Star Minerals enters agreement with Madison Metals for Namibian uranium project

Star Minerals Limited (ASX:SMS) has announced its entry into a binding agreement with Canadian listed Madison Metals Inc. (CSE: GREN) for a farm-in and joint venture to acquire up to 51% of the company holding exploration permit EPL 8531, comprising the Cobra Uranium Project in the Erongo region of Namibia. The agreement allows Star to earn 51% by spending USD$3.95m over 3 years, including progress payments, and to create a Joint Venture between 51% and 85% with Madison. The Cobra Project is estimated to contain 15.6Mt at 260ppm U308 for 9M lb U308 and is situated within 25km of the two largest operating uranium mines in Namibia.

Executive commentary on the agreement and project potential

Chair lan Stuart expressed the company's delight in adding a significant foreign uranium estimate to its portfolio and looks forward to working with Madison to confirm and upgrade the estimate. Stuart highlighted the expertise of Mr. Ashley Jones, who will manage the project and has extensive experience in uranium and Namibian exploration. The company sees enormous potential to upgrade and increase the existing estimates and is optimistic about the long-term fundamentals for uranium as a sustainable and carbon-free energy source for the future.

Summary of the agreement and project outlook

Star Minerals' agreement with Madison Metals for the Cobra Uranium Project in Namibia marks a significant step in the company's expansion into the uranium sector. The project's proximity to established uranium mines, combined with the expertise of the team involved, positions Star Minerals to capitalize on the potential of the Cobra Project. The company aims to confirm and upgrade the existing estimates, leveraging the favorable mining jurisdiction and infrastructure in Namibia. With a focus on advancing its efforts to monetize the Tumblegum South gold Project and add value to its West Bryah copper gold Project in Western Australia, Star Minerals is poised for further growth and development in the uranium sector.