ELEVATE URANIUM LTD — Interim / Quarterly Report 2026

Jan 20, 2026

21 January 2026

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Quarterly Activities Report – December 2025

Highlights

 Capital Raising The Company completed a placement to raise $25 million (before costs).  U-pgrade[TM] Pilot Plant The U-pgrade[TM] pilot plant (“Plant”) was assembled in Namibia. Commissioning and operator training is nearing completion with steady state operations expected by late January.  Exploration Activities – Namibia In total 260 holes for 11,330 metres were drilled in Namibia during the quarter.  Koppies Uranium Project Drilling at Namib IV was focussed on infill of the mineralised envelope to confirm the hole spacing suitable for estimation of the maiden resource. 15 holes were drilled at the Koppies deposit to determine the potential for extensions of mineralisation beneath the current JORC resource. Results are expected during the March Quarter.

 Central Erongo Area Drill hole data validation of historical results from the Marenica Uranium Project continued throughout the quarter, with an updated resource estimate expected to be completed during the March Quarter. 25 holes were drilled at the Marenica Dome focused on understanding the geology of the area. Results are expected during the March Quarter. 3 deep holes were drilled at Capri to test a mineralised anomaly identified from gamma probing an historical water bore.

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Level 1, 28 Ord Street T: +61 (0)8 6555 1816 West Perth WA 6005 W: elevateuranium.com.au

Elevate Uranium Ltd ASX: EL8

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 Exploration Activities – Australia

Three deep holes for 1,860 metres were drilled at the Angela Uranium Project targeting a seismic reflector identified beneath the current resource. Results are expected in during the March Quarter.

• Acquisition of Uranium Assets from Core Lithium Ltd

The strategic acquisition of a suite of uranium assets was completed on 22 December 2025.

The assets are located in the Northern Territory and South Australia, two highly supportive, established uranium mining jurisdictions.

The Napperby Uranium Project (NT) contains an 8.0 Mlb U3O8 JORC 2012 resource at 382 ppm U3O8 and is located only 25 km from the Company’s Minerva Uranium Project.

The Fitton Uranium Project (SA) is an early-stage uranium project with excellent drill results, including 19 m at 487 ppm U3O8.

U-pgrade[TM] Pilot Plant

During the Quarter, the U-pgrade[TM] Pilot/Demonstration Plant (“Plant”) was assembled in Namibia. Commissioning and operator training are nearing completion with steady state operations expected in late January 2026. Once fully operational, the Plant will be used to demonstrate the potential benefits of the Company’s proprietary U-pgrade[TM] beneficiation process and the resultant value add to the Company’s uranium projects.

The Plant is designed to confirm, at a scalable size and operating on a continuous basis, that the U-pgrade™ process can remove gangue waste material and concentrate uranium mineral into a lowmass, high-grade concentrate before leaching and therefore, de-risk the U-pgrade™ beneficiation process prior to commercialisation.

The U-pgrade[TM] process was developed on ore samples from the Company’s Marenica Uranium Project and due to the thorough understanding of the Marenica ore, the first steady state operating runs will be completed on samples excavated from test pits at the Marenica Uranium Project. Ore from the Koppies resource will be processed immediately following the Marenica ore runs.

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Figure 1 U-pgrade[TM] Pilot Plant

The bulk of the Demonstration/Pilot Plant is shown in the centre of the photo in Figure 1.

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Uranium Exploration – Namibia

Namib IV Tenement (Koppies Uranium Project)

During the Quarter, exploration at the Namib IV prospect, located within the Koppies Uranium Project, focused on infill drilling to support reporting a maiden resource.

The Company is progressing the drilling at Namib IV with a target of estimating a maiden mineral resource in early CY2026.

Namib IV is only 10 kilometres from the southern portion of the Koppies Resource (see Figure 3). Any resources estimated at Namib IV will add to the total Koppies Uranium Project resource base and would extend the potential life of mine or allow an increased production rate, at any potential future mining operation at Koppies.

A total of 217 holes for 6,091 metres were drilled and downhole gamma probed since the end of the September quarter. The location of these drill holes is shown in Figure 2, with notable mineralised intervals summarised in Table 1.

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Table 1 Namib IV – Notable Intersections Greater Than 100 ppm eU3O8

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From To Interval Grade Grade
Hole ID
(m) (m) (m) eU3O8 (ppm) Thickness
NIV1306 6.0 9.0 3.0 383 1,149
NIV1417 5.5 8.5 3.0 228 684
NIV1431 7.5 10.5 3.0 274 822
NIV1445 6.0 9.0 3.0 232 696
NIV1448 5.5 9.0 3.5 201 703
NIV1455 4.0 7.0 3.0 236 708
NIV1467 24.5 28.0 3.5 310 1,085
NIV1474 0.0 4.5 4.5 615 2,768
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Figure 2 Namib IV – Grade Thickness Drill Hole Locations

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The proximity of the Koppies Resource area, the Hirabeb Resource area and the Namib IV tenement within the Company’s Koppies Project area, is shown in Figure 3 and the Company’s Namibian tenements in Figure 4.

Figure 3 Koppies Project Area

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Figure 4 Location of the Company’s Tenements in Namibia

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Koppies Resource (Koppies Uranium Project)

Fifteen RC holes, varying in depth from 80 to 90 metres, were drilled in specific areas of the Koppies Resource to test for depth extensions. Results are expected during the March Quarter.

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Exploration at the Marenica Dome Area

Twenty five RC holes, varying in depth from 82 to 159 metres, were drilled at the area called the Marenica Dome to follow up encouraging results (associated with drill hole MAR2500) as reported in an ASX announcement on 10 June 2025. The focus of the drilling was to gain an understanding of the geology of the area and to further investigate the potential for granite hosted primary uranium mineralisation at the Marenica Dome.

Results are expected in the March Quarter.

