Elevate Uranium Adds 10.1 Mlb U3O8 at Namib IV to Boost Koppies Project to 76.2 Mlb

Namib IV Maiden Resource Boosts Koppies Uranium Project

Elevate Uranium Limited (ASX:EL8) has unveiled a maiden Inferred Mineral Resource Estimate (MRE) of 10.1 million pounds (Mlb) of U3O8 at its Namib IV deposit, a new addition to the Koppies Uranium Project in Namibia’s Erongo Region. This fresh resource lifts the Koppies Project’s total resource base to 76.2 Mlb U3O8, reinforcing the company’s position in one of the world’s most established uranium jurisdictions.

Namib IV, located about 10 kilometres south of the main Koppies resource, was estimated using a 100 ppm eU3O8 cut-off grade, consistent with adjacent mining studies. The deposit spans approximately 5 kilometres in strike length, with widths between 400 and 800 metres and a shallow maximum depth of 25 metres. Importantly, mineralisation remains open to the northeast and south, with several untested exploration targets on the tenement hinting at further upside potential.

Geological Characteristics and Resource Breakdown

The Namib IV deposit hosts uranium mineralisation in two key lithologies: calcrete-filled palaeochannels and weathered basement schists and granites. The latter accounts for roughly 81% of the resource, reflecting Elevate Uranium’s strategic targeting of basement-hosted uranium following its recognised potential across the Erongo Region. The total inferred resource stands at 29.5 million tonnes grading 155 ppm eU3O8, translating to 10.1 Mlb U3O8.

Multi Indicator Kriging (MIK) was the chosen resource estimation technique, leveraging a robust dataset of 2,252 drill holes for over 51,000 metres, including 937 holes used for the detailed resource area. The drilling was predominantly reverse circulation (RC) and vertical, ensuring true thickness measurements. A variance adjustment was applied to align the block model with expected mining and grade control parameters.

Strategic Location and Regional Scale

The Koppies Project is situated within the Namib Naukluft Park, an area that collectively hosts approximately 359 Mlb U3O8 across Elevate Uranium and neighbouring operators. Its proximity to infrastructure such as rail, road, and power, alongside established mines like Langer Heinrich just 30 kilometres north, enhances the project’s attractiveness.

Elevate’s total uranium inventory in Namibia now totals 106.4 Mlb U3O8, spanning Koppies, Hirabeb, Namib IV, and Marenica deposits. Globally, the company’s resource base has expanded to 163.4 Mlb U3O8. This scale, combined with Namibia’s supportive regulatory environment and operational export infrastructure, positions Elevate favourably compared to peers in less mature jurisdictions.

Processing Innovation with U-pgrade™

Beyond resource growth, Elevate Uranium is advancing its proprietary U-pgrade™ beneficiation process, designed to concentrate ore grade by approximately 50 times while reducing ore mass by 95% prior to leaching. This technology promises to significantly lower capital and operational costs versus conventional processing methods. The U-pgrade™ pilot plant is currently operating in Namibia, with efforts focused on achieving continuous scale operation and generating data for future technical studies.

These processing advancements complement the resource expansion, potentially accelerating project economics once definitive studies are complete. The company recently strengthened pilot plant management and revised the timeline for results to August 2026, maintaining confidence in the underlying bench-scale testwork despite operational delays.

Next Steps and Market Implications

While the Namib IV resource is currently classified as Inferred, Elevate plans infill drilling to upgrade portions to Indicated status, enhancing confidence ahead of potential development decisions. The deposit’s shallow depth and continuous mineralisation layers support open-cut mining scenarios, with assumptions based on nearby deposits.

Investors and analysts will be watching how the company balances resource growth with processing validation, especially as uranium market dynamics evolve. The Namib IV addition complements recent resource upgrades at Marenica and ongoing pilot plant progress, painting a picture of a company steadily building scale and technological edge in a competitive sector.

Elevate’s expanding footprint in Namibia, combined with its innovative beneficiation approach, may well define its trajectory amid a uranium market increasingly focused on supply security and cost efficiency. The coming months, with further drilling results and pilot plant data, will be critical in shaping that outlook.

This update follows Elevate Uranium’s recent pilot plant management strengthening and resource expansions earlier this year, underscoring a consistent growth narrative.