Elevate Uranium Limited - Koppies Mineralisation Extended by 10 km

Elevate Uranium Limited ('Elevate Uranium', or the 'Company') (ASX:EL8) (OTC:ELVUF) is pleased to announce 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 (See Page 8). 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 (see Figure 2). 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. Figure 1 highlights the mineralisation identified to date at Koppies 3 and the drilling completed on Koppies 3 Extension to the northeast of Koppies

Elevate Uranium's Managing Director, Murray Hill, commented: 'The potential of Koppies continues to improve with each drill line. We currently have a mineral resource of 20.3 million pounds of uranium at Koppies and we have identified that uranium mineralisation extends for another 10 kilometres to the northeast of the Koppies 1 and 2 resources. As is the case at Koppies 1 and 2, the uranium mineralisation is shallow and generally less than 10 metres below the surface. This discovery has the potential to substantially expand the Koppies uranium resource. A second drill rig has been mobilised to Koppies to accelerate the drill program.'

Authorisation

Authorised for release by the Board of Elevate Uranium Ltd.

Contact:

Murray Hill

Managing Director

T: [phone]

E: [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 Mr David Princep B.Sc P.Geo FAusIMM (CP) who is an independent consultant to the Company and who is a Fellow of the AusIMM. Mr Princep has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Princep consents to the inclusion of this information in the form and context in which it appears.

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