ELEVATE URANIUM LTD — Interim / Quarterly Report 2026

Mar 12, 2026

ELEVATE URANIUM LTD ACN 001 666 600

HALF-YEAR FINANCIAL REPORT 31 December 2025

ELEVATE URANIUM LTD

Half-Year Financial Report – 31 December 2025

Contents

Corporate Information	2
Directors’ Report	3
Auditor’s Independence Declaration	11
Directors’ Declaration	12
Consolidated Statement of Profit or Loss and Other Comprehensive Income	13
Consolidated Statement of Financial Position	14
Consolidated Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Notes to the Consolidated Financial Statements	17
Independent Auditors Review Report to Members	30

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ELEVATE URANIUM LTD

Half-Year Financial Report – 31 December 2025

Corporate Information

DIRECTORS

Scott Perry (Independent Non-executive Chairman) M Hill (Managing Director and CEO) S Mann (Independent Non-executive Director)

COMPANY SECRETARY

AUDITOR

In.Corp Audit & Assurance Pty Ltd Level 1, Lincoln House 4 Ventnor Ave West Perth WA 6005 Tel: +61 8 9486 7094

S McBride (CFO and Company Secretary)

STOCK EXCHANGES

REGISTERED OFFICE

Level 1 28 Ord Street West Perth WA 6005 Tel: 61 8 6555 1816

Australian Securities Exchange – EL8 Namibia Stock Exchange – EL8 OTCQX Market – ELVUF

HOME EXCHANGE

Perth

BUSINESS OFFICE

Level 1 28 Ord Street West Perth WA 6005 Tel: 61 8 6555 1816

WEB SITE

SHARE REGISTRY

Automic Level 5, 126 Phillip Street Sydney NSW 2000 T: 1300 288 664 (within Australia) T: +612 9698 5414 (outside Australia)

www.elevateuranium.com.au

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ELEVATE URANIUM LTD

Directors’ Report

Your Directors submit their report together with the consolidated financial report of Elevate Uranium Ltd (“Elevate Uranium” or “the Company”) and entities it controlled ("the consolidated entity") at the end of, or during the half-year ended 31 December 2025.

Directors

The Directors of the Company during or since the end of the half-year, unless otherwise stated, are:

Name

Scott Perry Independent Non-Executive Chairman Murray Hill Managing Director and CEO Stephen Mann Independent Non-Executive Director

Principal activities

The principal activities of the Group during the course of the half-year were the transportation, installation of and commissioning of the Company’s U-pgrade™ uranium beneficiation pilot plant in Namibia, acquisition of the Napperby Uranium Project and exploration and evaluation of its mineral tenements in Namibia and Australia.

Operating and Financial Review

Result of Operations

The loss from ordinary activities of the Group for the half-year ended 31 December 2025 attributable to members was $6,239,709 (31 December 2024: $7,572,472).

Review of Activities

During the period the Company began operating its U-pgrade[TM] beneficiation plant in Namibia, completed the acquisition of the Napperby Uranium Project in the Northern Territory and continued exploration and evaluation activities on its tenement holdings in Namibia and Australia. In addition, on 30 October 2025, the Company announced that it had raised $25 million in new equity, this funding was primarily subscribed to by institutional investors.

Uranium Resources

The Company’s global uranium resources total 153.3 Mlb U3O8 (see Table 1), with the Namibian resources representing a total of 96.3 Mlb U3O8 and the Australian resources totalling 57.0 Mlb U3O8. The resources are inclusive of an update post half-year end, when an updated resource for the Marenica Uranium Project was announced.

Drilling Activities

During the half-year, the Company drilled 513 holes for 18,431 metres in Namibia and three holes for 1,860 metres in Australia.

Pilot Plant

During the half-year, the Company’s U-pgrade[TM] Pilot/Demonstration Plant (“Plant”) was shipped from Australia and assembled in Namibia. Commissioning of the Plant commenced late in the halfyear, with steady state operation achieved during the first quarter CY 2026.

The Plant is designed to confirm, at a commercially scalable size and operating on a continuous basis, that the Plant can remove a significant volume of waste material and thereby concentrate uranium mineral into a low-mass, high-grade concentrate before leaching, which is expected to improve the economics of treated ores. Over the ensuing six months, the Company will test U-pgrade[TM] on uranium ore from the Koppies and Marenica uranium projects. The comprehensive data and process metrics collected from operation of the Plant will be incorporated into technical studies for the Koppies Uranium Project and Marenica Uranium Project. A picture of the layout of the Plant is shown in Figure 1.

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ELEVATE URANIUM LTD

Directors’ Report

Figure 1 U-pgrade[TM] Pilot Plant

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Scrubber
Assay
Ore Storage
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The main section of the Demonstration/Pilot Plant is shown in the centre of the photo in Figure 1.

Exploration and Development Projects

The Company has a large tenement position in the globally recognised Erongo uranium region of Namibia, including its uranium exploration tenements called Koppies, Hirabeb, Namib IV, Marenica and Capri. At the Koppies Uranium Project the Company has a JORC uranium resource of 66.1 Mlb U3O8. At the Marenica Uranium Project (75% owned by Elevate Uranium) the Company has a uranium resource of 40.2 Mlb U3O8. The Company continues significant exploration activities at both the Koppies and Marenica project areas.

