Highlights

  • Elevate Uranium confirmed on 30 October 2026 that its ownership of Marenica Minerals had increased to 90%.
  • The completed settlement involved an additional 5% shareholding after an extension to the settlement deadline.
  • Marenica contains 52.8 million pounds of U3O8 in reported Mineral Resources on a 100% basis.
  • The company reported 123.7 million pounds of attributable Namibian uranium resources across its portfolio.
  • The update did not disclose Acquisition consideration or a revised project development timetable.

Elevate Uranium Ltd develops uranium exploration and resource projects in Namibia and Australia, with its Namibian portfolio centred on the Erongo Region. A 30 October 2026 announcement confirmed that Elevate Uranium (ASX:EL8) had settled an additional share purchase in Marenica Minerals (Proprietary) Ltd, the owner of the Marenica Uranium Project. The transaction increased Elevate’s ownership to 90%, strengthening its direct economic interest in an existing resource while leaving the project’s technical and development assumptions unchanged in that announcement.

Marenica Transaction: What Was Completed?

Elevate Uranium (ASX:EL8) said the owner of a 5% holding had been given until 30 October 2026 to complete the purchase. Settlement was confirmed on that date, bringing Elevate’s shareholding in Marenica Minerals to 90%.

The company described the completed transaction as simplifying Marenica’s ownership structure and increasing the proportion of the project attributable to its shareholders. However, the announcement did not specify the vendor, acquisition price or payment structure. It also did not announce a new financing agreement, offtake arrangement or Investment decision.

Reported Resources and Geological Confidence

The Marenica Uranium Project has a reported JORC 2012 Mineral Resource of 134.5 million tonnes grading 180 parts per million U3O8, equivalent to 52.8 million pounds of contained U3O8, at a 100 ppm cut-off. Its Indicated component is 16.8 million tonnes at 205 ppm, containing 7.5 million pounds. The larger Inferred component comprises 117.7 million tonnes at 175 ppm, containing 45.3 million pounds.

At its new 90% ownership level, Elevate Uranium (ASX:EL8) attributed approximately 47.5 million pounds of contained U3O8 to its interest in Marenica. Most of the resource remains Inferred, a category with lower geological confidence than Indicated Resources.

Namibian Portfolio and Development Priorities

Marenica sits alongside the wholly owned Koppies Project, which incorporates the Koppies, Hirabeb and Namib IV deposits. Elevate reported a combined Koppies resource of 186.2 million tonnes at 186 ppm U3O8, containing 76.2 million pounds. Across Namibia, Elevate Uranium (ASX:EL8) reported 320.7 million tonnes at 183 ppm for 129.0 million pounds on a 100% basis, equivalent to 123.7 million attributable pounds.

The company also reported 92.8 million pounds of Australian uranium resources on a 100% basis, including interests in Angela, Napperby, Thatcher Soak and Bigrlyi. Its attributable Australian share was 57.0 million pounds, taking global attributable resources to approximately 181 million pounds. Elevate said its resource estimates were unchanged from those reviewed in its 2026 Annual Report; the October settlement did not constitute a new drilling or resource upgrade announcement.

Elevate Uranium (ASX:EL8) continues to identify its U-pgrade beneficiation process and Central Erongo tenements as part of its broader development strategy. Consequently, the immediate verified development is consolidation of the Marenica interest, not the commencement of production.

Key Insights

The completed Marenica settlement gives Elevate Uranium (ASX:EL8) a 90% interest in a project with an established uranium resource. Future technical, permitting and financing disclosures will be important for assessing project progression.