Elevate Uranium has increased the mineral resource at its Marenica Uranium Project by 31% to 52.8 million pounds (Mlb) of U₃O₈ as the company moves to expand its ownership of the Namibian asset to 90%.
The resource upgrade follows infill drilling programmes aimed at converting inferred resources into the higher-confidence indicated category. Drilling is expected to continue until early August 2026.
The announcement comes after Elevate Uranium signed two agreements on 13 July to acquire an additional 15% stake in Marenica Minerals, the owner of the Marenica Uranium Project, increasing its shareholding from 75% to 90%, subject to completion.
The transaction will also simplify the project’s ownership structure, leaving one remaining Namibian partner.
The company also reported progress in refining its proprietary U-pgrade™ pilot plant in Namibia, with results expected in August. However, it cautioned that commissioning remains subject to ongoing supply chain and customs-related delays.
According to the company, procurement of imported equipment has been affected by extended delivery times and customs processing delays linked to Namibia’s implementation of an upgraded electronic customs system.
Elevate said it is working closely with suppliers and logistics providers to expedite deliveries.
During the quarter, the company continued optimising the pilot plant through improvements to several processing units, while strengthening its technical team with additional metallurgists and restructuring plant operations to improve performance.
Managing Director Murray Hill also spent significant time in Namibia providing technical support to the local team.
Elevate said successful operation of the pilot plant would provide a key validation of its U-pgrade™ beneficiation technology before commercialisation.
The process is designed to remove waste material and produce a low-mass, high-grade uranium concentrate prior to leaching, with previous bench-scale test work demonstrating the potential to increase uranium concentration by a factor of about 50.
Financially, the company ended the June quarter with N$486 million (US$28.83 million) in cash and cash equivalents, down from N$569 million (US$33.99 million) at the start of the quarter.
Net cash used in operating activities totalled N$84 million (US$4.89 million), primarily for exploration and evaluation activities, while exploration expenditure reached N$67 million (US$4.09 million).
Based on its current expenditure levels, Elevate estimates it has funding available for approximately 5.9 quarters, or around 18 months.
Payments to related parties, including directors’ fees and salaries, amounted to N$3.5 million (US$209,908) during the quarter.
