Elevate Uranium’s Marenica stake to 90%: inventory, process and capex notes for mine teams
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Elevate Uranium is lifting its stake in Namibia’s Marenica project to 90%, securing 47.5 million lb attributable U3O8 from a 134.5-million-tonne resource grading 180 ppm and lifting its Namibian inventory to 124 million lb alongside the 76.2-million-lb Koppies deposit. The A$6.7 million deal structure combines A$1.1 million cash, A$2.2 million in shares and cancellation of A$3.4 million debt, with Xanthos Mining retaining a 10% free-carried interest. Marenica ore is feeding Elevate’s U-pgrade pilot plant, which aims to pre-reject gangue to raise feed grades and shrink leach plant and reagent requirements.
Technical Brief
- Elevate’s ownership increase follows a JORC resource update that doubled Marenica’s grade and lifted tonnage 31%.
- Acquisition closes by end-July, buying 5% from Millenium Minerals and 10% from Xanthos Mining.
- Share component of A$2.2 million will be priced on a five-day VWAP and issued under existing placement capacity.
- U-pgrade pilot work uses bulk samples across the updated Marenica resource to define beneficiation and leach design parameters.
- Bench-scale tests have already validated the U-pgrade concept, with the pilot plant now the critical scale-up step.
- Koppies hosts 186.2 Mt at 186 ppm U3O8 (76.2 Mlb), providing a second ore source for U-pgrade variability testing.
- Recent uranium consolidation deals by Paladin Energy and Uranium Energy Corp frame Elevate’s move within an active M&A environment.
Our Take
With Elevate Uranium’s Namibian inventory moving to 124 million lb U3O8 and global resources to 181 million lb, the company now sits in the same resource-size conversation as Paladin Energy’s Patterson Lake South and other advanced uranium names that feature prominently in our recent coverage, even though Elevate’s assets are lower grade and earlier stage.
The 90% stake at Marenica alongside 76.2 million lb at Koppies in central Erongo gives Elevate a district-style footprint in western Namibia, which in our database is increasingly dominated by Chinese-backed operations at Husab and Rössing, suggesting Elevate could become a key independent counterparty for utilities seeking non-Chinese Namibian supply.
The modest A$107 million market capitalisation against 181 million lb of global uranium resources implies a relatively low in-ground valuation per pound compared with several other uranium developers in our database, which may influence how Elevate structures future funding for the U-pgrade pilot plant and any central processing hub concept in Erongo.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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