Snow Lake Resources Ltd. (NASDAQ: LITM) received Australian Foreign Investment Review Board (FIRB) approval to acquire 100 % of Global Uranium and Enrichment Limited (GUE) and to take an indirect 21.9 % stake in Ubaryon Pty Ltd., a developer of next‑generation chemical enrichment technology. The approval removes a key regulatory hurdle for the company’s strategy to build a U.S.‑centric uranium portfolio.
The deal to acquire the remaining 80.30 % of GUE is valued at approximately AUD 35.5 million, bringing the total equity value of GUE to about AUD 44.5 million. Snow Lake already owns a 19.9 % stake in GUE and is a 50/50 joint‑venture partner on the Pine Ridge Uranium Project in Wyoming. Full ownership of GUE will give Snow Lake complete control of Pine Ridge and the ability to accelerate development of the project’s 1.5 million‑tonne resource.
Ubaryon’s technology uses a chemical separation process that eliminates the need for uranium hexafluoride (UF6), a step that could reduce costs and improve safety for enrichment. GUE holds a 21.9 % interest in Ubaryon, and the FIRB approval also cleared a separate A$5 million investment by Urenco for a 13 % stake in the company. The approval confirms that Ubaryon’s technology, classified as “Associated Technology,” meets Australian safeguards and non‑proliferation requirements.
Snow Lake’s CEO, Frank Wheatley, said the approvals “validate our long‑term strategy to integrate exploration, mining and enrichment and position the company to meet growing U.S. demand for domestic nuclear fuel.” The company’s move aligns with the U.S. government’s push to expand domestic uranium production and enrichment capacity, reducing reliance on foreign suppliers.
The FIRB clearance is expected to be finalized in early 2026, after which Snow Lake will begin integration of GUE’s assets and development of the Pine Ridge project. The company also plans to invest an additional $30 million in U.S. uranium projects over the next three years, leveraging the expanded portfolio to capture new market opportunities.
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