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ELEVATE URANIUM LTD

Directors’ Report

Figure 2

Koppies Project - Resource Areas

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- Marenica Uranium Project Resource Update Doubles Grade

Post half-year end, on 5 February 2026, the Company announced an updated resource of 40.2 Mlb U3O8 at a grade of 185 ppm U3O8, for the Marenica Uranium Project, (see ASX announcement titled “Marenica Resource Update Doubles Grade” dated 5 February 2026). The new resource grade is essentially double the previous resource grade. During CY 2025, a significant re-analysis and rework of the underlying data, from over 5,000 historical drill holes, 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, which commenced in February 2026, are specifically designed to reincorporate the excluded areas back into the

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ELEVATE URANIUM LTD

Directors’ Report

resource envelope. Simultaneous drill programs will target upgrading areas of Inferred resource to the Indicated category.

This significant increase in grade and a robust, re-validated database in place for Marenica enhances the opportunity 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.

During 2025, the Company undertook a process of revalidating the extensive database of drilling completed at the Marenica Uranium Project between 1978 and 2011, to provide an updated data set for a 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 historical wide spaced drilling, where the 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 2. Future infill drill lines, between each of the historical 300 m drill lines, will result in these areas having suitable drill spacing for re-inclusion into the MRE. The infill drill programs in areas A and B commenced late in February 2026 and are expected to be completed within two months.

Figure 3 - Marenica Project- Resource Outline with GT Collars Outside the MRE Area

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B A
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ELEVATE URANIUM LTD

Directors’ Report

Australian Projects

In Australia, the Company’s assets consist of the 100% owned Angela, Napperby, Minerva, Entia, Fitton and Thatcher Soak projects and joint venture holdings in the Bigrlyi, Malawiri, Walbiri and Beatrice South and Mt Gilruth uranium projects. The Company’s ownership holdings of these project areas total 57.0 Mlb U3O8 of mineral resources.

These project locations are shown in Figure 4 and the JORC resources listed in Table 2.

Figure 4 – Elevate Uranium’s Projects in Australia

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Central Australian Acquisition

On 22 December 2025, the Company finalised the strategic acquisition of uranium assets, which are complementary to the Company’s existing central Australian tenement holdings (see ASX announcement titled “Acquisition of Napperby Uranium Project and High-Grade Exploration Projects” dated 23 December 2025). The assets are in Northern Territory and South Australia, jurisdictions which are highly supportive, established uranium mining jurisdictions, (see Figure 4).

Cornerstone to this acquisition was the Napperby uranium project, located approximately 150 km northwest of Alice Springs. Strategically, the project lies just 25 km from the Company’s Minerva Project (Figure 5), creating a consolidated hub in a region known for its uranium potential.

The Napperby project hosts a JORC 2012 Inferred Mineral Resource of 9.5 Mt @ 382 ppm U3O8

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ELEVATE URANIUM LTD

Directors’ Report

containing 8.0 Mlb U3O8 (at 200 ppm cut-off). Uranium mineralisation is present in the form of carnotite, occurring in semi-consolidated sandy clays, and to a lesser degree calcrete, hosted within a Tertiary palaeochannel. The mineralisation model assumes that uranium has been released from basement source rocks due to the presence of acidic-oxidised surface water and transported in solution until precipitated along with carbonate and silica within the palaeochannel system.

The Mineral Resource has a strike length of ~4 km with mineralisation shallow, typically within 3 to 8 m of the surface. It occurs within a ~20 km long mineralised envelope delineated by historical broad spaced drilling. Much of the drilling throughout this mineralised zone is insufficient to allow the estimation of a mineral resource, offering opportunity for possible resource additions from future infill drill programs.

A key driver of this transaction was the technical synergy with the Company’s U-pgrade[TM] beneficiation process. In 2013, the Company completed extensive mineralogical analysis and bench-scale metallurgical test work on samples obtained from the Napperby resource area. The results strongly indicated that the samples of mineralisation from Napperby were amenable to the U-pgrade[TM] process and that application of U-pgrade[TM] could add significant value to Napperby.

Figure 5 Location of Napperby and Entia Relative to the Company’s Uranium’s NT Projects

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Entia is approximately 140 km northeast of Alice Springs (Figure 5). The project displays favourable geology and regional structures, offering a variety of possible target types, with potential for both metasomatism related and pegmatite associated mineralisation. Exploration however is at an early stage requiring integration and assessment of historic datasets.

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ELEVATE URANIUM LTD

Directors’ Report

Table 2 -JORC Compliant Uranium Mineral Resources

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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 deposit has not changed since the since the ASX announcement titled “Marenica Resource Update Doubles Grade” dated 5 February 2026. 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.

Australian Uranium Projects:

The Company confirms that the Mineral Resource Estimates for Angela, Thatcher Soak, Bigrlyi, Sundberg, Hill One,

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ELEVATE URANIUM LTD

Directors’ Report

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 the Napperby deposit 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 report referred to above and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

The lead auditor’s independence declaration is set out on the next page and forms part of the Directors’ Report for the half-year ended 31 December 2025.

Subsequent Events

On 3 February 2026, the Company announced that 14,904,798 unlisted options exercisable at $0.60 each expired on 30 January 2026.

On 5 February 2026, the Company announced an updated JORC 2012 mineral resource of 185ppm U3O8 for 40.2 Mlb U3O8. for the Marenica Uranium Project in Namibia.

Other than the above, there have been no matters or circumstances that have arisen since the end of the financial period which significantly affected or may significantly affect:

(i) the Group's operations in future periods; or

(ii) the results of those operations in future periods; or

(iii) the Group's state of affairs in future periods.

