Namibian Securities Exchange-listed Elevate Uranium Ltd has reported a narrowed net loss of N$72.8 million for the half-year ended 31 December 2025. This represents an improvement from the N$88.3 million loss recorded in the corresponding period in 2024. The reduction in loss is attributed to decreased operating expenses and increased revenue and other income.
The company's total revenue and other income rose to N$7.24 million, up from N$1.88 million in the previous corresponding period. Interest income significantly increased to N$5.28 million from N$1.86 million. Additionally, Elevate Uranium recognised N$1.19 million in government grants and N$583,500 in other income during the six-month period.
Total operating expenses declined to N$80.1 million from N$90.2 million in the previous corresponding period. Notably, exploration and evaluation expenses, the company's largest expense category, fell to N$53.3 million from N$62.4 million. Share-based employee benefits and employee benefits also decreased to N$6.34 million from N$10.27 million and to N$7.96 million from N$8.02 million, respectively.
Despite the overall reduction in operating expenses, administration expenses increased to N$10.76 million from N$8.24 million, and depreciation rose to N$1.55 million from N$1.03 million. Finance costs also increased to approximately N$189,000 from N$138,000. The company's total comprehensive loss was N$72.5 million after recording a positive foreign currency translation movement of approximately N$292,000.
This compares favourably with a foreign currency translation loss of approximately N$1.96 million in the previous corresponding period. Basic and diluted loss per share improved to approximately 17.9 Namibian cents from 27.4 Namibian cents in the six months ended 31 December 2024. The company's uranium resources total 153.3 Mlb U3O8, with Namibian resources representing 96.3 Mlb U3O8 and Australian resources totalling 57 Mlb U3O8.
Elevate Uranium has been actively advancing its uranium portfolio in Namibia, including its Koppies and Hirabeb projects. During the period, the company began operating its U-pgrade beneficiation plant in Namibia and completed the acquisition of the Napperby Uranium Project in the Northern Territory. The company also continued exploration and evaluation activities on its tenement holdings in Namibia and Australia.
In October 2025, Elevate Uranium announced that it had raised US$25 million in new equity, primarily subscribed to by institutional investors. This funding will likely support the company's ongoing exploration and development activities. With an updated resource for the Marenica Uranium Project, the company's global uranium resources have been updated to reflect its current position in the industry.
Key points
- Elevate Uranium Ltd's net loss narrowed to N$72.8 million for the half-year ended 31 December 2025.
- The company's total revenue and other income rose to N$7.24 million from N$1.88 million in the previous corresponding period.
- Elevate Uranium's global uranium resources total 153.3 Mlb U3O8.
