Elevate lifts Marenica stake to 90%
Australian-listed Elevate Uranium has agreed to increase its ownership of the Marenica Uranium Project in Namibia from 75% to 90% through the acquisition of an additional 15% stake.
The company said it had entered into two agreements to acquire shares in Marenica Minerals, which owns the project, and that the transaction is expected to be completed before the end of July.
Once completed, Elevate said the acquisition would simplify the project's ownership structure while increasing its economic interest in one of its flagship uranium assets in the Erongo Region.
The company said the transaction would increase its attributable share of the Marenica project's estimated mineral resource to 47.5 million pounds of uranium oxide, while lifting its total Namibian uranium resource base to 124 million pounds. Its global uranium resource base would increase to 181 million pounds, according to the company.
Managing director Murray Hill said the acquisition follows a year in which Marenica's mineral resource increased in both size and grade.
"This is a logical and highly value-accretive step that consolidates our position in the Marenica Uranium Project," Hill said.
Elevate said it is continuing metallurgical testing throughout 2026 using bulk samples from the Marenica deposit. The programme is intended to generate processing data required for future feasibility studies and support the development of its proprietary U-pgrade™ beneficiation technology.
Under the agreement, Elevate will acquire a 5% interest from Millennium Minerals and a further 10% from Xanthos Mining.
The transaction comprises A$3.3 million (about N$37.5 million) in cash and newly issued Elevate shares, together with the release of an existing A$3.43 million (about N$38.9 million) debt owed by Millennium Minerals. The company said the debt release is an accounting transaction and does not involve a cash payment.
Of the purchase price, A$1.1 million (about N$12.5 million) will be paid in cash to Xanthos Mining, while A$2.2 million (about N$25 million) worth of new Elevate shares will be issued equally between the two vendors.
