Privately held Australian company Ubaryon has been given the green light to continue advancing its uranium enrichment technology.
The Australian Safeguards and Non-Proliferation Office has signed off on a 5-year permit renewal, enabling Ubaryon to continue work across its research and development facilities at the Australian Nuclear Science and Technology Organisation’s (ANSTO) site in Sydney.
ANSTO regulates Ubaryon’s technology, and Ubaryon relocated to the Sydney laboratory in 2022 to accelerate development.
Listed uranium explorer Okapi Resources (ASX:OKR) is Ubaryon’s cornerstone investor, and Managing Director Andrew Ferrier says the company is ‘excited’ by this permitting milestone given the increasing importance of energy independence and security of supply in the nuclear space.
“Russia is currently a key player, comprising circa 45% of global enrichment capacity, but pressure is building for sanctions on Russian nuclear fuel, particularly in the US, where a bipartisan bill to ban Russian uranium has passed a committee in the US House of Representatives,” Ferrier says.
“Ubaryon continues to remain well-positioned to benefit from the rapidly changing geopolitical climate as it continues to advance its enrichment technology in Australia”
“Ubaryon continues to remain well-positioned to benefit from the rapidly changing geopolitical climate as it continues to advance its enrichment technology in Australia.”
Ubaryon’s 100% owned enrichment technology is based on the chemical separation of naturally occurring isotopes.
Okapi increased its holding in the tech company back in May from 19.9% to 21.9%, and Ferrier subsequently joined Ubaryon’s board.
With uranium assets in the US and Canada, Okapi says it provides ‘unique’ exposure to uranium exploration and development as well as enrichment.
Okapi has a market capitalisation of $23.5 million and, according to its last quarterly report, ended March with just under $2.7 million cash at hand.
Images: Okapi Resources Ltd