Elevate Uranium Ltd pushes back its U-pgradeTM pilot plant results to August 2026 amid operational tweaks, while reporting a doubled resource grade at Marenica and a 76.2 Mlb uranium resource at Koppies.
- U-pgradeTM pilot plant results delayed to August 2026
- Koppies Uranium Project resource base rises to 76.2 Mlb U3O8
- Marenica resource grade doubles to 185 ppm U3O8
- 788 drill holes completed across Namibian projects
- Cash holdings stand at $34 million
Pilot Plant Operational Delays and Management Overhaul
Elevate Uranium Ltd (ASX:EL8) has pushed back the anticipated release of results from its U-pgradeTM pilot plant in Namibia to August 2026. The delay stems from challenges in achieving baseline operational stability, prompting the company to strengthen its in-country management team late in the quarter. Operational improvements, including reinforced standard operating procedures and mechanical upgrades, are underway to optimise circuit performance.
The company emphasises that its previously announced bench-scale testwork remains valid despite the pilot plant setbacks. The U-pgradeTM process aims to concentrate uranium by removing gangue waste, producing a high-grade concentrate before leaching, and is central to Elevate’s strategy to reduce processing costs and capital expenditure.
This operational update builds on the company’s prior announcement of management changes and process optimisation efforts, reflecting a methodical approach to pilot plant commissioning rather than a rushed timeline pilot plant management changes.
Resource Growth at Koppies and Marenica Projects
Elevate Uranium reported a significant expansion of its Koppies Uranium Project resource base to 76.2 million pounds (Mlb) of U3O8 at an average grade of 186 ppm. This increase includes a maiden inferred resource of 10.1 Mlb at the Namib IV deposit, located about 10 kilometres south of the existing Koppies resource. The Namib IV discovery underscores the district-scale growth potential of Elevate’s Namibian portfolio, which now totals over 106 Mlb of uranium resources across multiple deposits.
Meanwhile, the Marenica Uranium Project saw its mineral resource grade double to 185 ppm U3O8 for a total of 40.2 Mlb U3O8, based on a comprehensive re-analysis of over 5,000 historical drill holes updated to JORC 2012 standards. This upgrade reflects a more robust and higher-grade resource base that should enhance the project’s economics and reduce development risk.
However, large areas of consistent mineralisation were excluded from the updated Marenica resource estimate due to wide-spaced drilling. Infill drilling programs commenced in February 2026 to address these gaps and to convert inferred resources to indicated status, with further resource updates expected in the June quarter. This rigorous approach to resource validation supports Elevate’s ambition to become a leading uranium developer in Namibia Marenica resource upgrade and Koppies resource expansion.
Active Exploration and Financial Position
The company maintained a strong exploration push with 788 drill holes completed during the quarter across Namibian projects, including Marenica, Namib IV, and Capri. This extensive drilling program reflects Elevate’s commitment to expanding and upgrading its resource base in a globally significant uranium province.
On the financial front, Elevate ended the quarter with $34 million in cash holdings, supporting ongoing exploration and pilot plant activities. Exploration expenditure for the quarter was $3.33 million, consistent with the company’s active drilling and resource development efforts. The company also reported payments totaling $169,000 to related parties, covering directors’ fees and salaries.
Licence renewals in Namibia remain pending for several tenements, a common regulatory process that can extend beyond expiry dates. The company has submitted renewal applications and awaits decisions from the Ministry of Mines & Energy and the Ministry of Environment Forestry & Tourism, factors that could influence project timelines.
Strategic Role of U-pgradeTM Beneficiation Process
Elevate’s proprietary U-pgradeTM beneficiation technology remains a key differentiator. Bench-scale tests on Marenica samples have demonstrated the process’s ability to concentrate uranium grades by approximately 50 times, from around 93 ppm to 5,000 ppm U3O8, while rejecting 98% of gangue material. This process also reduces acid consumption and promises to halve both capital and operating expenses compared to conventional uranium processing.
The company plans to conduct pilot plant metallurgical runs on bulk ore samples in the third quarter of 2026 to refine processing parameters further. These efforts aim to validate the economic and technical benefits of U-pgradeTM at scale, potentially transforming the economics of secondary uranium deposits in Namibia and Australia.
Bottom Line?
Elevate Uranium’s delayed pilot plant results and ongoing infill drilling will be pivotal in validating its upgraded resources and the commercial viability of its U-pgradeTM technology.
Questions in the middle?
- Will the August pilot plant results confirm the anticipated beneficiation gains from U-pgradeTM at scale?
- How will pending licence renewals in Namibia affect project development timelines and regulatory risk?
- Can infill drilling successfully convert inferred resources to indicated, supporting a resource upgrade in the June quarter?