Elevate Uranium Ltd has raised A$25 million (N$305 million) through a share placement to extend and operate its U-pgrade™️ pilot plant in Namibia and expand uranium resource drilling in Namibia and Australia.
The placement, which attracted strong institutional support, involved the issue of 71.4 million new shares at A$0.35 each, a 12.5% discount to the last closing price.
Managing Director Murray Hill said the capital raising strengthens the company’s cash position and enables it to advance key projects.
“The strong support from new and existing shareholders is a clear endorsement of our strategy. This A$25 million strengthens our cash position significantly, allowing us to accelerate our U-pgrade™️ pilot plant while launching major drilling programmes across Namibia and Australia,” Hill said.
The funding increases Elevate Uranium’s pro-forma cash balance to about A$43.9 million, including A$18.9 million in reserves as of 30 September 2025. It will also help de-risk the company’s proprietary beneficiation technology and support technical studies to confirm the pilot plant’s commercial readiness.
Settlement of the placement is scheduled for 6 November 2025, with trading of the new shares to begin on 7 November. The issue will bring the company’s total shares on issue to 457,044,384.
Hill said the financing positions Elevate Uranium for a decisive growth phase focused on project execution, scalability of the U-pgrade™️ process, and continued exploration success.
The pilot plant, shipped from Perth, Australia and expected to arrive in Namibia in early November, will process at least 60 tonnes of uranium material to demonstrate the scalability and efficiency of the U-pgrade™️ process.
Elevate Uranium confirmed that on-site infrastructure and logistics are well advanced, with Senior Metallurgist Andrew Jones based in Namibia to oversee installation and operations. The facility will test the economic and technical viability of the process across the company’s Namibian projects.