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Capri Exploration

Three, 230 metre deep RC holes were drilled at Capri to test a mineralised anomaly determined from gamma probing of an historical water bore. Geological interpretation is ongoing to determine the style of mineralisation and possible controls on the narrow intervals encountered.

Table 2

Capri – Intersections Greater Than 100 ppm eU3O8

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From To Interval Grade
Hole ID
(m) (m) (m) eU3O8 (ppm)
CAP1575 76.0 76.5 0.5 111
CAP1576 9.5 10.0 0.5 125
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Exploration at Angela Uranium Project – Australia

A three hole, 1,860 metre drilling program at the Company’s 100% owned Angela Uranium Project was completed during the quarter. The project is located approximately 25 km south of Alice Springs in the Northern Territory (Figure 6).

The project hosts a significant, high-grade resource of 30.8 Mlb at 1,310 ppm U3O8. The drill program was designed to test seismic reflectors, identified from a two-dimensional seismic survey previously completed by the Company, and which display geophysical properties comparable to those coincident with known mineralisation, making them prospective targets for possible new zones of mineralisation.

The program was partly co-funded with up to $112,000 from the Northern Territory government, as part of its Resourcing the Territory initiative.

Results are expected during the March Quarter.

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Acquisition of Napperby Uranium Resource and High-Grade Exploration Projects

During the quarter the Company finalised the acquisition of 100% of the issued capital of Uranium Generation Pty Ltd, previously a subsidiary of Core Lithium Ltd (“Core”). The strategic acquisition secured a portfolio of uranium assets, that are complementary to the Company’s existing central Australian holdings. The assets are in Northern Territory and South Australia, which are highly supportive, established uranium mining jurisdictions.

The location of all the acquired assets, relative to the Company’s other uranium assets, are shown in Figure 5.

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Figure 5 Location of New Tenements Relative to Elevate Uranium’s Existing Projects

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Napperby Uranium Project (NT)

Cornerstone to the acquisition is the Napperby Uranium Project, located approximately 150 km northwest of Alice Springs, along the sealed Tanami Road. Strategically, the project lies just 25 km from the Company’s existing Minerva Project (Figure 6), creating a consolidated hub in a region known for its uranium potential.

The Napperby project hosts a JORC 2012 Inferred Mineral Resource of 9.54 Mt @ 382 ppm U3O8 containing 8.03 Mlb U3O8 (at 200 ppm cut-off). 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 (Figure 7). 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 any future infill drill program.

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

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The Company has also developed advanced exploration techniques from its extensive exploration programs on its projects in Namibia, which have a similar mineralisation style to Napperby, and it believes this expertise can assist in adding to the existing resource.

Figure 6 Location of Napperby and Entia Relative to Elevate Uranium’s NT Projects

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Figure 7 Napperby Mineral Resource and Anomalous (Mineralised) Zone Outlines

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Fitton Uranium Project

The Fitton project is located in the Flinders Ranges of South Australia ~500 km north of Adelaide in a proven uranium province, within 25 km of the Beverley and Four Mile Uranium Mines (Figure 9). Drilling at Fitton by Core Lithium Ltd in 2013 returned thick, high-grade uranium intersections (Figure 8):

• 21 m @ 384 ppm U3O8 from 40 m including 6 m @ 978 ppm U3O8 from 54 m (SLRC017)

• 19 m @ 487 ppm U3O8 from 79 m including 6 m @ 1,112 ppm U3O8 from 89 m (SLRC022)

• 60 m @ 482 ppm U3O8 from 53 m including 4 m @ 3,100 ppm U3O8 from 55 m (SLRC028)

Note drill hole SLRC028 does not represent true thickness, it was drilled to investigate consistency of grade and to test the schist host unit at depth.

The project displays favourable geology with fractures in host granites that have been intruded by a mafic dyke, providing a focus for shearing and concentration of uranium mineralisation. The structure has been traced over 1 km in strike, with potential repetitions of the mineralised structure representing further exploration targets. The greater project area lacks systematic exploration, with targets outside of existing drilling yet to be tested.

Figure 8 Cross Section of Drilling at Fitton

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Figure 9 Location of Fitton in the South Australian Uranium Producing Province

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Entia

Entia is approximately 140 km northeast of Alice Springs (Figure 6). 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.

Tenements included in the Acquisition

Northern Territory

• EL 31449 – Napperby

• Entia

• EL 29347 – Yambla

• EL 29389 – Mt George

• EL 30793 – McLeish

South Australia

• EL 6445 – Wyatt Bore

• EL 6574 - Fitton

The transaction increased the Company’s Global Mineral Resource inventory to 169 Mlb U3O8. The acquisition aligns with the Company’s strategy of consolidating uranium projects in proven regions where its proprietary U-pgrade[TM] beneficiation process can unlock significant value.

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$25 million Institutional Placement

On 31 October 2025, the Company announced a capital raising of $25 million (before costs) via a placement to domestic and offshore institutional investors, including specialist uranium and natural resources funds. The shares were issued on 7 November 2025.

The funds have been allocated to:

• Finalise a resource review of the Marenica Uranium Project at an increased cut-off grade;

• Extend and expand the operation of the U-pgrade[TM] pilot plant to confirm expected results on the Marenica and Koppies Uranium Projects, and to provide design parameters and operational readiness for a commercial scale plant;

• Advance related project and technical studies on the Marenica and Koppies Uranium Projects;

• Conduct resource enhancement, definition, and expansion drilling at the Marenica Uranium Project;

• Execute targeted brownfields and greenfields drilling programs across the Company’s Namibian and Australian uranium portfolios to generate a pipeline of new discoveries;

• Retain flexibility to assess accretive M&A growth and consolidation opportunities; and

• Corporate costs and general working capital requirements.

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Expenditure

During the quarter, the Group incurred exploration expenditure of $3,087,835.

Payments to Related Parties

During the quarter, the Company paid directors’ fees and superannuation to the non-executive directors, salary and superannuation to the managing director and reimbursed expenses incurred on behalf of the Company. The total of all payments to related parties during the quarter was $184,087.

