Quarterly Activities Report – December 2023

Elevate Uranium Ltd (ASX: EL8) (“Elevate Uranium” or “the Company”) is pleased to present its Quarterly Activities and Cash Flow Report.

Koppies Project

• Updated Koppies JORC Mineral Resource Estimate (“MRE”) increased the Company’s global uranium resources to 142 Mlb U₃O₈
• The MRE increase represented a 136% increase in the Koppies resource and a 42% increase in the Company’s Namibian resources
• The mineralisation is shallow with95% of the resource within 15 metres of surface
• Three drill rigs completed a total of 620 holes for 17,457 metres
• Four drill rigs commenced operation in mid-January with a fifth drill rig scheduled to commence later in the quarter
• Resource drilling continues with the next update expected in March 2024

Note - Figures may not add due to rounding.

This significant upgrade of the Koppies MRE has also increased the Company’s total global uranium resources to 142 Mlb, see Resource Table 3.

Figure 1 shows the current surface extent of the MRE, as well as all the drilling completed and included in the November 2023 resource update.

Figure 1 Koppies Resource Surface Extent and Collar Locations

Figure 2 indicates how the mineralisation is distributed by depth throughout the MRE. Mineralisation is shallow, with 95% of the total mineral resource being within approximately 15 metres of the surface, and 50% of the resource within approximately 6 metres of the surface. These physical parameters support the potential for a low strip ratio, low-cost mining operation at Koppies.

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