Elevate Uranium Ltd grew its Namibian uranium footprint to more than 116 million pounds U₃O₈, drilled 27,851 metres in three months and retained A$34 million cash.
The March 2026 quarter marked one of the company’s most active exploration periods in Namibia, with 788 holes completed across its Marenica, Namib IV and Capri prospects.
Of the total drilling, 518 holes for 20,248 metres were completed at Marenica, 203 holes for 5,725 metres at Namib IV and 67 holes for 1,878 metres at Capri.
A major highlight was the expansion of the Koppies Uranium Project, where the total mineral resource increased to 76.2 million pounds U₃O₈ at an average grade of 186 ppm, following the addition of a maiden resource at Namib IV.
The Namib IV deposit contributed 10.1 million pounds U₃O₈ from 29.5 million tonnes grading 155 ppm, adding fresh scale to the Koppies district, which already includes the main Koppies resource and Hirabeb deposit.
At the nearby Marenica Uranium Project, Elevate reported a significant upgrade to 40.2 million pounds U₃O₈ at 185 ppm, with the average grade doubling from the previous 93 ppm estimate after a re-evaluation of more than 5,000 historical drill holes.
The updated Marenica resource includes 15.2 million tonnes in the indicated category at 200 ppm and 84.8 million tonnes in the inferred category at 180 ppm, providing the company with a stronger development platform as it advances technical studies.
Elevate said several mineralised zones were excluded from the revised estimate because historical drilling was too widely spaced. Infill drilling began in February 2026 in Areas A and B, with a further updated resource expected during the June quarter. Separate programmes are also underway to convert inferred resources into indicated status.
The company is also advancing its proprietary U-pgrade™ beneficiation technology, which upgrades low-grade uranium ore by removing waste material before leaching. However, pilot plant commissioning has taken longer than expected, with results now expected in August 2026 after management and operational changes at the Namibian plant.
Despite the delay, Elevate said previous bench-scale test results remain valid and that it remains fully funded to complete optimisation work and generate data for future technical studies.
The company spent A$3.33 million on exploration during the quarter while maintaining A$34 million in cash, leaving it well-funded to continue drilling and advancing projects.
