ELEVATE URANIUM LTD — Investor Presentation 2026

Feb 8, 2026

Corporate Presentation February 2026

ASX: EL8 OTCQX: ELVUF NSX: EL8

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Dedicated Uranium Portfolio

153 Mlb U 0 Total Global Resources across two Tier-1 Jurisdictions[1] 3 8

• Critical Mass and Discovery Potential 96 Mlb U O 1 3 8

• • Four discoveries in four years.
• • Assets leveraged to proprietary U-pgrade process.

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1. See Resource Table on Slide 19
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High-Grade Exploration
Opportunities
57 Mlb U O 1
3 8
-
Multiple high-grade
prospects.
-
Provides diversification
and exposure to
+1,000ppm U3O8 targets
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ASX: EL8 | OTCQX: ELVUF

Corporate Overview

Capital Structure

466 M A$156 M Shares on Issue Market Cap ASX:EL8 at $0.335/share as at 6 February 2026

A$37 M

NIL

Cash as at 31 Dec 2025

Cash Debt as at 31 Dec 2025 as at 31 Dec 2025 26.5 M A$1.5 M Options & Rights Daily Liquidity average ex price: $0.55 average 30-day exp. 30 Nov 26 to 13 Oct 29 value traded

Major Shareholders

Board & Management 2.9%

Paradice Investment Management Pty Ltd 9.7%

Other Institutions 31.9%

Other 55.5%

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Board and Management. Over 40 years of uranium industry experience

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Scott Perry

Murray Hill

Non-Executive Chair

Managing Director

• +25 years as international senior executive with a track record in project financing and development.

• Metallurgist with 40+ years experience in exploration, development and production.

• Consulted for uranium projects in Africa, Australia and Europe.

• Former CEO & Director of Centerra Gold and AuRico Gold, Barrick Gold executive.

• Former Director of the World Gold Council.

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Shane McBride CFO & Co Secretary

Stephen Mann

Non-Executive Director

• Accounting and Finance Professional with 40+ years experience.

• Executive and Geoscientist with 40+ years experience.

• Extensive uranium experience.

• Uranium specialist.

• Held MD and Executive Director positions in ASX-listed companies.

• Held executive roles at Orano, Avocet Resources and Lion One Metals.

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ASX: EL8 | OTCQX: ELVUF

Key Value Catalysts Focused Strategy For Accelerated Growth

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De-risking the pathway to production and leveraging proprietary technology to achieve superior project economics.	De-risking the pathway to production and leveraging proprietary technology to achieve superior project economics.	De-risking the pathway to production and leveraging proprietary technology to achieve superior project economics.	De-risking the pathway to production and leveraging proprietary technology to achieve superior project economics.	De-risking the pathway to production and leveraging proprietary technology to achieve superior project economics.
Core Strategic Pillars	Prove & De-Risk the U-pgrade Advantage	Scale & Confidence of Namibian Resource	Unlock Optionality with Australian Asset Value	Strategic Growth & Capital Flexibility
Key Catalysts (12 Months)	Operation ofU-pgrade Pilot Plant to confirm results on continuous operation.	Koppies pre-development activities, Marenica resource growth & upgrade, maiden resource Namib IV, and ongoing exploration.	Targeted exploration and drilling at Australian assets (Angela, Minerva & Napperby).	Identify and pursue strategic project acquisitions.
Key Outcomes (Deliverables)	Definitive input for Scoping Study/PFS, establishing industry- leading project economics.	Significant upgrade to the Namibian Resource Base to support a long-life, scalable development plan.	Establish resource pathway to unlock value and secure non-core asset optionality.	Maintain capital flexibility to support opportunities for portfolio expansion.

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ASX: EL8 | OTCQX: ELVUF

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The U-pgrade Advantage Optimised processing metrics, designed to achieve industry-leading project economics

• 100% owned and patented ore beneficiation process.

• Developed in 2013 using samples from Marenica Uranium Project, to provide a process route for calcrete ores.

• Targets removing non-uranium bearing minerals (gangue) from the ore prior to leaching (>95% mass rejection at Marenica Uranium Project), reducing plant size and downstream reagent consumption.

• Targeted reduction (~50%) in capital and operating costs compared to conventional processing.

• Converts low-grade ore into high-grade concentrate – potential grade increases of up to 50x.

• Applicable on shallow, secondary uranium deposits in Namibia and Australia.

• Eliminates significant acid-consumption processing risks and potentially unlocks previously marginal resources.

