Elevate Uranium : Quarterly Report as at June 30, 2022

29 July 2022

Quarterly Activities Report - June 2022

• Koppies Uranium Project
  Maiden JORC Inferred Mineral Resource Estimate ("MRE") of 20.3 Mlb eU3O8.
  Significant extensions to this mineralisation, beneath and adjacent to the current resource envelopes is expected.
  Subsequent exploration drilling has identified a significant, mineralised zone outside of the MRE envelopes, open to the South-West and North-East.
• JORC Mineral Resources continue to increase
  The Company's total uranium mineral resources increased by 22% to 115 Mlb eU3O8.
• 73 km of Prospective Palaeochannels Identified at Capri
  Airborne EM survey identified 73 km of strike of palaeochannels and drilling is underway.
  Palaeochannels are prospective for calcrete hosted uranium, which is similar to that on which the U-pgradeTM uranium beneficiation process was developed.
• Hirabeb Uranium Deposit
  Hirabeb I - Uranium mineralisation extends over 4 km in length Hirabeb II - Anomalous mineralised zone extending over 9 km in length Mineralisation remains open along strike to the northeast and southwest.

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

Koppies Uranium Project - JORC (2012) Inferred Mineral Resource Estimate

On 4 May 2022, the Company announced a maiden mineral resource estimate for the Koppies Uranium Project in the ASX release titled "22% Increase in Mineral Resources", please refer to that release for full details on the mineral resource estimate.

Koppies JORC (2012) Inferred Mineral Resource Estimate at 100 ppm Cut-off Grade

			Mt		eU3O8 (ppm)		Mlb
	Total		41.4		220		20.3

This 20.3 Mlb eU3O8 resource for the Koppies Uranium Project increases the Company's total uranium resources to 115 Mlb." (See Resource Table 1).

Refinement of the Exploration Strategy

The Company's exploration strategy is based on detection and delineation of uranium mineralisation within palaeochannels. Ground based and airborne electromagnetic ("EM") surveys have been used to map the palaeochannels by virtue of the fact that the palaeochannels are more conductive than the surrounding metamorphic "basement" rocks. The palaeochannels are then systematically drilled to confirm the interpretation of EM data and to measure mineralisation within them. Drillholes have generally been terminated after drilling 2 m into unmineralised basement rocks at the base of the palaeochannels or when unmineralised basement rocks were intersected immediately below the surface.

As drilling at Koppies progressed, it became apparent that more and more holes in basement rocks contained significant mineralisation. For this reason, some holes in the March/April 2022 drilling program were deepened and drilling extended beyond the palaeochannels. This change in approach lead to the discovery of a significant zone of uranium mineralisation centred 1.6 km east of Koppies I (see Figure 1) which currently extends over 1 km in a SW-NE direction and is 400 m wide. This zone is open to the SW and to the NE and is between 2 and 16 m deep. The most exciting aspect of this area is the fact that the majority of the uranium in this area is hosted by metasedimentary "basement" rock which makes this deposit unusual in the Erongo district.

This new basement-hosted discovery was not included in the Koppies Mineral Resource Estimate of

20.3 Mlb eU3O8, as further drilling is required to define its extent. Additional mineralisation may also be present beneath the currently defined palaeochannels, requiring additional deeper holes.

The recognition of this new type of target is significant as it cannot be detected by EM surveys and requires a different exploration approach. The geological team is currently trialling alternative targeting techniques, reviewing exploration results and planning future exploration programs, including deeper drilling to delineate additional mineralised areas around both the current resource and the new discovery.

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Figure 1 Koppies Resource Outline and New Discovery (Centred)

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U-pgrade™ Metallurgical Compatibility

The Company has previously completed metallurgical testwork on uranium mineralisation within basement ore from the Marenica Uranium Project during development of the U-pgradeTM beneficiation process and confirmed the applicability of U-pgradeTM on the basement mineralisation from that project. Therefore, the Company expects U-pgradeTM to work on this 'new' style of basement mineralisation at Koppies. The U-pgradeTM beneficiation process has been shown to concentrate uranium ore by a factor of 50 and has the potential to reduce operating and capital costs by around 50% compared to conventional processing.

Figure 1 shows the drilling completed to date, the outline of the resource and the new discovery (in the centre of Figure 1) which appears to be widening to the northeast. The holes drilled to the north and east of the new discovery are mostly 2 metres deep, but as discussed above, there is potential for mineralisation below 2 metres.

The proximity of Koppies to the Company's other tenements in the Namib area is shown in Figure 2.

Figure 2 Location of the Koppies Project

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Drilling Underway at Capri Tenement

During the quarter, a drilling program of 200 holes for 5,000 metres was commenced at EPL7508 (named Capri) in the Central Erongo Area, Namibia (Figure 4). This drilling is being undertaken to follow up on previous exploration activities, including the airborne electro-magnetic ("EM") and radiometric surveys which identified the 73 km zone of prospective palaeochannels. See ASX announcement dated 16 March 2022, titled "73 km of Prospective Identified at Capri". Drilling results are not available at the time of writing.

Airborne Survey at Capri

The airborne 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 DIGHEM electro-magnetic survey flown over the southern portion of the tenement in 1997. These two surveys have been interpreted to infer the palaeochannels shown in Figure 3.

The combined EM surveys have identified north-western and south-eastern palaeochannels in a geological location prospective for "calcrete-type" uranium mineralisation, similar to that at the Marenica Uranium Project, located only 20 kilometres to the southeast (Figure 4), 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 as 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.

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

anomalies in Capri

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