ELEVATE URANIUM LTD - Capital/Financing Update 2026

5 February 2026

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Marenica Resource Update Doubles Grade

Key Highlights

The Mineral Resource grade at Marenica has doubled to 185 ppm U3O8 for 40.2 Mlb U3O8 at a 100 ppm cut-off grade.
At a 50 ppm cut-off grade the Marenica Mineral Resource increased by 1.8 Mlb to 59.0 Mlb U3O8 with a 32% increase in grade to 124 ppm U3O8, compared to the previous JORC 2004.
Some areas of the previous resource have been excluded due to wide spaced drilling. Infill drilling is scheduled to commence this month to bring most of these areas back into the resource.
Separate infill drilling programs to convert areas of the new JORC Mineral Resource from Inferred to Indicated category are scheduled to commence later this month.

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTC:ELVUF) is pleased to announce a significant milestone for its Marenica Uranium Project in Namibia. Following a comprehensive re-analysis of over 5,000 historical drill holes throughout 2025, the JORC Mineral Resource Estimate (“MRE”) has been updated to JORC 2012 standards.

Elevate Uranium’s Managing Director, Murray Hill, commented:

“The new resource of 40.2 Mlb U3O8 at a grade of 185 ppm U3O8 is essentially double the previous resource grade. This resource update is a transformative milestone for the Marenica Uranium Project in Namibia. A significant reanalysis and rework of the underlying data from over 5,000 historical drill holes during 2025, enabled estimation of this more robust mineral resource which materially enhances the development potential of the Marenica Project.

The updated MRE excludes some mineralised areas that do not meet the Company's current drill density standards, reflecting a conservative approach designed to maximise confidence and reliability, we view this as a clear growth opportunity. Infill drilling programs, commencing later this month, are specifically designed to bring these areas back into the resource. Simultaneous drill programs will target upgrading areas of Inferred resource to the Indicated category.

With this significant increase in grade and a robust, re-validated database in place, Marenica now offers a reduced risk foundation to accelerate our strategy of becoming a leading uranium developer.”

Table 1 Updated Marenica JORC (2012) MRE at 100 ppm Cut-off Grade

Category	Mt	Grade U3O8 (ppm)	Mlb (U3O8)
Indicated Inferred	15.2	200	6.8
	84.8	180	33.5
Total	100.0	185	40.2

Note - Figures may not add due to rounding.

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Elevate Uranium Ltd Level 1, 28 Ord Street ASX: EL8 West Perth WA 6005

T: +61 (0)8 6555 1816 W: elevateuranium.com.au

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Last year the Company commenced the process of validating the extensive database of drilling completed at the Marenica Uranium Project between 1978 and 2011, to provide a more reliable data set for the updated JORC 2012 resource estimation. The Company felt it important to increase the resource cut-off grade from 50 ppm to 100 ppm U3O8, in line with the rest of the Namibian portfolio.

Large areas of relatively consistent mineralisation were excluded from the updated MRE due to the wide spaced drilling; drill lines were 300 m apart. These areas are predominantly immediately south and southeast of the MRE area, labelled “A” and “B” and outlined in white in Figure 1. Future infill drill lines, between each 300 m drill line, will result in these areas having suitable drill spacing for re-inclusion into the MRE. The infill drill programs in areas A and B will commence later this month and be completed within two months, resulting in additional material being included in future resource updates.

Figure 1 Marenica Resource Outline with GT Collars Outside the MRE Area

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B A
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The resource is hosted in two lithologies:

Calcrete contained within palaeochannels, and
Mineralisation in weathered basement occurring adjacent to and beneath palaeochannels.

Details of the resources attributable to each lithology are summarised in Table 2. Mineralisation hosted in weathered basement has most likely been formed by similar processes to that of the palaeochannel deposits, being precipitation of carnotite from groundwaters. In the case of the weathered basement hosted material the sub-vertical structural orientation of the rocks with associated calcite veining has most likely facilitated the ingress of these groundwaters.

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Table 2 Marenica MRE by Host Lithology

Host Lithology	Mt	Grade	U3O8
		U3O8 ppm	Mlb

Calcrete	72.2	180	29.0
Weathered Basement	27.8	185	11.2

Note - Figures may not add due to rounding

U-pgrade™ Metallurgical Testwork Program

The Company developed its U-pgrade[TM] beneficiation process on uranium mineralisation from the Marenica Uranium Project. The increased grade of the updated resource is expected to significantly enhance the potential economics of the project. The Company will undertake Pilot Plant test runs on bulk ore samples excavated from test pits selected as representative of the overall resource area. Samples with varying lithologies, uranium grades and gangue minerals, will be tested in the Pilot Plant during the first quarter of 2026.

Next Steps

The Company is moving rapidly to further de-risk and expand the project:

Late February 2026: Commencement of infill drilling in Areas A and B to expand the resource footprint.
Q1 CY2026: Pilot Plant metallurgical runs on bulk ore samples to refine processing parameters.
Ongoing: Conversion of the Inferred mineral resource to Indicated status, through targeted drilling.

The proximity of the Marenica Project within the Company’s tenements in the Central Erongo area is shown in Figure 2 and the proximity to the Company’s Namibian tenements in Figure 3.

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Figure 2 Marenica Project Relative to Elevate’s Tenements in the Central Erongo Area

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Figure 3 Marenica Project Relative to Elevate’s Tenements in Namibia

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Marenica Mineral Resource Estimate Summary

The Marenica MRE at various cut-off grades is summarised in Table 3.

Table 3 Marenica – JORC (2012) Inferred MRE at various cut-off grades

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Cut-off Indicated Inferred Total
Grade
Grade Grade Grade
(U3O8 U3O8 U3O8 U3O8
ppm) Mt U3O8 Mlb Mt U3O8 Mlb Mt U3O8 Mlb
ppm ppm ppm
50 27.3 145 8.7 189.3 121 50.3 216.6 124 59.0
75 20.6 172 7.8 130.6 147 42.2 151.3 150 50.0
100 15.2 200 6.8 84.8 180 33.5 100.0 185 40.2
125 11.1 235 5.8 55.7 214 26.3 66.8 218 32.1
150 8.3 268 4.9 38.0 251 21.0 46.3 254 25.9
175 6.3 303 4.2 26.7 288 16.9 32.9 291 21.1
200 4.8 338 3.6 19.4 326 14.0 24.2 329 17.5
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The 100 ppm U3O8 cut-off grade was selected based on the Company’s other Namibian projects and represents the most continuous mineralisation within the deposit.

ASX Additional Information

The following is a summary of the material information used to estimate the Mineral Resource as required by Listing rule 5.8.1 and JORC 2012 Reporting Guidelines.

The previous resource estimation was titled “Marenica Project Update” and released to the ASX on 14 December 2011.

Deposit Parameters: The thicker, higher-grade portion of the mineralisation is hosted within the deeper paleochannel system on the eastern flank of the deposit. Mineralisation is also hosted in weathered basement, forming the similar grade but lower contained metal portion of the resources, has most likely been formed by similar processes to that of the palaeochannel deposits being precipitation of carnotite from groundwaters. In the case of the weathered basement hosted material the sub-vertical structural orientation of the rocks with associated calcite veining has most likely facilitated the ingress of these groundwaters.

Uranium is the only economically extractable metal in this type of mineralisation, although vanadium production could potentially be considered if the vanadium price allows. Uranium minerals are limited to uranium vanadates, principally carnotite. The geology of this type of mineralisation is well understood, having been explored within the region for nearly sixty years. The nearby Trekkopje mine, owned by Orano, operated up to midi plant status for a number of years until put into care and maintenance.

