Elevate Uranium has spent the past four years assembling one of the world’s most rapidly growing undeveloped uranium portfolios, advancing a pipeline of projects across Namibia and Australia that now totals 161 million pounds of U₃O₈.
The company’s strategy has been to build critical mass, secure multi-jurisdictional resource scale and apply proprietary beneficiation technology to unlock value that conventional flowsheets leave behind.
With four discoveries in as many years and material resource upgrades across both countries, Elevate is positioning itself as a near-term developer at a time when uranium markets are tightening, and nuclear power is advancing under global decarbonisation commitments.
The company sits on a solid financial platform, with 457 million shares on issue and a market capitalisation of A$112 million as at 21 November 2025.
Its balance sheet carries A$40 million in cash, boosted by a late-October placement, and no debt.
Board and management hold nearly 3% of the company, while institutions, including Paradice Investment Management, contribute significant depth to the register.
Elevate’s leadership team—spanning Scott Perry, Stephen Mann, Murray Hill and Shane McBride—brings more than four decades of uranium-specific expertise, blending operational discipline, project development experience and metallurgical depth.
At the core of Elevate’s growth model is U-pgrade, the company’s 100%-owned, patented ore-beneficiation process.
Developed initially using samples from Marenica, the technology strips non-uranium minerals from calcrete ores before leaching, achieving more than 95% mass rejection in test work.
This allows for substantially smaller processing plants and dramatically lower acid consumption.
The process converts low-grade calcrete ore into a high-grade concentrate—sometimes by a factor of fifty—and can reduce capital and operating costs by about half compared with conventional approaches.
The technology is applicable across the company’s Namibian and Australian portfolios and, if proven at scale, may enable Elevate to commercialise shallow deposits previously considered marginal.
To demonstrate U-pgrade’s continuous operation, Elevate constructed a pilot plant in Perth during 2025. The plant arrived in Namibia in November that year for assembly, commissioning and test runs.
The first ore test is scheduled for late 2025, followed by a second run early in 2026. Results from the pilot plant will provide definitive inputs for Elevate’s upcoming Scoping Study and Pre-Feasibility Study, shaping cost profiles and guiding future development scenarios.
The company’s Namibian assets have grown into a substantial resource cluster anchored by the Koppies Uranium Project.
Koppies hosts 56 million pounds of U₃O₈, with mineralisation beginning at surface and half of the resource contained within the top 7 metres. This shallow profile supports low-cost, low-strip mining and pairs effectively with U-pgrade, which captures the top three to four metres of high-sulphate ore that conventional flowsheets struggle to treat.
The neighbouring Hirabeb deposit adds another 10 million pounds, and ongoing drilling continues to expand the mineralised footprint.
Elevate expects a maiden resource for Namib IV in early 2026, reflecting significant intersections over a broad area that lies only ten kilometres from the Koppies deposit.
The broader Koppies region is exceptionally well mineralised. Within a 50-kilometre radius, approximately 359 million pounds of uranium have been defined by Elevate and neighbouring operators, 85% of which fall within 35 kilometres of the company’s tenements.
The railway, powerline, and road infrastructure that cross the area reinforce the potential for a scalable development footprint. Complementing Koppies is the 61-million-pound Marenica resource, which provided the original ore samples for the U-pgrade process and offers substantial scope for upgrading and development. Additional targets, such as MA7, continue to add exploration upside, with resource reviews underway to adjust cut-off grades and convert more material to indicated classification as infill drilling progresses.
Australia forms the second pillar of Elevate’s portfolio, contributing an additional 49 million pounds of uranium resources across both wholly owned and joint venture assets.
The Angela deposit in the Northern Territory hosts 31 million pounds at 1,310 ppm, making it one of the highest-grade deposits in the company’s inventory. Recent seismic work has identified a second lens beneath the central mineralised zone, and drilling of this lower target commenced in November 2025 with support from the Northern Territory Government’s Resourcing the Territory program. U-pgrade test work on Angela ore has shown an 80% reduction in acid consumption, a significant advantage for development planning in an acid-sensitive province.
The Minerva prospect, also in the Northern Territory, presents a high-grade opportunity with more than forty mineralised drill holes, including ten with grades above 10,000 ppm or 1% U₃O₈.
The mineralisation extends over a 2.4-kilometre strike length, and future drilling aims to define the structures controlling the high-grade shoots. Joint-venture assets such as Bigrlyi, Walbiri and associated satellite deposits add 43 million pounds of U₃O₈ in JORC resources, including measured and indicated material now incorporated into the company’s longer-term development pipeline.
Elevate’s strategy over the next twelve months focuses on accelerating growth while maintaining financial flexibility.
The company is preparing a substantial upgrade to its Namibian resource base, firming up the scale required for a long-life, multi-deposit development plan.
Across its global portfolio, new acquisitions will be evaluated where U-pgrade can be deployed to unlock value.
The pilot plant program in Namibia remains the key catalyst, with data from the test runs expected to validate industry-leading cost outcomes and support Elevate’s maturation into a near-term uranium developer.
As global electricity demand increases and nuclear energy re-emerges as a critical component of carbon-neutral baseload supply, Elevate Uranium is positioning itself to benefit from tightening markets and robust long-term fundamentals.
With a consolidated resource of 161 million pounds, a patented processing technology, and a pipeline of shallow, near-surface calcrete deposits across two Tier-1 jurisdictions, the company is pursuing a development path built on scale, technical differentiation and cost leadership.