This Directors’ Report is signed in accordance with a resolution of directors.

Scott Perry Chairman

Dated at Perth this 12[th] day of March 2026

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AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

To the Directors of Elevate Uranium Limited

As lead auditor for the review of Elevate Uranium Limited for the halfyear ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been:

• no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• no contraventions of any applicable code of professional conduct in relation to the review.

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In.Corp Audit & Assurance Pty Ltd ABN 14 129 769 151

Level 1 6-10 O’Connell Street SYDNEY NSW 2000

Suite 11, Level 1 4 Ventnor Avenue WEST PERTH WA 6005

GPO BOX 542 SYDNEY NSW 2001

T +61 2 8999 1199 E team@incorpadvisory.au W incorpadvisory.au

This declaration is in respect of Elevate Uranium Limited and the entities it controlled during the half-year.

In.Corp Audit & Assurance Pty Ltd

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Graham Webb Director

Sydney, 12 March 2026

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Liability limited by a scheme approved under Professional Standards Legislation

ELEVATE URANIUM LTD

Directors’ Declaration

The Directors of Elevate Uranium Ltd declare that in their opinion:

• a) the financial statements and notes, set out on pages 13 to 30, are in accordance with the Corporations Act 2001, including:

• (i) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and of its performance, as represented by the results of its operations and cash flows for the half-year ended on that date; and

• (ii) complying with Australian Accounting Standard AASB 134 “Interim Financial Reporting”, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

• (b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

This declaration is signed in accordance with a resolution of directors.

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Scott Perry Chairman

Dated at Perth this 12[th] day of March 2026

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ELEVATE URANIUM LTD

Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 31 December 2025

Note Revenue Interest income 3 Government grants Other income Foreign exchange gain Expenses Exploration and evaluation expenses Loss on disposal of plant and equipment Employee benefit expense Share based employee benefits Administration expenses Depreciation expense Finance expense Total expenses Loss before income tax expense Income tax (expense) Net loss for the period Other comprehensive income Items that maybe reclassified subsequently to profit or loss Foreign currency translation Total comprehensive income for the period Earnings per share Basic and diluted loss per share (cents per share)	31 December 2025 $ 452,234 101,818 50,000 16,825 620,877 4,564,653 - 682,387 543,206 921,517 132,606 16,217 6,860,586 (6,239,709) - (6,239,709) 25,006 (6,214,703) (1.53)	31 December 2024 $ 159,034 - - 1,798
		160,832
		5,348,255 11,186 687,335 879,654 706,428 88,610 11,836
		7,733,304
		(7,572,472) -
		(7,572,472)
		(167,660)
		(7,740,132)
		(2.35)

The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the notes to the Financial Statements.

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ELEVATE URANIUM LTD

Consolidated Statement of Financial Position As at 31 December 2025

Notes ASSETS Current Assets Cash and cash equivalents Trade and other receivables 4 Total Current Assets Non-Current Assets Plant & equipment Trade & other receivables 4 Right-of-use assets 5 Tenement acquisition costs 6 Intangible assets 7 Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables 8 Lease liabilities Provisions 9 Total Current Liabilities Non-Current Liabilities Lease liabilities Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity 10 Reserves 11 Accumulated losses TOTAL EQUITY	31 December 2025 $ 36,653,673 740,261 37,393,934 528,555 132,706 341,462 7,240,412 - 8,243,135 45,637,069	30 June 2025 $ 21,713,948 490,511
		22,204,459
		167,296 149,539 402,844 2,107,743 425,961
		3,253,383
		25,457,842
	793,987 128,827 335,356 1,258,170 261,734 261,734 1,519,904 44,117,165 137,290,414 9,234,190 (102,407,439) 44,117,165	811,807 111,727 327,984
		1,251,518
		320,681
		320,681
		1,572,199
		23,885,643
		111,387,395 9,606,358 (97,108,110) 23,885,643

The Consolidated Statement of Financial Position should be read in conjunction with the notes to the Financial Statements.

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ELEVATE URANIUM LTD

Consolidated Statement of Changes in Equity For the half-year ended 31 December 2025

Notes At 1 July 2025 Loss for the period Other comprehensive income Total comprehensive loss Transactions with owners in their capacity as owners: Issue of shares 10 Share issue costs 10 Transfer upon expiry of options 11 Options granted 11 At 31 December 2025 Notes At 1 July 2024 Reclassification 12 Balance at beginning of period - Restated Loss for the period Other comprehensive income Total comprehensive loss Transactions with owners in their capacity as owners: Issue of shares Share issue costs Options granted At 31 December 2024	Issued Capital $ Accumulated Losses $ Share-Based Payments Reserves $ Foreign Currency Translation Reserve $ Total Equity $ 111,387,395 (97,108,110) 5,442,146 4,164,212 23,885,643 - (6,239,709) - - (6,239,709) - - - 25,006 25,006
	- (6,239,709) - 25,006 (6,214,703) 27,500,000 - - - 27,500,000 (1,596,981) - - - (1,596,981) - 940,380 (940,380) - - - - 543,206 - 543,206
	137,290,414 (102,407,439) 5,044,972 4,189,218 44,117,165
	Issued Capital $ Accumulated Losses $ Share-Based Payments Reserves $ Foreign Currency Translation Reserve $ Total Equity $ 87,963,608 (80,819,067) 4,260,827 373,350 11,778,718 - (4,028,124) - 4,028,124 -
	87,963,608 (84,847,191) 4,260,827 4,401,474 11,778,718 - (7,572,472) - - (7,572,472) - - - (167,660) (167,660)
	- (7,572,472) - (167,660) (7,740,132) 25,080,000 - - - 25,080,000 (1,656,213) - - - (1,656,213) - - 879,624 - 879,624 111,387,395 (92,419,663) 5,140,451 4,233,814 28,341,997

The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the Financial Statements.

