Quarterly Activities Report – December 2022

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX:ELVUF) is pleased to provide its Quarterly Activities Report for the period ending December 2022.

Koppies Uranium Project

• New discovery (Koppies 4) extends uranium mineralisation to the south of the Koppies 2 resource by 6 kilometres
• Latest drilling results indicate that Koppies 2 connects with Koppies 4
• Koppies 1 is now considered likely to connect with Koppies 2
• It is now considered that Koppies 1, 2, 3 and 4 are all connected, for an aggregate length of 20 km
• Two drill rigs operating within the Koppies Project area
• Potential to add significantly to the existing 20 Mlb eU3O8 Mineral Resource at Koppies

Drilling south of Koppies 2 between the Mineral Resource area and the southern boundary of the tenement, identified mineralisation that extends Koppies 2 to the south and connects with Koppies 4.

As a result of drilling to the north of Koppies 2, the Company now considers that Koppies 1 connects to Koppies 2.

The outcome of the extensive drilling program at Koppies 3 during the quarter was delineation of a continuous mineralised zone at Koppies 3, nearly 11 kilometres in length from northeast to southwest and up to 2.4 kilometres wide.

The major conclusion from the December Quarter drilling programs is that it is now most likely that Koppies 1, 2, 3 and 4 are all connected, for an aggregate length of 20 kilometres.

A representation of the Koppies 3 mineralised envelope is shown as a black polygon in the northeast section of Figure 1, while the representation of the Koppies 2 extension and Koppies 4 mineralised envelopes is shown as a black polygon in the southwest section of Figure 1.

The discovery of large mineralised areas at Koppies 3, Koppies 4 and to the south of Koppies 2; indicates significant potential for expansion of the Koppies JORC Mineral Resource.

The Koppies Project is in the Erongo Region of Namibia, which has a history of uranium discovery and production over nearly 50 years. The Company holds 10 nuclear fuels licences in the region, all of which are highly prospective for surficial uranium mineralisation.

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