Okapi, a company based in Perth, Western Australia, announced in January that it had agreed to become a "cornerstone shareholder" in Ubuntu.

"Cornerstone shareholder" of Ubaryon Pty Ltd, which is developing and commercializing novel uranium enrichment technologies based on chemical separation of natural isotopes, for an initial 19.9 percent interest in Ubaryon for A $3.1 million (US $2.1 million). The deal is expected to close by the end of March.

Ubaryon's technique stems from uranium isotope separation anomalies observed in environmental tests in 2015. The company subsequently applied for a patent and the intellectual property has been classified by Australia's Safeguards and Non-proliferation Office (ASNO) since 2018.

According to Okapi, Ubaryon's technology eliminates the conversion from yellowcake to uranium hexafluoride and the decomconversion from uranium hexafluoride to uranium oxide, simplifying the nuclear fuel cycle and allowing for increased supply chain flexibility. Ubaryon is permitted by ASNO to possess nuclear materials, and the technology has been tested and validated in a large number of experimental runs where uranium feedstocks and products have been tested. A "statistically significant enrichment factor" has been observed, 10 to 30 times higher than chemical enrichment techniques previously developed in France and Japan.

Ubaryon is currently working in a laboratory at Lucas Heights in Sydney to accelerate the development of the technology, with an initial focus on validating the isotope separation mechanism and expanding its enrichment factor, Okapi said. It also demonstrates a proof of concept for significant improvements in subsequent recycling phases.

Okapi Managing Director Andrew Ferrier previously described Okapi's Ubaryon investment as having synergies with its North American uranium portfolio. The company said it intends to use the funds raised through two rights issues to fund its investments in uranium enrichment Technologies and advance its Tallahassee and Maybell uranium projects in Colorado in the United States and six exploration projects in Canada's Athabasca Basin.