CHAMWE KAIRA
Elevate Uranium Limited has increased its global uranium mineral resource inventory to 181 million pounds of uranium oxide (U₃O₈), following resource drilling in Namibia and Australia and progress at its U-pgrade pilot plant in the Erongo region.
The Australian-listed uranium exploration company said the pilot plant’s first four processing stages rejected 88% of the original waste mass while recovering 79% of the uranium into the final circuit feed.
The fifth stage, a uranium flotation circuit designed to increase concentrate grades to 5 000 parts per million of U₃O₈, was commissioned in August 2026, with analysis underway.
Elevate said its beneficiation technology removes carbonate minerals that consume acid during processing, potentially allowing uranium to be extracted through a simplified acid-leaching process at ambient temperatures.
The company estimates that the technology could reduce processing infrastructure requirements to four leach tanks, compared with about 100 tanks under conventional processing methods.
Elevate’s Namibian operations account for a significant portion of its resource inventory. The Marenica Uranium Project’s resource grade doubled to 180 parts per million of U₃O₈, with a total resource of 52.8 million pounds.
The nearby Koppies Project increased its resource to 76.2 million pounds at a grade of 186 parts per million. The company also declared maiden inferred resources at the Hirabeb and Namib IV satellite deposits.
The company said the resource growth followed extensive drilling during the 2026 financial year.
Elevate expanded its Australian portfolio in December 2025 through the acquisition of the Napperby Uranium Project in the Northern Territory.
The acquisition consideration comprised Australian dollars (A$) 2.5 million in cash and 8.92 million ordinary shares. Napperby added an estimated eight million pounds of uranium resources at a grade of 382 parts per million of U₃O₈.
The company’s Australian resource inventory subsequently reached 57 million pounds across projects that include Angela and the Bigrlyi joint venture.
On 13 July 2026, Elevate signed purchase agreements to acquire the remaining interests held by minority shareholders Xanthos Mining and Millennium Minerals.
The transactions involve combined consideration of A$3.3 million in cash and equity, together with the release of existing debt of A$3.4 million. The acquisitions would increase Elevate’s interest in the Marenica project to 90%.
Elevate reported net assets of A$35.1 million as at 30 June 2026, including cash holdings of A$28.8 million.
Exploration and evaluation expenses increased to A$12.1 million, while the company recorded an annual statutory net loss attributable to owners of A$15.4 million, compared with A$12.3 million in the previous financial year.
The company’s financial position was supported by a A$25 million institutional placement completed in October 2025.
Independent non-executive chairman Scott Perry said the company entered the 2027 financial year with a stronger resource base and progress in pilot-scale processing.
Elevate plans to continue optimising the pilot plant’s steady-state operations and begin a scoping study for the Marenica project in early 2027.
Perry cited growing global nuclear power capacity and energy demand from data centres as longer-term drivers of uranium demand.
