Elevate Uranium invested approximately N$55 million (US$3.33 million) in exploration and evaluation activities at its Koppies and Marenica uranium projects during the quarter ending March 2026.
According to the company, the investment supported an extensive drilling campaign covering 27,851 metres across 788 holes.
Most of the drilling was concentrated at the Marenica project, where 518 holes were drilled, alongside significant activity at the Namib IV and Capri prospects.
“During the quarter, the Group incurred exploration expenditure of US$3,332,026,” the company said in its report.
The investment has already boosted the company’s resource base.
At the Koppies uranium project, the resource base increased to 76.2 million pounds (Mlb) of uranium oxide.
Meanwhile, the Marenica uranium project’s mineral resource grade doubled to 185 parts per million uranium oxide, bringing its total resource to 40.2 Mlb.
Following the latest updates, Elevate Uranium’s global mineral resource portfolio now stands at 163.4 Mlb of uranium oxide.
The company said infill drilling is continuing at Marenica to further define mineralisation and upgrade resource categories, with additional results expected in the June quarter.
“Koppies project resource base increased to 76.2 Mlb U3O8 at an average 186 ppm U3O8. The mineral resource grade at Marenica doubled to 185 ppm U3O8 for 40.2 Mlb U3O8,” the report said.
Beyond drilling, Elevate Uranium is also advancing its proprietary U-pgrade™ technology.
The company strengthened its in-country pilot plant management team during the quarter to optimise processing circuits, with results from the plant now expected in August 2026.
The technology is designed to concentrate uranium ore and remove waste material early in the production process, which could lower future production costs.
Elevate Uranium said it remains in a strong financial position, with N$561.6 million (US$34 million) in cash reserves as of 31 March 2026.
At current spending levels, the company estimates it has funding available for roughly 15 quarters.
