Marenica Energy ("ASX: MEY") was incorporated in New South Wales in 1978 as Buddha Gold Mines NL, later changing its name to South West Goldmines NL, then to West Australian Metals NL (WME) in June 1990. In May 1999 WME acquired all the shares in the unlisted company Bronzewing Gold Ltd. The company's status changed to West Australian Metals Ltd in January 2002.
In November 2009 the Company changed its name to Marenica Energy Ltd in acknowledgement of its flagship project the Marenica Uranium Project, Namibia.
MEY determined in late 2011 that the high development and operating costs of its low grade uranium project was sub economic at uranium prices below ~$100/lb using conventional processing technology. MEY had to substantially lower the project operating costs to ensure survival. MEY formed a Technical Steering Committee in early 2012 to manage development of an alternative process for the low grade Marenica ore. Outstanding results were achieved and a new process (U-pgrade™) developed. U-pgrade™ is now the focus of MEY's future through its wholly owned subsidiary (UB).