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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This article includes content from Elevate Uranium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Highlights:

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- HJ24DD017 – 25.00m @ 393.64 ppm (0.04%) U ₃ O ₈ from 15.00m ,
  - including 1.00m @ 1,015.29 ppm (0.10%) U ₃ O ₈ from 28.00m
  - and 1.00m @ 2,128.46 ppm (0.21%) U ₃ O ₈ from 34.00m
- HJ24DD019 – 6.00m @ 1,177.43 ppm (0.12%) U ₃ O ₈ from 87.00m ,
  - including 4.00m @ 1,520.58 ppm (0.15%) U ₃ O ₈ from 89.00m
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- HB24DD010 – 15.60m @ 2,237.03 ppm (0.22%) U ₃ O ₈ and 0.53 g/t Au from 68.40m ,
  - including 1.00m @ 2,264.06 ppm (0.23%) U ₃ O ₈ and 0.23 g/t Au from 70.00m
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- HB24DD008 – 19.00m @ 620.58 ppm (0.06%) U ₃ O ₈ and 1.95 g/t Au from 48.00m ,
  - including 2.00m @ 1,720.45 ppm (0.17%) U ₃ O ₈ and 1.64 g/t Au from 57.00m
  - and 2.00m @ 2,202.16 ppm (0.22%) U ₃ O ₈ and 12.39 g/t Au from 64.00m
  - with highest intercept result of 1.00m @ 2,299.44 ppm (0.22%) U ₃ O ₈ and 24.20g/t Au from 65.00m
- HB24DD006 – 8.00m @ 1,449.86 ppm (0.14%) U ₃ O ₈ & 0.22 g/t Au from 36.00m ,
  - including 1.70m @ 6,208.83 ppm (0.62%) U ₃ O ₈ & 0.78 g/t Au from 37.60m .
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Table 1: Significant intercepts >100ppm U ₃ O ₈
Hole number	From	To	Length (m)	U ₃ 0 ₈ ppm	Au g/t
HB24DD005	47	50	3	371.49	0.18
HB24DD005	55.4	63	7.6	162.71	0.03
HB24DD005	70	74	4	150.17	0.01
HB24DD005	103	111	8	102.27	0.01
HB24DD006	30	33	3	307.07	0.15
HB24DD006	36	44	8	1449.86	0.22
including	37.3	39	1.7	6208.83	0.78
HB24DD006	79	80	1	155.06	0.02
HB24DD007	60	76	16	2151.24	0.01
including	60	72	12	2816.22	0.01
HB24DD007	80	82	2	192.50	0.03
HB24DD007	86	87	1	121.46	0.01
HB24DD008	33	34	1	101.88	0.01
HB24DD008	40	42	2	222.28	0.02
HB24DD008	48	67	19	620.58	1.95
including	57	59	2	1720.45	1.64
and	64	66	2	2202.16	12.39
HB24DD008	73	74	1	190.44	0.23
HB24DD008	81	84	3	487.72	0.03
including	83	84	1	1084.86	0.04
HB24DD009	58	62	4	236.11	0.04
HB24DD009	76	77	1	116.27	0.01
HB24DD009	78	79	1	153.30	0.01
HB24DD010	15	17	2	574.86	0.15
including	15	16	1	1007.04	0.25
HB24DD010	33	41.3	8.3	336.50	0.08
including	40	41.3	1.3	1379.66	0.35
HB24DD010	44	47	3	1339.85	1.18
including	44	45.65	1.65	2191.03	0.96
HB24DD010	53.25	62	8.75	1115.03	1.44
including	53.25	56.1	2.85	2785.70	0.22
HB24DD010	68.4	84	15.6	2237.03	0.53
including	70	71	1	2264.06	0.23
and	76	83	7	4311.16	0.10
with ^#	80	81	1	1.42 %	0.01
HB24DD010	88	89	1	131.48	0.01
HJ24DD014	25.55	27	1.45	180.42	0.01
HJ24DD014	79	80	1	310.13	0.01
HJ24DD014	125	126	1	113.20	0.02
HJ24DD015	95	96	1	321.92	0.40
HJ24DD015	101	103	2	191.03	0.10
HJ24DD015	133	135	2	1229.32	0.02
including	133	135	2	1229.32	0.02
HJ24DD016	69.35	73	3.65	772.12	0.12
including	69.35	70.15	0.8	1285.33	0.15
and	71	72	1	1044.77	0.14
HJ24DD016	76	87	11	229.76	0.02
HJ24DD016	104.4	106	1.6	130.89	0.01
HJ24DD017	15	40	25	393.64	0.01
including	28	29	1	1015.29	0.01
and	34	35	1	2128.46	0.01
HJ24DD017	48	49	1	128.53	0.01
HJ24DD017	51	52	1	142.68	0.01
HJ24DD017	68	69	1	114.85	0.01
HJ24DD017	72	78	6	161.69	0.01
HJ24DD018	21	22	1	277.11	0.01
HJ24DD018	29	32	3	477.18	0.01
HJ24DD018	106	115	9	770.03	0.05
including	111	113	2	2953.90	0.18
HJ24DD019	87	93	6	1177.43	0.04
including	89	93	4	1520.58	0.01
HJ24DD020	70	71	1	199.87	0.01
HJ24DD020	95.55	100	4.45	163.33	0.01
HJ24DD020	104	108	4	196.04	0.01
HJ24DD020	113	114	1	178.65	0.01
HJ24DD020	119	120	1	203.41	0.01
HJ24RC016	35	40	5	176.13	0.01
HJ24RC016	43	44	1	114.62	0.01
HJ24RC016	48	51	3	195.16	0.01
HJ24RC016	62	63	1	109.90	0.01
HJ24RC017	22	23	1	120.87	0.01
HJ24RC018	No significant intercepts to report
HJ24RC019	14	19	5	166.08	0.01

