Uranium mining and exploration company Madison Metals says it is in discussions with a development group about issuing a newly-listed fungible token backed by Madison’s uranium resource.
The fungible token aims to increase liquid transactions and contract tracing, while opening a second channel of asset sales, it explains.
Additionally, Madison expects fungible token sales to contribute significant cash to the company's treasury and will be reported to shareholders once material events are concluded.
The company intends to use the cash generated from a second channel of token sales and royalties from trading to advance compliant resource and reserve figures, for engineering and economic studies and for mining at its uranium properties in Namibia.
Advancement of Madison’s uranium assets is now expected to occur on a non-dilutive basis, representing an industry first.
“Despite challenging times during this period of economic change and unforeseen delays, we have progressed with our innovative strategy, partnering to monetise and expand our in-the-ground uranium resource,” says Madison chairperson and CEO Duane Parnham.