# EL8: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152980

Publisher: asx

Original announcement: 2026-10-15T06:30:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-15T07:06:38.315Z

Atlas analysis updated: 2026-10-15T07:06:38.315Z

- Company: Elevate Uranium Limited

- Ticker: EL8

- Exchange: ASX

- Region: Unavailable

- Primary commodity: Uranium

- Secondary commodities: None reported

- Document categories: Other, Metallurgy, Resource update, Drill results

- Extracted: 2026-10-15 07:06:39 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Elevate Uranium Limited reported significant progress in its 2026 Annual Report, highlighted by the successful pilot-scale operation of its proprietary U-pgrade™ beneficiation process in Namibia, which achieved 88% mass rejection and 79% uranium recovery in its first four stages. The company also substantially increased its total uranium Mineral Resource inventory to 181 Mlb U3O8, with notable increases at Marenica and Koppies, and maiden resources at Hirabeb and Namib IV. These technical advancements were supported by a successful $25 million capital raise and the acquisition of the Napperby Uranium Project.

Reasoning: Elevate Uranium Limited reported a highly successful year, marked by the advancement of its proprietary U-pgrade™ beneficiation process through pilot-scale operation with strong initial results, and a substantial increase in its total uranium Mineral Resource inventory across multiple projects. These technical achievements were complemented by a significant capital raise and strategic project acquisitions, positioning the company for future development.

- Positive factor: Successful pilot plant operation for U-pgrade™ beneficiation process, achieving high mass rejection and uranium recovery in initial stages.

- Positive factor: Significant increase in total uranium Mineral Resource inventory to 181 Mlb U3O8.

- Positive factor: Substantial resource grade improvement at Marenica \(doubled to 180 ppm U3O8\).

- Positive factor: Maiden resource estimates for Hirabeb and Namib IV projects.

- Positive factor: Successful $25 million capital raise in October 2025.

- Positive factor: Acquisition of Napperby Uranium Project, adding 8.0 Mlb U3O8.

- Positive factor: JORC 2012 compliant resource estimates with named Competent Persons.

- Negative factor: Pilot plant results for the final \(fifth\) stage of the U-pgrade™ process are still pending.

- Negative factor: Some drill results are outside current resource areas, indicating early-stage exploration.

- Negative factor: Angela drilling did not yield mineralization at the principal deep seismic reflector target.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 29

## Classification and evidence

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a flotation route \("flotation"\)

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 29. Some facts used in scoring do not have a stored record.

## Drill Results (10)

### MAR1661

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-19)

Marenica Uranium · uranium

#### Identity

- Hole ID: MAR1661
- Project: Marenica Uranium
- Commodity: uranium
- Region: namibia
- Reported Region: namibia
- Ticker: EL8

#### Geometry

- Grade: 300
- Grade Unit: ppm eU3O8
- Intercept: 9 m
- From: 3 m
- To: 12 m
- Intercept Depth: 3 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: MAR1661:3-12

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This intercept shows moderate uranium grades over a good width, but its location outside the current resource area suggests it is part of early-stage exploration.

- Positive factor: Moderate grade \(300 ppm eU3O8\) for uranium.

- Positive factor: Good intercept length \(9.0 m\).

- Negative factor: Intercept is outside of the current resource area, indicating early-stage exploration.

Evidence · table

> 300

Context: 9.0

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MAR2289

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-20)

Marenica Uranium · uranium

#### Identity

- Hole ID: MAR2289
- Project: Marenica Uranium
- Commodity: uranium
- Region: namibia
- Reported Region: namibia
- Ticker: EL8

#### Geometry

- Grade: 439
- Grade Unit: ppm eU3O8
- Intercept: 12 m
- From: 14 m
- To: 26 m
- Intercept Depth: 14 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: MAR2289:14-26

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This intercept shows moderate uranium grades over a strong width, but its location outside the current resource area suggests it is part of early-stage exploration.

- Positive factor: Moderate grade \(439 ppm eU3O8\) for uranium.

- Positive factor: Strong intercept length \(12.0 m\).

- Negative factor: Intercept is outside of the current resource area, indicating early-stage exploration.

