Elevate Uranium Limited ('Elevate Uranium', or the 'Company') (ASX: EL8) (OTC: ELVUF) is pleased to announce results of the resource definition drilling program recently completed at the Koppies project in the Erongo Region of Namibia

'Elevate Uranium's Managing Director, Murray Hill, commented: 'The resource definition drilling program has confirmed continuity of shallow, calcrete hosted uranium mineralisation within broad palaeochannels. The drilling has produced excellent results and we look forward to reporting a maiden resource estimate, expected to be completed in the March Quarter 2022. We continue to be excited about further extensions to the Koppies palaeochannels and potential for additional mineralisation.'

RESOURCE DRILLING

The Koppies drilling program was designed to define, at a nominal hole spacing of 100 m x 100 m, uranium mineralisation previously discovered by Elevate Uranium. Drilling with a reverse circulation rig operated by RC Drilling Namibia concluded in December 2021. In this latest program, 111 holes for 935 m were completed at Koppies I and 447 holes for 3,766 m at Koppies II. Including the discovery drill holes, the aggregate number of holes drilled at Koppies I is 129 (1,153 m) and Koppies II 523 (4,590 m). Downhole gamma logging was the principal means of grade estimation, with selected samples chemically assayed. The composite values are based on a cut-off grade of 100 ppm eU3O8 with a maximum of 1 m internal waste.

The data from this program will be incorporated into a maiden mineral resource estimate, which is underway and expected to be completed in the March Quarter 2022. Uranium mineralisation has been intersected over at least 3 km of the Koppies I palaeochannel which bifurcates into northern and southern segments, both of which remain open to the east. The palaeochannel is typically between 10 and 15 m deep. There are two, 4 to 5 m thick mineralised zones in the western part of the Koppies I deposit at depths of approximately 1 - 2 and 7 m below the surface . The much larger Koppies II deposit is situated 2 km south of Koppies I. The main part of the Koppies II palaeochannel system is quite shallow, less than 15 m generally, but has a cumulative extent of over 6.5 km and remains open to the east and south. Mineralisation forms a 6 - 7 m thick body, at a depth of 3 m below the surface. Some areas of the Koppies II palaeochannel have a distinct cover of 1 to 2 m of unconsolidated sand which is probably related to the current ephemeral drainage. The uranium in both palaeochannels mainly occurs in calcrete and is expected to be amenable to processing with Elevate Uranium's U-pgradeTM uranium beneficiation process.

Contact:

Murray Hill

Tel: +61 8 6555 1816

Email: murray.hill@elevateuranium.com.au

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