Elevate Uranium Limited ('Elevate', the 'Company') (ASX: EL8) is pleased to announce that significant results have been received from an extensive airborne electromagnetic ('Airborne EM') survey flown over the Company's uranium tenements, in the Namib Area of Namibia.

Elevate Uranium Managing Director, Murray Hill, commented: 'The Airborne EM survey has produced outstanding results, identifying additional expansive palaeochannel systems throughout the Namib Area, that cover an area of approximately 347 square kilometres, with a corresponding length of 280 kilometres. This survey provides the Company with many additional exploration targets to explore, and the exploration team will now design and undertake drilling programs to confirm the palaeochannel locations and the grade of uranium mineralisation. Due to the extensive area of these systems, the Company anticipates drilling programs will continue into 2022.

Geophysics

The Company commenced planning this Airborne EM survey in December 2020, with logistics planning, sourcing of the helicopter, government approvals and negotiations, continuing into early April 2021. The survey was subsequently flown in April 2021, with analysed and interpreted results now received.

During the 12 days of flying, a total of 5,217 line kilometres were flown, at a flight height of between 30 and 50 metres with 250 metre line spacing, using a SkyTEM helicopter based system. Once the raw data was collated and validated by SkyTEM, it was transferred to the Company's geophysical consultants, Resource Potentials in Perth, who processed the line Airborne EM data and compiled the information into a set of time and decay based images.

Multiple images of the processed Airborne EM data were produced at different apparent depth slices, in order to define the position of potential palaeochannels within the large survey area, i.e. identify the deeper, more continuous subsurface palaeochannels from the shallow, more laterally extensive, surface drainage patterns. Previous drilling results were used to 'calibrate' the depth profiles and images to more efficiently gauge the position of the palaeochannels. The SkyTEM data has been combined with historical AeroTEM Airborne EM data over the western portions of the tenement package, in order to gauge the likely extent of the palaeochannel systems to the west.

The AeroTEM survey, undertaken by previous tenement holders prior to Elevate acquiring the tenements, was flown using 500 metre spaced flight lines and was not optimised for definition of near surface palaeochannels and therefore, shows a slightly more diffuse and less detailed image than the recent, optimised SkyTEM data. Resource Potentials also provided a number of images representing different apparent depths of basement and these have been used to identify areas which are likely to represent palaeochannel systems.

The areas identified to contain palaeochannels, cover an area of approximately 347 square kilometres, which is about the total size of Namib IV tenement. The corresponding length of the palaeochannels is estimated to be approximately 280 kilometres, which is the distance from Windhoek (capital of Namibia) to the coast at Swakopmund.

The SkyTEM survey has been successful in identifying significant palaeochannel systems and this information will be used as the basis for planning future drill programmes. The Company expects that, once the SkyTEM palaeochannel positions are analysed in conjunction with the existing mineralised intersections from previous drilling in the Namib Area, a more targeted approach to identifying mineralisation within the identified palaeochannel systems will be defined.

As an example, the connection between the various mineralised intersections along the main palaeochannel contained within the Hirabeb tenement is not well defined and it is expected that detailed analysis of the SkyTEM survey will allow identification of individual, continuous and mineralised palaeochannels, within the wider drainage system. In addition, once drilling has been undertaken in the additional palaeochannels identified from the SkyTEM survey, it is anticipated that this mineralised trend analysis will enable a more targeted approach to define continuous mineralisation in the greater Namib Area, which was covered by the SkyTEM survey.

The Company will now design and undertake drilling programs to physically confirm the existence of the palaeochannels and determine the grade of uranium mineralisation. Due to the large and extensive area of these palaeochannel systems, the drilling programs are expected to continue into 2022. The Namib Area is characterised by featureless terrain with no obvious surface expression to identify palaeochannels. Prior to undertaking this Airborne EM survey, Elevate's exploration method to locate these featureless palaeochannels, was to complete ground-based geophysics, using horizontal loop electromagnetic ('HLEM') surveys, to confirm the location of the palaeochannels, before drilling to physically validate the HLEM survey results and to determine the grade of uranium mineralisation.

This exploration method has proved successful in identifying an extensive palaeochannel system hosting uranium mineralisation at Koppies and Hirabeb, and an extensive palaeochannel system at Namib IV on which drilling is planned to confirm the presence of uranium mineralisation. www.elevateuranium.com.au Page 3 of 8 The Company may continue to use HLEM for smaller specific geophysical surveys, as an adjunct for this Airborne EM survey.

EPL 7435 was not included in this Airborne EM survey, as the environmental clearance certificate to allow access had not been issued by the Ministry of Environment, Forestry and Tourism. Tenements, in application, were not able to be included in the Airborne EM survey.

Contact:

Murray Hill

Tel: +61 8 6555 1816

Email: murray.hill@elevateuranium.com.au

Competent Persons Statement - General Exploration Sign-Off

The information in this announcement as it relates to exploration results, interpretations and conclusions was compiled by David Princep of Gill Lane Consulting. Mr Princep is a Fellow of the Australasian Institute of Mining and Metallurgy and a Chartered Professional Geologist. Mr Princep, who is an independent consultant to the Company, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012). Mr Princep consents to the inclusion of the information in the form and context in which it appears.

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