Elevate Uranium Settles First Tranche of Marenica Buy-Up Edging Toward 90%
Elevate Uranium settles first tranche of Marenica buy-up, edging ownership toward 90%
Elevate Uranium (ASX: EL8) has completed the transaction to acquire an additional 10% of Marenica Minerals, with a second 5% tranche now scheduled for early August. The settlement progresses the Company’s previously announced plan to lift its interest in the Marenica Uranium Project (Namibia) to 90%, as disclosed on 13 July 2026.
This is a settlement update, not a new acquisition. The 10% tranche settled via the issue of 4,701,659 EL8 shares plus $1,100,000 cash. The 5% tranche has had its Closing Date extended to 7 August 2026, with settlement shares expected to be issued on or by 14 August 2026. The announcement does not disclose a share price or dollar value for the second tranche.
Consolidating ownership of a flagship 47.5 Mlb U3O8 asset strengthens Elevate’s control over its Namibian development pipeline. The combined result on completion of both transactions will increase the Company’s interest to 90% of Marenica.
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Fact vs. status — where each transaction stands
| Transaction | Interest Acquired | Consideration | Status | Expected Completion |
|---|---|---|---|---|
| 10% tranche | 10% of Marenica | 4,701,659 EL8 shares + $1,100,000 cash | Completed | Settled |
| 5% tranche | 5% of Marenica | Not disclosed in announcement | Closing Date extended | Shares issued on/by 14 Aug 2026 |
| Combined outcome | Total interest to 90% | — | In progress | Following 5% settlement |
Understanding Marenica and why ownership matters
The Marenica Uranium Project is located in the world-class Erongo uranium province in Namibia. Lifting total ownership to 90% upon completion of both transactions provides shareholders with greater economic exposure and control over a key development asset in one of the globe’s most established uranium regions.
Key facts about Marenica and Elevate’s broader portfolio:
- Marenica JORC 2012 Resource: 47.5 Mlb U3O8 (Elevate’s share)
- Part of Elevate’s total portfolio of 181 Mlb U3O8 across Namibia and Australia
- Flagship Namibian portfolio also includes Koppies (76.2 Mlb U3O8)
The U-pgrade advantage underpinning the Marenica thesis
Marenica matters strategically because it is a proving ground for Elevate’s patented U-pgrade™ beneficiation process (100%-owned). Consolidating ownership is valuable because it provides greater control over the project where the Company’s proprietary technology has been tested.
Bench-scale testwork outcomes on Marenica samples (as per ASX announcements dated 18 April 2017 and 4 April 2025):
- Concentrates uranium by a factor of ~50 (from ~93 ppm to ~5,000 ppm U3O8)
- Rejects ~98% of gangue (waste material) before leaching
- Removes acid-consuming minerals
- Potential to reduce CAPEX and OPEX by ~50% versus conventional processing
These figures reference bench-scale testwork results and should not be interpreted as guarantees of future performance.
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What comes next for shareholders
Completion of the 5% tranche in August will finalise the move to 90% ownership, a near-term milestone that strengthens Elevate’s position in the Erongo province.
The announcement discloses that both transactions will increase the Company’s interest to 90% upon completion.
The Company noted that the release was authorised by the Board of Elevate Uranium Ltd.
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