Elevate Uranium Limited has updated the mineral resource estimate for its Marenica Uranium Project in Namibia, defining 40.2 million pounds of U₃O₈ at an average grade of 185 ppm at a 100 ppm cut-off grade, effectively doubling the grade of the previous estimate.
At a 50 ppm cut-off grade, the updated resource increases to 59.0 million pounds of U₃O₈, with the average grade rising 32% to 124 ppm compared with the earlier JORC 2004 resource.
The revised estimate follows a comprehensive re-analysis and validation of more than 5,000 historical drill holes completed across the project area between 1978 and 2011 and has been prepared in accordance with JORC 2012 standards.
The 100 ppm cut-off resource comprises 33.5 million tonnes of mineralisation, including 15.2 million tonnes in the Indicated category and 18.3 million tonnes classified as Inferred, containing a total of 40.2 million pounds of U₃O₈.
Elevate said the decision to raise the cut-off grade from 50 ppm aligns Marenica with the rest of its Namibian uranium portfolio and reflects a more conservative approach to resource definition.
“The new resource of 40.2 Mlb U₃O₈ at a grade of 185 ppm U₃O₈ is essentially double the previous resource grade,” managing director Murray Hill said. “This resource update is a transformative milestone for the Marenica Uranium Project in Namibia.”
Hill said the improvement follows extensive technical work completed during 2025.
“A significant reanalysis and rework of the underlying data from over 5,000 historical drill holes during 2025 enabled estimation of this more robust mineral resource which materially enhances the development potential of the Marenica Project,” he said.
Some mineralised areas included in earlier estimates have been excluded from the updated resource because they do not meet the company’s current drill-density standards, with historical drill spacing in some zones reaching up to 300 metres between lines.
Elevate said this reflects a deliberate and conservative approach.
“The updated MRE excludes some mineralised areas that do not meet the company’s current drill density standards, reflecting a conservative approach designed to maximise confidence and reliability,” Hill said. “We view this as a clear growth opportunity.”
Infill drilling in the excluded southern and south-eastern areas is scheduled to commence later this month and is expected to be completed within two months.
Separate drilling programmes will also target the conversion of parts of the current Inferred resource to the Indicated category.
“Simultaneous drill programs will target upgrading areas of Inferred resource to the Indicated category,” Hill said. “With this significant increase in grade and a robust, re-validated database in place, Marenica now offers a reduced-risk foundation to accelerate our strategy of becoming a leading uranium developer.”
Uranium mineralisation at Marenica is hosted in calcrete within palaeochannels and in weathered basement rocks beneath and adjacent to these channels.
Uranium occurs mainly as carnotite, precipitated from uranium-bearing groundwaters, consistent with other uranium deposits in Namibia’s Central Erongo region.
Approximately 90% of the Marenica mineral resource lies within 35 metres of surface, supporting the potential for shallow, low-strip mining methods using surface miners, subject to future technical and economic studies.
Elevate developed its proprietary U-pgrade™ beneficiation process using Marenica ore, and the higher grades defined in the updated resource are expected to enhance project economics.
Pilot-scale metallurgical test work on bulk samples from the deposit is scheduled for the first quarter of 2026, aimed at refining processing parameters across different lithologies and grade ranges.
The company said the combination of a higher-grade resource, a re-validated drilling database and planned drilling and metallurgical programmes significantly de-risks the Marenica Project and strengthens its position within Elevate Uranium’s Namibian development pipeline.
