Elevate Uranium’s Expansion Hinges on Upcoming Drilling and Pilot Plant Success
Elevate Uranium Ltd has completed a $25 million capital raising and is nearing steady state operations of its U-pgrade pilot plant in Namibia, while expanding its uranium resource portfolio through extensive drilling and a strategic acquisition from Core Lithium Ltd.
- Completed $25 million institutional placement
- U-pgrade pilot plant commissioning in Namibia nearing completion
- Drilled over 11,000 metres across Namibian and Australian projects
- Acquired uranium assets from Core Lithium Ltd, including Napperby and Fitton projects
- Global mineral resource inventory increased to 169 million pounds U3O8
Capital Raising and Pilot Plant Progress
Elevate Uranium Ltd (ASX – EL8) has fortified its financial position with a $25 million capital raising completed in late 2025. The funds are earmarked to accelerate resource reviews, expand the operation of its proprietary U-pgrade™ pilot plant, and support exploration and technical studies across its uranium portfolio.
The U-pgrade™ pilot plant, assembled in Namibia, is approaching the final stages of commissioning and operator training, with steady state operations expected by late January 2026. This plant is designed to demonstrate the company’s proprietary beneficiation process, which concentrates uranium ore by removing waste material, potentially reducing capital and operating costs significantly compared to conventional methods.
Exploration and Drilling Campaigns
During the December quarter, Elevate Uranium undertook extensive drilling programs, completing 260 holes totaling over 11,300 metres in Namibia and Australia. In Namibia, drilling focused on the Namib IV prospect within the Koppies Uranium Project, aiming to define a maiden resource estimate. Notable uranium intersections with grades exceeding 100 ppm eU3O8 were reported, supporting the potential for resource expansion.
Additional drilling at the Koppies deposit targeted extensions beneath the current JORC resource, with results anticipated in the March quarter. In the Central Erongo area, the company continued validating historical data at the Marenica Uranium Project and drilled 25 holes at the Marenica Dome to investigate granite-hosted uranium mineralisation. Deep drilling at Capri tested a mineralised anomaly identified by gamma probing.
In Australia, a three-hole deep drilling program at the Angela Uranium Project targeted seismic reflectors indicative of potential new mineralisation zones. This project hosts a significant high-grade resource, and results from this program are also expected in the March quarter.
Strategic Acquisition Enhances Portfolio
Elevate Uranium finalized the acquisition of uranium assets from Core Lithium Ltd, including the Napperby Uranium Project in the Northern Territory and the Fitton Uranium Project in South Australia. The Napperby project, located just 25 kilometres from Elevate’s Minerva Project, contains an inferred resource of 8 million pounds of U3O8. The Fitton project boasts high-grade uranium intersections, with drilling results highlighting thick mineralised zones.
This acquisition increases Elevate’s global mineral resource inventory to 169 million pounds U3O8 and aligns with its strategy to consolidate uranium assets in established mining jurisdictions where its U-pgrade™ process can add significant value.
Financial and Operational Outlook
Exploration expenditure for the quarter was approximately $3.1 million, reflecting the company’s active drilling and development programs. Elevate Uranium ended the quarter with a robust cash position of $36.7 million, providing a strong runway to advance its projects and commercialisation plans.
Looking ahead, the company plans to continue resource definition and expansion drilling, further develop its U-pgrade™ technology, and explore accretive mergers and acquisitions to enhance its uranium portfolio.
Bottom Line?
Elevate Uranium’s strategic capital raise, asset acquisition, and technology advancement position it well for growth, but upcoming drilling results will be critical to validate its expanding resource base.
Questions in the middle?
- How will the initial steady state operations of the U-pgrade pilot plant impact commercial scalability and cost projections?
- What are the expected timelines and potential resource upgrades from the ongoing drilling at Namib IV and Koppies?
- How will the integration of the newly acquired Core Lithium uranium assets influence Elevate’s development strategy and market positioning?
