Star Minerals has entered into an earn-in and exploration rights agreement with Madison Metals on a uranium project in Namibia, granting the company the right to acquire up to a 51% equity interest in Pennywort, the registered holder of exploration permit EPL 8531, which comprises the Cobra project and associated mining data.
Madison currently holds an 85% equity interest in Pennywort through its wholly owned Namibian subsidiary, Jenipapo, while the remaining 15% is privately held by a Namibian resident.
Under the agreement, Star can spend US$2.425 million over three years on exploration to advance the Cobra project, along with making staged payments to Madison.
“We are delighted to add such a significant foreign uranium estimate to the company and look forward to working with Madison to confirm and upgrade the estimate while testing the exciting exploration potential in the area,” Star Chairperson Ian Stuart said.
He noted that Star has in-house expertise in uranium, particularly in Namibian exploration, with Ashley Jones managing the project from Australia.
“Ashley has considerable experience working in Africa, having resided in Namibia for three years and more recently worked on the Letlhakane uranium project in Botswana for five years, from 2014 to 2019,” Stuart added.
Jones, currently a Director, will assume all day-to-day responsibilities as Managing Director of Star upon completion of the agreement with Madison.”
