Elevate Uranium’s U-pgrade™ demonstration plant will be operational in Namibia at the Koppies project by late 2025.
The company started pre-development activities to demonstrate the value of its proprietary U-pgrade™ beneficiation process, focusing on the Koppies resource during the quarter ending December 31, 2024.
Elevate Uranium completed a placement to raise US$25 million to develop the U-pgrade™ uranium ore beneficiation process and advance development activities at Koppies.
U-pgrade™ is Elevate Uranium’s 100% owned breakthrough beneficiation process, which reduces ore mass by greater than 95% before leaching, concentrating uranium, and increasing the leaching grade.
U-pgrade™ increases the Marenica Uranium Project ore grade from 93 ppm to 5,000 ppm U3O8 and reduces capital and operating costs by approximately 50% compared to conventional processing.
The Koppies Uranium Project’s total mineral resources is 66.1 Mlb U3O8, 78% of which is classified as indicated category.
Drilling at the Hirabeb deposit, with a maiden resource of 10.2 Mlb and now incorporated as part of the Koppies Uranium Project, continues through March 2025.
In the last quarter, Forsys Metals drilled 206 holes for 5,778 metres.
Exploration recommenced at the Namib IV tenement discovered in 2021, recommenced during the quarter, and now a large area of continuous mineralisation has been identified.
Future in-fill drilling will focus on confirming a mineralised polygon, aiming to delineate and report a maiden resource during 2025.
Namib IV is only 10 kilometres from the southern portion of the Koppies resource and has been included in the Koppies Uranium Project.
The current phase of drilling at the Capri tenement, only 25 kilometres from the Marenica Uranium Project, is focused on reducing the spacing between drill lines to define the mineralised envelope better to delineate and report a maiden resource during 2025.
A total of 263 holes for 7,488 metres were drilled during the quarter.
The Marenica Uranium Project is 25 kilometres north of Orano’s Trekkopje Uranium Project and only 25 kilometers southeast of the company’s Capri tenement.
Drilling at Marenica recommenced during the quarter but focused on exploration outside the resource area.
The drilling of an exploration target south of the MA7 deposit has identified some encouraging intersections, with additional drilling planned for late Q1 or Q2 2025.
A total of 184 holes for 5,756 metres were drilled during the quarter.
