2023 Annual
Report
Elevate Uranium Limited
ACN 001 666 600
Corporate Information
DIRECTORS
A Bantock (Independent Non-executive Chairman)
M Hill (Managing Director and CEO)
S Mann (Independent Non-executive Director)
COMPANY SECRETARY
S McBride
REGISTERED OFFICE
Suite 2
5 Ord Street
West Perth WA 6005
Tel: +61 8 6555 1816
BUSINESS OFFICE
Suite 2
5 Ord Street
West Perth WA 6005
Tel: +61 8 6555 1816
WEB SITE
www.elevateuranium.com.au
AUDITOR
Rothsay Audit & Assurance Pty Ltd
Level 1, Lincoln House
4 Ventnor Avenue
West Perth WA 6005
Tel: +61 8 9486 7094
STOCK EXCHANGES
Australian Securities Exchange Limited – EL8
Namibia Stock Exchange – EL8
OTCQX - ELVUF
HOME EXCHANGE
Perth
SHARE REGISTRY
Advanced Share Registry Services
110 Stirling Highway
Nedlands WA 6009
Tel: +61 8 9389 8033
Fax: +61 8 9262 3723
Contents
Corporate Information
Chairman’s Letter
Review of Operations
Directors’ Report
Auditor’s Independence Declaration
Remuneration Report - Audited
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Consolidated Notes to the Financial Statements
Directors’ Declaration
Auditor’s Report
Additional ASX Information
Schedule of Interests in Minerals Tenements
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30
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32
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70
Chairman’s Letter
Fellow shareholders,
Your Company has completed another active year, consolidating on previous discoveries, making yet another new discovery and
investing in activities which your board expects will further grow the resource base. This comes at a time of continuing market interest
and growing opportunity across the uranium sector.
Most notably, over the course of the year, your Company:
Significantly stepped up the pace of our Namibian exploration and resource drilling, more than doubling to over 41,000
meters drilled, with three drill rigs operating in the Koppies area by year’s end, testing mineralisation over 20km of strike;
Through this aggressive program, generated a substantial amount of new geological data which we expect can underpin
the future re-estimation of ore resources at Koppies;
Discovered another exciting mineralised area at Capri – extending over 16km;
Advanced our knowledge of our extensive Australian portfolio, completing geophysical and geochemical programs on a
number of those tenements; and
Importantly, grew our technical team to include a total of seven geologists, including four Namibian geologists; adding
depth and breadth of experience, to drive our ongoing exploration and discovery efforts.
In February this year I spent time at our Namibian projects with your Managing Director, Murray Hill and General Manager - Namibia,
Jessica Bezuidenhout, together with the Namibian team. It was great to see the progress being achieved on the ground. The visit re-
emphasised to me six key strengths of your Company’s Namibian portfolio:
1. Great place to invest - Namibia is a stable and accessible uranium jurisdiction, with an established legal and commercial
framework and robust supporting infrastructure;
2. Scale of the opportunity – exploration to date has identified multiple shallow, flat and extensive mineralised systems across
our Namibian tenements;
3. Ease of operations - these shallow mineralised systems sit largely in flat, relatively featureless and sparsely vegetated
terrain, allowing exploration to be rapidly advanced;
4. Growing resource base – we are active in the field, drilling to expand the maiden 20 Mlb of U3O8 Koppies resource, part of
our current overall 81 Mlb U3O8 Namibian resources;
5. Untapped potential – whilst we have been particularly active in drilling at Koppies and Capri, multiple other mineralised
zones remain largely untested across our portfolio; and
6. The quality and focus of our exploration team - whose experience, insights and hard work are driving our success.
Your board is confident that our ongoing Namibian work program will capitalise on these strengths, as well as those of our significant
Australian resource base, over the coming year.
My thanks again to Murray Hill for his continued energy and leadership of your Company. Also, to Shane McBride your CFO and
Company Secretary, as well as our other key leaders. It has been great to see the Elevate team grow over the past year, adding diverse
skills which complement each other’s strengths. My thanks also to your other non-executive director, Stephen Mann, who again
contributed his considerable knowledge and experience, both in the uranium sector and with ASX listed exploration and development
companies, to your Company’s strategic agenda.
In closing, your board looks forward to both an improving uranium market and increasing recognition of the role for nuclear power
as carbon free energy, into the future.
As with many of our peers, we have long acknowledged the fundamentals of the current primary uranium supply vs demand deficit
and expect this to continue at least over the medium term. At the same time, we are encouraged to see the positive impetus for
nuclear energy from global energy market disruption and the emergence of new technologies, in particular Small Modular Reactors,
as a future reliable, scalable, base load power source.