Table 2: Significant intercepts >0.1 g/t Au
Hole number	From	To	Length (m)	U ₃ 0 ₈ ppm	Au g/t
HB24DD005	47	47.7	0.7	233.48	0.51
HB24DD005	48.85	50	1.15	749.97	0.13
HB24DD005	55.4	56	0.6	244.09	0.10
HB24DD006	32	33	1	274.75	0.35
HB24DD006	37.3	39	1.7	6208.83	0.78
HB24DD006	43	44	1	341.97	0.21
HB24DD006	82	83	1	38.68	0.48
HB24DD006	86	87	1	58.25	0.43
HB24DD007	21	22	1	17.92	0.36
HB24DD008	48	51	3	343.34	0.46
HB24DD008	57	60.15	3.15	1220.21	1.10
including	57	58	1	2185.06	2.89
with	57.6	58	0.4	3631.94	5.96
HB24DD008	64	71	7	781.46	4.60
including	64	67	3	1733.42	10.60
with ^#	65	66	1	2299.44	24.2
HB24DD008	73	74	1	190.44	0.23
HB24DD008	79	80	1	30.66	0.10
HB24DD010	15	16	1	1007.04	0.25
HB24DD010	40	41.3	1.3	1379.66	0.35
HB24DD010	44	62	18	778.72	1.34
including	44	47	3	1339.85	1.18
with	52	53.25	1.25	54.01	5.51
including	56.1	60	3.9	259.61	2.92
with	56.1	58	1.9	139.39	5.41
HB24DD010	70	71	1	2264.06	0.23
HB24DD010	73	77	4	855.21	1.97
including	74	77	3	1053.42	2.54
with	74	76	2	545.38	3.54
HJ24DD016	69.35	72	2.65	974.04	0.14
HJ24DD018	111	113	2	2953.90	0.18
HJ24DD019	43	44	1	4.36	0.41
HJ24DD019	88	89	1	841.95	0.15
HJ24RC019	108	109	1	45.75	0.21

Quarterly Activities Report – September 2022

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