Chamwe Kaira
Elevate Uranium maintained momentum in expanding its mineral resources and moved into pre-development activities in Namibia during 2024/2025, chairman Scott Perry said in the company’s annual report for the year ended 30 June.
By the end of the year, attention had shifted toward pre-development, following the construction and dispatch of the U-grade beneficiation pilot plant bound for Namibia.
“With uranium resources totalling 161.1 million pounds (Mlb) of uranium oxide (U₃O₈), comprising 66.1 Mlb U₃O₈ at the Koppies Uranium Project and 61.3 Mlb U₃O₈ at the Marenica Uranium Project, the company holds a substantial uranium inventory. Exploration nevertheless continued around satellite zones near these projects and is expected to extend into next year,” Perry said.
In Australia, advanced planning for exploration across several uranium sites, with drilling scheduled to begin during the coming year to leverage the 49.0 Mlb of domestic U₃O₈ resources. Perry said the highlight of the year was the successful construction and shipment of the U-grade pilot plant to Namibia.
“The plant is set to arrive in October, with operations to commence shortly afterward. Once running, the facility will demonstrate on a continuous scale that the U-grade process can remove gangue waste and concentrate uranium into a low-mass, high-grade feedstock before leaching, an innovation expected to improve project economics,” he said.
Several milestones marked the year. Metallurgical bench-scale testing of Koppies bulk ore using the U-grade process was completed. In October 2024, Koppies uranium resources were lifted, with 78% upgraded to the JORC Indicated category and total resources rising to 66.1 Mlb U₃O₈..
That same month, a US$25 million equity placement was completed with strong support from domestic and international investors, including specialist uranium and natural resources funds. By December 2024, a contract was awarded for the pilot plant’s design and construction, and by August 2025, the plant was completed and shipped. Across Namibia, drilling reached 3 605 holes, totalling 100 047 metres.
Perry said uranium markets tightened as supply struggled to match demand. Falling spot prices since early 2024 pressured share prices, yet the global demand outlook strengthened as nuclear energy gained traction.
“Developed economies pushed cleaner energy and AI-driven power needs, while developing nations pursued basic electricity expansion. Rising demand, coupled with miners’ caution to expand supply only at higher incentive prices, reinforced Elevate Uranium’s strategy of growing resources and advancing pre-development,” Perry said.
Caption
Elevate Uranium has its attention toward pre-development.
Photo: Contributed
