Elevate Uranium narrows interim loss to N$72.8 million

**CHAMWE KAIRA **

Namibian Securities Exchange-listed Elevate Uranium Ltd narrowed its net loss to N$72.8 million for the half-year ended 31 December 2025, compared with N$88.3 million in the corresponding period in 2024, following a reduction in operating expenses and an increase in revenue and other income.

The uranium explorer reported total revenue and other income of N$7.24 million, up from N$1.88 million in the previous corresponding period.

Interest income increased to N$5.28 million from N$1.86 million, while the company recognised N$1.19 million in government grants and N$583 500 in other income during the six-month period.

Total operating expenses declined to N$80.1 million from N$90.2 million in the previous corresponding period.

Exploration and evaluation expenses, the company’s largest expense category, fell to N$53.3 million from N$62.4 million.

Share-based employee benefits declined to N$6.34 million from N$10.27 million, while employee benefits decreased slightly to N$7.96 million from N$8.02 million.

However, administration expenses increased to N$10.76 million from N$8.24 million, while depreciation rose to N$1.55 million from N$1.03 million. Finance costs increased to approximately N$189 000 from N$138 000.

The company reported a total comprehensive loss of N$72.5 million after recording a positive foreign currency translation movement of approximately N$292 000.

This compares with a foreign currency translation loss of approximately N$1.96 million in the previous corresponding period.

Basic and diluted loss per share improved to approximately 17.9 Namibian cents from 27.4 Namibian cents in the six months ended 31 December 2024.

Elevate Uranium has uranium exploration and development projects in Namibia, including its Koppies and Hirabeb projects.

The company is also advancing its uranium portfolio in the country as part of its broader exploration and development strategy.

During the period the company began operating its U-pgrade beneficiation plant in Namibia, completed the acquisition of the Napperby Uranium Project in the Northern Territory and continued exploration and evaluation activities on its tenement holdings in Namibia and Australia.

In addition, on 30 October 2025, the company announced that it had raised US$25 million in new equity, this funding was primarily subscribed to by institutional investors.

The company’s global uranium resources total 153.3 Mlb(million pounds) U3O8 (uranium oxide), with the Namibian resources representing a total of 96.3 Mlb U3O8 and the Australian resources totalling 57 Mlb U3O8.

The resources are inclusive of an update post half-year end, when an updated resource for the Marenica Uranium Project was announced.