Authorisation

This report was authorised for release by the Board of Elevate Uranium Ltd.

For more information, contact :

Managing Director - Murray Hill T: +61 8 6555 1816 E: murray.hill@elevateuranium.com.au

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.

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Table 3 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 2004 Indicated 50 26.5 110 6.4 75% 19.9 110 4.8
Inferred 50 249.6 92 50.9 75% 187.2 92 38.2
MA7 JORC 2004 Inferred 50 22.8 81 4.0 75% 17.1 81 3.0
Marenica Uranium Project Total 298.9 93 61.3 75% 224.2 93 46.0
Namibia Total Indicated 124.5 183 50.0 117.9 187 48.4
Inferred 331.1 106 77.4 263.0 110 63.7
Namibia Total 455.6 127 127.4 380.9 134 112.1
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 169.1
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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 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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Marenica Uranium Project:

The Company confirms that the Mineral Resource Estimates for the Marenica and MA7 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. The Mineral Resource Estimates for the Marenica and MA7 deposits were prepared in accordance with the requirements of the JORC Code 2004. They have not been updated since to comply with the 2012 Edition of the Australian Code for the Reporting of Exploration Results, Minerals Resources and Ore Reserves (“JORC Code 2012”) on the basis that the information has not materially changed since they were last reported. A Competent Person has not undertaken sufficient work to classify the estimate of the Mineral Resource in accordance with the JORC Code 2012; it is possible that following evaluation and/or further exploration work the currently reported estimate may materially change and hence will need to be reported afresh under and in accordance with the JORC Code 2012.

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 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.

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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Annexure A – Tenement Schedule

Namibia

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Number Name Interest Licence Status Expiry Date
MDRL 3287 Marenica 75% Active 2/10/2027
EPL 6987 Koppies 100% Active 8/4/2026
EPL 7278 Hirabeb 100% Active 8/6/2026
EPL 7279 Ganab West 100% Active 8/6/2026
EPL 7508 Capri 100% Active 1/3/2027
EPL 7662 Namib IV 100% Active 27/11/2027
EPL 8098 Autseib 100% Application -
EPL 8791 Marenica North 100% Application -
EPL 8822 Ganab South 100% Application -
EPL 9045 Ganab South 100% Application -
EPL 9653 Ganab South 2 100% Application -
EPL 9657 Koppies West 100% Application -
EPL 10780 Namib North 100% Application -
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Australia

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Number Name Interest Status State Expiry Date
R 38/1 Thatcher Soak 100% Granted WA 3/12/2028
E 04/2297 Oobagooma 100% Granted WA 20/2/2027
EL 25758 Angela 100% Granted NT 2/10/2026
EL 32400 Minerva 100% Granted NT 17/4/2027
EL 25759 Pamela 100% Application NT -
EL 31449 Napperby 100% Granted NT
EL 29347 Yambla (Entia) 100% Granted NT
EL 29389 Mt George (Entia) 100% Granted NT
EL 30793 McLeish 100% Granted NT
EL 6445 Wyatt Bore 100% Granted SA
EL 6574 Fitton 100% Granted SA
ELR 41 Malawiri 23.97% Granted NT 17/7/2029
ELR 45 Walbiri 22.88% Granted NT 17/7/2029
Awaiting
ELR32552 Bigrlyi 20.82% NT 15/11/2025
renewal
EL 30144 Dingos Rest South 20.82% Granted NT 7/8/2026
ELR 31319 Sundberg 20.82% Granted NT 14/6/2027
MLN 1952 Karins 20.82% Application NT -
EL 1466 Mount Gilruth 33.33% Application NT -
EL 3114 Beatrice South 33.33% Application NT -
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Namibian Licence Notes:

Pending Renewal – at this stage the mineral licence issued by Ministry of Mines & Energy (“MME”) is pending renewal. The renewal application has been submitted to MME and is pending MME’s licence review board decision on the renewal or otherwise of the licence.

Renewal Pending ECC – at this stage the MME has renewed the licence, however the MME is officially waiting for the renewal of the Environmental Clearance Certificate (“ECC”) to be granted by Ministry of Environment Forestry & Tourism (“MEFT”) in order to endorse the licence and transfer it to “Active” status. The ECC is renewed by the MEFT, this line ministry and the timeframe for renewing ECC’s is highly variable from MEFT.

Renewal Process - The mineral licencing process in Namibia extends beyond the expiry date of a licence. Once the licence expiry date has been reached and assuming the holder has applied to extend the term of the licence, it enters a pending renewal period which can take many months or even years. If the MME ultimately decides that it intends to reject a license renewal, the cessation process of the licence begins when the MME issues a formal notice of its intention to reject renewal of the licence. There are several appeal processes that are allowed after that notice, including to the MME, the Minister and ultimately the High Court of Namibia. After any of these appeal processes the licence may ultimately be renewed.

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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 169 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 2004) 46 Mlb U3O8 – being Elevate Uranium’s 75% share).

In Australia, Elevate Uranium has tenements and joint venture interests containing substantial uranium resources. The Angela, Thatcher Soak, Napperby 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.