Evidence · table

> 439

Context: 12.0

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### MAR1964

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-21)

Marenica Uranium · uranium

#### Identity

- Hole ID: MAR1964
- Project: Marenica Uranium
- Commodity: uranium
- Region: namibia
- Reported Region: namibia
- Ticker: EL8

#### Geometry

- Grade: 748
- Grade Unit: ppm eU3O8
- Intercept: 2.9 m
- From: 30.1 m
- To: 33 m
- Intercept Depth: 30.1 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: MAR1964:30.1-33

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This intercept shows moderate uranium grades, but its narrow width and location outside the current resource area suggest it is part of early-stage exploration.

- Positive factor: Moderate grade \(748 ppm eU3O8\) for uranium.

- Negative factor: Narrow intercept length \(2.9 m\).

- Negative factor: Intercept is outside of the current resource area, indicating early-stage exploration.

Evidence · table

> 748

Context: 2.9

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### HIR1722

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-22)

Hirabeb Resource · uranium

#### Identity

- Hole ID: HIR1722
- Project: Hirabeb Resource
- Commodity: uranium
- Region: namibia
- Reported Region: namibia
- Ticker: EL8

#### Geometry

- Grade: 194
- Grade Unit: ppm eU3O8
- Intercept: 24.5 m
- From: 5 m
- To: 29.5 m
- Intercept Depth: 5 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: HIR1722:5-29.5

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This intercept shows economic uranium grades over a strong width, but its location outside the current resource area suggests it is part of early-stage exploration.

- Positive factor: Strong intercept length \(24.5 m\).

- Positive factor: Economic grade \(194 ppm eU3O8\) for uranium.

- Negative factor: Intercept is outside of the current resource area, indicating early-stage exploration.

Evidence · table

> 194

Context: 24.5

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### HIR1863

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-23)

Hirabeb Resource · uranium

#### Identity

- Hole ID: HIR1863
- Project: Hirabeb Resource
- Commodity: uranium
- Region: namibia
- Reported Region: namibia
- Ticker: EL8

#### Geometry

- Grade: 367
- Grade Unit: ppm eU3O8
- Intercept: 8 m
- From: 2 m
- To: 10 m
- Intercept Depth: 2 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: HIR1863:2-10

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This intercept shows moderate uranium grades over a moderate width, but its location outside the current resource area suggests it is part of early-stage exploration.

- Positive factor: Moderate grade \(367 ppm eU3O8\) for uranium.

- Positive factor: Moderate intercept length \(8.0 m\).

- Negative factor: Intercept is outside of the current resource area, indicating early-stage exploration.

Evidence · table

> 367

Context: 8.0

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### NIV1354

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-24)

Namib IV Resource · uranium

#### Identity

- Hole ID: NIV1354
- Project: Namib IV Resource
- Commodity: uranium
- Region: namibia
- Reported Region: namibia
- Ticker: EL8

#### Geometry

- Grade: 394
- Grade Unit: ppm eU3O8
- Intercept: 26.5 m
- True Width: 26.5 m
- From: 3.5 m
- To: 30 m
- Intercept Depth: 3.5 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: NIV1354:3.5-30

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This intercept shows moderate uranium grades over a continuous true width, indicating potential for resource extension outside the current area.

- Positive factor: Moderate grade \(394 ppm eU3O8\) for uranium.

- Positive factor: Continuous intercept length \(26.5 m\) with true width stated.

- Positive factor: Intercept is outside of the current resource area, indicating potential for extension.

Evidence · table

> 394

Context: 26.5

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 26.5

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### NIV0349

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-25)

Namib IV Resource · uranium

#### Identity

- Hole ID: NIV0349
- Project: Namib IV Resource
- Commodity: uranium
- Region: namibia
- Reported Region: namibia
- Ticker: EL8

#### Geometry

- Grade: 2053
- Grade Unit: ppm eU3O8
- Intercept: 3.5 m
- True Width: 3.5 m
- From: 3.5 m
- To: 7 m
- Intercept Depth: 3.5 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: NIV0349:3.5-7

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This intercept shows strong uranium grades over a narrow true width, indicating potential for resource extension outside the current area.

