Elevate Uranium Limited (ASX:EL8)
Elevate Uranium Limited (ASX:EL8) is a uranium exploration company that has significant resources in Namibia and Australia and is making new discoveries through active exploration programs.
The Company developed a counter-cyclical strategy several years ago which, focussed on:
- Acquiring then exploring uranium tenements in Namibia
- Acquiring projects with uranium resources to which U-pgrade could add value
- Generally assessing the application of U-pgrade to these assets.
Elevate is exploring on its large tenement position in the globally recognised Erongo uranium region in Namibia, a country with an established and longstanding uranium mining industry and supportive government. Elevate also has uranium tenements and joint venture interests containing substantial uranium resources in locations in the Northern Territory of Australia and Western Australia.
U-pgrade is Elevates 100% owned breakthrough beneficiation process which reduces ore mass by 95% prior to leach, and therefore, increases ore grade from 93 ppm to 5,000 ppm U3O8 and reduces capital and operating costs by approximately 50% (as indicated from bench-scale testing on the Marenica Uranium Project).
Cost of production
The U-pgrade process provides the potential of a 50% reduction in CAPEX and OPEX compared with conventional processes. U-pgrade provides flexibility and optionality in project design and development, and due to the anticipated lower cost of production, potentially allows Elevate to develop a mining operation at lower uranium prices than its peers.