We believe your Company is well positioned to generate strong shareholder value from these underlying market dynamics.
Yours faithfully
Andrew Bantock
Chairman
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2023 Annual Report
Review of Operations
OVERVIEW
It has been a busy year for the Company with exploration ramped up achieving a total of 41,149 metres drilled during
the year, up from 17,045 metres the previous year. These metres were achieved as we increased from one drill rig
at the start of the year, to three in May 2023. Currently, all three drill rigs are being utilised in the Koppies area.
Following estimation of the initial 20.3 Mlb eU3O8 JORC mineral resource at the Koppies Uranium Project (“Koppies”)
the Company’s primary focus has been around Koppies with drilling identifying a total mineralised strike length of 20
kilometres, north and south of the JORC resource area.
During the year another discovery was identified at Capri where 16 kilometres of mineralisation has been identified
by drilling areas of electromagnetic anomalies.
Geophysical and geochemical programs were also completed on the Company’s Australian assets during the year.
NAMIBIAN URANIUM PROJECTS
The Erongo region of Namibia contains the fourth highest aggregate of uranium mineral resources of any region in
the world and has a long history of uranium discovery and production. The Rossing Uranium Mine commenced
operation in 1976 and has been operating continuously for 47 years in the Erongo.
Elevate Uranium has two large uranium project areas in the Erongo Region:
Namib Area, and
Central Erongo Area.
The Company holds ten active tenements in the Erongo Region of Namibia, each at varying stages of exploration
advancement (Figure 1).
Koppies Project (EPL 6987) – Namibia
Since announcing the initial 20.3 Mlb eU3O8 JORC mineral resource at Koppies in 2022, the Company has been
focused on expanding that resource. Exploration north-east of the resource area has identified continuous
mineralisation from Koppies 2 through to the northern border of the tenement, a distance of just under 11 kilometres,
an area now known as Koppies 3. The geological features that led to the discovery of Koppies 3 were found to be
replicated south-west of Koppies 2 and subsequent drilling identified further mineralised extensions past the southern
border of the tenement through into the Company’s adjoining tenement, extending mineralisation a further 7
kilometres. The mineralisation at Koppies has now been identified over a distance of 20 kilometres.
A total of 1,630 holes were drilled during the year for a total drilled metres of 41,149 metres. Holes drilled outside of
the JORC mineralised area are shown in (Figure 2).
A further 2,000 holes for 50,000 metres have been planned for the Koppies Project during the next financial year.
The planned drilling consists of two parts: a) drilling to confirm the extent of the mineralised envelope, which continues
to pinch and swell on the edges, and b) drilling to support mineral resource estimation and grow the existing Koppies
resource (see Figure 3).
The Company significantly increased its drilling activities during the year, with a second drill rig commencing at
Koppies in July 2022 and a third in May 2023. All three rigs are scheduled to remain at Koppies through to December
2023. Following this, one drill rig will remain at Koppies to 30 June 2024, while the other two drill rigs move to
exploration programs on other tenements.
The proximity of Koppies to the Company’s other tenements in the Namib area is shown in (Figure 4) .
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Review of Operations
Figure 1 – Elevate Uranium’s Tenements and Projects in the Erongo Region of Namibia
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Review of Operations
Figure 2 – Koppies Resource Outline and Holes Drilled Outside Outline
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2023 Annual Report
Review of Operations
Figure 3 – Koppies Planned Drill Hole Locations After 1 July 2023
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2023 Annual Report
Review of Operations
Figure 4 – Location of the Koppies Project
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2023 Annual Report
Review of Operations
Capri Project (EPL 7508) – Namibia
An exploration drilling program was undertaken at the Capri Uranium Project (“Capri”) early in the year, following up
on airborne electromagnetic (“EM”) and radiometric surveys which identified extensive and prospective
palaeochannels. The drill program resulted in the discovery of uranium mineralisation over a strike length of 16
kilometres (see Figure 5).
The Company has identified multiple additional exploration targets at Capri, leading to the design of future exploration
programs to explore these targets. However, before this can commence the Company is working through a new land
access process introduced by Namibian authorities. These access protocols have recently changed for tenements
within conservancy areas, which includes Capri. These protocols require that licence holders enter into a land access
agreement with the land custodians. This change to land access has prevented the Company’s exploration activities
in this area and it has commenced negotiations to allow grant of land access before drilling can recommence.
The proximity of Capri to the Company’s other tenements in the Central Erongo area is shown in Figure 6.