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See Elevate Uranium ASX Announcement dated 4[th] April 2025 for details on reported benefits

ASX: EL8 | OTCQX: ELVUF

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U-pgrade Demonstration (Pilot) Plant Demonstrating a route to commercialisation

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• Plant operation to demonstrate production of a low-mass high-grade concentrate at scale.

• Operation to provide definitive data to inform advanced technical studies (Scoping Study/PFS).

• Plant operating with in-house fully operational assay laboratory for rapid assay turnaround and for improved plant monitoring.

• Indicative Program Schedule

• Q1 CY2026 first ore run and simultaneous data analysis.

• Q2 CY2026 second ore run and simultaneous data analysis.

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Namibia

Tier-1 Uranium Jurisdiction

Proven Uranium Producing Jurisdiction

• Holds the fifth largest uranium reserves and third largest global producer, supplying 12% of global uranium in 2024.[1]

• 49-year history of safe uranium production and export, with strong government and community support.

• Three major mines are already in production (Rossing, Husab and Langer Heinrich), two more are advancing (DYL, BMN) and Orano’s Trekkopje Project is in C&M.

• High-quality, well-established infrastructure.

Technical and Cost Advantages

• Exploration ore type is near surface, typically, <20 m deep, ideal for lowstrip ratio mining.

• Near-surface, calcrete hosted mineralisation ideally suited for processing by U-pgrade .

• Source: World Nuclear Association Sept 2025

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Koppies Mineral Resource Shallow ore, low-cost potential

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Shallow Resource Depth

• Mineralisation starts from surface with 50% of the resource within 7 m of surface, and 95% within 17 m of surface.

• This depth profile supports the potential for low-cost, low-strip ratio mining.

• Applying the U-pgrade Advantage

• Maximises ore recovery of high sulphate ore for process plant feed ( U-pgrade includes top 3-4 m vs conventional processes excludes top 3-4 m).

• Potential to provide further, substantial future cost reductions compared to similar-grade ore projects in Namibia.

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Koppies Uranium Project Resource Size Suitable to Develop

• Koppies Uranium Project Resource comprises:[1]

  • Koppies Resource of 56 Mlb U308.

  • Hirabeb Resource of 10 Mlb U308.

• Targeting Maiden MRE at Namib IV Q1 CY2026 and ongoing exploration across the project area to grow the resource base.

• ~350 Mlb U308 of resources within a 50 km radius (85% of which is within 35 km).[2]

• Well serviced by existing infrastructure including powerline and wellmaintained road passing through the tenement areas.

• See JORC Resource Table on Slide 19.

• Deep Yellow Ltd data sourced from “Updated Ore Reserve Upgrades Tumas Project”, 18 December 2024. Paladin Energy Ltd data sourced

• from “Annual General Meeting Presentation”, 15 November 2023.

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ASX: EL8 | OTCQX: ELVUF

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Marenica Uranium Project Resource Growth and Development Potential

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• Resource updated February 2026 with grade increased to 185 ppm U3O8.[1]

• Updated JORC resource of 40 Mlb U3O8.[2]

• Infill drill program to further increase resource size underway.

• Infill drilling commencing late February 2026 to increase the resource confidence to indicated level and inform Scoping Study.

• Marenica ore samples used to develop patented U-pgrade beneficiation process in 2013.

• Marenica Ore to be processed through the U-pgrade Pilot Plant, commenced Q1 CY2026.

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1. See EL8 announcement dated 5 February 2026

2. See Resource Table on Slide 19

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Australia

57 Mlb Uranium Resources

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Australia is the fourth largest uranium producer and largest resource base in the world.

100% Owned

• Angela (NT) - 31 Mlb at 1,310 ppm U3O8.[ 1]

• Napperby (NT) – 8.03 Mlb at 382 ppm U3O8.[ 1]

• Thatcher Soak (WA) - 11 Mlb at 425 ppm U3O8.[ 1]

• Minerva (NT) - High-grade uranium, 10 drill holes with grades in excess of 10,000 ppm or 1% U3O8.

• Fitton (SA) - Thick, high-grade intersections including:

• 60 m @ 482 ppm U3O8 from 53 m inc 4 m @ 3,100 ppm U3O8 from 55 m[2]

• Entia (NT) - Favourable geology and regional structures, no systematic exploration to date.

Joint Venture Interests

• 43 Mlb U3O8 resources at Bigrlyi, Walbiri, and others (7.3 Mlb U3O8 Elevate’s share).[1]

U-pgrade Testwork[2]

• Demonstrated to reduce Angela ore acid consumption by 80% (i.e. by removal of acid consumers).

• Demonstrated effective on ore sample from Napperby.

