Fri. May 24th, 2024

Namibian Uranium to be Backed by NFT on the Blockchain.

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The first decentralized blockchain integrated with and operated by a network of regulated bank and money transmitter partners has reached a five years exclusive agreement with Namibia for the delivery of up to 20 million pounds of U3O8 from Madison’s uranium projects in Namibia following the commencement of commercial production. The fulfillment of the U3O8 delivery would back the first-ever uranium-backed non-fungible tokens.

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“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 deliver shareholder value,” said Duane Parnham, Executive Chairman and CEO of Madison Metals.

“We believe there are many benefits to forward selling a portion of our assets in this way. We expect it to provide non-dilutive capital to explore, develop and mine our properties while also generating additional revenue through token trading fees.”

Parnham continued, “The Lux team has outstanding capabilities and a proven track record launching and driving demand for the most innovative products in the world, generating billions of dollars in revenue.”

Lux NFTs bring liquidity and universal access to the uranium market and usher in a new era for both the tokenization of physical assets and the distribution of the earth’s most valuable resources. Lux Uranium NFTs are to be minted exclusively on Lux Network but will be made available on every major blockchain thanks to the Lux Standard for asset backed NFTs.

Starting Oct. 15, 2022 via the Lux 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.

“We are pleased to form this strategic alliance with Madison’s resource team to support the launch of Lux Uranium and the Lux Network of blockchains, which powers the minting, trading, and staking of the NFTs,” said Zach Kelling, CEO of Lux Partners.

“Through staking, users are exposed to the upside of the uranium market while also earning additional fees from lending and liquidity. By digitizing assets, Lux expects to unlock greater price discovery, asset value, and liquidity throughout the entire mineral extraction lifecycle.”

Also Read: Namibia Launches First Bitcoin ATM, Crypto Kiosk

Lux will initially tokenize 7.65 million pounds of U3O8 that Madison has contributed to the Lux partnership. This will be followed by an additional 12.35 million pounds to be minted as the market dictates. The sales of tokens are intended to generate cash which will be returned to Madison plus royalties from trading fees. Madison’s capital proceeds of funds will be used to advance compliant resource/reserve figures, as well as for engineering and economic studies and mining.

Madison will also be managing a risk assessment program and hedge book to purchase additional uranium products as or if needed on a tax-neutral basis.

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