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ELEVATE URANIUM LTD

Consolidated Statement of Cash Flows For the half-year ended 31 December 2025

Cash flows from operating activities Payments to suppliers and employees Payments for exploration expenditure Other revenue Government grants Interest received Net cash outflow from operating activities Cash flows from investing activities Purchase of plant and equipment Tenement acquisition costs Refund of advances and security deposits Payments for advances and security deposits Net cash used in investing activities Cash flows from financing activities Proceeds from issue of equity securities Expenses from issue of equity securities Repayment of lease liabilities Cash generated by financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of half-year Effects of foreign exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of half year	31 December 2025 $ (1,411,985) (4,406,960) 50,000 50,909 451,211 (5,266,825) (424,884) (2,632,670) 24,527 (43,251) (3,076,278) 25,000,000 (1,679,965) (86,242) 23,233,793 14,890,690 21,713,948 48,835 36,653,473	31 December 2024 $ (1,288,665) (6,103,383) - - 159,034
		(7,233,014)
		(78,632) - - (209,988)
		(288,620)
		25,080,030 (1,682,102) (76,550)
		23,321,378
		15,799,744 10,833,663 16 26,633,423

The Consolidated Statement of Cash Flows should be read in conjunction with the notes to the Financial Statements.

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ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

1. Corporate Information

The financial statements cover Elevate Uranium Ltd as a consolidated entity consisting of Elevate Uranium Ltd and its subsidiaries. The financial statements are presented in Australian dollars, which is Elevate Uranium Ltd's functional and presentation currency.

The financial report of the Company for the half-year ended 31 December 2025 was authorised for issue in accordance with a resolution of the Directors on 12 March 2026.

The Company is limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange, the Namibian Stock Exchange and the OTCQX Market in the United States of America.

2. Basis of Preparation and Accounting Policies

Basis of Preparation

These general purpose financial statements for the half-year ended 31 December 2025 have been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting as issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001, as appropriate for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting' .

The half-year financial report does not include all of the notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the company as the full financial report.

The half-year financial report should be read in conjunction with the Annual Financial Report of the Company as at 30 June 2025.

It is also recommended that the half-year financial report be considered together with any public announcements made by the Company during the half-year ended 31 December 2025 and to the date of this report in accordance with the continuous disclosure obligations arising under the Corporations Act 2001 .

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

Adoption of new or revised accounting standards and interpretations

The consolidated entity has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

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ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

3. Loss before income tax expense The following revenue and expense items are relevant in explaining the financial performance for the half-year: Revenue: Interest revenue Expenses: Defined contribution superannuation expense Depreciation Loss on disposal of plant and equipment 4. Trade and other receivables Current Assets GST and VAT refundable Other receivables Prepayments Interest receivable Non-Current Assets Rental & Security Bonds Amount receivable from sale of shares in Marenica Minerals (Proprietary) Limited (incorporated in Namibia) Provision for impairment

31 December 2025 $ 31 December 2024 $ 452,234 159,034 108,074 132,606 - 108,474 88,610 11,186

31 December 2025 $ 30 June 2025 $ 187,388 65,802 247,559 127,134 46,603 39,780 258,711 257,795 740,261 490,511 132,706 149,539 3,425,275 3,425,275 (3,425,275) (3,425,275) 132,706 149,539

The recoverability of the amount receivable from the sale to the Company’s Black Economic Empowerment partner Millennium Minerals Pty Ltd of a 5% interest in the Company’s shareholding in Marenica Minerals (Proprietary) Limited (incorporated in Namibia) is subject to the successful exploitation, development and payment of dividends from the Company’s Marenica Uranium Project. As the project has not yet reached a stage at which this can be assured, the amount receivable from the purchaser is considered to be impaired.

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ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

5. Right-of-use assets

Land and buildings – right-of-use Less: Accumulated depreciation	31 December 2025 $ 30 June 2025 $ 529,526 523,044 (188,064) (120,200) 341,462 402,844

The Company leases land and buildings for its office in Australia under a four-year agreement and its warehouses in Namibia under lease terms of between three to five-years. On renewal, the terms of the leases are renegotiated.

6. Capitalised tenement acquisition costs

Opening balance Additions Impairment	3,145,885 3,145,885 5,132,669 - (1,038,142) (1,038,142) 7,240,412 2,107,743

On 11 December 2019, the Company acquired 100% of the shares of Thatcher Soak Pty Ltd, Jackson Cage Pty Ltd and Northern Territory Uranium Pty Ltd, which collectively hold tenements and minerals resources in Western Australia and the Northern Territory, that are prospective for uranium (“the 2019 Acquisition Assets”).

On 22 December 2025, the Company entered into a share sale agreement with Core Lithium Limited (“Share Sale Agreement”) to purchase its wholly-owned subsidiary Uranium Generation Pty Ltd which owns four mineral exploration tenements in the Northern Territory and two mineral exploration tenements in South Australia, including a 100% interest in the Napperby, Fitton and Entia Uranium Projects (“2025 acquisition Assets”).

