Elevate Uranium has sold its Australian Oobagooma Project to sharpen its focus on Namibia, where the company is advancing a suite of uranium deposits alongside its proprietary U-pgrade™ beneficiation technology.
The company announced that it has entered into a binding agreement with Orpheus Uranium Ltd for the sale of the Oobagooma Uranium Project, located 75 kilometres northeast of Derby in Western Australia’s Kimberley region.
The transaction, valued at A$225 000 in cash and up to 60 million Orpheus shares, marks a deliberate strategic shift toward Elevate’s Namibian portfolio, which the company considers its growth core.
Under the terms, Orpheus will acquire 100% of the Oobagooma tenement and all associated mining data. The deal includes milestone share payments linked to exploration progress — including approvals, drilling milestones and project development within five years of completion.
Once finalised, Elevate will become a substantial shareholder in Orpheus.
Elevate Uranium Managing Director Murray Hill said the divestment aligns with the company’s decision to streamline its global footprint and focus resources on Namibian projects that offer stronger near-term development potential.
“Divesting Oobagooma allows us to direct attention and capital toward commissioning the U-pgrade™ demonstration plant and advancing our Namibian and Northern Territory assets,” Hill stated.
Elevate Uranium’s Namibian projects — Marenica, Koppies, Namib IV, and Hirani — sit within the uranium-rich Erongo Region, home to some of the world’s most productive uranium mines. These projects host surficial uranium mineralisation ideally suited for processing through the company’s U-pgrade™ system, a technology originally developed from Marenica ore.
U-pgrade™ represents a major innovation in uranium beneficiation. Laboratory studies have shown it can concentrate uranium up to 50 times, increasing ore grades from around 93 parts per million to 5 000 parts per million U₃O₈, while rejecting 98 per cent of the waste mass before leaching.
This reduces acid consumption and significantly lowers both capital and operating costs by up to 50 per cent compared with conventional methods.
The company is preparing to commission a U-pgrade™ demonstration plant in Namibia, which will test the process at scale and could reshape the economics of surficial uranium deposits across southern Africa.
Namibia remains one of the world’s top uranium-producing countries, hosting legacy operations like Rössing and Husab, and new-generation projects by Bannerman Energy, Deep Yellow, and Reptile Minerals.
Elevate’s strategy places it firmly within this national expansion, supported by a favourable regulatory climate and proximity to export infrastructure.
By divesting Oobagooma, Elevate is positioning itself as a Namibia-focused uranium developer anchored by a technology advantage. Hill noted that U-pgrade™ could provide Namibia with a competitive processing model capable of unlocking lower-grade resources that were once uneconomical.
“Namibia remains the centrepiece of our growth strategy,” Hill said. “It’s where our innovation was born, and where we see the greatest potential to build the next generation of uranium projects.”
The transaction with Orpheus Uranium, pending shareholder and regulatory approvals, is expected to be completed within 120 days.
