JORC Resource Summary

Total ResourcesElevate Uranium Share
DepositCategoryCut-off
(ppm U3O8)
Tonnes
(M)
U3O8
(ppm)
U3O8
(Mlb)
V2O5
(ppm)
V2O5
(Mlb)
Marenica HoldingTonnes
(M)
U3O8
(ppm)U3O8
(Mlb)
V2O5
(ppm)V2O5
(Mlb)
Australia - 100% Holding
AngelaJORC 2012Inferred30010.71,31030.8100%10.71,31030.8
Thatcher SoakJORC 2012Inferred15011.642510.9100%11.642510.9
100% Held Resource Total22.385041.7100%22.385041.7
Australia - Joint Venture Holding
Bigrlyi DepositIndicated5004.71,36614.01,30313.41,3032.8
Inferred5002.81,1447.11,0226.31,0221.3
Bigrlyi TotalJORC 2004Total5007.51,28321.11,19719.720.82%1.551,2834.391,1974.1
Walbiri Joint Venture
Joint VentureInferred2005.16367.122.88%1.166361.63
100% EMEInferred2005.96468.4
Walbiri TotalJORC 2012Total20011.064115.5
Bigrlyi Joint Venture
SundbergJORC 2012Inferred2001.012590.57
Hill One Joint VentureJORC 2012Inferred2000.262810.1620.82%0.212590.12
Hill One EMEJORC 2012Inferred2000.243710.1920.82%0.052810.03
KarinsJORC 2012Inferred2001.245561.5220.82%0.265560.32
Malawiri Joint VentureJORC 2012Inferred1000.421,2881.2023.97%0.101,2880.29
Joint Venture Resource Total21.684740.21,19719.73.349236.771,1974.1
Australia Total43.984881.91,19719.725.685948.41,1974.1
Namibia
MarenicaJORC 2004Indicated5026.51106.475%19.91104.8
Inferred50249.69250.975%187.29238.2
MA7JORC 2004Inferred5022.8814.075%17.1813.0
Namibia Total298.99361.3224.29346.0
TOTAL94.4

The Mineral Resource Estimate for the Bigrlyi, Marenica and MA7 resources in the table above were prepared and first disclosed under the 2004 Edition of the Australian Code for the Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC Code 2004). It has not been updated since to comply with the 2012 Edition of the Australian Code for the Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC Code 2012) on the basis that the information has not materially changed since it was last reported. A Competent Person has not undertaken sufficient work to classify the estimate of the Mineral Resource in accordance with the JORC Code 2012; it is possible that following evaluation and/or further exploration work the currently reported estimate may materially change and hence will need to be reported afresh under and in accordance with the JORC Code 2012.