Elevate Uranium Limited : - Encouraging Uranium Mineralisation Identified at Namib IV

Elevate Uranium Limited ('Elevate', the 'Company') (ASX: EL8) is pleased to announce 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.

Elevate's Managing Director, Murray Hill, commented: 'These are exciting results for the Company, as this is the Company's third tenement which has been drilled in the Namib Area and the third to contain extensive uranium mineralisation. That's a fantastic success rate.

The distribution of mineralisation identified in this initial, wide spaced, exploration program only begins to indicate the potential of this tenement. These results, together with the Airborne EM, provide our exploration team with a strong foundation for implementing an aggressive exploration program on the Company's expansive and highly prospective tenements within this uranium province of Namibia.' 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.

Location of Namib IV within the greater Namib Area

The palaeochannels shown have been derived from airborne EM data as documented in the ASX announcement titled 'Airborne EM Identifies Extensive Palaeochannels' dated 27 July 2021. The airborne EM data show a more extensive palaeochannel system than the limited HLEM results that were used to plan the drilling

Technical Discussion

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.

Contact:

Murray Hill

Tel: [phone]

Email: [e-mail]

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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