The mineralised domains used for the updated MRE study were interpreted to capture continuous zones of mineralisation above a nominal 50 ppm eU3O8 downhole sample grade. The mineralisation included in this study has a strike length of approximately 9.0 km in total (south to north) and up to 9.0 km (east to west) extending to a maximum depth of >100 m in a limited area to the north. The deposit is noticeably shallower in the western half, potentially due to greater surface erosion with the mineralisation at, or near, surface in this area. To the east the mineralisation has a greater vertical extent and is overlain by slightly thicker cover.

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Drilling on the project has used reverse circulation (RC), air core (AC), rotary air blast (RAB) and diamond (DDH) methods. The drilling dataset that formed the basis of the MRE included a limited number of recent drill holes and re-logs with the majority of drilling completed by Elevate Uranium prior to 2012. The drilling used in the Marenica estimate amounted to 1,385 drill holes for 44,852 m with the total project dataset containing 5,324 drill holes for 145,999 m. Drilling achieved recoveries of around 90%. All drill chips were geologically logged, and their radioactivity was measured. All the data was added into a well-maintained database.

The deposit area has been progressively infill drilled over the period 2007 to 2012 such that, in some areas, the average drill spacing is 40 m by 40 m. One area within the main portion identified as Indicated classification has been infill drilled to 20 m by 20 m. The wider deposit area appears to have been originally drilled at 600 m by 200 m, then infilled to 300 m by 200 m then 200 m by 200 m (which approximates to the limit of Inferred category material) and then progressively down to a general 100 m by 100 m.

Approximately 90% of the total mineral resource is within 35 m of the surface.

Methodology

Data used in the MRE is largely based on down-hole radiometric gamma logging using fully calibrated Terratec spectral and total count gamma logging systems which were used in the recent and previous drilling programs. Down-hole readings were taken at 1 cm intervals and converted into equivalent uranium values (eU3O8) before being composited to 0.5 m intervals. In the period from 2007 to 2011, a total of 9,979 geochemical assays were collected from selected 1 m RC-drilling intervals, which were split to 1 to 1.5 kg samples by riffle splitters. 120 grams were further pulverised for use in XRF or ICPMS analysis.

The geochemical assays were used to confirm the validity of the eU3O8 values determined by downhole gamma probing from both spectral and total count logging systems. After validation, the eU3O8 values derived from the down-hole spectral gamma logging were given preference over both total count gamma values and geochemical assays for the resource estimation due to the greater sampling volume and the potential presence of thorium within the local geology. An example of the post processed comparison between assay and spectral gamma data for probe GRS-645 is shown in Figure 4. The top 8 values (>1,000 ppm) in the chart have been removed.

The vast majority of the historical spectral gamma logs have recently been re-processed by Terratec (Germany), the original and current logging contractor, due to concerns regarding the QAQC of the original processing in 2007 – 2011. This work has significantly improved the confidence in the spectral gamma values.

Figure 5 shows the Marenica Deposit drill hole collar locations outlining the extent and nature of the mineralisation over the length of palaeochannel tested which was the focus of this current MRE work. Representative cross-sections through the resource are shown in Figures 6 and 7.

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Figure 4 Assay and Spectral Gamma comparison probe GRS-645

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Figure 5 Marenica Project Drill Hole Collar Locations Inside Resource Area

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Mineral Resource Estimate

The Marenica MRE was estimated using Multi Indicator Kriging (MIK). The updated Indicated and Inferred MRE is reported at a number of cut-off grades from 50 ppm to 200 ppm eU3O8 and the Mineral Resource derived from these cut-off grades indicate the mineralisation remains robust and consistent (see Table 3).

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The MRE covers the Marenica deposit, between coordinates 7,571,800N to 7,581,900N and 486,400E to 495,200E as shown on Figure 5. The reported MRE has been limited to the area of more detailed drilling and a supporting basic pit optimisation within the larger overall boundary as shown in Figure 5.

The MRE was undertaken in order to define an updated MRE following the completion of a review of the processing of the spectral gamma logging of the deposit by Terratec. In this instance an MIK estimate was completed using data supplied from the Elevate Uranium database in conjunction with updated base of mineralisation profile, base of calcrete palaeochannel and a grade-based sample selection wireframe.

The estimation dataset for Marenica was broken into two separate domains, with domain 1 representing the waste portion and domain 2 the mineralised zone for the deposit. Indicator variography was undertaken on domain 1 as the waste domain and domain 2 as the mineralised domain to more reasonably represent the mineralisation within the deposit. Individual metal variograms were calculated for all domains to enable the correct assessment of the variance adjustment to be applied to the MIK estimate for each domain. In all cases the short range variography was dominated by the downhole direction as this contained both the best continuity and shortest sample spacing with continuity and ranges in the X and Y directions being dominated by the drill hole spacing and general mineralisation continuity throughout the deposit.

Block sizes used in the estimation of the mineral resource were set at 50 m x 50 m x 2 m as this was deemed appropriate to the sample spacing of the underlying dataset and general thickness of the mineralisation. As an MIK estimate was being undertaken, the expected SMU size was set at 4 m x 4 m x 0.5 m with an expected grade control spacing of 4 m x 4 m x 0.5 m being completed prior to actual mining. The mining methodology is expected to be by surface miners, hence the relatively thin vertical extent to the SMU and grade control spacing.

At Marenica a four-pass expanding search process was employed in the estimate with the search distance starting at 55 m x 55 m x 2.0 m, expanding to 200 m x 200 m x 5.2 m. Initial sample requirements for an estimate to be undertaken for a block were set at a minimum of sixteen samples, a maximum of forty-eight samples and samples to be selected for at least four octants. This sample requirement was progressively reduced to a minimum of eight samples from two octants for the final search pass, maximum sample numbers were maintained throughout the search process. Hard boundaries between the mineralised and non-mineralised domains were utilised to limit the interpolation of higher grades into the waste domain. As the estimate was completed using MIK techniques no top cuts were applied to the sample dataset.

Prior to final compilation of the model, a variance adjustment was applied to the panel grades based on the individual domain variography to estimate potentially recoverable mineral resources. Bulk density values used within the Marenica MRE are based on those derived from downhole gamma-gamma density logging of a number of drill holes located throughout the deposit. In this instance a value of 2.3t/m[3] was applied to calcrete material and 2.5t/m[3] to basement material.

The estimates were combined into a final model covering the full extent of the Marenica deposit. Validation of the resulting block model was completed by creating swath plots in the Easting, Northing and Rl directions. A representative swath plot for the Easting direction at Marenica is shown in Figure 8.

All swath plots show a very good correlation between the MRE block grades and the underlying data for the deposit.

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Due to different approaches to modelling, sample selection, cut-off grade, and radiometric data processing the updated MRE for Marenica does not compare well with the previously announced Mineral Resource Estimates. It is believed that this updated MRE more reasonably reflects the tenor and distribution of grades within the deposit and a more robust approach to the processing of the downhole radiometric data on which the estimate is based. It should also be noted that the updated MRE covers a smaller area than the previous estimates.

Table 4 details the differences between the estimates.

