Elevate Uranium Limited announced results of the resource definition drilling program recently completed at the Koppies project in the Erongo Region of Namibia. Key Highlights: Resource definition drilling recently completed at Koppies has confirmed con shallow, calcrete hosted uranium mineralisation. 558 holes for 4,701 metres drilled in Koppies resource program.

Significant intersections include: KR0234 8 m at 768 ppm eU3O8 from 4 m; KOR0200 6 m at 796 ppm eU3O8 from 6 m; KR0378 9 m at 415 ppm eU3O8 from 1 m; KR0386 11 m at 319 ppm eU3O8 from 1 m; KR0224 10 m at 319 ppm eU3O8 from 6 m. Uranium mineralisation remains open to east and south. Program focused on drilling the Koppies I and II deposits at 100 m x 100 m to provide input for maiden Mineral Resource Estimates anticipated to be completed in the March Quarter 2022. RESOURCE DRILLING: The Koppies drilling program was designed to define, at a nominal hole spacing of 100 m x 100 m, uranium mineralisation previously discovered by Elevate Uranium.

Drilling with a reverse circulation rig operated by RC Drilling Namibia concluded in December 2021. In this latest program, 111 holes for 935 m were completed at Koppies I and 447 holes for 3,766 m at Koppies II. Including the discovery drill holes, the aggregate number of holes drilled at Koppies I is 129 (1,153 m) and Koppies II 523 (4,590 m).

Downhole gamma logging was the principal means of grade estimation, with selected samples chemically assayed. The composite values are based on a cut-off grade of 100 ppm eU3O8 with a maximum of 1 m internal waste. The data from this program will be incorporated into a maiden mineral resource estimate, which is underway and expected to be completed in the March Quarter 2022.

The Koppies I and Koppies II deposits are contained within the same palaeochannel system as Deep Yellow Ltd.'s Tumas 1 East deposit. Uranium mineralisation has been intersected over at least 3 km of the Koppies I palaeochannel which bifurcates into northern and southern segments, both of which remain open to the east. The palaeochannel is typically between 10 and 15 m deep.

There are two, 4 to 5 m thick mineralised zones in the western part of the Koppies I deposit at depths of approximately 1 - 2 and 7 m below the surface. The much larger Koppies II deposit is situated 2 km south of Koppies I. The main part of the Koppies II palaeochannel system is quite shallow, less than 15 m generally, but has a cumulative extent of over 6.5 km and remains open to the east and south. Mineralisation forms a 6 ­ 7 m thick body, at a depth of 3 m below the surface.

Some areas of the Koppies II palaeochannel have a distinct cover of 1 to 2 m of unconsolidated sand which is probably related to the current ephemeral drainage. The uranium in both palaeochannels mainly occurs in calcrete and is expected to be amenable to processing with Elevate Uranium's U-pgradeTM uranium beneficiation process. Considerable exploration potential remains at the Koppies tenement, and it is planned to explore the prospective parts of the tenement with frequency-domain electromagnetic ground surveys and additional drilling in 2022.