Resource Growth and Leadership Change Signal Elevated Ambitions for Elevate Uranium
Elevate Uranium Ltd reports steady progress on its U-pgrade demonstration plant and ongoing exploration drilling at Koppies and Marenica projects, alongside a 12% resource increase at the Bigrlyi Joint Venture and the appointment of a new chairman.
- U-pgrade demonstration plant construction on schedule for mid-2025 completion
- 490 holes drilled at Koppies Uranium Project including 308 at Namib IV targeting maiden resource
- 204 holes drilled at Marenica Uranium Project testing exploration targets outside known resource
- Bigrlyi Joint Venture resource increased by 12% to 23.9 million pounds U3O8
- Scott Perry appointed as new Non-Executive Chairman, succeeding Andrew Bantock
U-pgrade Demonstration Plant Progress
Elevate Uranium Ltd (ASX: EL8) continues to advance its proprietary U-pgrade™ beneficiation technology with the construction of a containerised demonstration plant on track for completion by mid-2025. Fremantle Metallurgy Pty Ltd, experienced in pilot plant design and construction, is leading the build in Perth. The plant will undergo factory acceptance testing before being shipped and reassembled in Namibia to process at least 60 tonnes of uranium ore from the Koppies resource. This trial aims to validate the process’s ability to concentrate uranium and reject waste material, thereby de-risking the technology ahead of commercial deployment.
Exploration Drilling Drives Resource Growth
Simultaneously, Elevate Uranium is intensifying exploration efforts across its Namibian portfolio. At the Koppies Uranium Project, 490 holes totaling 13,744 metres were drilled during the quarter, with 308 holes focused on the Namib IV tenement. This greenfields drilling targets a maiden uranium resource estimate expected in 2025, expanding the known mineralised envelope and potentially extending the mine life or increasing future production rates. Notably, mineralisation at Namib IV is shallow, commencing within 5.5 metres of surface, which bodes well for mining economics.
At the Marenica Uranium Project, 204 holes for 6,477 metres were drilled testing exploration targets beyond the current resource boundary. Early results are encouraging, with several intervals exceeding 100 ppm eU3O8, indicating potential for resource expansion. Drilling at the Capri tenement, located 25 kilometres from Marenica, was paused pending assessment of recent results.
Bigrlyi Joint Venture Resource Upgrade
In Australia, Elevate Uranium holds a 20.8% interest in the Bigrlyi Joint Venture with Energy Metals Ltd (ASX: EME). The joint venture recently announced a 12% increase in the Bigrlyi Mineral Resource Estimate to 23.9 million pounds U3O8 following 2024 drilling results. This uplift enhances the value of Elevate’s stake and underscores the potential of its Australian uranium assets.
Leadership Transition and Financial Position
The company appointed Mr Scott Perry as Non-Executive Chairman, succeeding Mr Andrew Bantock who retired after seven years. Perry brings over 25 years of international mining leadership, including CEO roles at Centerra Gold and AuRico Gold, with expertise in corporate transactions and project development. His appointment signals a strategic focus on advancing Elevate’s development pipeline.
Financially, Elevate Uranium reported exploration expenditure of $1.63 million for the quarter and maintains a robust cash position of $24.5 million. The company’s cash flow reflects ongoing investment in exploration and plant development, positioning it well for upcoming milestones.
Outlook and Next Steps
Looking ahead, Elevate Uranium plans to complete the U-pgrade demonstration plant commissioning and continue drilling programs to delineate and expand resources at Koppies and Marenica. Regulatory approvals for plant operation in Namibia remain in progress, and results from the demonstration plant trial will be pivotal in shaping the commercialisation pathway. The company’s integrated approach combining innovative beneficiation technology with aggressive exploration could position it favorably in the evolving uranium market.
Bottom Line?
Elevate Uranium’s methodical progress on technology and exploration sets the stage for a pivotal year ahead in resource development and commercialisation.
Questions in the middle?
- Will the U-pgrade demonstration plant confirm expected cost reductions and processing efficiencies at scale?
- How will upcoming drilling results at Namib IV and Marenica influence resource classification and project economics?
- What impact will Scott Perry’s leadership have on Elevate Uranium’s strategic partnerships and financing options?