• 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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Table 4 Intersections Greater Than 100 ppm eU3O8

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From To Interval Grade
Hole ID
(m) (m) (m) U3O8 (ppm)
Namib IV
NIV1260 4.0 5.0 1.0 126
and 7.0 7.5 0.5 181
NIV1261 10.5 12.5 2.0 235
NIV1288 1.0 2.0 1.0 132
and 4.5 5.0 0.5 177
NIV1289 6.5 7.0 0.5 101
and 15.0 17.5 2.5 183
NIV1291 8.0 9.5 1.5 115
NIV1296 7.5 9.5 2.0 183
NIV1297 8.0 11.5 3.5 167
NIV1298 5.0 5.5 0.5 132
NIV1299 3.0 4.5 1.5 147
NIV1302 2.5 4.5 2.0 142
NIV1303 5.0 5.5 0.5 113
and 6.5 7.5 1.0 158
NIV1304 6.5 9.5 3.0 195
NIV1306 6.0 9.0 3.0 383
NIV1307 11.0 11.5 0.5 155
and 14.0 15.0 1.0 118
NIV1312 2.5 3.5 1.0 117
and 6.0 6.5 0.5 105
NIV1314 5.5 6.0 0.5 102
NIV1315 7.0 11.0 4.0 143
NIV1316 15.0 15.5 0.5 104
NIV1319 3.5 4.0 0.5 107
NIV1327 3.0 3.5 0.5 174
and 4.5 5.0 0.5 109
NIV1331 13.0 13.5 0.5 115
NIV1334 2.5 3.0 0.5 107
and 4.5 5.5 1.0 150
NIV1337 5.0 5.5 0.5 137
NIV1338 0.0 1.5 1.5 241
and 8.5 9.5 1.0 120
and 16.0 16.5 0.5 138
and 19.0 20.0 1.0 196
NIV1340 7.0 7.5 0.5 114
and 11.5 12.0 0.5 271
NIV1341 23.0 24.0 1.0 272
NIV1347 24.0 24.5 0.5 123
NIV1351 0.0 0.5 0.5 168
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From To Interval Grade
Hole ID
(m) (m) (m) U3O8 (ppm)
and 20.5 21.5 1.0 963
and 23.5 24.5 1.0 468
NIV1352 5.5 8.5 3.0 112
and 10.5 12.5 2.0 108
NIV1354 24.5 26.0 1.5 299
NIV1357 8.0 9.0 1.0 154
NIV1358 1.0 1.5 0.5 182
NIV1359 16.0 17.5 1.5 336
NIV1362 3.0 3.5 0.5 121
NIV1366 22.5 23.0 0.5 123
NIV1367 17.5 18.0 0.5 113
NIV1371 2.0 2.5 0.5 143
and 4.0 4.5 0.5 148
and 8.0 9.0 1.0 134
and 10.0 10.5 0.5 165
NIV1372 9.0 9.5 0.5 111
and 12.0 13.0 1.0 160
NIV1373 0.5 1.5 1.0 296
NIV1377 5.0 10.0 5.0 138
NIV1378 6.0 10.0 4.0 158
NIV1380 8.0 8.5 0.5 108
NIV1381 4.5 7.0 2.5 185
NIV1386 6.5 10.5 4.0 166
NIV1387 6.0 8.5 2.5 140
NIV1388 7.0 10.5 3.5 174
NIV1389 6.0 7.0 1.0 152
and 21.0 24.5 3.5 114
NIV1390 6.0 6.5 0.5 107
NIV1391 6.5 8.5 2.0 160
NIV1392 7.5 9.0 1.5 133
NIV1394 5.5 6.0 0.5 100
NIV1395 6.0 7.0 1.0 127
NIV1396 7.0 8.0 1.0 142
and 9.0 10.5 1.5 153
NIV1397 6.0 8.0 2.0 171
NIV1398 5.5 6.0 0.5 111
NIV1399 6.0 6.5 0.5 120
and 8.0 8.5 0.5 101
and 11.0 12.0 1.0 186
NIV1400 5.5 7.0 1.5 104
NIV1401 4.5 7.5 3.0 160
and 10.5 11.0 0.5 125
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From To Interval Grade
Hole ID
(m) (m) (m) U3O8 (ppm)
and 14.0 14.5 0.5 186
NIV1402 3.5 4.0 0.5 121
NIV1404 5.5 8.5 3.0 164
NIV1408 7.0 7.5 0.5 159
NIV1411 7.5 9.0 1.5 161
NIV1412 10.5 11.5 1.0 485
NIV1413 7.0 9.5 2.5 175
NIV1414 5.0 6.5 1.5 209
NIV1415 2.5 3.0 0.5 148
NIV1416 2.0 3.5 1.5 109
NIV1417 5.5 8.5 3.0 228
NIV1429 16.0 16.5 0.5 127
NIV1430 5.0 6.5 1.5 144
NIV1431 7.5 10.5 3.0 274
NIV1433 4.5 5.0 0.5 176
NIV1437 23.0 23.5 0.5 184
NIV1438 5.0 6.5 1.5 176
NIV1439 1.5 3.5 2.0 128
NIV1440 7.0 7.5 0.5 141
NIV1442 4.5 5.0 0.5 112
NIV1443 7.0 8.0 1.0 117
NIV1444 1.0 1.5 0.5 161
NIV1445 6.0 9.0 3.0 232
NIV1447 3.5 4.0 0.5 211
NIV1448 5.5 9.0 3.5 201
NIV1449 5.0 6.0 1.0 162
NIV1452 7.5 8.5 1.0 126
NIV1453 2.5 3.0 0.5 168
and 4.0 5.5 1.5 110
and 9.0 9.5 0.5 117
and 13.5 14.5 1.0 149
NIV1455 4.0 7.0 3.0 236
and 8.5 9.5 1.0 110
NIV1456 7.5 8.5 1.0 130
and 11.0 12.0 1.0 161
NIV1457 3.5 11.0 7.5 107
and 12.5 13.5 1.0 288
NIV1460 3.5 4.0 0.5 122
and 8.0 8.5 0.5 140
NIV1461 8.0 8.5 0.5 123
NIV1464 4.5 6.0 1.5 288
NIV1465 27.5 28.5 1.0 113
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From To Interval Grade
Hole ID
(m) (m) (m) U3O8 (ppm)
NIV1466 4.0 4.5 0.5 124
NIV1467 5.5 7.5 2.0 141
and 24.5 28.0 3.5 310
NIV1471 4.5 5.0 0.5 148
and 22.0 23.0 1.0 107
NIV1472 3.5 4.0 0.5 103
and 9.5 10.0 0.5 135
NIV1473 3.5 7.5 4.0 137
NIV1474 0.0 4.5 4.5 615
NIV1475 4.5 5.0 0.5 111
NIV1478 4.0 4.5 0.5 103
NIV1481 5.5 6.0 0.5 149
and 11.5 13.0 1.5 163
NIV1502 1.5 5.0 3.5 118
and 10.0 11.0 1.0 120
and 12.5 13.0 0.5 143
and 20.5 21.0 0.5 121
NIV1503 3.0 7.0 4.0 170
and 27.0 27.5 0.5 121
NIV1504 0.5 5.5 5.0 131
NIV1506 2.5 3.0 0.5 179
NIV1507 0.5 1.0 0.5 120
NIV1513 6.0 6.5 0.5 100
NIV1514 5.5 6.5 1.0 126
NIV1517 1.0 1.5 0.5 151
NIV1518 12.0 12.5 0.5 109
NIV1519 4.5 5.5 1.0 121
NIV1584 5.5 6.0 0.5 112
NIV1585 8.0 8.5 0.5 116
and 10.0 10.5 0.5 120
NIV1587 8.0 9.0 1.0 150
NIV1588 4.5 6.5 2.0 108
and 10.0 11.5 1.5 177
and 13.0 14.0 1.0 111
NIV1590 0.5 3.5 3.0 105
NIV1591 0.5 1.5 1.0 109
and 4.0 4.5 0.5 112
and 11.0 11.5 0.5 124
Capri
CAP1575 76.0 76.5 0.5 111
CAP1576 9.5 10.0 0.5 125
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Table 5 Drill Hole Locations

