Elevate Uranium : Quarterly Activities Report & Appendix 5B

27 April 2022

Quarterly Activities Report - March 2022

•  Drill Progam and Resource Estimation at Koppies

  Initial JORC Resource Estimation in progress.

  A review of the Koppies resource drilling to date, identifies substantial additional areas to drill.

•  73 km of Prospective Palaeochannels Identified at Capri

• Airborne EM survey identified 73 km of palaeochannels, with coincident uranium channel radiometric anomalies.

  Prospective for calcrete hosted uranium, similar to that at the Marenica Uranium Project on which U-pgradeTM was developed.

•  Exploration at Angela and Minerva

• Geochemical surveys were completed at the Angela and Minerva Uranium Projects in the Northern Territory

Drilling and Resource Definition activities at Koppies

During the quarter, a review of drilling results to date at the Koppies Project, identified substantial areas that will require additional drilling to further delineate the extent of mineralisation beyond that to be included in the upcoming mineral resource estimate. Nevertheless, the Company is preparing a mineral resource estimate using the drilling results to date, to provide guidance to the market. Follow up drilling programs are currently being planned and will be commenced in the near future.

As can be seen from Figure 1, Koppies is a small portion of the area that the Company controls in the Namib Area in the Southern Erongo Region of Namibia, highlighting the substantial opportunities to increase the Company's mineralisation in the greater Namib Area.

The location of the Koppies project relative to the Company's contiguous tenement position in the Namib Area of Namibia and Deep Yellow Ltd's Tumas 1 East deposit, is shown in Figure 1, and relative to the Company's Namibian tenements in Figure 2.

Elevate Uranium Ltd	Suite 2, 5 Ord Street	p: [phone]
ABN: 71 001 666 600	West Perth WA 6005	w:www.elevateuranium.com.au

Figure 1 Location of the Koppies Project

Figure 2 Elevate's Licence Map - Namibia

Airborne Survey at Capri

During the quarter, an airborne electro-magnetic ("EM") and radiometric survey was flown over EPL7508 (named Capri) in the Central Erongo Area, Namibia (Figure 2 above). See ASX announcement dated 16 March 2022, titled "73 km of Prospective Palaeochannels Identified at Capri".

The survey totalled 477 line kilometres of EM and radiometric data on NW-SE oriented flight lines spaced at 250 metres, using a sensor flying height of nominally 35 metres. The survey covered the northern portion of the tenement and is complementary with an older frequency domain electro-magnetic survey flown to the south of the tenement. These two surveys have been interpreted to infer the palaeochannels shown in Figure 3, which total 73 km.

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The combined EM surveys have identified north-western and south-eastern palaeochannels in a geological location prospective for "calcrete-type" uranium, similar to that at the Marenica Uranium Project, located only 20 kilometres to the southeast (Figure 2 above), on which the Company developed its U-pgradeTM beneficiation process.

The north-western palaeochannel extends for at least 48 kilometres within Capri. Of particular significance is the presence of a 10 x 5 kilometre area of anomalous radiometric uranium response coincident with or immediately adjacent to, an inferred palaeochannel. This is significant because it could indicate shallow mineralisation.

The south-eastern palaeochannel is much broader (up to 7 to 10 kilometres) and coincident with the current ephemeral drainage. Approximately 25 kilometres of this palaeochannel occurs within Capri.

Exploration drilling is expected to commence at Capri in the June Quarter 2022.

Figure 3 Inferred palaeochannels with respect to airborne radiometric (U channel)

anomalies in Capri

Australia

Geochemical surveys were undertaken at the Angela Uranium Project and the Minerva Uranium Project, in the Northern Territory. The trial surveys were undertaken to determine if uranium mineralisation could be detected under cover, using these techniques. If so, these techniques could benefit future exploration of these areas. The survey results are not expected until the June Quarter 2022.

Figure 4 Elevate's Licence Map - Australia