Elevate Uranium (ASX: EL8) is cashed up and looking to advance both its Koppies uranium project in Namibia and development of its unique U-pgrade uranium ore beneficiation process.
The company recently completed a placement to raise $25 million via a two-tranche placement to domestic and offshore institutional investors including specialist uranium and natural resources funds.
The first tranche of shares was issued on 31 October 2024, with the second tranche completed on 20 December.
The new capital will support the drilling program now underway at the Hirabeb deposit at Koppies, with 206 holes drilled for 5,778 metres during the December quarter.
The program is stepping out from the current resource and testing new targets.
The company upgraded the Koppies deposit mineral resource estimate (MRE) from inferred status in October, resulting in 78% of the resource being moved to the indicated category.
Elevate is also undertaking greenfield and infill drilling programs at Namib IV to support the release of a maiden resource estimate in 2025.
Drilling programs are targeting basement-hosted mineralisation north and north-west of the main resource area, with the latter of these open and the potential for further extensions.
Elevate announced a maiden Hirabeb resource of 10.2 million pounds of uranium during the quarter and has now incorporated Hirabeb into the main Koppies uranium project, which it sits just 25km south of.
Finally, Elevate has awarded the design and construction contract for its U-pgrade demonstration plant, with the work program already underway in Australia.
Elevate is currently undertaking bench-scale metallurgical test work, with results to help inform the plant’s design.
The U-pgrade plant will be constructed in Perth, then containerised and shipped to Namibia for operation, with plans for it to be operating by late 2025.
Successful operation will confirm the process on a continuous basis and at a size that is scalable to a fully operational U-pgrade plant.
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