GUE blends ISR savvy, borehole brute force and enrichment intrigue into one sharp-edged uranium revival play

Global Uranium and Enrichment Ltd (ASX:GUE) is carving out a niche at the intersection of uranium resource development and nuclear fuel innovation. With its flagship assets in Wyoming and Colorado, and a stake in next-generation enrichment technology, GUE is positioning itself as more than a junior—it’s emerging as a systems-level player in the reshaping of North America’s uranium supply chain.

Speaking at the RIU Sydney Resources Round-up 2025, managing director Andrew Ferrier outlined a fast-moving pipeline that includes advanced ISR projects, hydraulic borehole mining systems, and a major investment from Western enrichment heavyweight URENCO.

“If there’s anywhere in the world you want to be developing your projects, it’s in the Powder River Basin in Wyoming,” Ferrier told the crowd.

Pine Ridge: ISR-ready and mill-adjacent

GUE’s 50:50 JV with Snow Lake Energy on the Pine Ridge Uranium Project sits in the Powder River Basin, Wyoming—widely regarded as ground zero for ISR uranium production in the U.S. The project benefits from a substantial legacy database: over 1,200 historical drillholes from Conoco and Stakeholder Energy, and a defined exploration target of 24.4 to 51.3 million pounds U₃O₈ at grades between 310 and 400 ppm.

A ~38,000 metre drill program is set to commence in July 2025 to validate and expand on this target. The program builds on geological modelling of 335 kilometres of mapped redox boundaries—key indicators of roll-front uranium deposits suited to ISR extraction.

“Pine Ridge possesses all the geological and logistical fundamentals to become a tier-one uranium asset,” Ferrier said. “We’re targeting resource conversion and moving straight into permitting.”

What sets Pine Ridge apart is its location—just 15 km from Cameco’s Smith Ranch-Highland mill, which has processed over 25 million pounds of uranium and remains on standby.

Tallahassee: Borehole mining + beneficiation = lower-cost uranium

In Colorado, GUE’s Tallahassee Uranium Project has emerged as a standout technical story following the release of a detailed scoping study in May 2025. Based on the high-grade Hansen deposit, the study supports a 7-year mine life producing 1.8 million pounds of U₃O₈ per annum, with a pre-tax IRR of 93 percent at US$90/lb uranium.

What makes this particularly compelling for the METS sector is the proposed use of Hydraulic Borehole Mining (HBHM) and High Pressure Slurry Ablation (HPSA)—two advanced, modular mining and beneficiation technologies.

“HBHM was selected as the most cost-effective and environmentally sensitive method. It reduces surface disturbance, simplifies mine backfill and reclamation, and aligns with a low-carbon development model,” Ferrier said in a separate ASX statement.

HBHM: How it works

The HBHM method, developed with Kinley Exploration and tested at Pace Analytical, involves:

• Drilling into the ore zone

• Using high-pressure water jets (~4,000 PSI) to disaggregate uranium-bearing sandstone

• Pumping slurry to surface through a closed-loop system

• Separating coarse and fine material, with fines sent for milling and coarse fraction backfilled underground

Each cavern is ~10 metres in diameter and 13 metres tall, mined in ~2.5 days. Cavities are filled with a backfill slurry (cement, fly ash, and aggregate), maintaining ground stability and enabling adjacent mining to proceed.

This approach eliminates the need for crushing or grinding, making the surface footprint significantly smaller than conventional underground methods.

HPSA: Cleaner, leaner beneficiation

After mining, the ore undergoes HPSA beneficiation, developed with DISA Technologies. This step upgrades uranium grade from 0.12% to 0.68% U₃O₈ before shipment to a toll processing mill. This delivers:

• An 85% uranium recovery into 15% of the ROM mass

• Massive reductions in transport and backfill volumes

• Elimination of tailings on-site

For METS providers, the implications are wide-reaching: specialised pumps, slurry handling systems, mobile beneficiation units, and water treatment circuits are all in play.

Ubaryon enrichment tech: strategic upside with URENCO backing

Outside the mine gate, GUE’s investment in Ubaryon, an Australian uranium enrichment technology company, adds a unique layer. The enrichment tech is classified under Australian government protocols and differs from market-known Silex laser enrichment.

In May, GUE announced that URENCO—the largest Western enrichment company—will invest $5 million in Ubaryon, validating its commercial potential and ensuring GUE retains a strategic seat at the table in fuel-cycle innovation.

“There’s a massive shortage of Western enrichment capacity. The U.S. wants to build its own, and Ubaryon now has the backing to be part of that story,” Ferrier said.

A METS opportunity wrapped in uranium

From an equipment, technology, and services lens, GUE’s development pathway is one to watch:

• ISR standardisation at Pine Ridge means predictable equipment needs—wellfield pumps, downhole monitoring, and modular process skids

• HBHM deployment at Tallahassee introduces niche tooling and high-pressure jet technologies into a uranium context

• HPSA and water recycling systems open the door for portable beneficiation units and closed-loop fluid handling

• Enrichment tech development points to future opportunities in modular separation systems, containerised enrichment plants, and remote fuel prep units

With a modest market cap (~A$32 million), GUE is flying under the radar—but not for long. For METS players ready to back smart uranium development with real engineering underpinnings, this one might just be the canary in the fuel cycle.