Quarterly Activities Report – September 2022

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

Koppies Uranium Project

• Koppies Mineralisation Envelope extended by 10 km to the Northeast
• Two Drill Rigs now operating within the Koppies tenement area

Capri Tenement

• 16 km of Uranium Mineralisation Identified at Capri

The Company continued to advance its large tenement holdings located in the Erongo Region of Namibia, which has a history of uranium discovery and production over 40 years. The Company holds 10 nuclear fuels licences in the region, all of which are highly prospective for surficial uranium mineralisation.

On 4 May 2022, the Company announced a maiden mineral resource estimate of 20.3 Mlb eU3O8 for the Koppies Uranium Project, which increased the Company’s total uranium resources to 115 Mlb eU3O8. Subsequently, as reported on 28 September 2022, ongoing drilling programs at Koppies were successful in identifying a 10-kilometre extension of the mineralisation to the northeast of Koppies. Following identification of this large body of mineralisation, the Company mobilised a second drill rig to Koppies as it will be the focus of exploration activities for the December Quarter.

On 18 October 2022, the Company announced discovery of a 16-kilometre zone of continuous uranium mineralisation at EPL 7508 (known as Capri). Previous exploration using airborne electro-magnetic surveys identified extensive palaeochannels associated with radiometric anomalies in both the western and eastern areas of the tenement. These results enabled the Company’s to target its maiden drill program over the palaeochannels in the western half of the tenement, resulting in discovery of significant uranium mineralisation. The eastern half of the tenement is yet to be drilled.

Capri is in the Central Erongo Area of Namibia and contains secondary uranium mineralisation hosted in calcrete horizon within palaeochannels, similar to the calcrete mineralisation identified at the Company’s other Namibian tenements. Capri is located 35 kilometres northwest of the Company’s Marenica Uranium Project which contains a resource of 61 Mlb eU3O8.

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