Resource Upgrade Marks New Phase of Growth for Koppies Uranium Project

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTC:ELVUF) is pleased to announce an upgrade of the Koppies Deposit JORC Mineral Resource Estimate (“MRE”) from Inferred to the Indicated status, with 78% of the resource now in the Indicated category. The Koppies deposit is part of the Koppies Uranium Project and is wholly owned by Elevate Uranium.

• Koppies Uranium Project Mineral Resource base increased to 66.1 Mlb U3O8.
• 78% of the Koppies Resource is now in the Indicated category.
• Maiden Inferred Mineral Resource for the Hirabeb Deposit of 10.2 Mlb U3O8.
• Hirabeb has significant upside potential with the mineralisation open in multiple directions.
• Total Namibian Mineral Resource increased to 112.1 Mlb U3O8 and global resource increased to 160.5 Mlb U3O8.
• Metallurgical bench-scale testwork on Koppies bulk samples using U-pgradeTM process is underway.
• Results of the bench-scale testwork will inform further technical studies and subsequently a Koppies U-pgradeTM demonstration plant.

In conjunction with the Koppies resource upgrade the Company is also pleased to announce a 10.2 Mlb U3O8 maiden MRE at the Hirabeb deposit which is located south of the Koppies Resource. This maiden resource increases the Koppies Uranium Project resource to 66.1 Mlb U3O8, and brings the total Namibian resource base to 112.1 Mlb U3O8 and the Company’s global resource base to 160.5 Mlb U3O8.

Elevate Uranium’s Managing Director, Murray Hill, commented:

“The Koppies Uranium Project continues to mature with 78% of the Koppies Resource upgraded to JORC Indicated category. This is an important step in derisking the project, along with undertaking an U-pgradeTM metallurgical testwork program on mineralised samples from the resource. Results from the testwork program, which is in progress, will inform further technical studies and subsequent construction and operation of an U-pgradeTM demonstration plant at Koppies to confirm the potential value of the process at scale. The total Koppies Project Mineral Resource is now 66 Mlb U3O8.

We have also estimated a maiden resource at the nearby Hirabeb deposit, which added another 10.2

Mlb U3O8 to the Koppies Project. The success at Hirabeb highlights the project area’s potential as we continue to explore the ground and target further expansion of the resource base.

The Company continues substantial exploration drilling programs at Hirabeb and several other projects. The geological knowledge gained at Koppies and, in particular, the understanding that uranium mineralisation extends into weathered basement adjacent to the paleochannels, means that we consider

it likely that we will encounter previously unidentified mineralisation in areas where historical exploration has occurred or indeed, where drilling has not been carried out because targeting has been based on alternate geological models. This knowledge drives us to explore in the likelihood of identifying additional uranium mineralisation.

Our Namibian Mineral Resource has increased to 112.1 Mlb U3O8 while the global Mineral Resource has increased to 160.5 Mlb U3O8.”

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