The consideration paid by the Company consists of:-

• $2.5 million in cash;

• 8,923,738 million fully paid ordinary shares in the Company valued at $2.5 million based on 15-day volume weighted average price prior to the date of the Agreement; with 4,461,869 of those shares being subject to 6 month escrow period; and

• A net smelter royalty of 1.0% on any metals or minerals produced from EL31449 (Napperby Project area).

These tenement acquisitions are considered asset acquisitions, as based upon the application of the concentration test within AASB 3 Business Combination , substantially all of the fair value of the gross assets acquired are the underlying uranium tenements.

Capitalised tenement acquisition costs represent the accumulated cost of the 2019 Acquisition Assets and the 2025 Acquisition Assets. The Company recognised an impairment expense of $1,038,142 in prior periods relating to some of the 2019 Acquisition Assets. Ultimate recoupment of the remaining tenement acquisition costs is dependent on the successful development and commercial exploitation or alternatively, sale of the respective areas of interest.

19

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

7. Intangible Assets
	31 December		30 June
	2025		2025
	$		$
Pilot plant construction costs		-	425,961

In the previous reporting period, these costs represented development expenditure incurred in relation to the construction of the pilot plant. During the reporting period, management reassessed the nature of the construction costs and determined the expenditure should be reclassified as research in nature under AASB 138. Accordingly, the balance has been written off to exploration expenditure in the statement of profit or loss.

8. Payables Trade payables Accrued expenses 9. Provisions Current Liabilities Provision for annual leave Provision for long service leave 10.Contributed Equity Fully paid ordinary shares Less: share capital issue costs net of tax (i) Share Capital Movements in share capital Balance at the beginning of the period Share placements (a) Shares issued on acquisition of tenements (b) Share issue costs Balance at the end of the period	Number of shares 385,615,812 71,428,572 8,923,738 465,968,122	31 December 2025 $ 30 June 2025 $ 471,069 531,780 322,918 280,027	31 December 2025 $ 30 June 2025 $ 471,069 531,780 322,918 280,027
		793,987 811,807
		176,069 175,882 159,287 152,102 335,356 327,984
		144,716,302 117,216,303 (7,425,888) (5,828,908)
		137,290,414 111,387,395
		Issue price $0.35 $0.28	$ 111,387,395 25,000,000 2,500,000 (1,596,981) 137,290,414

(a) On 7[th] November 2025, the Company issued a total of 71,428,572 shares at $0.35 through a placement to institutional investors.

(b) On 22[nd] December 2025, the Company issued 8,923,738 fully paid shares valued at $2,500,000 as part of the consideration for the purchase of Uranium Generation Pty Ltd in accordance with the Share Sale Agreement, refer Note 6.

20

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

11. Reserves

Foreign Currency Translation Reserve Share-Based Payments Reserve Movements in securities Balance at the beginning of the period Options expired during the period Options/rights vesting expense (refer (a)-(g) New options/rights issued (refer (h)-(o) Balance at the end of the period	31 December 2025 $ 4,189,218 5,044,972 9,234,190 Number of options/rights $ 27,463,173 5,442,146 (4,200,000) (940,380) - 350,055 9,195,075 193,151 32,458,248 5,044,972	31 December 2025 $ 4,189,218 5,044,972 9,234,190	31 December 2025 $ 4,189,218 5,044,972 9,234,190		30 June 2025 $ 4,164,212 5,442,146
					9,606,358
			$ 5,442,146 (940,380) 350,055 193,151 5,044,972		Weighted Average 0.6499 0.6100 - 0.3295 0.5643

11. Share-based Payment Reserve

• (a) On 19 July 2023, 200,000 options were granted and exercisable at $0.45 each on or before 18 July 2027, to the Company’s specified employee as part of their remuneration. The vesting condition attached to these options is continuous service of this specified employee of the Company to 3 July 2024 for 50%, and 3 July 2025 for the remaining 50%. At the reporting period date, this has been fully expensed since grant. The fair value of these options is $0.16754 per option for a total value of $33,508. In valuing these options, the Company used the following inputs in the Black Scholes option valuation model.

Inputs into the Model

Inputs into the Model
Grant date share price	$0.3014
Exercise price	$0.45
Expected volatility	85.00%
Option life	4 years
Risk-free interest rate	3.948%

• (b) On 24 November 2023, 426,667 performance rights were granted and exercisable at nil consideration on or before 30 November 2028, to specified Company’s non-executive directors as part of their remuneration. The vesting condition attached to these performance rights is continuous service of directors of the Company to 30 November 2024 for one-third, to 30 November 2025 for one-third and to 30 November 2026 for one third. In the prior period, 197,778 performance rights lapsed upon the service condition not being met resulting in reversal of the previous recognised expense of $63,421. At the reporting period date, the amount expensed since grant was $104,641. The fair value of these rights is $0.485 per right for a total value of $206,933. In valuing these rights, the Company used the following inputs in the Black Scholes option valuation model.

Inputs into the Model

Inputs into the Model
Grant date share price	$0.485
Exercise price	nil
Expected volatility	85.00%
Option life	5 years
Risk-free interest rate	4.154%

21

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

11. Share-based Payment Reserve (continued)

• (c) On 24 November 2023, 830,011 performance rights were granted and exercisable at nil consideration on or before 30 November 2028, to the Company’s executive director and executive as part of their remuneration. The vesting condition attached to these performance rights is continuous service of executive director and executive of the Company to 30 November 2026. At the reporting period date, the amount expensed since grant was $280,547. The fair value of these rights is $0.485 per right for a total value of $402,555. In valuing these rights, the Company used the following inputs in the Black Scholes option valuation model.