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Hole Hole
Drill Hole East North Drill Hole East North
Depth (m) Depth (m)
Namibia
Namib IV
NIV1259 515476 7424027 28 NIV1393 516093 7424076 28
NIV1260 515620 7423883 28 NIV1394 516023 7424147 28
NIV1261 515759 7423741 28 NIV1395 515952 7424219 28
NIV1287 514800 7426319 28 NIV1396 515881 7424290 28
NIV1288 514943 7426171 28 NIV1397 515810 7424360 28
NIV1289 515078 7426041 28 NIV1398 515740 7424432 28
NIV1290 515224 7425904 28 NIV1399 515669 7424502 28
NIV1291 515357 7425756 28 NIV1400 515601 7424572 28
NIV1292 514502 7427136 28 NIV1401 515530 7424648 28
NIV1293 514641 7426995 28 NIV1402 515583 7424707 28
NIV1294 514783 7426854 28 NIV1403 515724 7424566 28
NIV1295 514925 7426710 28 NIV1404 515864 7424422 28
NIV1296 515064 7426569 28 NIV1405 516004 7424289 28
NIV1297 515200 7426426 28 NIV1406 516144 7424147 28
NIV1298 515346 7426289 28 NIV1407 516140 7424284 28
NIV1299 515489 7426147 28 NIV1408 516009 7424427 28
NIV1300 515630 7426006 28 NIV1409 515870 7424570 28
NIV1301 514786 7427419 28 NIV1410 515728 7424712 28
NIV1302 515066 7427137 28 NIV1411 515724 7424851 28
NIV1303 515207 7426995 28 NIV1412 515865 7424710 28
NIV1304 515348 7426853 28 NIV1413 516004 7424566 28
NIV1305 515488 7426713 28 NIV1414 516146 7424428 28
NIV1306 515629 7426570 28 NIV1415 516288 7424288 28
NIV1307 515769 7426429 28 NIV1416 516287 7424413 28
NIV1308 516054 7427274 28 NIV1417 516151 7424563 28
NIV1309 516195 7427133 28 NIV1418 516009 7424703 28
NIV1310 516335 7426989 28 NIV1419 515868 7424845 28
NIV1311 515353 7427412 28 NIV1428 515771 7426573 28
NIV1312 515493 7427272 28 NIV1429 515629 7426713 28
NIV1313 515632 7427135 28 NIV1430 515483 7426852 28
NIV1314 515772 7426991 28 NIV1431 515349 7426992 28
NIV1315 515915 7426852 28 NIV1432 515912 7426711 28
NIV1316 515747 7425874 28 NIV1433 516055 7426854 28
NIV1317 515871 7425732 28 NIV1434 515772 7426848 28
NIV1318 514910 7427273 28 NIV1435 515911 7426994 28
NIV1319 516029 7426709 28 NIV1436 515628 7426995 28
NIV1320 515633 7425465 28 NIV1437 515772 7427138 28
NIV1321 515490 7425597 28 NIV1438 515485 7427135 28
NIV1322 515210 7427564 28 NIV1439 515628 7427280 28
NIV1323 514351 7427279 28 NIV1440 515208 7427134 28
NIV1324 514632 7427569 28 NIV1441 515350 7427277 28
NIV1325 514645 7426455 28 NIV1442 515489 7427420 28
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Hole Hole
Drill Hole East North Drill Hole East North
Depth (m) Depth (m)
NIV1326 515352 7425188 28 NIV1443 515068 7427276 28
NIV1327 514663 7425908 28 NIV1444 515211 7427419 28
NIV1328 514804 7425762 28 NIV1445 515350 7427562 28
NIV1329 514942 7425629 28 NIV1446 514927 7427137 28
NIV1330 515089 7425491 28 NIV1447 515067 7426994 28
NIV1331 515221 7425346 28 NIV1448 515206 7426852 28
NIV1332 514366 7426194 28 NIV1449 515348 7426713 28
NIV1333 514508 7426047 28 NIV1450 515491 7426570 28
NIV1334 516468 7427418 28 NIV1451 515631 7426427 28
NIV1335 516605 7427275 28 NIV1452 515770 7426288 28
NIV1336 516752 7427700 28 NIV1453 515909 7426145 28
NIV1337 516894 7427561 28 NIV1454 514783 7427002 28
NIV1338 523425 7431634 28 NIV1455 514923 7426861 28
NIV1339 523565 7431495 28 NIV1456 515063 7426715 28
NIV1340 523706 7431353 28 NIV1457 515207 7426570 28
NIV1341 523847 7431212 28 NIV1458 515345 7426427 28
NIV1342 523986 7431069 28 NIV1459 515487 7426286 28
NIV1343 523845 7430927 28 NIV1460 515629 7426146 28
NIV1344 523704 7430788 28 NIV1461 515770 7426003 28
NIV1345 523566 7431771 28 NIV1462 515909 7425861 28
NIV1346 523708 7431630 28 NIV1463 515629 7425868 28
NIV1347 523849 7431488 28 NIV1464 515489 7426006 28
NIV1348 523991 7431349 28 NIV1465 515347 7426146 32
NIV1349 524132 7431205 28 NIV1466 515206 7426289 28
NIV1350 523000 7431212 28 NIV1467 515065 7426436 32
NIV1351 523139 7431070 28 NIV1468 514922 7426577 28
NIV1352 523278 7430928 28 NIV1469 515501 7425754 28
NIV1353 523421 7430784 28 NIV1470 515360 7425897 28
NIV1354 523562 7430646 30 NIV1471 515218 7426039 28
NIV1355 522435 7431776 28 NIV1472 515078 7426180 28
NIV1356 522575 7431634 28 NIV1473 514937 7426322 28
NIV1357 522715 7431492 28 NIV1474 514797 7426460 28
NIV1358 522854 7431350 28 NIV1475 515366 7425624 28
NIV1359 522880 7431071 28 NIV1476 515223 7425764 28
NIV1360 523022 7430931 28 NIV1477 515084 7425907 28
NIV1361 523161 7430790 28 NIV1478 514942 7426052 28
NIV1362 523301 7430647 28 NIV1479 514803 7426195 28
NIV1363 523443 7430505 28 NIV1480 514663 7426337 28
NIV1364 522717 7431211 28 NIV1481 516043 7425734 28
NIV1365 524270 7431065 28 NIV1482 516476 7426708 28
NIV1366 523703 7430500 28 NIV1502 516052 7426283 28
NIV1367 523581 7430359 28 NIV1503 516196 7426425 28
NIV1368 524128 7430923 28 NIV1504 516192 7426141 28
NIV1369 523984 7430780 28 NIV1505 516335 7426282 28
NIV1370 523845 7430642 28 NIV1506 516476 7426141 28
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Hole Hole
Drill Hole East North Drill Hole East North
Depth (m) Depth (m)
NIV1371 515266 7424235 28 NIV1507 516615 7426001 28
NIV1372 515411 7424099 28 NIV1508 516756 7426137 28
NIV1373 515549 7423952 28 NIV1509 516618 7426285 28
NIV1374 515687 7423811 28 NIV1510 516475 7426423 32
NIV1375 515830 7423812 29 NIV1511 516900 7425997 28
NIV1376 515690 7423951 28 NIV1512 517041 7425856 28
NIV1377 515550 7424094 28 NIV1513 517182 7425714 28
NIV1378 515411 7424238 28 NIV1514 517326 7425859 28
NIV1379 515269 7424376 28 NIV1515 517186 7426000 28
NIV1380 515411 7424380 28 NIV1516 517037 7426142 28
NIV1381 515551 7424240 28 NIV1517 516907 7426278 28
NIV1382 515689 7424097 28 NIV1518 516760 7426424 28
NIV1383 515831 7423955 28 NIV1519 516620 7426565 28
NIV1384 515973 7423957 28 NIV1584 515910 7426425 28
NIV1385 515970 7424095 28 NIV1585 516055 7426567 28
NIV1386 515831 7424098 28 NIV1586 516334 7426571 28
NIV1387 515692 7424240 28 NIV1587 516193 7426714 28
NIV1388 515551 7424383 28 NIV1588 516355 7425762 28
NIV1389 515408 7424525 28 NIV1589 516506 7425907 28
NIV1390 515551 7424520 28 NIV1590 516216 7425913 28
NIV1391 515691 7424377 28 NIV1591 516370 7426038 28
NIV1392 515834 7424236 28
Capri
CAP1575 456384 7605588 230 CAP1577 456400 7605576 230
CAP1576 456369 7605604 230
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Note: all holes were drilled by RC. Holes are vertical and have a 0º azimuth except Capri, where the holes were angled at 60[o ] with an azimuth of 225[o] .

