Elevate Uranium Ltd has secured A$25 million (about N$312 million) through a strongly supported share placement to advance its proprietary U-pgrade™ uranium processing technology and expand exploration across its Namibian and Australian projects.
The company issued 71.4 million new shares at A$0.35 each, attracting strong participation from domestic and international institutional investors.
The placement lifts Elevate’s pro-forma cash position to roughly A$43.9 million (N$548 million), strengthening its balance sheet ahead of major technical and drilling programmes.
Managing director Murray Hill said the funds would allow simultaneous progress on several fronts.
“This A$25 million strengthens our cash position significantly, allowing us to accelerate our U-pgrade pilot plant while launching major resource growth drilling programs across Namibia and Australia,” he said.
Proceeds will fund expansion of the U-pgrade™ pilot plant to validate performance at the Marenica Uranium Project, provide design data for a commercial-scale facility, and support an updated resource review at Marenica.
Additional allocations will support brownfields and greenfields drilling across Elevate’s Namibian and Australian licences, technical studies, and potential mergers and acquisitions.
The placement price represents a 12.5 per cent discount to the company’s last closing price of A$0.40 per share. Settlement is expected on 6 November 2025, with regular trading to resume the following day.
After the issue, Elevate Uranium will have 457,044,384 shares on issue. Discovery Capital Partners, Wallabi Group, and Canaccord Genuity acted as joint lead managers and bookrunners, with Cumulus Wealth as co-manager.
Elevate’s U-pgrade™ technology, developed in-house, aims to cut processing costs by rejecting non-uranium minerals before leaching, providing a potential competitive advantage among Namibian uranium developers.