- Positive factor: Strong grade \(2,053 ppm eU3O8\) for uranium.

- Positive factor: True width stated \(3.5 m\).

- Positive factor: Intercept is outside of the current resource area, indicating potential for extension.

Evidence · table

> 2,053

Context: 3.5

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 3.5

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### D25.000

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-26)

Namib IV Resource · uranium

#### Identity

- Hole ID: D25.000
- Project: Namib IV Resource
- Commodity: uranium
- Region: namibia
- Reported Region: namibia
- Ticker: EL8

#### Geometry

- Grade: 516
- Grade Unit: ppm eU3O8
- Intercept: 7 m
- True Width: 7 m
- From: 2 m
- To: 9 m
- Intercept Depth: 2 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: D25.000:2-9

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This intercept shows moderate uranium grades over a moderate true width, indicating potential for resource extension outside the current area.

- Positive factor: Moderate grade \(516 ppm eU3O8\) for uranium.

- Positive factor: Moderate intercept length \(7.0 m\) with true width stated.

- Positive factor: Intercept is outside of the current resource area, indicating potential for extension.

Evidence · table

> 516

Context: 7.0

#### Tags used in scoring

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: true\_width\_m is 7

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### ANG0002

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-27)

Angela · uranium

#### Identity

- Hole ID: ANG0002
- Project: Angela
- Commodity: uranium
- Region: nt
- Reported Region: nt
- Ticker: EL8

#### Geometry

- Grade: 1421
- Grade Unit: ppm eU3O8
- Intercept: 1.4 m
- From: 447.4 m
- To: 448.8 m
- Intercept Depth: 447.4 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: ANG0002:447.4-448.8

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This intercept shows moderate uranium grades over a narrow width, but the overall drilling program did not achieve its primary exploration objective at the deep target.

- Positive factor: Moderate grade \(1,421 ppm eU3O8\) for uranium.

- Negative factor: Narrow intercept length \(1.4 m\).

- Negative factor: Drilling did not yield mineralization at the principal deep seismic reflector target.

Evidence · table

> 1,421

Context: 1.4

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### ANG0002

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-drill-facts-28)

Angela · uranium

#### Identity

- Hole ID: ANG0002
- Project: Angela
- Commodity: uranium
- Region: nt
- Reported Region: nt
- Ticker: EL8

#### Geometry

- Grade: 2884
- Grade Unit: ppm eU3O8
- Intercept: 0.6 m
- From: 447.7 m
- To: 448.3 m
- Intercept Depth: 447.7 m

#### Classification

- Program: exploration
- Sample Type: drill
- Group ID: ANG0002:447.7-448.3

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: This sub-interval shows strong uranium grades, but its very narrow width and the overall program's failure to hit the primary deep target limit its materiality.

- Positive factor: Strong grade \(2,884 ppm eU3O8\) for uranium.

- Negative factor: Very narrow intercept length \(0.6 m\).

- Negative factor: Drilling did not yield mineralization at the principal deep seismic reflector target.

Evidence · table

> 2,884

Context: 0.6

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

## Resource Estimates (17)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-2)

Koppies Project · uranium

#### Identity

- Project: Koppies Project
- Commodity: uranium
- Region: namibia
- Reported Region: Namibia
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:3f45fc3e66503fa5ff36
- Deposit or zone: Koppies
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 98000000
- Grade: 200
- Grade Unit: ppm U3O8
- Contained Metal: 43.6
- Contained Unit: mlb u3o8
- Cutoff Grade: 100
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Koppies project has a substantial indicated resource with an economic grade, providing a strong foundation for future development and high confidence in the estimate.

- Positive factor: Large indicated resource \(43.6 Mlb U3O8\) provides high confidence for project development.

- Positive factor: Economic grade \(200 ppm U3O8\) for uranium deposits.

- Positive factor: 100% ownership by the company.