	Table 4 Comparison to previous mineral	Table 4 Comparison to previous mineral	Table 4 Comparison to previous mineral	Table 4 Comparison to previous mineral	Table 4 Comparison to previous mineral	resources
	Cut-off		Marenica			MA7
		Mt	Grade	Mlb	Mt	Grade	Mlb
	Grade
			U3O8 (ppm)	(U3O8)		U3O8 (ppm)	(U3O8)

Previous	50	276.1	94	57.3	22.8	81	4.0
Update	50	216.6	124	59.0	0	-	0
	100	100.0	185	40.2	0	-	0

Figures may not add due to rounding

The MA7 resource has been excluded from the updated MRE due to the wide spaced drilling; drill lines were 300 m apart. Infill drill lines between each 300 m drill line will result in these areas having suitable drill spacing for inclusion in any future MRE.

Figure 6 Marenica Section 493400mE

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Figure 7 Marenica Section 491980mE

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Figure 8 Marenica Easting Swath plot

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Authorisation

Authorised for release by the Board of Elevate Uranium Ltd.

Contact:

Managing Director – Murray Hill T: +61 8 6555 1816 E: [email protected]

Competent Persons Statement – General Exploration Sign-Off

The information in this announcement that relates to exploration results, interpretations and conclusions, is based on and fairly represents information and supporting documentation reviewed by Mr Mark Menzies, who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Menzies, who is an employee of the Company, has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person, as defined in the JORC 2012 edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Menzies consents to the inclusion of this information in the form and context in which it appears.

Competent Person’s Statement – Mineral Resource Estimate

The information in this announcement that relates to the Marenica Mineral Resource Estimate is based on work completed by Mr. D Princep, B.Sc. Geology, who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr Princep, who is a consultant to the Company, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2012 Edition). Mr. Princep consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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JORC Resource Summary

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Cut-off Total Resource Elevate Share
Deposit Category (ppm Tonnes U3O8 U3O8 Elevate Tonnes U3O8 U3O8
U3O8) (M) (ppm) (Mlb) Holding (M) (ppm) (Mlb)
Namibia
Koppies Project
Koppies JORC 2012 Indicated 100 98.0 200 43.6 100% 98.0 200 43.6
JORC 2012 Inferred 100 35.4 160 12.3 100% 35.4 160 12.3
Hirabeb JORC 2012 Inferred 100 23.3 200 10.2 100% 23.3 200 10.2
Koppies Project Total JORC 2012 100 156.7 192 66.1 100% 156.7 192 66.1
Marenica JORC 2012 Indicated 100 15.2 200 6.8 75% 11.4 200 5.1
JORC 2012 Inferred 100 84.8 180 33.5 75% 63.6 180 25.1
Marenica Project Total JORC 2012 100 100.0 185 40.2 75% 75.0 185 30.2
Namibia Total Indicated 113.2 202 50.4 109.4 202 48.7
Inferred 143.5 177 56.0 122.3 177 47.6
Namibia Total 256.7 188 106.3 231.7 188 96.3
Australia - 100% Holding
Angela JORC 2012 Inferred 300 10.7 1,310 30.8 100% 10.7 1,310 30.8
Napperby JORC 2012 Inferred 200 9.5 382 8.0 100% 9.5 382 8.0
Thatcher Soak JORC 2012 Inferred 150 11.6 425 10.9 100% 11.6 425 10.9
100% Held Resource Total 31.8 710 49.7 100% 31.8 710 49.7
Australia - Joint Venture Holding
Bigrlyi Deposit Measured 500 1.7 1,300 4.9 20.87% 0.4 1,300 1.0
Indicated 500 3.8 1,410 11.7 20.87% 0.8 1,410 2.4
Inferred 500 2.5 1,340 7.4 20.87% 0.5 1,340 1.5
Bigrlyi Total JORC 2012 Total 500 7.9 1,370 23.9 20.87% 1.66 1,370 4.99
Walbiri Joint Venture
Joint Venture Inferred 200 5.1 636 7.1 22.88% 1.16 636 1.63
100% EME Inferred 200 5.9 646 8.4
Walbiri Total JORC 2012 Total 200 11.0 641 15.5
Bigrlyi Joint Venture
Sundberg JORC 2012 Inferred 200 1.01 259 0.57 20.87% 0.21 259 0.12
Hill One Joint Venture JORC 2012 Inferred 200 0.08 208 0.00 20.87% 0.02 208 0.00
Hill One EME JORC 2012 Inferred 200 0.49 321 0.35
Karins JORC 2012 Inferred 200 1.24 556 1.52 20.87% 0.26 556 0.32
Malawiri Joint Venture JORC 2012 Inferred 100 0.42 1,288 1.20 23.97% 0.10 1,288 0.29
Joint Venture Resource Total 22.2 884 43.1 3.41 980 7.34
Measured 0.4 1,300 1.0
Indicated 0.8 1,410 2.4
Inferred 34.1 714 53.6
Australia Total 54.0 781 92.8 35.2 736 57.0
TOTAL 153.3
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Koppies Uranium Project:

The Company confirms that the Mineral Resource Estimates for the Koppies and Hirabeb deposits have not changed since the annual review disclosed in the 2025 Annual Report. The Company is not aware of any new information, or data, that effects the information as disclosed in the report referred to above and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

Marenica Uranium Project:

The Company confirms that the Mineral Resource Estimate for the Marenica has been updated by this announcement.

Australian Uranium Projects:

The Company confirms that the Mineral Resource Estimates for Angela, Thatcher Soak, Bigrlyi, Sundberg, Hill One, Karins, Walbiri and Malawiri have not changed since the annual review disclosed in the 2025 Annual Report. The Company is not aware of any new information, or data, that effects the information in the 2025 Annual Report and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

Napperby Uranium Project

The Company confirms that the Mineral Resource Estimate for Napperby has not changed since the since the ASX announcement titled “Acquisition of Napperby Uranium Project and High-Grade Exploration Projects” dated 23 December 2025. The Company is not aware of any new information, or data, that effects the information as disclosed in the as disclosed in the report referred to above and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

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Table 5 Marenica Drill Collars Within MRE Area

