Elevate Uranium Limited announced the discovery of a uranium mineralised zone extending continuously over a further 10 kilometres to the northeast of the Koppies 2 resource. On 4 May 2022, in an ASX release titled "22% Increase in Mineral Resources", the Company announced the initial JORC (2012) Inferred Mineral Resource Estimate ("MRE") of 20.3 million pounds ("Mlb") eU3O8 at its Koppies Uranium Project in Namibia. The announcement also identified the potential to expand the mineralisation of Koppies beneath, adjacent and to the northeast.

Subsequent to identifying the potential for mineralisation to the northeast, a field trip was undertaken in July 2022 to ground truth the regional trend northeast of Koppies 2 within the radiometric anomaly identified from the airborne survey completed in 2008. This area is now referred to as Koppies 3. Following that field trip, it was decided to drill five lines progressively along the radiometric anomaly, with the fifth drill line 10 kilometres northeast of Koppies 2. All five drill lines intersected uranium mineralisation greater than 100 ppm eU3O8. the mineralisation identified to date at Koppies 3 and the drilling completed on Koppies 3 Extension to the northeast of Koppies.

Prior to March 2022 the Company's exploration strategy was to target palaeochannel hosted uranium mineralisation, with the hypothesis that uranium mineralisation only occurred within the confines of a palaeochannel. However, this strategy was modified following the March/April 2022 drilling program which confirmed mineralisation beneath and on the banks of the palaeochannels, leading to a change in strategy to drill deeper (nominally 25 metres) and beyond the boundaries of the palaeochannel. The discovery of basement hosted uranium mineralisation (Koppies 3) at least one kilometre beyond the MRE envelopes, also resulted in an adaptation of the exploration program with a reater emphasis placed on the potential for shallow basement hosted uranium mineralisation.

The discovery of Koppies 3 in March/April 2022 indicated potential for mineralisation to the northeast, and during a field trip in July 2022 a drill program was planned to target the regional trend along the radiometric anomaly, identified from an airborne survey completed in 2008, extending northeast from Koppies 3. Initially, Drill Lines 1 and 2 were planned, each with 4 holes drilled to a depth of 100 metres, at a dip of 70º, to test the near surface potential for mineralisation, but also the potential for alaskite hosted mineralisation at depth. All eight holes intersected mineralisation, but the maximum depth of mineralisation encountered was only 11 metres below surface. As a consequence, all subsequent holes were shortened to a depth of 25 metres and drilled vertical.