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1. See Resource Table on Slide 19

ASX: EL8 | OTCQX: ELVUF

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1. See EL8 announcement dated 23[rd] December 2025

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Angela Uranium Project Immediate Exploration Targets in Tier-1 Jurisdiction

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• JORC Resource 31 Mlb U308 at 1,310 ppm U3O81[located in uranium-friendly Northern Territory (NT).]

• • Seismic survey identified the lens that is mineralised, a second lower-lying lens identified and is the target for exploration drilling.

• Drilling of lower lens completed December 2025, results expected Q1 CY2026.

• U-pgrade Amenability: Testwork on Angela ore demonstrated a potential ~80% reduction in acid consumption.[2]

Angela Drill Targets

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1. See Resource Table on Slide 19

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ASX: EL8 | OTCQX: ELVUF

1. See EL8 announcement dated 10[th] November 2020

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Minerva Prospect High-grade prospect with immediate targets

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• Located in the uranium rich Ngalia Basin ~ 170 km NW of Alice Springs, Northern Territory.

• Data review identified 49 mineralised drill holes with sample uranium grades +250 ppm U3O8.

• 10 drill holes with sample grades +10,000 ppm or 1.0% U3O8.

• Uranium mineralisation identified over a 2,400 m strike length.

• Drilling to follow-up high-grade mineralised intercepts and determine geological structures to guide further exploration.

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• See EL8 announcement dated 8[th] May 2020 (previously Marenica Energy Ltd)

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Napperby Uranium Project Immediate Exploration Targets in Tier-1 Jurisdiction

• JORC Resource 9.54 Mt @ 382 ppm U308 containing 8.03 Mlb U308 (at 200 ppm cut-off).[1]

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• Located ~150 km NW of Alice Springs and 25 km from EL8’s Minerva Project, along the sealed Tanami Road in uranium-friendly Northern Territory.

• Resource has ~4 km strike length with shallow mineralisation (<3 - 8 m of surface) .

• Situated within a broad envelope of anomalism defined by wide spaced, historical drilling offering opportunity for possible resource extensions.[ 2]

• U-pgrade Amenability: ore samples from Napperby tested by EL8 in 2013, confirming application of U-pgrade to add value.[ 2]

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1. See Resource Table on Slide 19

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ASX: EL8 | OTCQX: ELVUF

1. See EL8 announcement dated 23[rd ] December 2025

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Fitton Prospect High-grade prospect with immediate targets

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• Located in the Flinders Ranges of SA, ~500km N of Adelaide in a proven uranium province.

• <25km from the Beverley and Four Mile Uranium Mines.

• Historical drilling returned thick, high-grade intersections including:[1]

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

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

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

• Mineralised structure traced over 1 km in strike, with potential repetitions representing further exploration targets.

• Limited systematic exploration, with targets outside of existing drilling yet to be tested.

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1. See EL8 announcement dated 23[rd ] December 2025

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ASX: EL8 | OTCQX: ELVUF

Strong News flow and Value Catalysts Delivering on our development initiatives and unlocking future value

U-pgrade Project Development Namibia Australia 16

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ASX: EL8 | OTCQX: ELVUF

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Invest in a Near-Term Uranium Developer

Actively progressing our development plans to supply uranium for carbon free energy

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153 Mlb Global Industry-Leading Strong Financial Portfolio Growth Positioned for
Resource Cost Profile Position Potential Success
Premier assets in tier-1 Transformative, patented ~$37 M Cash, Nil debt and Pipeline of assets with Capitalising on shortage of
jurisdictions; Namibia & U-pgrade Beneficiation strong institutional investor growth and scale supply and increasing global
Australia. Process. support. opportunities. energy needs.
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ASX: EL8 | OTCQX: ELVUF

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Murray Hill | Managing Director / CEO Elevate Uranium Limited P: +61 8 6555 1816 E: mhill@elevateuranium.com.au elevateuranium.com.au ASX: EL8 | OTCQX: ELVUF Investor Relations and Media Enquiries Madeline Howson P: +61 8434 073 160 E: madeline@discovir.com.au

JORC Resource Table

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Cut-off (ppm U3O8) Deposit Category	Cut-off (ppm U3O8) Deposit Category	Cut-off (ppm U3O8) Deposit Category	Cut-off (ppm U3O8) Deposit Category	Tonnes U3O8 U3O8 (M) (ppm) (Mlb) Total Resource	Tonnes U3O8 U3O8 (M) (ppm) (Mlb) Total Resource	Tonnes U3O8 U3O8 (M) (ppm) (Mlb) Total Resource	Tonnes U3O8 U3O8 (M) (ppm) (Mlb) Elevate Share Elevate Holding	Tonnes U3O8 U3O8 (M) (ppm) (Mlb) Elevate Share Elevate Holding	Tonnes U3O8 U3O8 (M) (ppm) (Mlb) Elevate Share Elevate Holding	Tonnes U3O8 U3O8 (M) (ppm) (Mlb) Elevate Share Elevate Holding
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	202	6.8	75%	11.4	202	5.1
	JORC 2012	Inferred	100	84.8	179	33.5	75%	63.6	179	25.1
**Marenica Project Total **	JORC 2012		100	100.0	183	40.2	75%	75.0	183	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			231.7 189 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