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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  Uranium grade at Namib IV and Capri were
techniques channels, random chips, or specific estimated using downhole gamma probes.
specialised industry standard measurement
tools appropriate to the minerals under
investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc).
These examples should not be taken as
limiting the broad meaning of sampling.
 Include reference to measures taken to  Gamma probes provide an estimate of
ensure sample representivity and the uranium grade in a volume extending
appropriate calibration of any measurement approximately 40 cm from the hole and
tools or systems used. thus are more representative than wet
chemical samples which represents a
much smaller fraction of this volume.
Gamma probes were calibrated at the
Pelindaba facility in South Africa and at
borehole Garc065 on the Bannerman EPL
in Alaskite and Chuos Formation
lithologies.
 Aspects of the determination of  Gamma data (as counts per second) from
mineralisation that are Material to the calibrated probes are converted into
Public Report. equivalent uranium values (eU3O8) using
appropriate calibration, water and casing
factors. Gamma probes can overestimate
uranium grade if high thorium is present or
if disequilibrium exists between uranium
and its daughters. Neither is thought to be
a significant issue here.
 In cases where ‘industry standard’ work
has been done this would be relatively
simple (eg ‘reverse circulation drilling was
used to obtain 1 m samples from which 3
kg was pulverised to produce a 30 g
charge for fire assay’). In other cases more
explanation may be required, such as
where there is coarse gold that has
inherent sampling problems. Unusual
commodities or mineralisation types (eg
submarine nodules) may warrant
disclosure of detailed information.
Drilling  Drill type (eg core, reverse circulation,  Reverse circulation percussion (RC) was
techniques open-hole hammer, rotary air blast, auger, used. Hole diameter is approximately 140
Bangka, sonic, etc) and details (eg core mm. The Namib IV holes are relatively
diameter, triple or standard tube, depth of shallow (typically 28 m) and vertical,
diamond tails, face-sampling bit or other therefore downhole dip and azimuth were
type, whether core is oriented and if so, by not recorded.
what method, etc). Holes at Capri were drilled to 230m down
hole depth. Holes were angled at 60 [o]
towards 225 [o] with orientation surveyed
using a magnetic deviation survey tool.
Drill sample  Method of recording and assessing core  Bags containing 1 m of chip samples were
recovery and chip sample recoveries and results weighed at the rig and weights recorded.
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Criteria JORC Code explanation Commentary
assessed. The nominal weight of a 1 m sample is 25
kg and recovery is assessed using the ratio
of actual to ideal sample weight.
 Measures taken to maximise sample  Standard operating procedures are in place
recovery and ensure representative nature at the drill rig in order to ensure that
of the samples. sampling of the drilling chips is
representative of the material being drilled.
 Whether a relationship exists between  In most cases grade is derived from
sample recovery and grade and whether gamma measurement and sample bias is
sample bias may have occurred due to not an issue. There is a possibility that
preferential loss/gain of fine/coarse some very fine uranium is lost during
material. drilling, and this will be investigated by
twinning some RC 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.
 Whether logging is qualitative or  Logging is qualitative. Reference
quantitative in nature. Core (or costean, photographs are taken of RC chips in chip
channel, etc) photography. trays.
 The total length and percentage of the  All samples were logged.
relevant intersections logged.
Sub-  If core, whether cut or sawn and whether  Not reporting core drilling results.
sampling quarter, half or all core taken.
techniques  If non-core, whether riffled, tube sampled,  1 m RC chips were subsampled to
and sample rotary split, etc and whether sampled wet approximately 1 kg using a 3-way riffle or
preparation or dry. cone splitter mounted on the RC rig. A
second 1 kg sample was collected as a
field duplicate and reference sample.
Samples were predominantly dry.
 For all sample types, the nature, quality  Samples for geochemical analysis, split
and appropriateness of the sample and pulverised to 120g, were shipped to
preparation technique. Intertek's preparation laboratory at Tschudi
for crushing and grinding.
 Quality control procedures adopted for all  Certified reference material, duplicate
sub-sampling stages to maximise samples and blank samples were
representivity of samples. submitted at a rate of 1 per 20.
 Measures taken to ensure that the  Mineralisation is somewhat nuggetty,
sampling is representative of the in situ however this is overcome by the use of
material collected, including for instance gamma logging which measures a
results for field duplicate/second-half significantly larger volume.
sampling.
 Whether sample sizes are appropriate to  This has not yet been investigated as the
the grain size of the material being values used for interpretations are derived
sampled. from downhole gamma logging.
Quality of  The nature, quality and appropriateness of  Samples from a limited number of holes at
assay data the assaying and laboratory procedures Namib IV have been analysed by chemical
and used and whether the technique is analyses at Intertek facility in Perth.
laboratory considered partial or total.
tests
 For geophysical tools, spectrometers,  The gamma probes used have been
handheld XRF instruments, etc, the checked against assays by logging drill
parameters used in determining the holes for which the Company has
analysis including instrument make and geochemical assays at Namib IV. The
model, reading times, calibration factors comparison between geochemical assays
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Criteria JORC Code explanation Commentary
applied and their derivation, etc. and derived equivalent uranium values and
deemed sufficient for use.
 Nature of quality control procedures  Review of the company's QA/QC sampling
adopted (eg standards, blanks, duplicates, and analysis confirms that the analytical
external laboratory checks) and whether program has provided data with good
acceptable levels of accuracy (ie lack of analytical precision and accuracy. No
bias) and precision have been established. external laboratory (i.e. umpire) checks
have been undertaken.
Verification  The verification of significant intersections  No external verification has been
of sampling by either independent or alternative undertaken to date.
and company personnel.
assaying  The use of twinned holes.  Holes have not been twinned at this time.
 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
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.
 Discuss any adjustment to assay data.  No adjustment undertaken.
Location of  Accuracy and quality of surveys used to  Collar locations were surveyed using a
data points locate drill holes (collar and down-hole differential GPS system. RL's were based
surveys), trenches, mine workings and on a Worldview 3 DEM and are accurate to
other locations used in Mineral Resource better than 50 cm. No downhole surveys
estimation. have been undertaken to date.
 Specification of the grid system used.  The grid system is Universal Transverse
Mercator, zone 33S (WGS 84 datum).
 Quality and adequacy of topographic  Topographic control is provided by a digital
control. elevation model derived from Worldview 3
imagery and is accurate to approximately
50 cm.
Data spacing  Data spacing for reporting of Exploration  Drilling programs range from largely
and Results. exploratory in nature, to closer spaced at
distribution regular intervals, and use a variety of drill
spacings. Line spacing ranges from 200 m
to 1,600 m or more, with holes typically 200
m apart.
 Whether the data spacing and distribution  Drilling is sufficient to broadly define a
is sufficient to establish the degree of mineralised envelope, with closer spaced
geological and grade continuity appropriate drilling required to establish geological and
for the Mineral Resource and Ore Reserve grade continuity sufficient for mineral
estimation procedure(s) and classifications resource estimation.
applied.
 Whether sample compositing has been  Gamma measurements are taken every 10
applied. cm downhole. These 10 cm
measurements are composited to 0.5 m
intervals.
Orientation  Whether the orientation of sampling  Uranium mineralisation, although quite
of data in achieves unbiased sampling of possible nuggety, is broadly distributed in
relation to structures and the extent to which this is moderately continuous horizontal layers.
geological known, considering the deposit type. Holes are typically drilled vertical.
structure  If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
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Criteria JORC Code explanation Commentary
should be assessed and reported if
material.
Sample  The measures taken to ensure sample  Samples from mineralised intervals,
security security. determined from down hole gamma probe,
as well as a second split (field duplicate)
are collected in plastic bags and
transported to the Company’s storage shed
in Swakopmund by Company personnel
where they are kept in a locked storage
shed. Samples selected for geochemical
analysis are transported by a contract
transport company in Swakopmund to the
Genalysis Intertek sample preparation
facility in Tschudi.
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	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 Exploration Results for Namib IV relate to exclusive prospecting licence EPL 7662, owned 100% by Marenica Ventures Pty Ltd, a 100%-owned subsidiary company of Elevate Uranium Ltd. EPL 7662 expires on 27 November 2027. The Exploration Results for Capri relate to exclusive prospecting licence EPL 7508, owned 100% by Marenica Ventures Pty Ltd, a 100%-owned subsidiary company of Elevate Uranium Ltd. EPL 7508 expires on 1 March 2027.
	 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.	
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.		General Mining is known to have previously explored the area covered by the tenements in the late 1970’s, 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		Uranium mineralisation occurs as
	of mineralisation.		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.

