– Namibia

Elevate’s Namibian projects are located in the Erongo region, a globally recognised uranium mining jurisdiction.

The region has excellent infrastructure including seaport, international airport, road, rail, water and power. The supportive government and highly experienced local workforce also adds to the positive mining environment.

Swakopmund Golf Course

Coastal town of Swakopmund

The uranium industry in Namibia is well supported by the Namibian Uranium Association (NUA) (www.namibianuranium.org), the advocacy body that represents the uranium industry exclusively. The NUA enables the Namibian uranium sector to shape the context in which their industry operates. It supports policies that will let uranium compete on its merits as an energy source appropriate for our modern society and the need for a low carbon footprint through research, factual information and advocacy.

Elevate’s Strategy

Elevate’s strategy in Namibia is to explore a portfolio of tenements that are highly prospective for surficial uranium mineralisation and ultimately develop these projects to produce uranium to feed the carbon free nuclear energy industry.

Elevate controls a strategic land position prospective for surficial uranium deposits generally less than 20 m deep. The land position is the largest for nuclear fuels (uranium) in Namibia.

Technical Background to the Strategy

Surficial uranium deposits are broadly defined as near-surface (usually less than 20 metres deep) uranium concentrations in sediments or soils. The largest and most common style of surficial deposits worldwide are calcrete hosted uranium deposits with Namibia containing the majority of the known deposits. These deposits include Marenica, Koppies, Langer Heinrich, Tumas, Trekkopje and Aussinanis.

Calcrete deposits form in semi-arid to arid climatic regions and contain uranium dominantly as the mineral carnotite, which is composed of uranium, vanadium and potassium (K2(UO₂)₂V₂O₈.3H₂O).

The formation of surficial uranium deposits requires:

Sources of uranium, vanadium and potassium.

A means of transport for the weathered and dissolved metals.

Suitable climatic and physical conditions for deposition of carnotite.

Elevate Model

In the Namib Desert in the south of the Erongo region the source rocks for uranium and vanadium underlie the plains at the foot of the Khomas Highlands, and the groundwater containing the dissolved metals moves laterally down slope to where the Langer Heinrich, Tumas and Aussinanis deposits have been found. The groundwater has clearly had to move through Elevate Uranium’s tenements to reach the known deposits to the west.

Historical information

Elevate Uranium has obtained historical maps and reports from exploration activities undertaken by General Mining Union Corporation Limited (“General Mining”) in the 1970s on which extensive fieldwork identified exploration targets.

The vast majority of these exploration targets are located east of the known deposits, also discovered by General Mining. Ground proofing work completed by Elevate Uranium has confirmed the potential of General Mining’s exploration targets and identified additional targets. In the late 1970s, following the discovery of Langer Heinrich, General Mining moved all exploration activities to Langer Heinrich and later exited the country without completing follow up exploration on the identified targets.

The identification and analysis of this historical information has led Elevate Uranium to apply for tenements between the known deposits and the foot of the Khomas Highlands.

Amenable to U-pgrade™

Elevate Uranium acquired tenements with uranium mineralisation suitable for processing using its proprietary U-pgrade™ beneficiation process. The patented U-pgrade™ beneficiation process, has been demonstrated at scoping study level, to materially lower capital and operating costs for calcrete hosted uranium projects.

The U-pgrade™ process was developed on calcrete hosted ore from the Marenica Uranium Project and the Company has a high level of confidence that its U-pgrade™ process will be effective on any calcrete deposit.

Namibia

Elevate’s Strategy

Technical Background to the Strategy

Elevate Model

Historical information

Amenable to U-pgrade™

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