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Hole Hole
Drill Drill
Depth Easting Northing RL Depth Easting Northing RL
Hole Hole
(m) (m)
M0076 15 489304 7578630 749 SP0062 9 489623 7577689 758
M0085 15 489666 7578630 755 SP0063 13 489622 7577529 758
M0372 3 490104 7577809 763 SP0064 9 489623 7577490 759
M0375 15 490103 7577728 764 SP0065 10 489782 7577527 761
M0377 15 490062 7577770 763 SP0066 9 489784 7577489 761
M0379 15 490302 7577570 768 SP0067 13 489784 7577455 761
M0380 16 490342 7577568 769 SP0068 7 489782 7577411 761
M0382 15 490383 7577608 769 SP0069 8 489751 7577482 761
M0383 15 490343 7577610 769 SP0070 10 489704 7577489 760
M0388 15 490343 7577650 768 SP0071 11 489663 7577490 759
M0395 15 490224 7577648 767 SP0072 9 489862 7577491 762
M0397 12 490063 7577487 764 SP0073 8 489820 7577491 761
M0398 15 490062 7577447 764 SP0074 13 489784 7577615 760
M0399 15 490102 7577448 765 SP0075 15 489784 7577655 760
M0421 15 490343 7577331 769 SP0076 11 489784 7577695 759
M0426 15 490263 7577372 768 SP0077 10 489506 7578770 752
M0429 15 490183 7577331 767 SP0078 8 489547 7578770 753
M0430 15 490183 7577370 767 SP0079 8 489586 7578769 753
M0431 15 490142 7577370 766 SP0080 10 489626 7578770 754
M0433 15 490102 7577370 766 SP0081 20 489664 7578770 754
M0442 15 490020 7577251 765 SP0082 14 489707 7578769 755
M0447 14 490100 7577250 765 SP0083 10 489746 7578770 755
M0448 14 490142 7577250 766 SP0084 10 489787 7578771 756
M0449 15 490140 7577289 766 SP0085 10 489824 7578767 756
M0450 15 490180 7577289 767 SP0086 20 489866 7578770 757
M0451 15 490180 7577250 766 SP0087 11 489904 7578767 757
M0452 15 490222 7577250 767 SP0088 15 489946 7578766 758
M0454 15 490260 7577288 768 SP0089 5 489984 7578767 758
M0455 15 490260 7577250 767 SP0090 17 489986 7578729 758
M0459 15 490342 7577249 769 SP0091 20 490024 7578729 759
M0461 15 490383 7577289 769 SP0092 10 490064 7578729 759
M0463 15 490384 7577170 769 SP0093 12 490106 7578729 760
M0465 15 490344 7577210 768 SP0094 9 490146 7578730 761
M0470 15 490226 7577210 766 SP0095 10 490186 7578728 762
M0473 15 490184 7577210 766 SP0096 8 490226 7578727 762
M0475 15 490144 7577170 766 SP0097 20 490266 7578726 763
M0476 15 490100 7577172 765 SP0098 23 490267 7578689 763
M0477 15 490103 7577212 765 SP0099 15 490306 7578687 763
M0478 15 490064 7577210 765 SP0100 5 490346 7578688 764
M0479 14 490064 7577170 765 SP0101 17 490386 7578688 765
M0480 15 490022 7577170 764 SP0102 9 490424 7578687 765
M0481 15 489980 7577171 764 SP0103 2 490464 7578688 766
M0484 15 489898 7577132 763 SP0104 9 490504 7578687 767
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M0486 8 489940 7577092 763 SP0105 10 490544 7578689 768
M0487 18 489980 7577090 764 SP0106 8 490582 7578688 768
M0490 15 490383 7577133 769 SP0107 2 490624 7578686 769
M0492 15 490343 7577092 769 SP0108 20 490664 7578686 770
M0498 15 490222 7577128 767 SP0109 13 490704 7578686 770
M0499 14 490222 7577090 767 SP0110 10 490744 7578686 771
M0500 15 490183 7577090 766 SP0111 10 490784 7578686 772
M0502 12 490142 7577130 766 SP0112 13 490824 7578686 772
M0504 15 490100 7577090 765 SP0113 14 490862 7578689 773
M0505 15 490102 7577130 765 SP0114 12 490906 7578688 774
M0506 14 490380 7577047 769 SP0115 8 490944 7578685 775
M0507 14 490382 7577009 769 SP0116 8 490984 7578688 776
M0508 15 490340 7577009 769 SP0117 9 491024 7578686 776
M0509 14 490342 7577048 769 SP0118 3 491024 7578645 776
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MAC0110 10 487000 7578450 721 SP0437 15 491268 7579704 779
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MAC0156 12 488200 7578850 736 SP0482 15 491704 7579045 786
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MAC0171 12 486800 7577000 713 SP0497 15 491346 7579048 779
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MAR0015 20 490264 7577450 768 SP0528 15 490144 7578447 763
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MAR0061 15 489360 7578949 750 SP0575 15 489658 7577208 760
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MAR0206 10 489540 7577330 758 SP0663 32 494084 7574626 810
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MAR0282 31 490736 7578072 772 SP0717 11 489540 7576972 758
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MAR0354 25 491956 7579062 791 SP0773a 3 491507 7580545 785
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MAR0360 15 491575 7579184 783 SP0782 13 491388 7580302 783
MAR0361 15 491456 7579181 781 SP0783 7 489544 7578330 755
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MAR0364 16 491700 7579281 785 SP0785 15 489428 7579410 748
MAR0365 15 491816 7579268 788 SP0785a 14 491388 7579941 782
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MAR0500 30 490299 7575793 764 SP0855 15 491508 7580668 785
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MAR0678 39 491050 7576300 776 SP1115 3 491146 7579305 775
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SP0027 4 489156 7574293 740 SP0010 14 488998 7573932 734
SP0028 15 489196 7574292 740 SP0011 6 488998 7573891 734
SP0029 10 489238 7574292 740 SP0012 32 488998 7573851 733
SP0030 10 489278 7574292 741 SP0013 24 488998 7573812 733
SP0031 38 489316 7574292 741 SP0014 16 488998 7573772 733
SP0032 10 489356 7574292 742 SP0015 34 488998 7573732 733
SP0033 15 489396 7574292 742 SP0016 10 488998 7573692 733
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SP0034 10 489436 7574293 743 SP0017 17 489036 7573772 734
SP0035 20 489623 7577571 758 SP0018 13 489076 7573772 734
SP0036 11 489662 7577571 759 SP0019 15 488955 7573734 732
SP0037 9 489703 7577569 759 SP0020 15 488918 7573772 732
SP0038 11 489742 7577571 760 SP0021 9 488878 7573773 732
SP0039 15 489795 7577575 760 SP0737 57 489236 7573772 736
SP0040 11 489822 7577567 761 SP0738 42 489236 7573892 737
SP0041 13 489863 7577575 761 SP0739 35 489236 7574014 738
SP0042 10 489903 7577575 762 SP0747 50 489116 7573893 735
SP0043 13 489944 7577573 762 SP0748 30 489116 7573772 735
SP0044 14 489984 7577570 763 SP0749 31 489116 7573652 734
SP0045 11 490024 7577571 764 SP0752 29 488998 7573652 732
SP0046 8 490067 7577569 764 SP0757 28 488876 7574013 734
SP0047 15 490104 7577569 765 SP0758 14 488875 7573894 733
SP0048 11 489944 7577610 762 SP0759 21 488876 7573654 730
SP0049 12 489944 7577649 762 SP0762 44 488756 7573653 729
SP0050 10 489944 7577690 762 SP0763 28 488756 7573774 730
SP0051 7 489944 7577727 762 SP0764 25 488755 7573895 732
SP0052 6 489944 7577768 762 SP0765 23 488756 7574013 733
SP0053 10 489944 7577810 761 SP0770 9 488636 7574013 731
SP0054 5 489944 7577848 761 SP0771 22 488636 7573894 730
SP0055 9 489944 7577888 761 SP0772 26 488635 7573772 730
SP0056 9 489944 7577535 762 SP0773 42 488636 7573653 728
SP0057 14 489944 7577492 763 SP0777 27 488518 7573773 729
SP0058 15 489580 7577570 757 SP0778 1 488512 7573894 729
SP0059 9 489544 7577569 757 SP0779 6 488400 7573894 727
SP0060 11 489622 7577609 758 SP0780 18 488395 7573773 727
SP0061 9 489622 7577651 758 SP0781 25 488396 7573653 727
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Holes prefixed “M” or “SP” are RAB holes; holes prefixed “MAC” are air core; holes prefixed “MAR” are RC; holes prefixed “MARD” are diamond holes.

All holes were drilled vertical except those in Table 6, reported with their corresponding dip and azimuths.