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Criteria JORC Code explanation Commentary
Drill hole  A summary of all information material to  In this report, 217 holes for a total of
Information the understanding of the exploration 6,091 m have been drilled at Namib IV. 3
results including a tabulation of the holes for a total of 690 m have been
following information for all Material drill drilled at Capri. Table 4 lists all the
holes: additional drill hole locations since
o easting and northing of the drill hole September 2025 Quarterly reported on 28
collar October 2025.
o elevation or RL (Reduced Level –
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
methods minimum grade truncations (eg cutting of
high grades) and cut-off grades are
usually Material and should be stated.
 Where aggregate intercepts incorporate  All grade intervals are weighted averages
short lengths of high grade results and over the stated interval.
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  Not relevant.
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 all drilling vertical, therefore, mineralised
mineralisation Results. intercepts are considered to represent
widths and true widths.
intercept  If the geometry of the mineralisation with
lengths respect to the drill hole angle is known, its
nature should be reported.
 If it is not known and only the down hole  Not relevant.
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
of drill hole collar locations and
appropriate sectional views.
Balanced  Where comprehensive reporting of all  All drill collars and significant results are
reporting Exploration Results is not practicable, reported in this announcement.
representative reporting of both low and
high grades and/or widths should be
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Criteria JORC Code explanation	Commentary
practiced to avoid misleading reporting of Exploration Results.
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.	Previous Drilling results have been reported in earlier announcements.
Further work  The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	Exploration of early-stage targets, regular spaced drilling to delineate zones of mineralisation, and infill drilling of known mineralised regions will continue during 2026.
 Diagrams clearly highlighting the areas of	See text.
possible extensions, including the main
geological interpretations and future
drilling areas, provided this information is
not commercially sensitive.

