Elevate Uranium grows Namibian resource base past 116 million pounds

ASX-listed Elevate Uranium said on 10 June 2026 that an updated mineral resource estimate for its Marenica project in Namibia's Erongo region now stands at 52.8 million pounds of U3O8 at a grade of 180 parts per million, a 31% increase in contained uranium from the estimate published only four months earlier, in February 2026. The addition of 12.6 million pounds at Marenica lifts Elevate's total Namibian uranium resource base to more than 116 million pounds, with a global resource, including other projects, of 173 million pounds.

A busy quarter of drilling

The growth followed one of Elevate's most active exploration periods in Namibia, with 788 holes and 27,851 metres drilled in three months across three prospects: 518 holes for 20,248 metres at Marenica itself, 203 holes for 5,725 metres at Namib IV, and 67 holes for 1,878 metres at Capri. The company ended the period with A$34 million in cash, giving it room to keep drilling while it advances pre-development work.

Why it matters

Namibia already hosts three of the world's larger operating uranium mines, Rössing, Husab and the restarted Langer Heinrich, and a pipeline of earlier-stage projects including Bannerman's Etango-8, Deep Yellow's Tumas and Forsys's Norasa. Elevate's growing Marenica and Namib IV resources add to that pipeline at a moment when the uranium market is being underpinned by a global expansion of nuclear power capacity, positioning Namibia as one of the most active uranium exploration jurisdictions anywhere in the world.

What happens next

Elevate has not yet set a firm development timeline for Marenica, and the project remains at the resource-definition stage rather than moving toward a feasibility study. The company's near-term focus is continuing to convert exploration results into resource growth across its three active prospects while it assesses processing routes suited to Marenica's calcrete-hosted, low-grade mineralisation.

Sources

• The Northern Miner: Marenica growth backs Elevate's Namibia uranium push, 10 Jun 2026
• The Assay: Elevate Uranium Grows Marenica Resource by 31%, 10 Jun 2026

Photo: Rössing uranium mine in Namibia's Erongo region, near the Marenica project. IAEA Imagebank, Wikimedia Commons, CC BY-SA 2.0.