Elevate Uranium has increased its ownership of the Marenica Uranium Project in Namibia from 75% to 90% after agreeing to buy additional stakes from its joint venture partners, giving the company a larger share of one of the country’s growing uranium resources.
The Australian-listed company said it has signed agreements to acquire Millennium Minerals’ entire 5% interest in the project and 10% of Xanthos Mining’s 20% stake, leaving Xanthos with the remaining 10%. The transaction is expected to be completed before the end of July 2026.
The increased ownership raises Elevate’s attributable share of the Marenica resource to 47.5 million pounds of U₃O₈, while its total uranium resources in Namibia will grow to 124 million pounds of U₃O₈. Globally, the company’s uranium resource base now stands at 181 million pounds of U₃O₈.
The move follows a major resource upgrade announced earlier this year, which increased Marenica’s JORC Mineral Resource by 31% to 52.8 million pounds of U₃O₈.
Managing director Murray Hill said the acquisition allows more of the project’s future value to flow directly to Elevate shareholders.
“This is a logical and highly value-accretive step that consolidates our position in the Marenica Uranium Project. Marenica has seen multiple successes this calendar year, with its JORC resource essentially doubling in grade and increasing in size by 31% to 52.8 million pounds U₃O₈. Increasing our ownership means more of that upside, and that of the pilot plant results to come, will sit directly with our shareholders.”
To acquire the additional 15% interest, Elevate will pay A$1.1 million in cash, issue A$2.2 million in Elevate shares to the sellers, and write off a historical A$3.43 million debt linked to Millennium Minerals’ original acquisition of its stake in the project.
Elevate is also continuing metallurgical testing of bulk samples from Marenica during 2026 using its proprietary U-pgrade™ beneficiation technology.
The results will help guide future feasibility studies for the project.
The acquisition further strengthens Elevate’s position in Namibia’s Erongo uranium province, where the company is building one of the country’s largest undeveloped uranium resource bases as global demand for nuclear fuel continues to grow.
