Elevate Uranium Secures 90% Stake in Marenica Project, Extends Final 5% Acquisition to August 2026

Two-Phase Acquisition and Updated Settlement Schedule for Marenica Ownership

Elevate Uranium has implemented a staged acquisition plan to increase its stake in Marenica Minerals from 75% to 90%. On 13 July 2026, the company announced agreements to acquire an additional 15% of Marenica, the operator of the Marenica Uranium Project in Namibia. The first phase, involving a 10% stake, was completed through the issuance of 4,701,659 shares and a $1.1 million cash payment. This hybrid equity-cash consideration structure secured the increased ownership.

The second phase, covering the remaining 5%, has seen its closing date extended from late July 2026 to 7 August 2026. Share settlement for this tranche is anticipated by 14 August 2026. Although the company did not specify reasons for the delay, it indicates additional administrative or procedural steps were necessary. Upon completion, Elevate Uranium will hold a commanding 90% interest in Marenica Minerals, enhancing operational control.

Marenica Uranium Project: Resource Highlights and Prime Location in Erongo Province

The Marenica Uranium Project is a cornerstone asset within Elevate Uranium’s portfolio, situated in Namibia’s Erongo uranium province, a globally recognized uranium mining region. The project boasts a JORC 2012-compliant resource of 47.5 million pounds of uranium (U3O8), representing Elevate Uranium’s share. This positions Marenica as a significant contributor to the company’s total resource base of 181 million pounds of U3O8 across Namibia and Australia. The Erongo province’s established mining infrastructure and geology provide a favorable environment for advancing development-stage projects.

Marenica’s uranium deposits are surficial secondary types, located near the surface and amenable to cost-effective extraction methods compared to traditional deep mining. These geological characteristics align well with Elevate Uranium’s patented U-pgrade14 beneficiation process, which has shown high responsiveness in bench-scale tests on secondary uranium deposits from both Namibia and Australia.

U-pgrade14 Beneficiation Technology: Laboratory Success and Economic Potential

Elevate Uranium’s patented U-pgrade14 beneficiation process offers a transformative approach to extracting uranium from large, surficial secondary deposits like Marenica. Bench-scale testing on Marenica ore samples revealed uranium concentration enhancements of roughly 50 times, increasing grades from about 93 ppm U3O8 to approximately 5,000 ppm U3O8. This significant upgrade reduces the volume of material requiring leaching and processing, improving overall economics.

The process also effectively rejects around 98% of gangue material, decreasing processing volumes and operational costs. Additionally, it removes acid-consuming minerals, lowering chemical usage in downstream leaching. Bench-scale results suggest potential reductions of approximately 50% in both capital and operating expenditures compared to conventional uranium processing methods. If these benefits are confirmed at scale, Elevate Uranium could gain a competitive advantage in advancing its mineral resources toward production.

Diversified Resource Portfolio Across Namibia and Australia

Beyond Marenica, Elevate Uranium’s resource portfolio spans Namibia and Australia. In Namibia, the Koppies Uranium Project adds 76.2 million pounds of JORC 2012-compliant U3O8, bringing the Namibian total to 123.7 million pounds out of the company’s 181 million pound global resource. Both projects are in the Erongo province, offering potential synergies in infrastructure and development.

In Australia, Elevate Uranium holds tenements and joint ventures with 57 million pounds of high-grade uranium resources across multiple project areas, including Angela, Napperby, Thatcher Soak, Minerva, and joint ventures such as Bigrlyi, Malawiri, Walbiri, and Areva. This geographic diversification mitigates jurisdictional risks and complements the Namibian assets, especially as the U-pgrade14 process has proven effective on deposits in both regions.

Capital Structure Impact from Marenica Stake Expansion

The 15% acquisition in Marenica Minerals involved a mix of equity and cash, with the initial 10% tranche settled by issuing 4,701,659 shares and paying $1.1 million. This equity component helps conserve cash while allowing vendors to maintain exposure to project upside. The share issuance will increase the total shares outstanding, potentially diluting existing shareholders, although the company did not disclose pre-transaction share counts or dilution percentages.

The remaining 5% acquisition is expected to be settled through share issuance by 14 August 2026, though the number of shares to be issued has not been announced. Together, these transactions represent a combined cash and equity consideration for 15% ownership, reflecting negotiated terms tailored to each vendor. The full impact on Elevate Uranium’s capital structure will become clearer once both acquisitions are finalized.

Strategic Benefits of Increased Marenica Ownership

Raising Marenica ownership from 75% to 90% strategically consolidates Elevate Uranium’s control over a key asset, enhancing operational autonomy and governance influence. Majority ownership above 75% typically enables stronger decision-making authority and streamlines project management. At 90%, Elevate Uranium will hold near-complete control while minority interests remain, facilitating faster decisions and potentially simplifying future financing or development partnerships.

This consolidation supports the company’s focus on leveraging its U-pgrade14 beneficiation technology by enabling direct control over project strategy, capital allocation, and technology deployment. The timing aligns with positive bench-scale test results and broader portfolio development, positioning Marenica for potential advancement through feasibility and development stages. Higher ownership also improves the project’s attractiveness to future joint venture partners or strategic investors.

Geographic Concentration and Risk Management in Exploration Portfolio

Elevate Uranium’s acquisition strategy emphasizes the Marenica Uranium Project within Namibia’s Erongo province, with Marenica and Koppies comprising 68% of its 181 million pound resource base. While the Erongo province offers world-class mining infrastructure and a stable regulatory environment, this concentration exposes the company to jurisdiction-specific risks such as regulatory changes or operational challenges affecting both assets simultaneously.

The Australian portfolio, representing 32% of resources, provides geographic diversification and exposure to different regulatory frameworks. However, the current focus on expanding Namibian holdings indicates near-term strategic priority on Marenica and Koppies. This concentration likely reflects confidence in the U-pgrade14 process validation and development potential at Marenica, though future market or exploration developments could shift portfolio emphasis.

Technical Validation and Development Pathway for Marenica

Bench-scale testwork results mark significant progress in de-risking the Marenica project and validating the U-pgrade14 process. These early-stage laboratory tests confirmed substantial uranium concentration improvements, gangue rejection, and potential cost reductions. However, further pilot-scale testing and feasibility studies are needed to confirm scalability and commercial viability.

The company has not disclosed current development stages or timelines for advancing Marenica toward feasibility or production decisions. Investors will likely monitor for announcements on pilot testing, pre-feasibility studies, or capital planning linked to the increased ownership. Previous company updates from April 2017 and April 2025 may provide additional context on development progress.

Capital Management and Funding Outlook for Project Advancement

Elevate Uranium’s use of a combined share issuance and $1.1 million cash payment for the 10% Marenica acquisition reflects a capital-conscious approach to strategic growth. Equity consideration preserves cash reserves, a common practice among exploration and development-stage companies. The disclosed cash outlay is modest relative to the significant uranium resource acquired in a stable mining jurisdiction.

Advancing Marenica beyond exploration will require substantially greater capital for feasibility studies, pilot testing, and potential development. The company has not detailed funding plans for these next phases. Investors will be attentive to future capital raises, strategic partnerships, or joint ventures aimed at financing project progression. Holding 90% ownership may enhance Elevate Uranium’s ability to attract development partners and strategic investors interested in uranium assets with validated processing technology in a premier mining location.