Table 6 Marenica Drill Holes Drilled at Angle

Drill Hole	Easting	Northing	RL	Depth (m)	Dip (º)	Azimuth (º)
MAR0062	489364	7578963	750	150	-60	210
MAR0686	489100	7577350	753	51	-60	283
MAR0687	489200	7577350	754	100	-60	283
MAR0688	489300	7577350	755	150	-60	283
MAR0689	489400	7577350	756	200	-60	283
MAR0690	489200	7577000	755	50	-60	283
MAR0691	489300	7577000	756	100	-60	283
MAR0692	489400	7577000	757	150	-60	283
MAR0693	489500	7577000	758	200	-60	283

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MAR2558	491002	7580593	783	157	-59	-59
MAR2560	490904	7580694	785	150	-60	311
MAR2561	491004	7580694	783	150	-60	314
MAR2562	491212	7580699	789	150	-59	311
MAR2563	491104	7580798	787	150	-59	315
MAR2564	491010	7580798	785	150	-59	319
MAR2566	491202	7580893	788	159	-59	265
MAR2567	491304	7580894	791	150	-60	266
MAR2568	490906	7580991	788	150	-61	263
MAR2569	491107	7580993	790	150	-59	265
MAR2570	491266	7580999	791	150	-60	248
MAR2572	491303	7581095	793	150	-59	271
MAR2575	491004	7581196	789	100	-59	266
MAR2576	491107	7581194	793	82	-59	269
MAR2577	491210	7581199	794	100	-60	271
MAR2579	490800	7581194	784	100	-59	269
MAR2580	490903	7581196	789	80	-59	270
MARD032	489360	7578963	750	100	-60	13
MARD033	489835	7578740	757	100	-60	13
MARD034	490364	7578650	750	100	-60	328
MARD035	489460	7577690	756	100	-60	283
MARD036	490880	7576020	774	70	-60	148
MARD037	491050	7580755	815	100	-60	330
MARD038	491092	7580708	816	228	-60	340
SP0039E	489799	7577575	760	25	-45	103
SP0039N	489795	7577578	760	25	-45	13
SP0039S	489795	7577589	760	25	-45	193
SP0039W	489791	7577575	760	25	-45	283
SP0336E	489806	7577595	760	15	-45	103
SP0336W	489802	7577595	760	15	-45	283
SP0337N	489814	7577575	761	25	-45	13
SP0337S	489814	7577572	761	25	-45	193
SP0338E	489808	7577555	761	14	-45	103
SP0338W	489804	7577555	761	14	-45	283
SP0339E	489789	7577555	760	14	-45	103
SP0339W	489784	7577555	760	14	-45	283
SP0340N	489784	7577576	760	25	-45	13
SP0340S	489784	7577573	760	25	-45	193
SP0341E	489784	7577595	760	14	-45	103
SP0341W	489784	7577595	760	19	-45	283

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About Elevate Uranium

Elevate Uranium Ltd (ASX:EL8, OTCQX:ELVUF, NSX:EL8) is a uranium exploration and development company focused on unlocking the value of its globally significant resource base through its proprietary, 100%-owned U-pgrade[TM] beneficiation process.

The Company holds a substantial Mineral Resource portfolio totalling 153.3 Mlb U3O8 across its projects in Namibia and Australia. Its flagship Namibian portfolio is located in the established, world-class Erongo uranium province and includes the Koppies Uranium Project (JORC 2012: 66.1 Mlb U3O8) and the Marenica Uranium Project (JORC 2012: 30.2 Mlb U3O8 – Elevate Uranium’s share).

In Australia, Elevate Uranium has tenements and joint venture interests containing substantial uranium resources. The Angela, Napperby, Thatcher Soak and Minerva project areas; and joint venture holdings in the Bigrlyi, Malawiri, Walbiri and Areva joint ventures, in total contain 57 Mlb of high-grade uranium mineral resources.

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The U-pgrade™ Strategic Advantage

U-pgrade[TM] is the Company’s patented beneficiation process, which provides a clear pathway to unlock its large-scale, surficial, secondary uranium deposits.

The process is designed to be economically transformational with bench-scale testwork on Marenica Project samples demonstrating the potential of U-pgrade[TM] to :

Concentrate the uranium by a factor of ~50, increasing the grade of ore from ~93 ppm U3O8 to ~ 5,000 ppm U3O8. NB: These numbers are based on the mineral resource estimate quoted prior to the updated MRE, released on 5 February 2026.
Rejects ~98% of gangue (waster material from the mass prior to leaching).
Removes acid-consuming minerals.
Reduces potential CAPEX and OPEX by ~50% compared to conventional processing.

Beyond application at the Marenica Uranium Project, Elevate Uranium has determined, through bench scale testing, that secondary uranium deposits in Namibia and Australia are amongst those that are amenable to the U-pgrade[TM] process.

Note: Please refer to ASX announcement dated 18 April 2017 titled “Scoping Study Completed – Marenica Project Highly Competitive with Industry Peers” and ASX announcement dated 4 April 2025 titled “Clarification of U-pgrade™ Ore Samples JORC Compliance” for further details on the factors referred to above.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

