Elevate Uranium Limited announced a new uranium discovery from its maiden scout reverse circulation (RC) drilling program on exclusive prospecting license ("EPL") 7662 ("Namib IV"). Elevate's exploration strategy targets surficial uranium located in near surface palaeochannels (ancient river systems) in which uranium is likely to have been deposited. This exploration program has identified a network of palaeochannels, with the major palaeochannel extending from the centre of the tenement to its southwest corner, a distance of over 19 kilometres. Uranium mineralisation has been intersected over a distance of 17 kilometres. The first phase of the exploration program, conducted in March 2021, used horizontal loop electromagnetic (HLEM) surveys to identify the palaeochannels, which was subsequently tested by this RC drill program of 258 holes for 2,336m. The drill program was designed to focus on physically confirming the location of palaeochannels and associated uranium mineralisation within the tenement using widely-spaced reconnaissance-style drilling. The program was highly successful in that Elevate has identified an extensive palaeochannel system that is mineralised for the majority of its length. As a consequence, there is significant upside potential for additional mineralisation along the identified palaeochannels. Furthermore, the palaeochannels and contained mineralisation remain open to the north and east. Further geological interpretation will be undertaken in order to guide the next phase of drilling. The program followed-up on the HLEM survey and planned to identify occurrences of uranium mineralisation, and depth and extent of the palaeochannels. This 258 hole, 2,336 m RC drill program was successful in physically validating the HLEM results, but also confirmed that the palaeochannel system contains uranium mineralisation, identified over a strike length of at least 17 kilometres. The majority of these lines were successful in intersecting mineralisation and illustrating the significant extent of the mineralisation. Given the variability in the distribution of mineralisation encountered within the palaeochannel, it is considered that a closer drill spacing may have intersected mineralisation on those drill lines which did not return any significant results. These areas will be followed up in future drill program. All drill holes were downhole logged by a Namibian geophysical contractor ­ Terratec Geophysical Service Namibia ("Terratec") using calibrated total count and spectrometer probes. The uranium values presented in this announcement are based on the conversion of downhole total count gamma data, from calibrations provided by Terratec and validated using correlations of previous gamma logging and assays from the nearby Hirabeb prospect.