Elevate Uranium (ASX: $EL8) announces 20% increase in Koppies uranium resource

Elevate Uranium Limited (ASX: $EL8) has reported a 20% increase in the JORC Inferred Mineral Resource Estimate (MRE) for its Koppies Uranium Project in Namibia, bringing the total resource to 57.8 Mlb U3O8. The shallow near-surface resource with 50% of mineralization within 7 meters of the surface has an all-in discovery cost of US$0.068/Ib U3O8. An infill drilling program to increase the JORC category from Inferred to Indicated has already commenced in February 2024, with metallurgical testwork samples set to be collected from Koppies in April/May for subsequent testing using the Company's U-pgrade™ beneficiation process.

Elevate Uranium Managing Director, Murray Hill, on Koppies Project

The 20% resource increase at the Koppies Project takes the total Koppies resource to 57.8 Mlb U3O8 and further increases our Namibian uranium mineral resources by 10% to 103.8 Mlb U3O8 and our global resources to 152.2 Mlb U3O8. Further increases of the Company's global resource in Namibia is envisioned as exploration continues. Due to the shallow nature of mineralisation and effectiveness of our exploration programs, the all-in project discovery cost of the Koppies inferred resource is exceptionally low at US$0.068/lb. The mineralisation at Koppies is very shallow, with approximately 95% of the resource within 18.5 meters of the surface and 50% of the resource within 7 meters of the surface. These parameters imply a potential low strip ratio and low-cost mining operation at Koppies, which would be beneficial to the overall economics of any future operation. Subsequent testwork will commence with the collection and analysis of metallurgical samples using the Company's patented U-pgradeTM beneficiation process. The Company and its employees are excited to have achieved this milestone at Koppies and they look forward to continuing to advance the project, whilst at the same time adding value to the Company's other assets in Namibia and Australia.

Elevate Uranium's Koppies Project Outlook

The increase in the JORC Inferred Mineral Resource Estimate for the Koppies Uranium Project marks a significant milestone for Elevate Uranium, with the potential for further resource expansion as exploration continues. The shallow nature of the mineralization, low discovery cost, and ongoing infill drilling program indicate a promising outlook for the project, with the potential for a low strip ratio and low-cost mining operation. The upcoming metallurgical testwork using the U-pgradeTM beneficiation process further underscores the Company's commitment to advancing the project. Elevate Uranium remains focused on adding value to its assets in Namibia and Australia, and the successful expansion of the Koppies resource sets a positive trajectory for the Company's corporate strategy.