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Criteria JORC Code explanation Commentary
Sampling  Nature and quality of sampling (eg cut  In most holes uranium grade was
techniques channels, random chips, or specific estimated using downhole spectral or total
specialised industry standard measurement count gamma probes. Some early holes
tools appropriate to the minerals under used wet chemical analysis at a
investigation, such as down hole gamma commercial laboratory and wet chemical
sondes, or handheld XRF instruments, etc). analysis was used throughout to check the
These examples should not be taken as downhole gamma grades.
limiting the broad meaning of sampling.  Gamma probes provide an estimate of
 Include reference to measures taken to uranium grade in a volume extending
ensure sample representivity and the approximately 40 cm from the hole and
appropriate calibration of any measurement thus provide much greater representivity
tools or systems used. than wet chemical samples which
 Aspects of the determination of represents a much smaller fraction of this
mineralisation that are Material to the volume. Gamma probes were calibrated at
Public Report. the Pelindaba facility in South Africa.
 In cases where ‘industry standard’ work  Gamma data (as counts per second) from
has been done this would be relatively calibrated probes are converted into
simple (eg ‘reverse circulation drilling was equivalent uranium values (eU3O8) using
used to obtain 1 m samples from which 3 appropriate calibration, water and casing
kg was pulverised to produce a 30 g factors. Gamma probes can overestimate
charge for fire assay’). In other cases more uranium grade if high thorium is present or
explanation may be required, such as if disequilibrium exists between uranium
where there is coarse gold that has and its daughters. Due to the potential for
inherent sampling problems. Unusual the presence of Thorium a preference for
commodities or mineralisation types (eg spectral gamma values was applied to the
submarine nodules) may warrant MRE dataset.
disclosure of detailed information.
Drilling  Drill type (eg core, reverse circulation,  Reverse circulation percussion (RC) is the
techniques open-hole hammer, rotary air blast, auger, main drilling technique used. Hole
Bangka, sonic, etc) and details (eg core diameter is approximately 140 mm. RC
diameter, triple or standard tube, depth of holes are generally shallow (average 32 m)
diamond tails, face-sampling bit or other and vertical, downhole surveys were not
type, whether core is oriented and if so, by typically recorded. 49 drill holes have
what method, etc). downhole surveys recorded.
 A limited number of aircore (AC), rotary air
blast (RAB) and diamond (DD) holes have
also been drilled.
Drill sample  Method of recording and assessing core  Every 1m drilled produces approximately
recovery and chip sample recoveries and results 20kg. Samples were not weighed but
assessed. samples considered of insufficient size
 Measures taken to maximise sample were excluded from analysis. Procedures
recovery and ensure representative nature were in place including the use of reverse
of the samples. circulation drilling techniques to ensure that
 Whether a relationship exists between sampling of the drilling chips is
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Criteria JORC Code explanation Commentary
sample recovery and grade and whether representative of the material being drilled.
sample bias may have occurred due to  In most cases grade is derived from
preferential loss/gain of fine/coarse gamma measurement and sample bias is
material. not an issue. There is a possibility that
some very fine uranium is lost during
drilling, and this will be investigated by
twinning some RC holes with diamond
holes in a later campaign.
Logging  Whether core and chip samples have been  Chip samples are visually logged to a basic
geologically and geotechnically logged to a level of detail. Parameters recorded
level of detail to support appropriate include lithology, colour, sample condition
Mineral Resource estimation, mining (i.e. wet or dry) and total gamma count
studies and metallurgical studies. using a handheld scintillometer. This level
 Whether logging is qualitative or of detail is deemed suitable for this mineral
quantitative in nature. Core (or costean, resource estimate.
channel, etc) photography.  Logging is qualitative. Reference
 The total length and percentage of the photographs are taken of RC chips in chip
relevant intersections logged. trays.
 All samples were logged.
Sub-  If core, whether cut or sawn and whether  Diamond core drilling has been completed
sampling quarter, half or all core taken. with all holes logged and sampled. A
techniques  If non-core, whether riffled, tube sampled, limited number of samples were used for
and sample
rotary split, etc and whether sampled wet bulk density analysis and it is expected that
preparation
or dry. this will be increased during future drilling
 For all sample types, the nature, quality programs.
and appropriateness of the sample  1 m RC chips were split using a riffle
preparation technique. splitter at the rig. A ~3 kg sample was
 Quality control procedures adopted for all collected and sent for assay from the
sub-sampling stages to maximise mineralised zone, based on scintillometer
representivity of samples. readings. Samples were predominantly
 Measures taken to ensure that the dry.
sampling is representative of the in situ  Preparation of samples was undertaken at
material collected, including for instance Genalysis and SGS in South Africa and
results for field duplicate/second-half chemical assays were carried out at SGS
sampling. in South Africa and Australia and Genalysis
 Whether sample sizes are appropriate to in Australia.
the grain size of the material being  Blanks were inserted at a rate of 1 in 20
sampled. and Standards 1 in 40. A field duplicate is
also taken every 10 [th] sample from the
reject, which was re-split using the riffle
splitter and placed in sequence as a
duplicate. This has not yet been
investigated as the values used in the MRE
are derived from downhole gamma logging.
Quality of  The nature, quality and appropriateness of  Samples were analysed at SGS in South
assay data the assaying and laboratory procedures Africa and Genalysis in Australia using
and
used and whether the technique is XRF analysis.
laboratory
tests considered partial or total.  Review of the company's QA/QC sampling
 For geophysical tools, spectrometers, and analysis confirms that the analytical
handheld XRF instruments, etc, the program has provided data with good
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Criteria JORC Code explanation Commentary
parameters used in determining the analytical precision and accuracy.
analysis including instrument make and
model, reading times, calibration factors
applied and their derivation, etc.
 Nature of quality control procedures
adopted (eg standards, blanks, duplicates,
external laboratory checks) and whether
acceptable levels of accuracy (ie lack of
bias) and precision have been established.
Verification  The verification of significant intersections  Comparison of downhole gamma and wet
of sampling by either independent or alternative chemical grades has confirmed significant
and
company personnel. intersections. No external verification has
assaying
 The use of twinned holes. been undertaken to date.
 Documentation of primary data, data entry  Downhole gamma data are provided as
procedures, data verification, data storage LAS files by the company's geophysical
(physical and electronic) protocols. logging contractor which are imported into
Discuss any adjustment to assay data. the company's hosted Datashed 5
database where eU3O8 is calculated
automatically. Data are stored on a secure
server maintained by the database
consultants, with data made available
online.
 Downhole gamma values have been
adjusted to match the chemical assay data
population, in general this has resulted in a
minor reduction in the gamma derived
values.
Location of  Accuracy and quality of surveys used to  Most collar locations were fixed using a
data points locate drill holes (collar and down-hole handheld GPS unit. RL's were based on a
surveys), trenches, mine workings and digital terrain model provided by Marenica
other locations used in Mineral Resource Energy Limited.
estimation.  The grid system is Universal Transverse
 Specification of the grid system used. Mercator, zone 33S (WGS 84 datum).
 Quality and adequacy of topographic
control.
Data spacing  Data spacing for reporting of Exploration  Early drilling programs were exploratory in
and Results. nature and used a variety of drill spacings.
distribution
 Whether the data spacing and distribution The drilling started on a 600m x 200m
is sufficient to establish the degree of grade and progressively infilled to 100m x
geological and grade continuity appropriate 100m and closer in some areas.
for the Mineral Resource and Ore Reserve  A 200m x 200m spacing is sufficient to
estimation procedure(s) and classifications demonstrate the general continuity of
applied. mineralisation and this spacing was used
 Whether sample compositing has been as a limit to the reported mineralisation.
applied.  Gamma measurements are taken every 10
cm downhole. These 10 cm
measurements are composited to 0.5 m
intervals.
Orientation  Whether the orientation of sampling  Uranium mineralisation is distributed in
of data in
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Criteria JORC Code explanation Commentary
relation to achieves unbiased sampling of possible moderately continuous horizontal layers.
geological structures and the extent to which this is  The majority of holes are drilled vertically.
structure
known, considering the deposit type.
 If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
Sample  The measures taken to ensure sample  Samples were handled in line with industry
security security. standards at the time.
Audits or  The results of any audits or reviews of  No audits have been undertaken.
reviews sampling techniques and data.
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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

	Criteria JORC Code explanation Commentary
	*Mineral* *tenement and* *land tenure* *status*  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The Exploration Results for the Marenica Project relate to mineral deposit retention licence MDRL 3287, owned 100% by Marenica Minerals Pty Ltd, of which Elevate Uranium Ltd owns 75%. MDRL 3287 was renewed on 21 May 2025 and expires 2 October 2027. There are no known impediments to the project.
	*Exploration* *done by other* *parties*  Acknowledgment and appraisal of exploration by other parties. Gold Fields is known to have previously explored the area covered by the tenements however the results of this work are poorly documented but did include completion of a small number of drillholes.
	*Geology*  Deposit type, geological setting and style of mineralisation. Uranium mineralisation occurs as secondary enrichment in calcretised sediment infilling palaeochannels, and within weathered bedrock. Uranium mineralisation is surficial, strata bound and hosted by Cenozoic and possibly Tertiary sediments, which include from top to bottom scree sand, gypcrete, calcareous sand and calcrete or within weathered basement rocks underlying the palaeochannel. Globally the majority of the mineralisation is hosted calcrete filled palaeochannels with a minor amount hosted in adjacent weathered basement.

