Elevate Uranium Ltd has made progress on its Namibian projects with plans to begin constructing a demonstration plant before the end of the year.
The plant forms part of an accelerated timeline to advance uranium production in the region. Elevate Uranium Managing Director Murray Hill said the plant was expected to be operational by mid-2024.
“Four active rigs across multiple projects are set to deliver results, with a broader study anticipated to conclude by the end of 2025. Elevate aims to leverage a recent AU$25 million infusion to enhance project yields, positioning 2025 as a milestone year for both its Namibian and Australian uranium assets,” he said during a recent address.
This comes after last month Elevate Uranium Ltd received binding commitments for a N$295 million (AU$25 million) institutional placement, issuing fully paid ordinary shares at AU$0.325 per share.
The placement, managed by Discovery Capital Partners, Cumulus Wealth, and Wallabi Group, will provide crucial funding to advance the company’s Koppies Uranium Project in Namibia and support the development of its innovative Upgrade™ technology.
The Koppies Uranium Project holds significant promise, with the potential to become a major uranium producer in Namibia.
The additional funding will enable Elevate Uranium to accelerate exploration and development activities, bringing the project closer to commercialisation.
The placement attracted significant institutional backing, with Paradice Investment Management Pty Ltd set to acquire a 9.9% stake in the company.
Hill stated that strong demand for the AU$25 million placement reflects support for the company’s strategy, allowing it to advance the Koppies Uranium Project in Namibia.
“Our priority is the development of our Koppies Uranium Project, with a key milestone being the construction and operation of Upgrade™ demonstration plant to validate the capital and operating costs of the process continuously and at scale,” he said.
Hill expressed confidence in the value Upgrade™ to deliver to the project. He said he looks forward to presenting the benefits to shareholders in further development and technical studies.
“We are also continuing exploration of our other projects in Namibia and Australia, with approximately 100,000m of drilling planned. In an increasingly buoyant uranium price environment, we are excited about the next phase for the Company and look forward to sharing our future progress with new and existing Elevate Uranium shareholders,” he said.
Elevate Uranium Ltd commenced metallurgical test work on its Koppies Uranium Project, using its proprietary Upgrade™ beneficiation process.
The findings are set to guide the design of a demonstration plant, slated for operation by mid-2025.
The project’s mineral resource has now expanded to 66.1 million pounds of U3O8, following updated estimates for the Koppies and Hirabeb deposits.
At Hirabeb, drilling efforts are progressing with 358 holes covering 8,975 metres completed this quarter, as the company continues to explore nearby targets.
Meanwhile, exploration at the Capri project saw 336 holes drilled across 9,477 metres to examine a 16-kilometre zone of interest.
Additionally, Elevate’s joint venture partner, Energy Metals Ltd, reported promising drilling results from the Bigrlyi project in Australia’s Northern Territory.