Inputs into the Model

Inputs into the Model
Grant date share price	$0.485
Exercise price	nil
Expected volatility	85.00%
Option life	5 years
Risk-free interest rate	4.154%

• (d) On 24 November 2023, 7,174,273 options were granted and exercisable at $0.72 on or before 30 November 2026, to the Company’s executive director and executive as part of their remuneration. The vesting condition attached to these options is continuous service of the executive director and executive of the Company to 30 November 2024 for onethird, to 30 November 2025 for one-third and to 30 November 2026 for one third. At the reporting period date, the amount expensed since grant was $1,491,117. The fair value of these options is $0.2312 per option for a total value of $1,658,820. In valuing these options, the Company used the following inputs in the Black Scholes option valuation model.

Inputs into the Model

Inputs into the Model
Grant date share price	$0.485
Exercise price	$0.72
Expected volatility	85.00%
Option life	4 years
Risk-free interest rate	4.105%

• (e) On 7 March 2024, 1,500,000 options were approved for grant, exercisable at $0.75 each on or before 26 February 2028, to an employee as part of their remuneration. The vesting condition attached to these options is continuous service of the specified employee of the Company to 26 February 2025 for one-third, to 26 February 2026 for one-third and to 26 February 2027 for one third. At the reporting period date, the amount expensed since grant was $329,333. The fair value of these options is $0.2601 per option for a total value of $390,150. In valuing these options, the Company used the following inputs in the Black Scholes option valuation model.

Inputs into the Model

Inputs into the Model
Grant date share price	$0.48
Exercise price	$0.75
Expected volatility	85.00%
Option life	2.98 years
Risk-free interest rate	3.625%

22

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

11. Share-based Payment Reserve (continued)

• (f) On 20 June 2024, 200,000 options were approved for grant, exercisable at $0.70 each on or before 30 June 2028, to an employee as part of their remuneration. The vesting condition attached to these options is continuous service of this specified employee of the Company to 30 June 2025 for 50% and 30 June 2026 for the remaining 50%. At the reporting period date, the amount expensed since grant was $45,037. The fair value of these options is $0.2546 per option for a total value of $50,920. In valuing these options, the Company used the following inputs in the Black Scholes option valuation model.

Inputs into the Model Grant date share price $0.46 Exercise price $0.70 Expected volatility 85.00% Option life 2.03 years Risk-free interest rate 3.871%

• (g) On 19 August 2024, 210,000 options were approved for grant, exercisable at $0.50 each on or before 8 September 2028, to an employee as part of their remuneration. The vesting condition attached to these options is continuous service of this specified employee of the Company to 19 August 2025 for 70,000, 19 August 2026 for 70,000 and 19 August 2027 for the remaining 70,000. At the reporting period date, the amount expensed since grant was $23,555. The fair value of these options is $0.1573 per option for a total value of $33,036. In valuing these options, the Company used the following inputs in the Black Scholes option valuation model.

Inputs into the Model Grant date share price $0.31 Exercise price $0.50 Expected volatility 80.00% Option life 4.05 years Risk-free interest rate 3.486%

(h) On 13 August 2025, 1,088,347 STI Performance Rights were approved for grant, exercisable at nil consideration on or before 13 October 2027, to employees as part of their remuneration. The vesting condition attached to these performance rights is based on achievement of key performance indicators assessed as at 31 August 2026. At the reporting period date, the amount expensed since grant was $95,479. The fair value of these rights is $0.24 per right for a total value of $261,203. In valuing these rights, the Company used the following inputs in the Black Scholes valuation model.

Inputs into the Model Grant date share price $0.24 Exercise price nil Expected volatility 75.00% Option life 2.17 years Risk-free interest rate 3.248%

23

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

11. Share-based Payment Reserve (continued)

• (i) On 13 August 2025, 540,671 Tranche 1 LTI Performance Rights were approved for grant, exercisable at nil consideration on or before 13 October 2029, to employees as part of their remuneration. The vesting condition attached to these performance rights is based on the Company’s shares achieving a volume weighted average price over 20 consecutive trading days of at least $0.60 per share at any time within 3 years from issue. At the reporting period date, the amount expensed since grant was $10,749. The fair value of these rights is $0.1643 per right for a total value of $88,829. In valuing these rights, the Company used the following inputs in the Monte Carlo valuation model.

Inputs into the Model

Grant date share price $0.24 Exercise price nil Expected volatility 75.00% Option life 3.17 years VWAP Hurdle $0.60 Risk-free interest rate 3.285%

• (j) On 13 August 2025, 540,670 Tranche 2 LTI Performance Rights were approved for grant, exercisable at nil consideration on or before 13 October 2029, to employees as part of their remuneration. The vesting condition attached to these performance rights is based on continuous service for 3 years from issue. At the reporting period date, the amount expensed since grant was $15,701. The fair value of these rights is $0.24 per right for a total value of $129,761. In valuing these rights, the Company used the following inputs in the Black Scholes valuation model.

