Delays in clearing imported equipment through Namibia Customs have slowed the commissioning of Elevate Uranium’s U-pgrade™ pilot plant.
In its June 2026 Quarterly Activities Report, the Australian-listed company said extended procurement and delivery timeframes for imported equipment and consumables required for the pilot plant had been compounded by customs processing issues following the implementation of Namibia’s upgraded electronic customs system.
The company said it now expects to release the pilot plant results in August 2026, although it cautioned that unresolved procurement and customs delays could push the timetable later into the year.
“The principal cause of delays experienced to date, and those which may continue, has been the extended procurement and delivery timeframes for imported equipment and consumables required for the Plant,” Elevate said.
“These delays have been compounded by customs processing issues in Namibia arising from the Namibian customs department’s implementation of an upgraded electronic customs system.”
According to the company, it has escalated procurement of the remaining equipment and continues working with suppliers and logistics providers to expedite deliveries while optimising the plant’s processing circuits to establish consistent baseline operations.
The pilot plant represents a critical step in demonstrating the commercial viability of Elevate’s proprietary U-pgrade™ technology before full-scale commercialisation.
The process is designed to reject barren gangue material before leaching, concentrating uranium into a low-mass, high-grade product that could reduce downstream processing volumes and potentially improve the economics of lower-grade uranium deposits.
Elevate said successful continuous operation of the pilot plant would provide the technical validation required before commercial deployment of the technology.
The company stressed that the delays have not affected the underlying technology, noting that previously announced bench-scale test work remains valid.
To strengthen the programme, Elevate expanded its technical capability during the quarter by appointing additional metallurgists, restructuring its Namibian pilot plant team and deploying managing director Murray Hill to Namibia for extended periods to provide direct technical support.
The pilot plant update comes as Elevate continues advancing the Marenica Uranium Project.
During the quarter, the company completed a 31% increase in the project’s JORC-compliant Mineral Resource Estimate to 52.8 million pounds of U₃O₈ at a 100 parts per million cut-off grade, while infill drilling aimed at upgrading portions of the resource from the Inferred to the Indicated category continued and is expected to run into early August.
On 13 July, Elevate also announced agreements to increase its ownership of Marenica Minerals, the owner of the Marenica Uranium Project, from 75% to 90%, simplifying the ownership structure and increasing the company’s economic interest in one of Namibia’s largest undeveloped uranium resources.
Despite the delays, Elevate said it remains fully funded to complete the pilot plant programme and continue advancing the Marenica project.
The company’s June quarter cash flow report shows cash and cash equivalents of A$28.83 million at 30 June 2026, providing an estimated funding runway of 5.89 quarters, or almost 18 months, at current expenditure levels.
During the three months to June, Elevate spent A$4.37 million on exploration and evaluation activities, accounting for the largest share of its total operating cash outflow of A$4.89 million. Staff costs amounted to A$328,000, while administration and corporate expenditure totalled A$572,000.
The company also invested a further A$162,000 in property, plant and equipment, reflecting continued work on the pilot plant.
Elevate ended the quarter with no borrowings or financing facilities in place, relying instead on a strong cash position built after a A$25 million equity raising completed earlier in the financial year.
After transaction costs, financing activities generated net cash inflows of A$23.16 million over the past 12 months, leaving the company well positioned to fund its current development programme without the immediate need to raise additional capital.
