Madison Metals Inc (OTCMKTS:MMTLF) Stock In Focus After Key Update
Upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada, Madison Metals Inc (OTCMKTS:MMTLF) on May 16, 2023, announced on the signing of a binding joint venture agreement for the Richard Lake Property in Ontario, Canada with Great Northern Energy Metals Inc (GNEM).
Trading Data
On Wednesday, MMTLF stock ended flat at $0.3157 with 8 shares, compared to volume of 1.73K shares. The stock moved within a range of $0.3157 – 0.3157 after opening trade at $0.3200.
Madison Metals Signs Option Agreement for Kenora Uranium Project in Canada
Duane Parnham, Executive Chairman and CEO of Madison said that the firm is looking forward to supporting Great Northern Energy Metals in its efforts to explore and develop the Kenora uranium project. The CEO added that it will help advance the company’s expansive uranium resources in Namibia.
Under the agreement, Great Northern Energy Metals Inc will be paying Madison C$50,000 on signing and incurring C$900,000 in exploration over three years (C$300,000 per year) to earn a 60% interest. Madison will be retaining a 40% free-carry interest in the project. The company has about 23.5 million shares outstanding, C$1,000,000 in its treasury with no debt.
Madison Metals Inc has experience of over 50 years in mining, including 22 years in Namibia, with both geological and management expertise. The company uses cutting-edge technologies and modern strategies to create shareholder value. GNEM is a well-capitalized private British Columbia-registered company.
