Quarterly Activities/Appendix 5B Cash Flow Report

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX:ELVUF) is pleased to present its Quarterly Report and Cash Flow Report.

• 2023 Koppies Drill Program Underway
  • Two drill rigs continue drilling at Koppies
  • One drill rig is being used on in-fill drilling to further confirm the uranium mineralisation envelope
  • The second drill rig is undertaking resource drilling of the mineralised envelope
• Namibian Regional Exploration Program
  • Mapping and ground proofing has been carried out at the Capri tenement
  • A third drill rig is being sourced to commence regional scout exploration during the June Quarter

2023 Koppies Drill Program Underway

During the Quarter the Company continued drilling at Koppies. The number of metres drilled was below plan, as a result of mechanical issues with the drill rigs early in the Quarter. Nevertheless, substantial progress was achieved with 340 holes drilled.

The drilling results received during the Quarter highlighted the following.

• Drilling north of Koppies 2 confirms a continuous connection between Koppies 2 and 3 across a broad area.
  
• Large areas of continuous mineralisation confirmed south of Koppies 2, through to the southern boundary of the Koppies tenement, connecting with Koppies 4.
• Mineralisation intersected in holes to the southeast and east of Koppies 2, indicating potential for extensions.
• Some previously drilled holes within the resource shells at Koppies 1 and 2 were twinned and drilled deeper than the original resource holes. The twinned holes intersected mineralisation beneath the base of the original holes, indicating potential for additional mineralisation from a deeper drill program (holes up to about 25 metres deep).
• Mineralisation intersected in holes between Koppies 1 and 2 indicates the potential for Koppies 1 and 2 to connect.

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