Evidence · table

> 200

Context: 98.0

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-3)

Koppies Project · uranium

#### Identity

- Project: Koppies Project
- Commodity: uranium
- Region: namibia
- Reported Region: Namibia
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:f1fcd3a2b7648bcdc5b8
- Deposit or zone: Koppies
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 35400000
- Grade: 160
- Grade Unit: ppm U3O8
- Contained Metal: 12.3
- Contained Unit: mlb u3o8
- Cutoff Grade: 100
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Koppies project includes a substantial inferred resource at an economic grade, contributing to the overall project scale, but its inferred classification suggests a need for additional drilling to improve confidence.

- Positive factor: Significant inferred resource \(12.3 Mlb U3O8\) adds to overall project scale.

- Positive factor: Economic grade \(160 ppm U3O8\) for uranium deposits.

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 160

Context: 35.4

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-4)

Koppies Project · uranium

#### Identity

- Project: Koppies Project
- Commodity: uranium
- Region: namibia
- Reported Region: Namibia
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:40f6aa9a3ec2d6c578ed
- Deposit or zone: Hirabeb
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 23300000
- Grade: 200
- Grade Unit: ppm U3O8
- Contained Metal: 10.2
- Contained Unit: mlb u3o8
- Cutoff Grade: 100
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The maiden inferred resource at Hirabeb adds new potential to the Koppies project with an economic grade, but its inferred classification means more work is needed to increase confidence.

- Positive factor: Maiden inferred resource \(10.2 Mlb U3O8\) adds new potential to the Koppies project area.

- Positive factor: Economic grade \(200 ppm U3O8\) for uranium deposits.

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 200

Context: 23.3

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-5)

Koppies Project · uranium

#### Identity

- Project: Koppies Project
- Commodity: uranium
- Region: namibia
- Reported Region: Namibia
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:5f5381c55e09d238664e
- Deposit or zone: Namib IV
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 29500000
- Grade: 155
- Grade Unit: ppm U3O8
- Contained Metal: 10.1
- Contained Unit: mlb u3o8
- Cutoff Grade: 100
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The maiden inferred resource at Namib IV contributes new potential to the Koppies project with an economic grade, but its inferred classification means more work is needed to increase confidence.

- Positive factor: Maiden inferred resource \(10.1 Mlb U3O8\) adds new potential to the Koppies project area.

- Positive factor: Economic grade \(155 ppm U3O8\) for uranium deposits.

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 155

Context: 29.5

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-6)

Marenica Uranium Project · uranium

#### Identity

- Project: Marenica Uranium Project
- Commodity: uranium
- Region: namibia
- Reported Region: Namibia
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:25e227517c2d637ec669
- Deposit or zone: Marenica
- Ownership percent: 75 %

#### Resource Data

- Category: indicated
- Tonnes: 16800000
- Grade: 205
- Grade Unit: ppm U3O8
- Contained Metal: 7.5
- Contained Unit: mlb u3o8
- Cutoff Grade: 100
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Marenica project saw a significant increase in its indicated resource grade, improving project economics and providing good geological confidence for future studies.

- Positive factor: Significant increase in resource grade \(doubled to 180 ppm U3O8 overall\) improves project economics.

- Positive factor: Economic grade \(205 ppm U3O8\) for uranium deposits.

- Positive factor: Indicated category provides good geological confidence.

Evidence · table

> 205

Context: 16.8

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-7)

Marenica Uranium Project · uranium

#### Identity

- Project: Marenica Uranium Project
- Commodity: uranium
- Region: namibia
- Reported Region: Namibia
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:74b35620f4dabcfb1114
- Deposit or zone: Marenica
- Ownership percent: 75 %

#### Resource Data

- Category: inferred
- Tonnes: 117700000
- Grade: 175
- Grade Unit: ppm U3O8
- Contained Metal: 45.3
- Contained Unit: mlb u3o8
- Cutoff Grade: 100
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Marenica project's inferred resource shows a significant grade increase and adds substantial contained metal, but its inferred classification means more work is needed to improve confidence.

- Positive factor: Significant increase in resource grade \(doubled to 180 ppm U3O8 overall\) improves project economics.

- Positive factor: Large inferred resource \(45.3 Mlb U3O8\) adds to overall project scale.