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Criteria JORC Code explanation Commentary
Drill hole  A summary of all information material to  A total of 5,324 holes for a total of
Information the understanding of the exploration 145,999 m have been drilled at within the
results including a tabulation of the Marenica project area. A subset of 1,385
following information for all Material drill drill holes for 44,852 m were used in this
holes: mineral resource update. All holes, except
o easting and northing of the drill hole 49 holes, were drilled vertically and
collar intersections measured present true
o elevation or RL (Reduced Level – thicknesses.
elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
 If the exclusion of this information is
justified on the basis that the information
is not Material and this exclusion does not
detract from the understanding of the
report, the Competent Person should
clearly explain why this is the case.
Data  In reporting Exploration Results, weighting  The reported grades have not been cut.
aggregation averaging techniques, maximum and/or  All grade intervals are weighted averages
methods
minimum grade truncations (eg cutting of over the stated interval.
high grades) and cut-off grades are  Not relevant.
usually Material and should be stated.
 Where aggregate intercepts incorporate
short lengths of high grade results and
longer lengths of low grade results, the
procedure used for such aggregation
should be stated and some typical
examples of such aggregations should be
shown in detail.
 The assumptions used for any reporting of
metal equivalent values should be clearly
stated.
Relationship  These relationships are particularly  The mineralisation is sub-horizontal and
between important in the reporting of Exploration the vast majority of drilling vertical,
mineralisation
Results. therefore, mineralised intercepts are
widths and
 If the geometry of the mineralisation with considered to represent true widths.
intercept
respect to the drill hole angle is known, its  Not relevant.
lengths
nature should be reported.
 If it is not known and only the down hole
lengths are reported, there should be a
clear statement to this effect (eg ‘down
hole length, true width not known’).
Diagrams  Appropriate maps and sections (with  Maps and sections are included in the
scales) and tabulations of intercepts text.
should be included for any significant
discovery being reported These should
include, but not be limited to a plan view
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Criteria	JORC Code explanation	Commentary
	of drill hole collar locations and appropriate sectional views.
*Balanced* *reporting*	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	No exploration results are being reported in this announcement. The company has periodically announced all exploration drilling results covering the area of the mineral resource estimate.
*Other* *substantive* *exploration* *data*	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Gold Fields is known to have previously explored the area covered by the tenements however the results of this work are poorly documented but did include completion of a small number of drillholes.
*Further work*	 The nature and scale of planned further	Infill drilling activities are expected to
	work (eg tests for lateral extensions or	commence to convert the JORC Inferred
	depth extensions or large-scale step-out	mineral resource to JORC Indicated
	drilling).	mineral resource and extend the areas of
	 Diagrams clearly highlighting the areas of	known mineralisation.
	possible extensions, including the main	See text.
	geological interpretations and future
	drilling areas, provided this information is
	not commercially sensitive.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in the preceding section also apply to this section.)

	Criteria JORC Code explanation Commentary
	*Database* *integrity*  Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.  Data validation procedures used. A set of SOPs (Standard Operating Procedures) was defined that safeguard data integrity which covers the following aspects:  Capturing of all exploration data; geology and downhole probing.  QA/QC of all drilling, geophysical and laboratory data.  Data storage (database management), security and back-up.  Reporting and statistical analyses used industry standard software packages includingMicromine.
	*Site visits*  Comment on any site visits undertaken by the Competent Person and the outcome of those visits.  If no site visits have been undertaken indicate why this is the case. The Competent Person for Exploration results has visited the site a number of times with the most recent being in 2025. The Competent Person for the Mineral Resources has visited nearbyoperations

Criteria
JORC Code explanation
Commentary

Database
integrity
 Measures taken to ensure that data has
not been corrupted by, for example,
transcription or keying errors, between its
initial collection and its use for Mineral
Resource estimation purposes.
 Data validation procedures used.
A set of SOPs (Standard Operating
Procedures) was defined that safeguard data
integrity which covers the following aspects:

Capturing of all exploration data;
geology and downhole probing.

QA/QC of all drilling, geophysical and
laboratory data.

Data storage (database
management), security and back-up.

Reporting and statistical analyses
used industry standard software
packages includingMicromine.

Site visits
 Comment on any site visits undertaken by
the Competent Person and the outcome
of those visits.
 If no site visits have been undertaken
indicate why this is the case.
The Competent Person for Exploration
results has visited the site a number of
times with the most recent being in 2025.
The Competent Person for the Mineral
Resources has visited nearbyoperations

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	Criteria JORC Code explanation Commentary
	and has transited the area a number of times with the most recent being in 2017. It is expected that, should additional infill drilling be carried out the CP for the MRE will conduct a more formal site visit.
	*Geological* *interpretation*  Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.  Nature of the data used and of any assumptions made.  The effect, if any, of alternative interpretations on Mineral Resource estimation.  The use of geology in guiding and controlling Mineral Resource estimation.  The factors affecting continuity both of grade andgeology. Confidence in the geological interpretation and modelling of the sedimentary palaeochannel-fill and weathered basement is very high. This type of geology is well known and readily recognised in the RC drill chips. The factors affecting grade distribution are palaeochannel morphology and bedrock profile, with bedrock “highs” indicative of areas forming potential mineralisation traps.
	*Dimensions*  The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. The infill drilled mineralisation at Marenica has a total strike length of approximately 9.0 km, and, due to basement morphology, can be considered to be 500 to 2,000 m wide in places, 0 to 100 m deep. The main mineralised calcrete reaches from a shallow depth below surface of 1 to 2 m deep down to 35 m – this zone covers over 90% of the mineralisation.
	*Estimation and* *Modelling* *techniques*  The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.  The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.  The assumptions made regarding recovery of by-products.  Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation).  In the case of block model interpolation, the block size in relation to the average The present estimates are based on grade domains controlling the interpolations into block estimates. Block sizes used are 50 m East x 50 m North x 2 m elevation. Estimation of block values used Multi Indicator Kriging (MIK). Mineralisation surfaces were derived around an 50 ppm eU3O8minimum value. As the estimate was based on MIK no grade capping was applied. The MIK estimate was based on a total of 14 indicator bin values representing 10% probability increments up to 70% then 5% increments to 95% then 97% and 99% in order to more reasonably model the high- grade component of the dataset. Directional variograms based on 14 indicator bins are used in the current estimates. A maximum search distance of 200 m x 200 m x 5.2 m was used within the

