Elevate Uranium Limited ('Elevate Uranium', or the 'Company') (ASX: EL8) (OTCQX:ELVUF) is pleased to provide an update on its drilling programs at the Koppies Uranium Project in Namibia.

Downhole gamma probe data has been received for an additional 340 holes drilled around Koppies 1 and 2 and at Koppies 3 since the [U1]ASX announcement titled '2023 Drilling Program Underway' dated 30 January 2023

The latest drilling results have highlighted the following.

Drilling north of Koppies 2 confirms a continuous connection between Koppies 2 and 3 across a broad area.

Large areas of continuous mineralisation confirmed south of Koppies 2, through to the southern boundary of the Koppies tenement, connecting with Koppies .

Mineralisation intersected in holes to the southeast and east of Koppies 2, indicating potential for extensions.

Some previously drilled holes within the resource shells at Koppies 1 and 2 were twinned and drilled deeper than the original resource holes. The twinned holes intersected mineralisation

beneath the base of the original holes, indicating that there is potential for additional mineralisation from future, deeper drill programs (holes up to about 25 metres deep). This indicates that additional deeper, twin drilling of a significant number of the original resource holes will be required.

Mineralisation intersected in drill holes between Koppies 1 and 2 indicates the potential for Koppies 1 and 2 to connect.

Elevate Uranium's Managing Director, Murray Hill, commented: The latest drill results confirm the connection between Koppies 1, 2, 3 and 4, and also confirm our proposition that there are additional areas likely to contain mineralisation, within the resource shell boundaries, and they also indicate the potential for the resource at Koppies 2 to grow to the east. With www.elevateuranium.com.au Page 2 of 27 most of the Koppies tenement now indicating broadly spaced mineralisation, we have numerous areas for additional drilling programs. Currently, we have decided to focus our attention on Koppies 3, with one drill rig moving north from Koppies 2 drilling at a spacing of 200 metres by 200 metres to confirm the outline of the mineralised envelope. A second drill rig will follow drilling in a 100 metre by 100 metre hole pattern, to enable estimation of a JORC resource.'

The Company has previously indicated potential for additional mineralisation around and below the palaeochannels of the Koppies 1 and 2 resources. A number of holes were drilled in this program adjacent to holes previously drilled between 2 and 4 metres deep, to test for mineralisation beneath the base of the holes. These holes, called twin holes, intersected mineralisation at Koppies 1 and Koppies 2 beneath the base of the original holes, confirming the Company's proposition and highlighting potential for an increase to the resource as further drilling is undertaken within the resource area boundaries. However, the medium-term focus of the drill programs has moved to Koppies 3, where the two drill rigs are now working. The first rig is drilling out the identified mineralised envelope to a 200 metre by 200 metre spacing to enable clearer definition of the mineralised outline, but also testing extensions to mineralisation outside of the defined envelope in areas where the geological team consider that there is potential for extensions. The second rig is undertaking a detailed resource definition drill program within the mineralised envelope at a drill spacing of 100 metres by 100 metres to facilitate estimation of a JORC resource. After completion of resource drilling at Koppies 3, the rigs will return to the Koppies 1, 2 and 4 areas to further define the mineralised envelope and complete resource drilling. This announcement includes 340 holes for 8,163 metres drilled since the announcement of 30 January 2023.

Contact:

Tel: +61 8 6555 1816

Email: murray.hill@elevateuranium.com.au

Koppies Uranium Resource

The Company confirms that the Mineral Resource Estimates for the Koppies 1 and Koppies 2 deposits have not changed since the annual review as disclosed in the 2022 Annual Report. The Company is not aware of any new information, or data, that effects the information in the 2022 Annual Report and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

Competent Persons Statement - General Exploration Sign-Off

The information in this announcement as it relates to exploration results, interpretations and conclusions was provided by Ms Asha Rao, who is a Member of both the AusIMM and the Australasian Institute of Geoscientists (AIG). Ms Rao has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person, as defined in the JORC 2012 edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves'. Ms Rao consents to the inclusion of this information in the form and context in which it appears.

(C) 2023 Electronic News Publishing, source ENP Newswire