- Positive factor: Economic grade \(175 ppm U3O8\) for uranium deposits.

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 175

Context: 117.7

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-8)

Angela · uranium

#### Identity

- Project: Angela
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:2268cd1bb5b730321b09
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 10700000
- Grade: 1310
- Grade Unit: ppm U3O8
- Contained Metal: 30.8
- Contained Unit: mlb u3o8
- Cutoff Grade: 300
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Angela project holds a high-grade inferred resource with significant contained metal, indicating strong potential, but its inferred classification requires further work to increase confidence.

- Positive factor: High-grade inferred resource \(1,310 ppm U3O8\) indicates strong potential.

- Positive factor: Significant contained metal \(30.8 Mlb U3O8\).

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 1,310

Context: 10.7

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-9)

Napperby · uranium

#### Identity

- Project: Napperby
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:12c94c8151935caa9e76
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 9500000
- Grade: 382
- Grade Unit: ppm U3O8
- Contained Metal: 8
- Contained Unit: mlb u3o8
- Cutoff Grade: 200
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Napperby project, acquired during the year, adds a high-grade inferred resource with synergy to the company's beneficiation process, but its inferred classification means more work is needed to increase confidence.

- Positive factor: Maiden inferred resource for the company \(8.0 Mlb U3O8\) adds new project to portfolio.

- Positive factor: High-grade inferred resource \(382 ppm U3O8\) indicates good potential.

- Positive factor: Technical synergy with U-pgrade™ beneficiation process.

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 382

Context: 9.5

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-10)

Thatcher Soak · uranium

#### Identity

- Project: Thatcher Soak
- Commodity: uranium
- Region: wa
- Reported Region: WA
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:22fc7f880a4c281a713c
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 11600000
- Grade: 425
- Grade Unit: ppm U3O8
- Contained Metal: 10.9
- Contained Unit: mlb u3o8
- Cutoff Grade: 150
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Thatcher Soak project holds a high-grade inferred resource with significant contained metal, indicating good potential, but its inferred classification requires further work to increase confidence.

- Positive factor: High-grade inferred resource \(425 ppm U3O8\) indicates good potential.

- Positive factor: Significant contained metal \(10.9 Mlb U3O8\).

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 425

Context: 11.6

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-11)

Bigrlyi Deposit · uranium

#### Identity

- Project: Bigrlyi Deposit
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:a545ca9168b9e5a99b01
- Ownership percent: 20.87 %

#### Resource Data

- Category: measured
- Tonnes: 1700000
- Grade: 1300
- Grade Unit: ppm U3O8
- Contained Metal: 4.9
- Contained Unit: mlb u3o8
- Cutoff Grade: 500
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Bigrlyi project has a high-grade measured resource, indicating very high geological confidence and strong potential for development.

- Positive factor: High-grade measured resource \(1,300 ppm U3O8\) provides highest geological confidence.

- Positive factor: Significant contained metal \(4.9 Mlb U3O8\) for the measured category.

Evidence · table

> 1,300

Context: 1.7

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-12)

Bigrlyi Deposit · uranium

#### Identity

- Project: Bigrlyi Deposit
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:5664b732678c9ad2f228
- Ownership percent: 20.87 %

#### Resource Data

- Category: indicated
- Tonnes: 3800000
- Grade: 1410
- Grade Unit: ppm U3O8
- Contained Metal: 11.7
- Contained Unit: mlb u3o8
- Cutoff Grade: 500
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Bigrlyi project has a high-grade indicated resource, providing good geological confidence and strong potential for development.

- Positive factor: High-grade indicated resource \(1,410 ppm U3O8\) provides good geological confidence.

- Positive factor: Significant contained metal \(11.7 Mlb U3O8\).

Evidence · table

> 1,410

Context: 3.8

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-13)

Bigrlyi Deposit · uranium

#### Identity

- Project: Bigrlyi Deposit
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:bf44fb28aea8201cdb5e
- Ownership percent: 20.87 %

#### Resource Data

- Category: inferred
- Tonnes: 2500000
- Grade: 1340
- Grade Unit: ppm U3O8
- Contained Metal: 7.4
- Contained Unit: mlb u3o8
- Cutoff Grade: 500
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Bigrlyi project has a high-grade inferred resource with strong potential, but its inferred classification means more work is needed to increase confidence.

