Redemption Eligibility Information


Delivery of U3O8 for token holders is subject to a strict compliance protocol, whereby those electing to take delivery must satisfy eligibility requirements for their respective jurisdictions. This process is managed by Madison Metals along with additional consultants and market participants to ensure regulatory adherence before accepting delivery requests from eligible buyers.

Eligibility for delivery of U3o8 requires ownership of a minimum of 20,000 tokens, representing 20,000 pounds of U3O8.

Proceeds of token purchases may be used to facilitate additional spot market purchases, futures contracts, or conversion and/or storage facility swap orders for approved parties redeeming the $U token for physical settlement. This is administered through Madison Metals, in addition to the supply of uranium resources audited by SRK Consulting the company controls. The project works with a network of traditional uranium brokers across North America and Europe, as facilitation of physical settlement orders may be more economically executed utilizing forward contracts or account swaps depending on the specifications of redeeming parties.

Taking physical delivery of purchased uranium U3O8, also known as yellowcake, is subject to a complex regulatory process due to its potential use in nuclear weapons and the associated risks to health, safety, and the environment. While the regulatory process may vary depending on the jurisdiction, some common steps are involved.



The buyer must obtain relevant permits or licences from the nuclear regulatory authority in their country, such as the Office for Nuclear Regulation (ONR) in the United Kingdom, or the Canadian Nuclear Safety Commission (CNSC) in Canada. These permissions (and verification of having them) are required to possess, store, and transport nuclear materials. The licensing process typically involves providing detailed information about intended use, storage facilities, security measures, and transport arrangements. (source)


Export/Import Controls

Uranium transactions often involve cross-border transfers. In such cases, both the exporting and importing countries may have additional export and import controls in place. These regulations are designed to prevent illicit use and ensure that nuclear materials are only transferred to authorised end-users. Buyers need to secure the necessary permits and clearances from relevant authorities in both the exporting and importing countries. In the United Kingdom, for example, entities involved in the international trade of nuclear materials are mandated to secure a licence from the Office for Nuclear Regulation (ONR), and adhere to the stipulations outlined in the Open General Export Licence (OGEL). (source)


International Agreements

The buyer must adhere to international agreements governing the trade and handling of nuclear materials. Key agreements include the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), the Nuclear Suppliers Group (NSG) Guidelines, and the International Atomic Energy Agency (IAEA) safeguards. Compliance with these agreements helps ensure the peaceful use of nuclear materials and prevents their diversion to military purposes. For instance, the NSG Guidelines (INFCIRC/254) outline control policies for nuclear and nuclear-related dual-use items. (source)



Transporting uranium requires specialized containers that meet strict safety and security standards. The buyer must coordinate with certified carriers and follow the guidelines established by the International Atomic Energy Agency (IAEA) and other relevant organizations, such as the IAEA's Regulations for the Safe Transport of Radioactive Material (IAEA Safety Standards Series No. SSR-6) and the International Maritime Organization's (IMO) International Maritime Dangerous Goods (IMDG) Code. The regulations set forth by the CNSC's Packaging and Transport of Nuclear Substances (PTNS) are principally designed to safeguard public health and safety and to preserve the environment by addressing the unique properties of radioactive materials. (source)



Upon receiving the uranium, the buyer must store it in a secure and approved facility that meets the regulatory requirements for radiation protection, environmental safety, and security. Under the Canadian Nuclear Safety Act and its associated regulations such as the "Radiation Protection Regulations" and the "Nuclear Security Regulations," the requirements for radiation protection and physical security and storage of nuclear materials in Canada are comprehensively outlined. (source)


Reporting & Record Keeping

The buyer is required to maintain accurate records of the uranium inventory, transactions, and transport activities. This information must be made available to the relevant authorities upon request. Regular reporting to the IAEA may also be required as part of the international safeguards regime. In the UK, the ONR provides a comprehensive set of guides to assist inspectors in making regulatory assessments and decisions regarding the sufficiency of compliance and safety activities. (source)



The disposal of uranium U3O8, whether as waste or as a byproduct of other processes, must be conducted in accordance with applicable regulations. The disposal process should minimize the risks to human health and the environment and ensure that nuclear materials do not fall into the wrong hands. Natural Resources Canada (NRCan) holds the mandate to establish Canada's nuclear energy strategies, which encompasses policies related to radioactive waste management. (source)


Environmental Compliance

Buyers must also ensure that their operations comply with applicable environmental regulations to protect public health and the environment. The CNSC reviews “all nuclear projects carefully to determine their effects on the environment and on the people living or working in nearby communities.” Buyers must secure necessary permits and implement measures to comply with these laws. (source)


Worker Safety

Handling uranium U3O8 can pose risks to worker health and safety. Employers are required to comply with occupational safety and health regulations. In Canada, the CNSC oversees licensee emergency planning and works with other levels of government to ensure the health and safety of Canadians. These regulations cover topics such as hazard communication, personal protective equipment, and radiation protection, among others. (source)



The buyer must implement a robust security plan to prevent unauthorized access, theft, or sabotage of the uranium U3O8. In the United Kingdom, The Civil Nuclear Security and Safeguards (CNSS) division of the ONR oversees the approval of security protocols in the civil nuclear industry. It enforces compliance measures to mitigate risks of theft or sabotage of nuclear and other radioactive materials, as well as potential damage to nuclear facilities. This comprehensive oversight includes facets of physical security, personnel vetting, cyber resilience, and information assurance. (source)