ASX: EL8 | OTCQX: ELVUF

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Disclaimer & CP’s Statement

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Disclaimer:

This presentation has been prepared by Elevate Uranium Limited (“EL8”) for general information purposes only. The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in EL8. No agreement to subscribe for securities in EL8 will be entered into on the basis of this presentation. This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on EL8’s current expectations about future events and a number of assumptions which are subject to significant uncertainties and contingencies many of which are outside the control of EL8 and its directors, officers and advisers. Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation including financial information and estimates (other than as specifically stated) has not been independently verified for EL8 or its directors and officers.

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.

Marenica Uranium Project:

The Company confirms that the Mineral Resource Estimate for Marenica has been updated in the ASX announcement titled “Marenica Resource Update Doubles Grade “ dated 5 February 2026.

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.

Napperby Uranium Project:

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

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Koppies Resource Large uranium resource at pre-development stage

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• October 2024 JORC total resource of 56 Mlb U3O8.

Koppies Resource	Mlb (U3O8)	%
Indicated	43.6	78%
Inferred	12.3	22%
Total	55.9	100%

• Koppies Resource has an aggregate length of 20 km.

• Access to existing power line and road that pass through project area.

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See Resource Table on Slide 13

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Hirabeb Deposit

Adding uranium resources to the Koppies project

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• October 2024 Maiden Inferred Resource of 10.2 Mlb U O .[1] 3 8

• Located within the Koppies Project area, in close proximity to the Koppies resource.

• Recent drilling intersected mineralisation northwest of current resource, confirming it remains open in multiple directions with drilling continuing.[2]

• Notable Hirabeb extension drilling intersections outside resource area:[2]

• 1.5 m at 753 ppm U3O8 from 3 m (HIR1861)

• 8 m at 367 ppm U3O8 from 2 m (HIR1863)

• 0.5 m at 380 ppm U3O8 from surface (HIR1930)

• See Resource Table on Slide 18

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1. See EL8 announcement dated 25[th] April 2025 “Quarterly Activities Report – March 2025”

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Namib IV Exploration Large mineralised area

• Located within the Koppies Project area, only 10 km from the Koppies resource.

• Current program includes infill resource drilling and step out drilling to expand the mineralised area.

• Notable Namib IV Intersections*

• 8.0 m at 364 ppm U3O8 from 3.0 m (NIV0007)

• 3.5 m at 2,053 ppm U3O8 from 3.5 m (NIV0349)

• 3.0 m at 606 ppm U3O8 from 3.0 m (NIV0603)

• 1.0 m at 1,018 ppm U3O8 from surface (NIV0672)

• Resource drilling in progress with maiden resource estimate planned for Q1 CY 2026.

• Additional resources will enhance the Koppies Uranium Project, extending its potential mine life or boosting future production rates.

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• See EL8 announcement dated 25[th] April 2025 “Quarterly Activities Report – March 2025”

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Capri Uranium Project Strategic resource position with exploration potential

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• 16 km of mineralisation identified only 35 km from Marenica.

• Drilling completed during Q1 CY2024 tested extensions to the mineralised envelope.

• Notable intersections included:

• 3.5 m @ 438 ppm U3O8 from surface (CAP0103)

• 4.5 m @ 942 ppm U3O8 from 7.5 m (CAP0154)

• 3.0 m @ 544 ppm U3O8 from 8.5 m (CAP1477)

• Maiden resource drilling planned for early 2026.

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See EL8 ASX Announcement dated 30[th] April 2025

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Uranium‘s Current and Future Demand Securing reliable baseload carbon free energy

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Global electricity demand is projected to increase by more than 50% by 2040, driven by decarbonisation and electrification.

Nuclear is central to the clean energy transition providing reliable baseload carbon free energy.

Nuclear provides 10% world’s electricity and is forecast to increase to meet electricity demand and decarbonisation targets.

Supply/demand imbalance and the urgency to secure uranium supplies are driving up uranium prices.

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Uranium Required for Nuclear Reactors

Source: World Nuclear Association 2023, Sprott Asset Management 2023

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