Okapi Resources (ASX:OKR) highlights the accelerated uranium enrichment technology development plans of private Australian company Ubaryon, in which Okapi holds a 21.9% stake.
Uranium explorer Okapi, which has a $22.26 million market capitalisation, says Ubaryon has secured 2 additional professional staff to strengthen the development of its uranium enrichment technology and reduce technical risks.
Further, the Australian Safeguard and Non-Proliferation Office (ASNO) permit to hold nuclear material has also been renewed for Ubaryon and includes allowances for further development.
Both of these milestones are ‘significant value inflection points’ for Ubaryon, which Okapi says is ‘comfortable’ with its progression as it continues to support the creation of a practical, scalable, and economically valuable uranium enrichment technology.
Ubaryon is advancing the development of its classified technology by executing its technical program.
Okapi notes that while Ubaryon’s focus remains on the development of this technology, the company has also developed a novel approach to remove dissolved uranium from water to very low levels.
Ubaryon is also examining its technology on alternative materials, including isotope separations that are useful for nuclear medicine applications.
This provides an avenue to demonstrate the ‘multipurpose usefulness’ of its technology on non-restricted material.
Okapi says the Ubaryon board is continuing to review opportunities and work towards creating and crystallising value in its technology. The company is also planning to visit North America to reinforce relationships there and evaluate the potential paths for commercialisation of the technology.
With its 21.9% interest, Okapi Resources is Ubaryon’s largest shareholder.
Okapi Resources is focused on its ‘high-grade’ uranium assets across the US and Canada. As of 30 June 2023, the company had $1.469 million cash and cash equivalents at hand, according to its latest quarterly report.
The company conducted a placement to raise $1.5 million in September.
Write to Aaliyah Rogan at Mining.com.au
Images: Okapi Resources