- Positive factor: High-grade inferred resource \(1,340 ppm U3O8\) indicates strong potential.

- Positive factor: Significant contained metal \(7.4 Mlb U3O8\).

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 1,340

Context: 2.5

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-14)

Walbiri Joint Venture · uranium

#### Identity

- Project: Walbiri Joint Venture
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:b42d1674d423f3b349b8
- Ownership percent: 22.88 %

#### Resource Data

- Category: inferred
- Tonnes: 5100000
- Grade: 636
- Grade Unit: ppm U3O8
- Contained Metal: 7.1
- Contained Unit: mlb u3o8
- Cutoff Grade: 200
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Walbiri Joint Venture holds a high-grade inferred resource with good potential, but its inferred classification means more work is needed to increase confidence.

- Positive factor: High-grade inferred resource \(636 ppm U3O8\) indicates good potential.

- Positive factor: Significant contained metal \(7.1 Mlb U3O8\).

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 636

Context: 5.1

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-15)

Sundberg · uranium

#### Identity

- Project: Sundberg
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:c471e58f720dd9f40a28
- Ownership percent: 20.87 %

#### Resource Data

- Category: inferred
- Tonnes: 1010000
- Grade: 259
- Grade Unit: ppm U3O8
- Contained Metal: 0.57
- Contained Unit: mlb u3o8
- Cutoff Grade: 200
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Sundberg project has an inferred resource with an economic grade, but its small scale and inferred classification mean it is less material and requires further work.

- Positive factor: Economic grade \(259 ppm U3O8\) for uranium deposits.

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

- Negative factor: Relatively small contained metal \(0.57 Mlb U3O8\).

Evidence · table

> 259

Context: 1.01

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-16)

Hill One Joint Venture · uranium

#### Identity

- Project: Hill One Joint Venture
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:385200e2409a8aa06c12
- Ownership percent: 20.87 %

#### Resource Data

- Category: inferred
- Tonnes: 80000
- Grade: 208
- Grade Unit: ppm U3O8
- Cutoff Grade: 200
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Hill One Joint Venture has a very small inferred resource, making it less material despite an economic grade, and requiring significant further work to be meaningful.

- Positive factor: Economic grade \(208 ppm U3O8\) for uranium deposits.

- Negative factor: Very small tonnage \(0.08 Mt\) and contained metal.

- Negative factor: Inferred category indicates lower geological confidence.

Evidence · table

> 208

Context: 0.08

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-17)

Karins · uranium

#### Identity

- Project: Karins
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:bd96772604c254464f7e
- Ownership percent: 20.87 %

#### Resource Data

- Category: inferred
- Tonnes: 1240000
- Grade: 556
- Grade Unit: ppm U3O8
- Contained Metal: 1.52
- Contained Unit: mlb u3o8
- Cutoff Grade: 200
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Karins project has a high-grade inferred resource with good potential, but its inferred classification means more work is needed to increase confidence.

- Positive factor: High-grade inferred resource \(556 ppm U3O8\) indicates good potential.

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 556

Context: 1.24

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-resource-facts-18)

Malawiri Joint Venture · uranium

#### Identity

- Project: Malawiri Joint Venture
- Commodity: uranium
- Region: nt
- Reported Region: NT
- Ticker: EL8

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Mr David Princep, Mr Daniel Guibal, Mr Peter Gleeson, Mr Arnold van der Heyden, Mr Dimitry Pertel, Dr Maxim Seredkin, Mr Ian Glacken, Mr Mark Menzies
- Resource group id: resource:b5e2d06cd17a2484618a
- Ownership percent: 23.97 %

#### Resource Data

- Category: inferred
- Tonnes: 420000
- Grade: 1288
- Grade Unit: ppm U3O8
- Contained Metal: 1.2
- Contained Unit: mlb u3o8
- Cutoff Grade: 100
- Cutoff Unit: ppm U3O8

#### Prior Estimate

- Resource Date: 2026-06-30

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The Malawiri Joint Venture has an inferred resource with a world-class grade, indicating very strong potential, but its inferred classification means more work is needed to increase confidence.

