Chamwe Kaira
Elevate Uranium Ltd has raised A$25 million (N$283 million) through a strongly supported share placement to fast-track its U-pgrade pilot plant and expand uranium resource drilling in Namibia and Australia.
The placement, priced at $0.35 per share, received significant backing from both existing and new institutional investors, reflecting confidence in the company’s growth plans.
The new funding increases Elevate Uranium’s cash position to about A$43.9 million, providing a solid foundation for its ongoing development and exploration work.
Managing director Murray Hill said the investor response highlights strong belief in the company’s direction and technology.
“This $25 million strengthens our cash position significantly, allowing us to simultaneously accelerate our U-pgrade pilot plant while launching major resource growth drilling programmes across Namibia and Australia,” Hill said.
“With a strong uranium market, a strong balance sheet, and a unique low-cost technology, we are well positioned to deliver significant value for shareholders.”
Proceeds from the placement will be used to advance the U-pgrade pilot plant and confirm its results at the Marenica Uranium Project.
The funds will also support resource definition and expansion drilling in both countries, a review of the Marenica resource at a higher cut-off grade, and further project studies for commercial-scale development.
Settlement of the placement is expected on 6 November 2025, with the new shares trading the next day.
After the issue, the company’s total shares will rise to 457,044,384. In Namibia, Elevate Uranium holds two exploration project areas — the Koppies Project Area (KPA) and the Central Erongo Project Area (CEPA).
Within CEPA, the Marenica Uranium Project has an inferred resource of 61 million pounds, while the Koppies Uranium Project holds 66.1 million pounds. These projects, located in the central and southwest parts of the Erongo region, provide a broad exploration base for the company.
Elevate Uranium said its mineral licence issued by the Ministry of Mines and Energy is awaiting renewal. The renewal application has been submitted and is pending a decision from the ministry’s licence review board.
The company added that while the licence renewal has been approved by the ministry, it is waiting for the environmental clearance certificate (ECC) from the Ministry of Environment, Forestry and Tourism before the licence can be officially endorsed and activated.
Caption
Elevate Uranium’s managing director, Murray Hill.
- Photo: Contributed
