projects in Namibia; the impact that the COVID 19 pandemic may have on the Company’s business and on the economy generally; the impact of the post-pandemic recovery of COVID 19 and its impact on precious metals; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future metal prices; accidents, labor 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 the forward-looking statements, there may be other factors that cause results not to be those anticipated, estimated or expected. 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 may find further information regarding these and other risks in documents filed with Canadian securities regulators which are available on the Company’s SEDAR profile page at The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

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