Elevate Uranium (ASX:EL8) increases Marenica Uranium Project ownership to 90%
Elevate Uranium has entered into agreements to acquire a further 15% interest in the Marenica Uranium Project in Namibia, increasing its ownership of the project to 90% upon completion.
The agreements are expected to complete before the end of July 2026 and will occur ahead of definitive results from the company’s U-pgrade™ Pilot Plant program.
Highlights
Elevate Uranium has entered into agreements to acquire a further 15% of the Marenica Uranium Project, increasing ownership to 90%.
The company’s attributable share of Marenica’s JORC resource will increase to 47.5 Mlb U₃O₈, while its Namibian resource base will increase to 124 Mlb U₃O₈, with global resources of 181 Mlb U₃O₈.
The transaction simplifies Marenica’s ownership structure and increases Elevate Uranium’s economic and strategic interest in the project.
Bulk samples from these resources are being tested throughout 2026, with results to define the processing parameters for Marenica’s advanced development studies.
The Marenica Uranium Project, located in Namibia’s Erongo Province, was the source of uranium mineralisation used by Elevate Uranium in the original development of its U-pgrade™ beneficiation process, with Marenica ore remaining central to the current Pilot Plant program.
The current metallurgical testwork program involves bulk samples excavated from test pits strategically spread throughout the updated resource area.
These samples represent a range of lithologies, uranium grades and gangue minerals, and are being tested in the Pilot Plant during 2026.
The company said Marenica’s mineralogy has proven well-suited to the U-pgrade™ process in bench-scale tests, with the current program designed to generate the processing parameters required to advance the project through feasibility studies.
The acquisition involves Elevate purchasing 15% of the issued capital of Marenica Minerals (Proprietary) Ltd, which owns the Marenica Uranium Project.
The company has agreed to acquire 5% from Millenium Minerals (Proprietary) Limited and 10% from Xanthos Mining (Proprietary) Limited.
Xanthos will continue to hold a 10% free carried interest in Marenica Minerals following completion under the Purchase Agreements.
Under the agreements, Elevate will provide total consideration of AUD$3,300,000 in cash and fully paid ordinary shares in Elevate Uranium, together with the release of an existing debt of AUD$3,425,275.
The consideration includes a cash payment of AUD$1,100,000 to Xanthos and the issue of AUD$2,200,000 worth of Elevate shares to the selling shareholders.
Elevate Uranium Managing Director Murray Hill said the transaction would increase the company’s ownership interest in Marenica.
“This is a logical and highly value-accretive step that consolidates our position in the Marenica Uranium Project. Marenica has seen multiple successes this calendar year, with its JORC resource essentially doubling in grade and increasing in size by 31% to 52.8 Mlb U₃O₈. Increasing our ownership means more of that upside and that of the pilot plant results to come, will sit directly with our shareholders.”
Following completion of the acquisition, Elevate’s attributable share of the Marenica JORC resource will increase to 47.5 Mlb U₃O₈.
The company’s Namibian resource base will increase to 124 Mlb U₃O₈, while its global resources across Namibia and Australia will total 181 Mlb U₃O₈.
Elevate’s Namibian assets include the Koppies Uranium Project, which has a JORC 2012 resource of 76.2 Mlb U₃O₈, and the Marenica Uranium Project, which has an Elevate attributable JORC 2012 resource of 47.5 Mlb U₃O₈. The company also holds uranium resources across projects and joint venture interests in Australia.
The company’s immediate work program includes testing bulk samples through the U-pgrade™ Pilot Plant program during 2026.
Results from this work will be used to define processing parameters for Marenica’s advanced development studies.
The agreements are expected to complete before the end of July 2026, with Elevate’s ownership interest in the Marenica Uranium Project increasing to 90% upon completion.