The purchase is expected to strengthen UXA's fully-owned borehole logging business, Geoscience Associated Australia (GAA), which is a licensed distributor of PFN technology in Australia.
PFN technology is utilised within the uranium mining and exploration industries, and played a major role in the discoveries of two of Australia's uranium deposits, the Beverley mine and Four Mile deposits in South Australia, UXA said.
Russell Penney, managing director of UXA, said: "The purchase of the PFN business represents a significant growth step for GAA enabling it to expand its PFN logging and service business beyond Australia.
"UXA's understanding of the PFN technology is second to none, and our cornerstone position within this exciting exploration technology sector provides us with a foundation for substantial growth for years to come. With GAA and the PFN technology UXA is now the owner of two profitable cash-flow businesses."
Under the terms of the agreement, GeoInstruments International (a wholly owned subsidiary of UXA) will pay the total cash price of $1,271,380 for the intellectual property, a number of completed and partially completed PFN tools and a fully equipped borehole logging truck.
UXA will establish PFN manufacturing and servicing at GAA's workshops in Mount Barker, South Australia.