Elevate Uranium Ltd.

Elevate Uranium Ltd. is a junior uranium exploration company headquartered in West Perth, Australia, operating primarily in Australia. The company's portfolio consists of 7 projects, comprising 1 development and 6 advanced exploration projects. Key assets include Koppies. The business model centers on value creation through exploration, evaluation, and the application of a patented beneficiation process to its mineral tenements. This proprietary technology, known as U-pgradeTM, is a key competitive differentiator, designed to significantly enhance processing economics. The process has demonstrated the ability to concentrate mineralization by a factor of 50, substantially increasing ore grade while rejecting approximately 98% of the mass prior to leaching. This is expected to lower capital and operating costs by around 50% compared to conventional methods. The technology has shown applicability to different ore types, including both surficial and sandstone-hosted mineralization. Operationally, the organization is characterized as a highly active, growth-focused explorer, deploying multiple drill rigs to advance its assets. The operational approach involves aggressive drilling programs to prove up resources, test the extent of discoveries, and advance key projects through pre-development stages, including extensive infill drilling and metallurgical test work.

Strategic focus centers on advancing a principal asset through its pre-development phase. Key near-term objectives include upgrading a significant portion of the project's inferred mineral resource to the indicated category, supported by an extensive and ongoing infill drilling program. A parallel priority is the systematic validation of the company's proprietary U-pgradeTM beneficiation process. This involves conducting a bench-scale metallurgical test work program on bulk ore samples, with the results intended to inform the design and subsequent operation of a demonstration-scale plant planned for calendar year 2025. Beyond this core pre-development agenda, the long-term strategy involves continued exploration drilling across other assets to identify additional mineral resources and expand the global resource base. The overarching goal is to maintain its position as an active, growth-focused, emerging pure-play company. Capital allocation is directed towards funding these intensive drilling and pre-development activities, as evidenced by a recent equity capital raise supported by institutional investors.

Executive leadership is spearheaded by a Managing Director and CEO with 40 years of industry experience, particularly in metallurgy and the design, operation, and commissioning of process plants. The board of directors consists of 3 members, of whom 2 are independent non-executives, ensuring a majority of independent oversight. One independent director is a geologist with over 3 decades of experience, including 17 years in senior sector roles, while the independent chairman brings extensive corporate advisory and executive experience from various listed and private corporations. The governance framework includes regular board meetings, with 6 held during the fiscal year, all attended by every director. Remuneration policies are designed to align director and shareholder interests, with an aggregate fee pool approved by shareholders and encouragement for directors to hold company shares. The leadership approach is characterized by a relentless drive and energetic execution of the strategic agenda, with a technical team that includes 10 geologists and 2 metallurgists.

The corporate structure includes several joint venture interests and wholly-owned operational subsidiaries. The organization holds a 20.82% interest in the Bigrlyi Joint Venture, which is managed by partner Energy Metals Ltd. Other holdings include a 23.97% stake in the Malawiri Joint Venture and a 22.88% interest in the Walbiri Joint Venture. In December 2019, the group completed an acquisition of 100% of the shares of Thatcher Soak Pty Ltd, Jackson Cage Pty Ltd, and Northern Territory Uranium Pty Ltd, which collectively hold tenements and mineral resources. The entity operates through a number of subsidiaries, including Marenica Energy Namibia (Pty) Ltd (100%), Marenica Minerals (Pty) Ltd (75%), Aloe Investments 247 (Pty) Ltd (90%), and Uranium Beneficiation Pty Ltd (100%). Major shareholders include institutional custodians such as HSBC Custody Nominees (Australia) Limited, holding 14.18%, and Citicorp Nominees Pty Limited, holding 9.38%. A substantial shareholder notice has also been filed by Cumulus Wealth Pty Ltd for a 5.10% holding.