Successful Upgrade Pilot Plant Results

• U-pgradeTM process successfully upgraded ore mass by 88% using Stages 1 to 4
• Achieved 79% uranium recovery with Stages 1 to 4
• Calcite flotation enabled simpler, lower-cost acid leach route at ambient temperature
• Results from Stage 5 (uranium flotation) expected in Q4 2026
• Plant availability and operation improved with increased inventory of spare parts and reagents

Elevate Uranium Ltd is pleased to report successful results from its U-pgradeTM Pilot Plant, which is processing ore from the Marenica Uranium Project in Namibia. The pilot plant, designed to convert bench-scale test work performance into scalable operational data, has successfully upgraded the ore mass by 88% and achieved 79% uranium recovery using Stages 1 to 4. The calcite flotation in Stage 4 removed the primary acid consumer from the leach feed, enabling a simpler, lower-cost acid leach route at ambient temperature over 4 to 6 hours. These results are in line with the design basis and historical bench-scale testing. The final stage, uranium flotation (Stage 5), is expected to achieve a final concentrate grade of approximately 5,000 ppm U3O8, and results are expected in Q4 2026. Plant availability and operation have improved as freight and delivery constraints have become less critical.

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Elevate Uranium Ltd expects to achieve integrated steady-state operation across all five stages by Q4 2026 and will report material improvements from ongoing optimization as they become available.