Significant Uranium Mineralisation Discovered at Elevate’s Namib IV Project

Major Mineralization Discovery Extends Beyond Traditional Targets

The newly identified Elevate Uranium Namib IV mineralization represents a breakthrough discovery for Elevate Uranium, with several distinctive characteristics that enhance its significance:

• Expansive mineralization footprint spanning approximately 11 km by 7.5 km
• Shallow mineralization typically beginning within 6.5 meters of surface
• Basement-hosted uranium predominantly found in weathered granite and carbonate-veined schist
• Not confined to palaeochannels, opening new exploration possibilities

"The Koppies Uranium Project continues to expand outside of the Koppies Resource Area… Our exploration programs have diversified over the past 12 months to include a variety of uranium scalability targets in addition to the more traditional palaeochannel hosted style of mineralization," stated Managing Director Murray Hill, highlighting the strategic importance of this discovery.

Notable Drill Results Confirm Significant Potential

The systematic drilling programme has yielded several promising intersections at Namib IV:

With mineralization typically starting near-surface, the project presents favourable economics for potential future mining operations.

Understanding Basement-Hosted Uranium Deposits

Uranium deposits in basement rocks represent an important but often overlooked target type that differs from conventional sedimentary-hosted deposits.

Basement-hosted uranium mineralization occurs when uranium-bearing fluids infiltrate crystalline basement rocks, typically granites or metamorphic rocks, and deposit uranium in fractures, faults, and altered zones. These deposits can be extensive and high-grade, with uranium mineralization often controlled by structural features rather than sedimentary boundaries.

For investors, basement-hosted deposits are significant because they:

1. Can contain substantial uranium resources
2. Often have different metallurgical characteristics than sedimentary deposits
3. May represent longer-term mining opportunities
4. Expand the exploration potential beyond traditional targets

The discovery at Namib IV demonstrates Elevate's success in targeting this style of mineralization, potentially unlocking significant additional value across their tenement portfolio.

Path to Maiden Resource and Project Development

Elevate Uranium has outlined a clear development pathway for the Namib IV discovery:

1. Complete additional step-out drilling to fully define the extent of mineralization
2. Conduct infill drilling on selected higher-grade zones
3. Establish a maiden mineral resource estimate targeted for late 2025
4. Integrate the resource with the existing 66 Mlb U₃O₈ Koppies Project resource

The proximity of Namib IV to the existing Koppies resource area (just 10 km) creates significant operational synergies, potentially allowing for:

• Extended mine life
• Increased production rates
• Shared infrastructure and processing facilities

Expanding Koppies Project Footprint

In a strategic move to consolidate its position in this prospective region, Elevate has applied for an additional exploration license (EPL 10780) covering the area between the Koppies EPL and Namib IV. This application demonstrates management's confidence in the uranium potential of the broader project area.

Concurrently, the company has made the decision to relinquish three exploration licenses (EPL 6663, EPL 7436, and EPL 8728) where recent drilling programs did not yield significant mineralization, showing disciplined capital allocation and focus on the most promising targets.

Investment Thesis: Why Elevate Uranium Deserves Investor Attention

Elevate Uranium presents a compelling investment case in the uranium sector:

1. Growing Resource Base: Current JORC-compliant resources of 161.1 million pounds U₃O₈ across projects in Namibia and Australia, with additional growth potential from the Elevate Uranium Namib IV mineralization

2. Diversified Asset Portfolio:

   • Namibia: Koppies (66.1 Mlb) and Marenica (46.0 Mlb)
   • Australia: 100% owned (41.7 Mlb) and joint venture (7.3 Mlb) projects

3. Exploration Success: Consistent track record of resource growth through successful exploration, as demonstrated by the Namib IV discovery

4. Technical Expertise: Demonstrated ability to identify and develop unconventional uranium targets, including basement-hosted mineralization

5. Strategic Jurisdiction: Namibia is a top-tier uranium jurisdiction with existing production, established regulatory framework, and excellent infrastructure

Key Catalysts to Watch

Investors should monitor these upcoming milestones for Elevate Uranium:

• Additional drill results from follow-up programmes at Namib IV
• Maiden resource estimate for the Elevate Uranium Namib IV mineralization expected later in 2025
• Potential resource updates at other project areas
• Progress on uranium beneficiation technology to enhance project economics

With the uranium market showing signs of sustained recovery and supply deficits looming, Elevate Uranium is positioning itself as a significant player in the uranium development space through systematic exploration and gold discovery potential. Furthermore, the company's approach mirrors successful strategies seen in other resource sectors, such as the recent copper mineralisation discoveries at various projects globally and the ongoing copper-gold expansion efforts by other exploration companies.

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