Sprott reduces stake in Elevate Uranium Chamwe Kaira Sprott Inc and its controlled corporate entities have reduced their shareholding in Elevate Uranium Ltd, according to a shareholder notice on the stock markets. The Sprott Group Entities’ holding dropped from 41 999 990 shares, representing 10.892% voting power, to 37 968 150 shares, equivalent to 9.846% voting power. The reduction followed a series of on-market trades executed by Sprott and its related entities across various dates, decreasing the number of voting shares held. Sprott Asset Management USA Inc, a fund and investment manager within the group, controls the voting and disposal of the shares.  As a controlled entity of Sprott Inc, both SAM USA and Sprott Inc, along with other Sprott Group Entities, are considered to have the same relevant interests. Following the change, the Sprott Group Entities now hold a total of 37,968,150 fully paid ordinary shares in Elevate Uranium Ltd. Elevate Uranium has several projects in Namibia’s Erongo region. Tenement EPL 6987, known as Koppies, was the first of the company’s strategically located tenements in the Namib Desert. EPL 7278, called Hirabeb, is the largest of its tenements in the Koppies Uranium Project. EPL 7662, known as Namib IV, lies within the Koppies Project area. Mineralisation was discovered there in 2021, but further exploration was deferred in favour of drilling programmes to expand the Koppies resource. The company also holds a 75% stake in the Marenica Uranium Project (MDRL3287), which covers 321 square kilometres in Erongo. In addition, its wholly owned Capri tenement, EPL 7508, is located 20 kilometres northwest of Marenica in the Erongo uranium province.

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Marenica project may hold 61 million pounds of uranium Chamwe Kaira Elevate Uranium Limited has announced the discovery of a new mineralisation style at its Marenica Uranium Project in Namibia, intersecting a 13-metre-thick zone of uranium in granite, outside the existing resource area. Drill hole MAR2500, part of a recent drilling programme, was one of several holes within a few kilometres that intersected basement-hosted mineralisation. The discovery marks a shift from the project’s traditional palaeochannel-hosted uranium deposits. “Mineralisation at the Marenica Uranium Project has typically been intersected in palaeochannels,” said Murray Hill, Managing Director of Elevate Uranium. “The company has now identified another mineralisation style with a large mineralised interval of 13 metres thickness intersected in granite close to the surface.” Hill said the new intersection was one of several drill results from last month that revealed uranium mineralisation. The team is now analysing the latest data and historical drill records across parts of the tenement to guide future drilling programs. The company said the new discovery, along with the mineralisation found in the southeast of the project area, will be included in future explorations. Elevate Uranium believes that its decision over the past year to broaden exploration beyond traditional palaeochannel targets has been successful. “This new style of mineralisation identified at Marenica opens a new search space for us, no longer restricting exploration to palaeochannel uranium deposits,” the company stated. Elevate Uranium estimates that the Marenica project contains a current resource of 61 million pounds of uranium oxide (U₃O₈). Namibia remains one of the world’s key uranium suppliers, producing 11% of global output in 2023. It holds the fifth-largest uranium reserves globally and has a 49-year history of uranium production and export. Operating mines in the country include Rossing, Husab, and Langer Heinrich, with early-stage development ongoing at Deep Yellow and Bannerman Mining Namibia projects. Elevate Uranium said that that growing global electricity demand, driven by decarbonisation and electrification, will increase the need for uranium as a reliable source of baseload, carbon-free energy. The company noted that nuclear energy currently supplies 10% of the world’s electricity and is expected to play a larger role in meeting future energy needs and climate goals. “Supply/demand imbalance and the urgency to secure uranium supplies are driving up uranium prices,” the company said.

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Namib Iv Drilling Reveals Promising Uranium Deposits [Namibian] Elevate Uranium Limited has confirmed the discovery of a large mineralised zone at its Namib IV tenement, part of the broader Koppies Uranium Project in Namibia.

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Elevate Uranium expands Koppies footprint Elevate Uranium has expanded its uranium footprint beyond the defined Koppies resource with mineralisation at Namib IV tenement outlined over an 11km by 7.5km area. Systematic broad-spaced drilling at Namib IV prospect within the wider Koppies uranium project in Namibia has focused on further defining the extent of anomalism across

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EL8 | Daily chart | 01 APR 2025

Walking down a geometry towards forecast targets
- Large a-b-c correction defines an EW Ending Diagonal at wave-c
- Wave-c may rest at 1.5-1.618 times its impulse time
- Prospective BULLISH targets as shown.

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EL8

• A larger scale suggests that a decline to 0.084 is improbable
- Original target was 0.215 - 0.170, partially completed
- Larger scale nears green-to-red completion at 0.185, defining the next probable level in this continued decline

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SYNOPSIS

Elevate Uranium, Ltd reached a critical inflection point at 0.215 AUD, aligning with a key reversal level. If price reverses, a minimum move to 0.495 is expected. However, failure to hold 0.215 will activate the next significant downside target at 0.084.

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EL8 - Elevate Uranium Ltd., ASX

(Picking up from the former site)

• Target HIT
- Forecast released circa FEB 2024

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