Elevate Uranium Limited ('Elevate Uranium', or the 'Company') (ASX:EL8) (OTCQX:ELVUF) is pleased to announce completion of the inferred resource drilling programs, data from which will be used to update the current 48 Mlb eU3O8 Inferred JORC Mineral Resource Estimate ('MRE') for Koppies.

A new MRE is due to be released by early April. The drilling program to increase the JORC category of the MRE has now commenced

Elevate Uranium's Managing Director, Murray Hill, commented: 'The Company is transitioning it's focus at Koppies from resource growth to project advancement by increasing the JORC resource category from Inferred to Indicated, which will then feed into a scoping study and provide metrics on the project. Data from the latest phase of the resource growth drilling is being processed and the updated resource estimation is in progress. The updated JORC Inferred resource is expected to be released by early April. The Company considers the Koppies resource to be of sufficient size to take to the next level of development and as such three drill rigs are currently working on the infill JORC Indicated drilling program. Metallurgical samples are planned to be collected in April/May for an advanced metallurgical testwork program utilising the Company's proprietary U-pgradeTM beneficiation process.'

Scoping Study Scheduled to Commence in Late 2024

Increasing the Koppies mineral resource to a majority JORC Indicated resource category is necessary for publication of an economic study on the project. In order to prioritise this activity, the indicated infill drilling program has already commenced. To understand the metallurgical characteristics of the Koppies ore, metallurgical testwork using the Company's proprietary U-pgradeTM beneficiation process will commence following collection of metallurgical samples from the Koppies project in April/May. These samples will be collected from specifically designed test pits, which will also provide valuable geological and mining data for the scoping

Contact:

Tel: +61 8 6555 1816

Email: murray.hill@elevateuranium.com.au

Competent Persons Statement - General Exploration Sign-Off

The information in this announcement that relates to exploration results, interpretations and conclusions, is based on and fairly represents information and supporting documentation reviewed by Mr Mark Menzies, who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Menzies, who is an employee of the Company, has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person, as defined in the JORC 2012 edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves'. Mr Menzies consents to the inclusion of this information in the form and context in which it appears.

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