Elevate Uranium Limited says the updated Mineral Resource Estimate (MRE) for its Marenica Uranium Project in Namibia reflects a total resource of 40.2 million pounds (Mlb) of U₃O₈ at an average grade of 185 parts per million (ppm), based on a 100 ppm cut-off grade, representing a significant improvement on the previous Joint Ore Reserves Committee (JORC) 2004 estimate.
According to the company, the updated estimate comprises 15.2 million tonnes of Indicated resources containing 6.8 Mlb of U₃O₈ at 200 ppm, and 84.8 million tonnes of Inferred resources containing 33.5 Mlb at 180 ppm.
Elevate Uranium Managing Director Murray Hill said the revised estimate marked a major milestone for the project, noting that the updated resource grade is essentially double that of the previous estimate.
“This resource update is a transformative milestone for the Marenica Uranium Project in Namibia. A significant reanalysis and reworking of the underlying data from more than 5,000 historical drill holes during 2025 enabled the estimation of this more robust mineral resource, which materially enhances the development potential of the Marenica Project,” Hill said.
The company said certain mineralised areas were excluded from the current estimate due to wide drill spacing, with drill lines approximately 300 metres apart. Elevate Uranium said these areas have been identified as growth opportunities, with infill drilling scheduled to commence later this month to incorporate much of this material back into the resource. The company added that further drilling is planned to convert Inferred resources into the higher-confidence Indicated category.
According to Elevate Uranium, the Marenica resource is hosted in two main lithologies, namely calcrete within palaeochannels and mineralisation in weathered basement rocks. Calcrete-hosted mineralisation accounts for 29.0 Mlb of U₃O₈, while weathered basement material contributes 11.2 Mlb.
The company also said the increased grade is expected to improve the economics of its proprietary U-pgrade™ beneficiation process, which was developed using Marenica ore. Pilot plant metallurgical testing on bulk samples is scheduled for the first quarter of 2026, according to Elevate Uranium.
Looking ahead, the company said it plans to expand the resource footprint through infill drilling, refine processing parameters through pilot plant testing, and continue upgrading the resource classification as it advances Marenica towards becoming a cornerstone asset within its Namibian uranium portfolio.
“The updated MRE excludes some mineralised areas that do not meet the company’s current drill density standards, reflecting a conservative approach designed to maximise confidence and reliability. We view this as a clear growth opportunity. Infill drilling programmes commencing later this month are specifically designed to bring these areas back into the resource, while simultaneous drilling will target upgrading areas of Inferred resource to the Indicated category,” Hill said.
