Elevate Uranium Ltd. (ASX: EL8) has moved to consolidate control over its flagship Marenica project in Namibia, entering into two separate agreements to acquire an additional 15% interest. Upon the anticipated completion of these deals by the end of July 2026, the company will hold a 90% stake in the asset, further simplifying the ownership structure.

The transaction involves a total consideration of AUD$3.3 million, split between cash and fully paid ordinary shares, alongside the release of an existing debt amounting to AUD$3,425,275. By increasing its stake, the explorer directly boosts its attributable share of the project's uranium resources to 47.5 Mlb U3O8.

Managing Director Murray Hill highlighted the strategic importance of the move, noting that it aligns the company’s ownership profile more closely with the project’s recent growth.

"This is a logical and highly value-accretive step that consolidates our position in the Marenica Uranium Project. Marenica has seen multiple successes this calendar year, with its JORC resource essentially doubling in grade and increasing in size by 31% to 52.8 Mlb U3O8. Increasing our ownership means more of that upside and that of the pilot plant results to come, will sit directly with our shareholders."

— Murray Hill, Managing Director

The move serves to clear the path for ongoing development initiatives. The company is currently leveraging its proprietary U-pgrade™ beneficiation process, which remains central to the project's potential. An active 2026 pilot plant program is now underway, where bulk samples excavated from test pits across the deposit are being processed to determine essential technical parameters. These findings are expected to provide the foundational data required to advance the project through upcoming feasibility studies.

By securing a larger interest in the project, the company aims to streamline decision-making as it advances its broader development strategy. The acquisition of the additional stake from existing shareholders, Millenium Minerals and Xanthos Mining, marks a significant milestone in the company’s efforts to advance its Namibian portfolio, ensuring that future operational successes reflect directly on the bottom line for shareholders.

Read the full announcement: EL8 Lifts Marenica Uranium Project Ownership to 90%