Quarterly Activities Report – March 2022

Elevate Uranium Limited (ASX:EL8) releases its quarterly activities reported to December 2021.

• Drill Progam and Resource Estimation at Koppies

Initial JORC Resource Estimation in progress.
A review of the Koppies resource drilling to date, identifies substantial additional areas to drill.

• 73 km of Prospective Palaeochannels Identified at Capri

Airborne EM survey identified 73 km of palaeochannels, with coincident uranium channel radiometric anomalies.
Prospective for calcrete hosted uranium, similar to that at the Marenica Uranium Project on which U-pgradeTM was developed.

• Exploration at Angela and Minerva

Geochemical surveys were completed at the Angela and Minerva Uranium Projects in the Northern Territory

Drilling and Resource Definition activities at Koppies

During the quarter, a review of drilling results to date at the Koppies Project, identified substantial areas that will require additional drilling to further delineate the extent of mineralisation beyond that to be included in the upcoming mineral resource estimate. Nevertheless, the Company is preparing a mineral resource estimate using the drilling results to date, to provide guidance to the market. Follow up drilling programs are currently being planned and will be commenced in the near future.

As can be seen from Figure 1, Koppies is a small portion of the area that the Company controls in the Namib Area in the Southern Erongo Region of Namibia, highlighting the substantial opportunities to increase the Company’s mineralisation in the greater Namib Area.

The location of the Koppies project relative to the Company’s contiguous tenement position in the Namib Area of Namibia and Deep Yellow Ltd’s Tumas 1 East deposit, is shown in Figure 1, and relative to the Company’s Namibian tenements in Figure 2.

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