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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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Name of entity
Elevate Uranium Ltd
ABN Quarter ended (“current quarter”)
71 001 666 600 31 December 2025
Consolidated statement of cash flows Current quarter Year to date
$A’000 (6 months)
$A’000
1. Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (3,209) (4,864)
- -
(b) development
- -
(c) production
(d) staff costs (290) (604)
(e) administration and corporate costs (543) (1,111)
1.3 Dividends received (see note 3) - -
1.4 Interest received 55 447
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives 51 51
1.8 Other 50 50
1.9 Net cash from / (used in) operating (3,886) (6,031)
activities
2. Cash flows from investing activities
2.1 Payments to acquire or for:
- -
(a) entities
(b) tenements (2,500) (2,500)
(c) property, plant and equipment (58) (319)
- -
(d) exploration & evaluation
(e) investments 844 466
(f) other non-current assets - -
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ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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Consolidated statement of cash flows Current quarter Year to date
$A’000 (6 months)
$A’000
2.2 Proceeds from the disposal of:
- -
(a) entities
- -
(b) tenements
- -
(c) property, plant and equipment
- -
(d) investments
- -
(e) other non-current assets
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing (1,714) (2,353)
activities
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) 25,000 25,000
3.2 Proceeds from issue of convertible debt - -
securities
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity (1,630) (1,630)
securities or convertible debt securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and - -
borrowings
3.8 Dividends paid - -
3.9a Proceeds from issues of equity securities to - -
be allotted
3.9b Repayment of lease liabilities (38) (87)
3.10 Net cash from / (used in) financing 23,332 23,283
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of 18,872 21,714
period
4.2 Net cash from / (used in) operating (3,886) (6,031)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (1,714) (2,353)
(item 2.6 above)
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ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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Consolidated statement of cash flows Current quarter Year to date
$A’000 (6 months)
$A’000
4.4 Net cash from / (used in) financing activities 23,332 23,283
(item 3.10 above)
4.5 Effect of movement in exchange rates on 55 46
cash held
4.6 Cash and cash equivalents at end of 36,659 36,659
period
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents $A’000 $A’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 4,697 8,535
5.2 Call deposits 31,962 10,337
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of 36,659 18,872
quarter (should equal item 4.6 above)
6. Payments to related parties of the entity and their Current quarter
associates $A'000
6.1 Aggregate amount of payments to related parties and their 184
associates included in item 1
6.2 Aggregate amount of payments to related parties and their -
associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.
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Payment of fees and salary plus superannuation to directors and reimbursement of expenses incurred on behalf of the Company.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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7. Financing facilities Total facility Amount drawn at
Note: the term “facility’ includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end $A’000
Add notes as necessary for an understanding of the
$A’000
sources of finance available to the entity.
7.1 Loan facilities
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities
7.5 Unused financing facilities available at quarter end
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.
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8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (3,886)
8.2 (Payments for exploration & evaluation classified as investing -
activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,886)
8.4 Cash and cash equivalents at quarter end (item 4.6) 36,659
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 36,659
8.7 Estimated quarters of funding available (item 8.6 divided by 9.43
item 8.3)
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
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Answer: N/A

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 21 January 2026

Authorised by: The Board

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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