- Positive factor: World-class grade \(1,288 ppm U3O8\) indicates very strong potential.

- Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade.

Evidence · table

> 1,288

Context: 0.42

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

## Metallurgical Results (2)

### pilot plant

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-metallurgical-facts-0)

Marenica Uranium Project · uranium

#### Identity

- Project: Marenica Uranium Project
- Commodity: uranium
- Region: namibia
- Reported Region: Namibia
- Ticker: EL8

#### Test Work

- Program Status: detailed
- Test Type: pilot plant
- Processing Route: U-pgrade™ beneficiation process \(Stages 1-4\)
- Sample: Marenica ore

#### Recovery

- Recovery: 79 %
- Recovery Basis: actual\_test
- Head Grade: 89
- Head Grade Unit: ppm U
- Conc. Grade: 590
- Conc. Grade Unit: ppm U
- Mass Pull: 12 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The U-pgrade™ pilot plant successfully demonstrated high mass rejection and uranium recovery in its first four stages, significantly upgrading the ore and enabling a more efficient acid leach route, which is a major de-risking step for the project.

- Positive factor: High mass rejection \(88%\) significantly reduces material to be processed downstream.

- Positive factor: High uranium recovery \(79%\) for the initial stages.

- Positive factor: Significant grade increase \(from 89 ppm U to 590 ppm U\) before final flotation.

- Positive factor: Pilot plant scale demonstrates scalability and continuous operation, de-risking the process.

- Positive factor: Enables a simpler and lower-cost acid leach route by removing carbonate.

Evidence · text

> The first four stages have demonstrated 88% mass rejection and recovered 79% of the uranium into the Stage 5 feed. Stages 1 to 4 increased the grade the Marenica samples from 105 ppm to 695 ppm U₃O₈ \(89 ppm to 590 ppm U\).

#### Tags used in scoring

**Pilot Scale Complete**

Polarity: positive

Definition: Pilot or demonstration plant testing completed under continuous operation.

Why it applies: test\_type names pilot-scale work

### pilot plant

[Link to this fact](https://atlas-staging.minestarters.com/news/el8-annual-report-to-shareholders--d7529c31-56fb-4e1d-bf29-1ebcc26f8006#fact-metallurgical-facts-1)

Marenica Uranium Project · uranium

#### Identity

- Project: Marenica Uranium Project
- Commodity: uranium
- Region: namibia
- Reported Region: Namibia
- Ticker: EL8

#### Test Work

- Program Status: detailed
- Test Type: pilot plant
- Processing Route: U-pgrade™ beneficiation process \(Stage 5\)
- Sample: Marenica ore

#### Recovery

- Recovery Basis: theoretical
- Conc. Grade: 5000
- Conc. Grade Unit: ppm U3O8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-15T00:00:00.000Z

Reasoning: The target concentrate grade for the final flotation stage is high, but it is based on historical bench-scale test work, and pilot-scale results are still pending, which introduces some uncertainty regarding the final process performance.

- Positive factor: High target concentrate grade \(5,000 ppm U3O8\) indicates significant potential for further upgrading.

- Negative factor: This is a historical bench-scale result, and pilot-scale performance for Stage 5 is still being established.

- Negative factor: Results for the final stage are pending, introducing some uncertainty.

Evidence · text

> Historical bench-scale test work previously reported by the Company demonstrated a concentrate grade of approximately 5,000 ppm U₃O₈ \(equivalent to 4,240 ppm U\) from samples of Marenica ore.

#### Tags used in scoring

**Pilot Scale Complete**

Polarity: positive

Definition: Pilot or demonstration plant testing completed under continuous operation.

Why it applies: test\_type names pilot-scale work

**Theoretical Recovery Only**

Polarity: negative

Definition: Only theoretical or liberation-derived recovery reported, with no actual test result.

Why it applies: recovery\_basis is theoretical

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.