Elevate Uranium is a geographically diverse uranium exploration company with significant resources in Namibia and Australia and is making new discoveries through active exploration programs. The Company’s shares are listed on the Australian Securities Exchange ticker code ASX:EL8 and are traded on several overseas exchanges including OTCQX: ELVUF, NSX:EL8 and several German exchanges.
Elevate Uranium continues to explore on its large tenement position in the globally recognised Erongo uranium region in Namibia, a country with an established and longstanding uranium mining industry and supportive government. Elevate Uranium also has uranium projects and joint venture interests containing substantial uranium resources in locations in the Northern Territory and Western Australia.
The Company’s growth is dependent on factors within its control but also outside its control. Factors within the Company’s control include its exploration activities and the value add from application of U-pgradeTM. The Company has demonstrated exploration success over the past three years with four discoveries and estimation of a maiden JORC resource at Koppies in Namibia. The Company expects the exploration success to continue. The factors outside the Company’s control include the increasing demand for carbon free reliable baseload power which nuclear (fed from uranium) provides. The demand for uranium outweighs supply, which ultimately will result in an increase in the uranium price.
U-pgradeTM is Elevate Uranium’s 100% owned breakthrough beneficiation process which reduces ore mass by 95% prior to leach, and from bench-scale testing on the Marenica Uranium Project in Namibia, increases ore grade from 93 ppm to 5,000 ppm U3O8 greatly reducing mass flows and equipment sizes through the beneficiation process.
The U-pgradeTM process provides the potential of a 50% reduction in CAPEX and OPEX compared with conventional processes. U-pgradeTM provides flexibility and optionality in project design and development, and due to the anticipated lower cost of production, potentially allows Elevate Uranium to develop a mining operation at lower uranium prices than its peers.
The demand for carbon free energy, from a reliable base load power source, continues to grow. Carbon free nuclear energy is powered by uranium and Elevate Uranium is on a pathway to feed uranium into this demand.
* 06 June 2023 (AUD)
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