Elevate Uranium Limited (ASX:EL8): Namibian Uranium Drilling and Elevate’s U-pgrade Pilot Results

Aditi Sarkar

11 November 2026 03:50 PM AEDT

Elevate Uranium Limited (ASX:EL8): Namibian Uranium Drilling and Elevate’s U-pgrade Pilot Results

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Highlights

Elevate Uranium Limited (ASX:EL8) traded at AUD 0.225 on 11 November 2026, down 6.25% for the session.
Pilot testing rejected about 88% of ore mass through four processing stages.
The first four stages reported 79% uranium recovery from Marenica test material.
Elevate reported AUD 22.2 million in cash at the September 2026 quarter-end.

Elevate Uranium Limited (ASX:EL8) explores uranium projects in Namibia and Australia and develops the proprietary U-pgrade uranium processing technology. In the 11 November 2026 session, Elevate Uranium Limited (ASX:EL8) was down 6.25% at AUD 0.225. The latest 2026 reports place emphasis on pilot-scale results in 2026, alongside operating, funding and approval questions relevant to the company’s assets.

Namibian Deposits and Processing Technology

For Elevate Uranium Limited (ASX:EL8), elevate holds uranium exploration interests including Marenica and Koppies in Namibia. Alongside drilling, the company is developing U-pgrade technology intended to concentrate uranium from lower-grade material before Downstream processing. This changes the technical questions from geological continuity alone to separation efficiency, uranium losses, reagent requirements and the practical performance of the integrated circuit. A processing test on selected ore is not proof that a whole deposit can be mined or processed economically. Continued sampling and engineering remain necessary before feasibility claims can be established.

Pilot-Scale Results in 2026

For Elevate Uranium Limited (ASX:EL8), the September 2026 report outlined pilot testing through the first four U-pgrade stages. These stages rejected approximately 88% of the original ore mass and increased the uranium grade from 89 parts per million to 590 parts per million, or approximately sevenfold. Reported uranium recovery through those stages was 79%. These results describe test material and a partially completed process sequence. Stage five had been commissioned in August, with integrated results across all five stages expected during the December 2026 quarter. The outcome of the full circuit could differ from the interim figures.

Marenica and Koppies Drilling

During the September quarter, Elevate reported 718 holes covering 31,115 metres at Marenica and 191 holes covering 5,408 metres at the Namib IV resource area at Koppies. The company also executed agreements to increase its interest in the Marenica project owner from 75% to 90%, subject to completion. The reported drill metres indicate the scale of geological work but are not themselves resource additions. Assays, geological interpretation, mineral resource reporting and eventually mine planning must connect exploration activity with any potential development proposal.

Funding and Next Technical Decisions

Cash holdings at the end of the September 2026 quarter were reported at AUD 22.2 million. That balance supports ongoing work but does not establish that future mine development is financed. Technical issues to monitor include pilot-plant recovery, differences between ore types, downstream acid leaching and the costs of running the full flowsheet. In its report, Elevate described calcite flotation as removing material that complicates acid leaching. Further results will be needed to assess whether the process can be repeated consistently outside the reported test conditions.

Key Insights

Elevate Uranium Limited (ASX:EL8) — Elevate’s immediate 2026 milestones involve confirming integrated U-pgrade performance and interpreting drilling across two Namibian uranium areas. Commercial development remains dependent on resource, engineering, environmental and funding assessments.

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