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Criteria JORC Code explanation Commentary
sample spacing and the search employed. estimate. The final estimate is limited by
 Any assumptions behind modelling of a pit optimisation shell.
selective mining units.  Block validation was done using
 Any assumptions about correlation qualitative drill hole displays over block
between variables. estimates. The current block estimate
 Description of how the geological throughout correlates well with
interpretation was used to control the composited eU3O8 GT (Grade-Thickness)
resource estimates. data.
 Discussion of basis for using or not using  Water corrections were only applied to
grade cutting or capping. downhole equivalent uranium values that
 The process of validation, the checking were identified below the water table in
process used, the comparison of model the drillhole at the time of logging.
data to drillhole data, and use of  A block support correction was applied to
reconciliation data if available. the MIK estimate to derive final block
proportions and grades. This correction
value adjusts the tonnes and grade for
each panel based on the likely mining and
grade control parameters. The general
progression of this process is to increase
overall tonnes and reduce overall grades.
Final SMU sizes were set at 4 m x 4 m x
0.5 m with a target grade control spacing
of 4 m x 4 m x 0.5 m.
 The MIK estimate is considered to be a
recoverable Mineral Resource.
 There is potential to recover the vanadium
that is a component of the mineralisation
(from carnotite) however this has not been
considered as part of this MRE.
 Maximum drill spacing is a 200 m x 200 m
grid with a substantial portion of the MRE
area being 100 x 100 m and the Mineral
Resource panels sit inside of this grid.
Moisture  Whether the tonnages are estimated on a  A visual assessment of sample material
dry basis or with natural moisture, and the was done during the sampling process
method of determination of the moisture and samples were classified as either
content. “dry” or “wet”. The current drilling
program did intersect water at times. As
the majority of grade values applied within
the MRE are based on downhole logging
whether the sample is wet or dry is not
considered material. A gamma water
factor is applied where the depth of the
water table has been identified.
 Tonnages are estimated dry.
Cut-off  The basis of the adopted cut-off grade(s)  Composites less than 0.40 m were
Parameters or quality parameters applied. excluded from the estimation process.
This only relates to samples at the start or
end of drill holes.
 The final MRE was reported at a range of
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Criteria JORC Code explanation Commentary
cut-off grades starting at 50 ppm U3O8
and going up to 900 ppm U3O8 with the
lower grades (50-200 ppm) detailed in this
announcement.
 Based on previous studies and the
company’s other deposits, a cut-off grade
of 100 ppm was selected for the reporting
of the MRE.
 As the deposit is very shallow and in
material that is easily mineable it is
considered that all of the mineralisation
above the nominated cut-off grade would
be available for processing and would
therefore meet the criteria for reasonable
prospects for eventual economic
extraction particularly at this early stage of
development.
 The reported MRE was limited from the
total MRE by the application of basic pit
optimisation parameters based on prices,
mining, processing cost and recovery
information supplied by Elevate Uranium.
Mining factors  Assumptions made regarding possible  Potential mining scenarios will be open
or mining methods, minimum mining cast mining using surface miners with an
assumptions
dimensions and internal (or, if applicable, approximate depth of cut of 0.5 m; after
external) mining dilution. It is always stripping of unconsolidated sandy grits
necessary as part of the process of and screes (expected to be free-digging).
determining reasonable prospects for  The MRE has been limited by the
eventual economic extraction to consider application of a combined mineralisation
potential mining methods, but the and basement profile derived from drill
assumptions made regarding mining hole logging as it is expected that any
methods and parameters when estimating fresh basement hosted mineralisation
Mineral Resources may not always be would probably require an alternate
rigorous. Where this is the case, this processing flowsheet to the proposed
should be reported with an explanation of U-pgrade [TM] process.
the basis of the mining assumptions  Block support corrections applied to the
made. MRE follow the expected mining process.
 The MRE was assessed for reasonable
prospects for eventual economic
extraction and the reported estimate
reflects the outcome.
Metallurgical  The basis for assumptions or predictions  Based on the testwork completed by
factors or regarding metallurgical amenability. It is Elevate Uranium on basement
assumptions always necessary as part of the process mineralisation of Elevate Uranium’s
of determining reasonable prospects for Marenica Uranium deposit it is expected
eventual economic extraction to consider that the material contained within the
potential metallurgical methods, but the deposit will be able to be processed by
assumptions regarding metallurgical Elevate Uranium’s U-pgrade [TM] process.
treatment processes and parameters
made when reporting Mineral Resources
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	Criteria JORC Code explanation Commentary
	may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.
	*Environmental* *factors or* *assumptions*  Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made. With mining progressing along the palaeochannel perimeter, waste material will be backfilled into mined-out areas so to provide for ongoing rehabilitation of the mined-out areas progressively throughout the life of the mine. Any remaining waste rock stockpiles will be shaped and contoured to blend into the surrounding environment. As the deposit is in the very preliminary stages of assessment no significant environmental studies have been carried out however the deposit is not expected to be materially different to other uranium mining projects in Namibia.
	*Bulk density*  Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.  The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.  Discuss assumptions for bulk density estimates used in the evaluation process of the different materials. At this preliminary stage of development only limited bulk density studies have been completed. The bulk densities applied to this MRE reflect those derived from downhole gamma-gamma logging. The current estimate is using a value of 2.3 t/m³ for calcrete material and 2.5 t/m³ for basement material. Confirmation of the values using gravimetrically derived densities from previously drilled diamond core is ongoing.
	*Classification*  The basis for the classification of the Mineral Resources into varying confidence categories.  Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).  Whether the result appropriately reflects the Competent Person’s view of the deposit. This MRE reflects an Inferred and Indicated Mineral Resource. Semi-variography modelling indicates long range grade continuity of greater than 200 m. Maximum search ranges used were set to maximum of 200 m. A primary horizontal search of 55 m (4 sectors and 16 samples) was used to initially allocate Indicated Mineral Resources with a final search pass of 200 m (2 sectors and 8 samples). Vertical search components were 2 m and 5.2 m

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Criteria	JORC Code explanation	Commentary
		respectively. The average mineralised thickness is in the order of 1 m to 12 m and can be up to 40 m. Classification outlines were specifically applied to the MRE based primarily on local drill density. The Competent Person is satisfied that the applied methodology is appropriate for reporting an Inferred Mineral Resource and that the resulting block estimates are true reflections of the underlying drilling data.
*Audits or* *reviews*	 The results of any audits or reviews of Mineral Resource estimates.	No additional reviews were conducted beyond those carried out by the various Competent Persons over time.
*Discussion of*	 Where appropriate a statement of the	The geostatistical approach applied to
*relative* *accuracy/confi* *dence*	relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed	arrive at the current Inferred Mineral Resource is considered sound and is appropriate to the style of mineralisation
	appropriate by the Competent Person. For	contained within the deposit. The same
	example, the application of statistical or	estimation methodology has been
	geostatistical procedures to quantify the	successfully applied at other significant
	relative accuracy of the resource within	uranium deposits in Namibia.
	stated confidence limits, or, if such an	The presented block model is considered
	approach is not deemed appropriate, a	to be a reasonable representation of the
	qualitative discussion of the factors that	underlying sample data.
	could affect the relative accuracy and	It is this Competent Person’s opinion that
	confidence of the estimate.	the classification of portions of this
	 The statement should specify whether it	Inferred Mineral Resource could be
	relates to global or local estimates, and, if	improved to Indicated status by additional
	local, state the relevant tonnages, which	infill drilling and confirming the validity of
	should be relevant to technical and	the bulk density information.
	economic evaluation. Documentation
	should include assumptions made and the
	procedures used.
	 These statements of relative accuracy
	and confidence of the estimate should be
	compared with production data, where
	available.

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AI assistant

ELEVATE URANIUM LTD Capital/Financing Update 2026

64834_rns_2026-02-04_40e324a2-caa1-4d74-a7d0-243f33b42ab3.pdf

Marenica Resource Update Doubles Grade

Key Highlights

Elevate Uranium’s Managing Director, Murray Hill, commented:

Table 1 Updated Marenica JORC (2012) MRE at 100 ppm Cut-off Grade

Table 2 Marenica MRE by Host Lithology

U-pgrade™ Metallurgical Testwork Program

Next Steps

Figure 2 Marenica Project Relative to Elevate’s Tenements in the Central Erongo Area

Marenica Mineral Resource Estimate Summary

ASX Additional Information

Methodology

Mineral Resource Estimate

Authorisation

Contact:

Competent Persons Statement – General Exploration Sign-Off

Competent Person’s Statement – Mineral Resource Estimate

Marenica Uranium Project:

Napperby Uranium Project

About Elevate Uranium

The U-pgrade™ Strategic Advantage

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

AI assistant

ELEVATE URANIUM LTD — Capital/Financing Update 2026

64834_rns_2026-02-04_40e324a2-caa1-4d74-a7d0-243f33b42ab3.pdf

Marenica Resource Update Doubles Grade

Key Highlights

Elevate Uranium’s Managing Director, Murray Hill, commented:

Table 1 Updated Marenica JORC (2012) MRE at 100 ppm Cut-off Grade

Table 2 Marenica MRE by Host Lithology

U-pgrade™ Metallurgical Testwork Program

Next Steps

Figure 2 Marenica Project Relative to Elevate’s Tenements in the Central Erongo Area

Marenica Mineral Resource Estimate Summary

ASX Additional Information

Methodology

Mineral Resource Estimate

Authorisation

Contact:

Competent Persons Statement – General Exploration Sign-Off

Competent Person’s Statement – Mineral Resource Estimate

Marenica Uranium Project:

Napperby Uranium Project

About Elevate Uranium

The U-pgrade™ Strategic Advantage

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

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ELEVATE URANIUM LTD Capital/Financing Update 2026