Elevate Uranium Limited is making significant strides in advancing its uranium projects in Namibia, part of a global resource portfolio of 161 million pounds of uranium oxide (U₃O₈). With a substantial cash balance of approximately A$40 million and no debt, the company is well-positioned to develop its projects. Notably, 112 million pounds of its total resource is located in Namibia, while the remaining 49 million pounds is in Australia.
A key component of Elevate Uranium's strategy is its patented U-pgrade technology, designed to remove waste minerals from near-surface calcrete uranium ores before leaching. This process can reject over 95% of non-uranium-bearing minerals and concentrate low-grade ore by up to 50 times. According to the company, U-pgrade technology has the potential to reduce capital and operating costs by about 50% compared to conventional processing methods.
To test the U-pgrade technology under continuous operating conditions, Elevate Uranium has constructed a demonstration pilot plant in Perth, Australia. The plant was subsequently transported to Namibia for assembly and commissioning, with planned test runs and data analysis through early 2026. This initiative underscores the company's commitment to innovation and efficiency in uranium processing.
Namibia is at the forefront of Elevate Uranium's project portfolio, led by the Koppies Uranium Project, which boasts a reported resource of 56 million pounds. A significant 50% of the mineralisation at Koppies lies within seven metres of the surface, while 95% is within 17 metres. This shallow mineralisation could support open-pit mining with relatively low stripping requirements, making it an attractive prospect for development.
In addition to the Koppies project, Elevate Uranium has reported a maiden inferred resource of 10.2 million pounds at the nearby Hirabeb deposit. The company is conducting extension drilling, with mineralisation remaining open in several directions. Furthermore, resource definition drilling is underway at the Namib IV exploration area, targeting a maiden Mineral Resource Estimate in the first quarter of 2026.
The Marenica Uranium Project, with a reported JORC resource of 61 million pounds, is also a key focus for Elevate Uranium. The company is reviewing the resource using a higher cut-off grade and plans infill drilling to improve resource confidence and potentially upgrade material to the indicated category. This strategic approach aims to enhance the project's viability and value.
While Namibia is a primary focus, Elevate Uranium's portfolio also includes projects in Australia, such as the Angela Uranium Project in the Northern Territory. With an inferred resource of 31 million pounds at a grade of 1,310 parts per million U₃O₈, the company is conducting exploration drilling targeting a newly identified lower-lying mineralised lens. Bench-scale tests have indicated that applying U-pgrade technology to Angela ore could reduce acid consumption during processing by up to 80%.
Key points
- Elevate Uranium's U-pgrade technology has the potential to significantly reduce capital and operating costs by about 50% compared to conventional processing methods.
- The company's Koppies Uranium Project in Namibia has a reported resource of 56 million pounds, with 50% of mineralisation within seven metres of the surface.
- Elevate Uranium's global resource portfolio stands at 161 million pounds of uranium oxide (U₃O₈), with 112 million pounds in Namibia and 49 million pounds in Australia.