Inputs into the Model

Grant date share price $0.24 Exercise price nil Expected volatility 75.00% Option life 4.17 years Risk-free interest rate 3.285%

• (k) On 13 August 2025, 2,853,977 LTI options were approved for grant, exercisable at $0.65 each on or before 13 October 2029, to employees as part of their remuneration. The vesting condition attached to these options is based on continuous service until 13 October 2028. At the reporting period date, the amount expensed since grant was $30,114. The fair value of these options is $0.0872 per option for a total value of $248,747. In valuing these options, the Company used the following inputs in the Black Scholes valuation model.

Inputs into the Model

Grant date share price $0.24 Exercise price $0.65 Expected volatility 75.00% Option life 4.17 years Risk-free interest rate 3.285%

24

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

11. Share-based Payment Reserve (continued)

• (l) On 27 November 2025, 647,454 STI Performance Rights were approved for grant, exercisable at nil consideration on or before 1 December 2027, to the managing director as part of his remuneration. The vesting condition attached to these performance rights is based on achievement of key performance indicators assessed as at 31 August 2026. At the reporting period date, the amount expensed since grant was $23,047. The fair value of these rights is $0.29 per right for a total value of $187,762. In valuing these rights, the Company used the following inputs in the Black Scholes valuation model.

Inputs into the Model

Grant date share price $0.29 Exercise price nil Expected volatility 75.00% Option life 2 years Risk-free interest rate 3.705%

• (m) On 27 November 2025, 329,123 Tranche 1 LTI Performance Rights were approved for grant, exercisable at nil consideration on or before 1 December 2029, to the managing director as part of his remuneration. The vesting condition attached to these performance rights is based on the Company’s shares achieving a volume weighted average price over 20 consecutive trading days of at least $0.60 per share at any time within 3 years from issue. At the reporting period date, the amount expensed since grant was $2,188. The fair value of these rights is $0.2151 per right for a total value of $70,804. In valuing these rights, the Company used the following inputs in the Monte Carlo valuation model.

Inputs into the Model

Inputs into the Model
Grant date share price	$0.29
Exercise price	nil
Expected volatility	75.00%
Option life	4 years
VWAP Hurdle	$0.60
Risk-free interest rate	3.772%

• (n) On 27 November 2025, 329,122 Tranche 2 LTI Performance Rights were approved for grant, exercisable at nil consideration on or before 1 December 2029, to the managing director as part of his remuneration. The vesting condition attached to these performance rights is based on continuous service for 3 years from issue. At the reporting period date, the amount expensed since grant was $2,950. The fair value of these rights is $0.29 per right for a total value of $95,445. In valuing these rights, the Company used the following inputs in the Black Scholes valuation model.

Inputs into the Model

Grant date share price $0.29 Exercise price nil Expected volatility 75.00% Option life 4 years Risk-free interest rate 3.772%

25

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

11. Share-based Payment Reserve (continued)

• (o) On 27 November 2025, 2,865,711 Service Options were approved for grant, exercisable at $0.41 each on or before 1 December 2029, to directors as part of their remuneration. The vesting condition attached to these options is based on continuous service until 1 December 2028. At the reporting period date, the amount expensed since grant was $12,923. The fair value of these options is $0.1459 per option for a total value of $418,044. In valuing these options, the Company used the following inputs in the Black Scholes valuation model.

Inputs into the Model Grant date share price $0.29 Exercise price $0.41 Expected volatility 75.00% Option life 4 years Risk-free interest rate 3.772%

12. Change in Accounting Policy – Intercompany Loan

During the prior corresponding period, the Company reclassified a long-term intercompany loan from “Loans to Subsidiaries” to “Investment in Subsidiaries” in accordance with AASB 121 as the balance represents a net investment not expected to be settled in the foreseeable future. As a result, foreign exchange differences are now recognised in Other Comprehensive Income and accumulated in the Foreign Currency Translation Reserve (“FCTR”) rather than in accumulated losses. A cumulative balance of $4,028,124 was reclassified from Accumulated Losses to FCTR. There is no impact of this change on total equity or net assets.

13. Segment Reporting

The Group operates in the mineral exploration and evaluation industry in Namibia and Australia. For management purposes, the Group is organised into three main operating segments which involves the exploration and evaluation of uranium deposits in Namibia and Australia plus corporate activities. The Group’s activities are inter-related and discrete financial information is reported to the Board (Chief Operating Decision Maker) using these segments. Accordingly, all significant operating decisions are based upon analysis using these segments. The combined financial results from these segments are equivalent to the financial results of the Group as a whole.

26

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

13. Segment Reporting (continued)

Revenue Interest received Foreign exchange gain Other income Expenses Exploration and evaluation expenses Share based employee benefits Employee benefit expense Administration expenses Depreciation expense Finance expense Total expenses Loss before income tax expense Total current assets Total non-current assets Total current liabilities Total non-current liabilities Net assets	31 December 2025 Corporate $ Uranium Australia $ Uranium Namibia $ Total $ 447,778 - 4,456 452,234 (763) - 17,588 16,825 101,818 50,000 - 151,818
	548,833 50,000 22,044 620,877
	335,923 878,672 3,350,058 4,564,653 543,206 - - 543,206 656,002 - 26,385 682,387 836,182 453 84,882 921,517 60,278 - 72,328 132,606 12,332 - 3,885 16,217
	2,443,923 879,125 3,537,538 6,860,586
	1,895,090 829,125 3,515,494 6,239,709
	34,383,603 100 3,010,231 37,393,934 439,031 7,269,821 534,283 8,243,135 (967,005) - (291,165) (1,258,170) (227,320) - (34,414) (261,734) 33,628,309 7,269,921 3,218,935 44,117,165

