Can you provide more details about your company’s assets and ongoing exploration activities?

Our Marenica uranium project boasts a resource of 61 million pounds. We have successfully demonstrated the effectiveness of our U-pgrade process on this deposit, which significantly increases the grade to around 5,000 ppm U3O8 prior to leaching. Additionally, our exploration efforts within our continuous land package in the Namib area have led to two new discoveries: Koppies and Hirabeb. Koppies is a palaeochannel system covering approximately 6.4 square kilometers, of which we have drilled about 40%.

Furthermore, the Hirabeb project is a palaeochannel system longer than the width of the English Channel, with mineralization intersected for the majority of its length. We have also conducted work on the Namib IV tenement and discovered another palaeochannel system. Our recent focus has been on regional exploration to assess the potential number of deposits. As the uranium price begins to rise, we can further explore our discoveries, estimate resources, and progress towards studies and eventual production. In November 2020, we successfully raised approximately A$5.4 million, which will accelerate our exploration activities in Namibia and help us define drilling targets.

How does Elevate Uranium’s U-pgrade process contribute to cost reduction, and is it mainly due to beneficiation?

Our U-pgrade process is a proprietary beneficiation process developed in-house and patented by our company. It effectively increases the grade prior to leaching by removing most of the non-bearing uranium minerals, resulting in less than 5% of the mass going to the leaching stage. This significant reduction in mass translates to a decrease of around 50% in capital and operational costs compared to conventional processing methods.

The U-pgrade process is applicable to all of our assets. We have successfully tested it on all known calcrete hosted uranium deposits in Namibia, where it has shown excellent results. We have also applied it to our Angela deposit in Australia, reducing acid consumption by nearly 80%. This process has proven to be a game-changer in terms of cost efficiency.

How do investors perceive Elevate Uranium, and has this perception changed over time?

There is a growing understanding within the investment community about the pivotal role of nuclear energy in decarbonization efforts. The dynamics of the uranium market are compelling, with demand for uranium surpassing production, which is an unsustainable situation. The only way to achieve sustainability is through a rise in the uranium price, which would incentivize new production.

Investors are now recognizing the potential of Elevate Uranium due to our extensive land package in Namibia, successful new discoveries, and the game-changing U-pgrade process. As a result, the market is starting to realize that our company represents a significant investment opportunity that is currently undervalued. We are now attracting substantial attention, which was not the case before. I believe the recent rise in share prices among uranium companies reflects early investors positioning themselves ahead of a potential strong movement in the uranium price.

How would you compare the future of renewables to uranium and nuclear power plants in the global journey toward decarbonization?

While renewable energy sources play an important role in decarbonization, they are not reliable baseload power providers. They are dependent on variable factors such as wind, sun, or water availability, and often require backup power sources, which, in most cases, are carbon-emitting fossil fuels. On the other hand, nuclear power plants require less maintenance and can operate for longer periods before refueling.

Nuclear power, including uranium as a fuel source, offers a stable and continuous supply of clean energy without relying on unpredictable weather conditions. As countries strive to achieve their decarbonization goals, nuclear power can provide a reliable and efficient source of low-carbon electricity, making it an essential component of the global energy transition.