New Okapi MD to drive North American uranium play

Okapi Resources has appointed highly experienced mining executive Andrew Ferrier as the company’s new Managing Director. Ferrier brings with him over 15 years’ experience in corporate finance, management and principal investment roles in the global mining sector. He previously spent over a decade at Pacific Road Capital, a mining and metals-focused private equity investment firm with interests across Australia, Canada and the US.

With significant experience  in the North American uranium space, Okapi will be backing its new hire to drive its evolving US uranium play. Ferrier was formally involved in the development, permitting and sale of the Reno Creek in-situ recovery, or “ISR” uranium project in Wyoming, USA. Today, the project is the largest pre-construction ISR project in the United States.

Ferrier’s background includes degrees in chemical engineering, commerce and applied finance.

Okapi Resources’ Chairman, Peretz Schapiro said: “The Board is delighted to secure Andrew as Okapi’s Managing Director. Andrew is an exceptional leader with a successful track-record of identifying, developing and selling North American uranium assets. Andrew has a deep understanding of global capital markets and is ideally placed to execute Okapi’s strategy of becoming a new leader in North American carbon-free nuclear energy.

The Board is confident that Andrew has the necessary experience and skill set to optimise Okapi’s existing assets and to maximise its strategic options so as to deliver shareholder value.”

Okapi has been a regular feature in recent headlines having consummated a deal with multi-commodity outfit ALX Resources to acquire six advanced uranium exploration projects in Canada’s fruitful Athabasca Basin. Inclusive in the six projects are around 75 granted mineral claims covering a tenure spanning 55,000 hectares. According to Okapi, it will initially focus on the Newnham Lake and Cluff Lake projects where it will target high-grade unconformity-related uranium deposits.

The Athabasca Basin boasts some of world’s largest and highest-grade uranium mines, including Cameco’s McArthur River and Cigar Lake mines that contain total mineral reserves of 391.9 million pounds at 6.9 per cent triuranium octoxide and 165.9 million pounds at 15.9 per cent triuranium octoxide respectively.

Uranium can take a suite of chemical forms but is generally found in combination with oxygen and an oxide. Triuranium octoxide is the most stable form of uranium oxide and is the most commonly found natural occurrence of the mineral.

Outside of its Canadian exploits, Okapi Resources looks to be building a considerable portfolio of high-grade uranium assets in the US. At present, the company has ground across a spate of prolific uranium districts, including the Tallahassee project in Colorado and the Rattler project in Utah.

Management recently announced plans to increase the existing resource base at Tallahassee through a 10,000 metre drilling campaign and acquired options to purchase 100 per cent of the Rattler project.

The push towards green-energy and decreasing global supplies have sent uranium prices marching almost 50 per cent in recent months, peaking at around US$50.

With demand for the resource expected to climb, the company’s newly appointed Managing Director could find himself with plenty to do as Okapi looks to progress its growing list of projects.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au