27

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

13. Segment Reporting (continued)

Revenue Interest received Foreign exchange gain Expenses Exploration and evaluation expenses Share based employee benefits Employee benefit expense Loss on disposal of plant and equipment Administration expenses Depreciation expense Finance expense Total expenses Loss before income tax expense Total current assets Total non-current assets Total current liabilities Total non-current liabilities Net assets	31 December 2024 Corporate $ Uranium Australia $ Uranium Namibia $ Total $ 159,034 - - 159,034 1,798 - - 1,798
	160,832 - - 160,832
	439,885 544,960 4,343,410 5,348,255 879,654 - - 879,654 670,972 - 16,363 687,335 11,186 - - 11,186 673,156 321 32,951 706,428 51,326 - 37,284 88,610 7,592 - 4,244 11,836
	2,733,771 545,281 4,454,252 7,733,304
	2,572,939 545,281 4,454,252 7,572,472
	26,467,307 21,742 496,760 26,985,809 457,056 2,107,743 212,190 2,776,989 (1,000,493) - (33,415) (1,033,908) (323,910) - (62,983) (386,893) 25,599,960 2,129,485 612,552 28,341,997

28

ELEVATE URANIUM LTD

Notes to the Consolidated Financial Statements For the half-year ended 31 December 2025

14. Contingent Liabilities

Mallee Minerals Pty Limited

On 7 April 2006, the Company entered into an introduction agreement with Mallee Minerals Pty Limited in respect of a potential mineral licence in Namibia, subsequently this mineral licence became the Marenica Uranium Project (“Project”). Upon the Company receiving a bankable feasibility study in respect of the Project or the Company delineating, classifying or reclassifying uranium resources in respect of the Project, the Company will pay to Mallee Minerals Pty Limited:

• (i) $0.01 per tonne of uranium ore classified as inferred resources in respect of the Project; and a further

• (ii) $0.02 per tonne of uranium ore classified as indicated resources in respect of the Project; and a further

• (iii) $0.03 per tonne of uranium ore classified as measured resources in respect of the Project.

Pursuant to this agreement no payments were made during the period ended 31 December 2025 (2024: nil). In total $2,026,000 has been paid under this agreement.

Jackson Cage Royalties

On 13 December 2019, the Company acquired Jackson Cage Pty Ltd (“Jackson Cage”). Jackson Cage is liable for a 1% gross royalty payable to Paladin Energy Limited and a 1% gross royalty payable to Orano Mining (an entity of France) on any production from the Oobagooma Project in Western Australia (being tenement E04/2297) and a 1.5% gross royalty payable to Paladin NT Pty Ltd on any production from the Pamela/Angela Project in the Northern Territory (being tenement application EL25759 and tenement EL25758). As at 31 December 2025, no production has occurred at either of these projects.

Uranium Generation Royalty

On 22 December 2025, the Company acquired Uranium Generation Pty Ltd (“Uranium Generation”). Uranium Generation is liable for a 1% net smelter royalty payable to Core Lithium Limited on any metals or minerals produced from the Napperby Uranium Project, being mineral exploration tenement EL31449. As at 31 December 2025, no production has occurred at this project.

Other than the above, the Directors are not aware of any material contingent liability as at the date of these financial statements.

15. Subsequent Events

On 3 February 2026, the Company announced that 14,904,798 unlisted options exercisable at $0.60 each expired on 30 January 2026.

On 5 February 2026, the Company announced an updated JORC 2012 mineral resource of 185ppm U3O8 for 40.2 Mlb U3O8. for the Marenica Uranium Project in Namibia.

Other than the above, there have been no matters or circumstances that have arisen since the end of the financial period which significantly affected or may significantly affect: (i) the Group's operations in future periods; or

• (ii) the results of those operations in future periods; or

• (iii) the Group's state of affairs in future periods.

29

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ELEVATE URANIUM LIMITED

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In.Corp Audit & Assurance Pty Ltd ABN 14 129 769 151

INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Elevate Uranium Limited

Conclusion

We have reviewed the accompanying half-year financial report of Elevate Uranium Limited (“the Company”) and its controlled entities (“the Group”), which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date and notes to the financial statements, including material accounting policy information, other explanatory information and the directors’ declaration.

Level 1 6-10 O’Connell Street SYDNEY NSW 2000

Suite 11, Level 1 4 Ventnor Avenue WEST PERTH WA 6005

GPO BOX 542 SYDNEY NSW 2001

T +61 2 8999 1199 E team@incorpadvisory.au W incorpadvisory.au

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Group is not in accordance with the Corporations Act 2001 , including:

• a) giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its financial performance for the half-year ended; and

• b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report performed by the Independent Auditor of the Entity . Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report.

We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (“the Code”) that are relevant to our review of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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Liability limited by a scheme approved under Professional Standards Legislation

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ELEVATE URANIUM LIMITED

INDEPENDENT AUDITOR’S REVIEW REPORT (continued)

Responsibilities of the Directors for the Half-Year Financial Report

The directors of the Company are responsible for the preparation and fair presentation of the halfyear financial report in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report to be free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Review of the Half-Year Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2025 and its performance for the half-year ended on that date and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

In.Corp Audit & Assurance Pty Ltd

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Graham Webb

Director 12 March 2026

31