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.
