U-pgrade™ is Elevate Uranium’s 100% owned breakthrough beneficiation process on which bench-scale tests have shown reduces ore mass by greater than 95% prior to leach by removing gangue material, thereby concentrating uranium and increasing the grade of ore to be leached. These tests demonstrated that the U-pgrade™ process increased the sampled Marenica Uranium Project ore grade from 93 ppm to 5,000 ppm U3O8 and was calculated to reduce capital and operating costs by approximately 50% compared to conventional processing (as indicated from bench-scale testing on uranium material from the Marenica Uranium Project). NB: In February 2026, the Company announced that the ore grade of the JORC resource at Marenica had been increased to 185 ppm, a significant up from the 93 ppm referred to above.
U-pgrade™ will provide flexibility and optionality in project design and development, and due to the anticipated lower cost of production, potentially allows Elevate Uranium to develop a mining operation at lower uranium prices than its peers.
The Company constructed and installed a demonstration/pilot plant ("Plant") during CY 2025 and in 2026 is operating the Plant on Marenica ore to prove the performance of U-pgradeTM ahead of studies to confirm the capital and operating cost to produce yellowcake.
The Company’s shares are listed on the Australian Securities Exchange ticker code ASX:EL8 and are traded on several overseas exchanges including OTCQX: ELVUF, NSX:EL8 and several German exchanges.