Australian-based Elevate Uranium has strengthened its commitment to the country by increasing its ownership of the Marenica Uranium Project to 90 percent, while successfully navigating local logistical challenges to advance its proprietary U-pgrade™ processing technology.
The company, which holds substantial uranium resources across Namibia’s world-class Erongo province, announced this week that it has entered into agreements to acquire an additional 15 percent interest in Marenica Minerals, consolidating its position ahead of anticipated pilot plant results scheduled for release in August 2026.
The development comes as Elevate’s in-country management team continues to refine operations at the U-pgrade™ Pilot Plant, despite facing extended procurement delays for imported equipment and customs processing issues arising from the Namibian customs department’s implementation of an upgraded electronic system.
Managing Director Murray Hill has spent substantial time in Namibia this year providing direct technical support to the local team, underscoring the company’s commitment to developing its Namibian assets through local expertise and on-the-ground presence.
Resource Expansion Strengthens Namibian Portfolio
The company’s confidence in the project is backed by significant resource growth, with the Marenica Uranium Project’s JORC-compliant resource increasing by 31 percent to 52.8 million pounds of U₃O₈. This follows an earlier maiden resource estimate for the Namib IV deposit, which contributed to expanding the company’s broader Koppies Project resource base to 76.2 million pounds.
Elevate’s total Namibian mineral resource portfolio now stands at 129 million pounds of U₃O₈ across its projects, positioning the company as a significant player in the country’s uranium sector.
The simplified ownership structure benefits both Elevate and the remaining Namibian shareholder, ensuring a greater portion of the project’s future value sits directly with Namibian stakeholders while increasing Elevate’s economic and strategic interest in the project.
Overcoming Local Challenges
The company’s technical team has strengthened its operational capability by adding additional metallurgists and realigning plant personnel. Despite challenges with customs processing and extended procurement timelines, Elevate has escalated procurement efforts and continues working closely with suppliers and logistics providers to expedite delivery.
The ongoing circuit optimisation supports the establishment of consistent baseline operations at the pilot plant, which is designed to confirm at scalable size that the U-pgrade™ process can reject gangue waste material and concentrate uranium mineral into a low-mass, high-grade concentrate prior to leaching.
Economic Implications for Namibia
The successful operation of the pilot plant would provide critical validation of the U-pgrade™ beneficiation process prior to commercialisation, potentially transforming the economics of surficial uranium deposits across the region.
Bench-scale testwork on Marenica project samples has demonstrated the process’s potential to concentrate uranium by a factor of approximately 50, increasing ore grade from around 93 ppm U₃O₈ to approximately 5,000 ppm U₃O₈, while rejecting approximately 98 percent of gangue material.
The technology offers significant economic advantages, with potential to reduce capital and operating expenditure by approximately 50 percent compared to conventional processing methods. This positions Namibian uranium projects to compete more effectively in global markets, potentially attracting further international investment to the country’s mining sector.
Forward-Looking Development Programs
Infill drilling programmes to convert areas of the Inferred Mineral Resource to Indicated category were undertaken during the quarter and are expected to continue until early August 2026. This work is critical for advancing the project toward development and demonstrates the company’s systematic approach to resource definition.
Financial Strength and Commitment
Elevate Uranium maintains a strong financial position with cash holdings of A25 million through equity issues over the past 12 months. The company spent A$4.1 million on exploration during the quarter, reflecting its active development approach.
The company’s Namibian tenement portfolio includes active licences such as MDRL 3287 (Marenica) and EPL 7508 (Capri), with several applications pending across prospective areas including Marenica North, Ganab South, Koppies West, and Namib North.
A Testament to Namibia’s Mining Investment Climate
Elevate’s increased ownership and continued investment in Namibia’s uranium sector reflects the country’s attractive investment climate and established mining infrastructure. The Erongo uranium province has proven itself as a world-class jurisdiction for uranium development, with Elevate’s operations benefiting from Namibia’s mining-friendly regulatory framework and skilled workforce.
The company’s commitment to developing its Namibian assets through local operations, including its in-country management team and personnel realignment, demonstrates the potential for meaningful employment creation and skills development in the region.
As global uranium demand continues to strengthen, driven by the increasing recognition of nuclear power’s role in decarbonisation, Elevate Uranium’s progress at its Namibian projects positions the country to play an increasingly significant role in supplying uranium to meet growing global energy needs.
The company’s success in navigating local challenges while advancing its proprietary technology provides a compelling example of how international investment, combined with local expertise and infrastructure, can unlock the full potential of Namibia’s mineral resources for the benefit of all stakeholders.