Figure 5 – Drill Results Relative to Airborne EM Anomalies at Capri
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2023 Annual Report
Review of Operations
Figure 6 – Location of the Capri Project
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2023 Annual Report
Review of Operations
Other Exploration – Namibia
Looking beyond Koppies and Capri, previous airborne electromagnetic and radiometric surveys have identified
exploration targets on many of the Company’s granted tenements. Coupled with the geological knowledge gained
from exploring the extensive mineralisation identified at Koppies, this knowledge base has generated many more
exploration targets. The Company plans to explore as many as possible of these other tenements during the coming
year. The general plan for operating the three drill rigs, is as follows:
Drill Rig 1 is planned to remain at Koppies through to the end of June 2024;
Drill Rig 2 is planned to remain at Koppies through to the end of December 2023 and then move to the other
tenements in the Namib area; and
Drill Rig 3 is planned to remain at Koppies through to the end of December 2023 and then move to the
Company’s tenements in the Central Erongo area.
AUSTRALIAN URANIUM PROJECTS
In Australia, the Company’s tenure consists of the 100% owned Angela, Thatcher Soak, Oobagooma and Minerva
Projects and holdings in the Bigrlyi, Malawiri, Walbiri and Areva Joint Ventures. These project areas comprise 48.4
Mlb U3O8 of high-grade mineral resources.
The project locations are shown in Figure 7 and the JORC resources listed in Table 1.
Figure 7 – Elevate Uranium’s Tenements and Projects in Australia
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2023 Annual Report
Review of Operations
Angela Project (100%) – Australia
The Angela Uranium Project is located approximately 25 km south of Alice Springs in the Northern Territory and the
tenement straddles the Old South Road and the Central Australian Railway (Figure 8).
Figure 8 – Angela Location
Geophysical Program
A two-dimensional (“2D”) seismic survey was completed and interpreted by HiSeis.
Three 2D seismic lines were surveyed along existing tracks with minimal line preparation required. A total of 16.7
kilometres of 2D seismic was designed and acquired. Figure 9 shows the location of the survey lines relative to the
Angela project and lease outline.
Specific details of the different lines were as follows:
Line 1 (6.1 km) – Designed to image along strike of the near surface portion of the Angela deposit extending
north toward the Pamela prospect;
Line 2 (5.3 km) – Designed to image along the plunge direction of the Angela ore body; and
Line 3 (5.3 km) – Designed to image along strike of the deeper portion of the Angela deposit.
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2023 Annual Report
Review of Operations
The objective of the 2D seismic surveys were to provide an understanding of the exploration potential at the Angela
project and support future exploration activities. More specifically, the Company aimed to:
Identify structural features;
Correlate lithology between (and beyond) drillholes;
Identify alteration; and
Detect mineralisation.
The seismic work described here was preceded by rock property measurements. The work demonstrated that
different lithologies, specifically reduced and oxidized lithologies, would contribute to changes in seismic character.
This work increased the confidence level in the expected outcomes from the seismic survey.
Figure 9 – Angela 2D Seismic Survey Line Locations
The seismic data revealed significant reflectivity in the geology, indicating that the area is conducive towards the
seismic reflection technique.
Key outcomes of the 2D seismic program were:
The known uranium mineralisation closely follows a gently dipping seismic reflector seen on Line 2;
There is a correlation between higher amplitudes recorded along this reflector and known mineralisation
observed in drill assays;
This correlation also suggests the existence of further mineralisation below the known mineralised layer; and
The findings produced two working hypotheses that suggest the possibility of uraniferous fluids entering the
host environment from either above or below the discovered orebody.
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2023 Annual Report
Review of Operations
A key exploration opportunity identified from the seismic imaging is an anomalous area below the known
mineralisation, which may represent deeper uranium enrichment (Figure 10, circle B). This area has never been
tested by drilling, however the similarity in seismic signatures to the layer above where the main mineralisation zone
occurs makes the unexplored, gently dipping reflector a very prospective target.
Figure 10 – Line 2: Seismic amplitude envelope showing the deeper target “B” (yellow outline)
B
Conclusions and Recommendations
HiSeis acquired, processed and interpreted the data from three, 2D, seismic reflection survey lines, which provide
geological context for Angela and will support future exploration activities.
The 2D seismic program at Angela confirmed that reflection seismic is an effective method by which to image the
subsurface. The results and interpretation of the seismic data provide additional insight into potential mechanisms
for uranium deposition and upside for future exploration.
Geochemical Program
A geochemical orientation survey was undertaken during which samples were collected from locations directly above
the Angela orebody, where mineralisation is situated less than 100 metres below ground surface. The purpose of
the survey was to test the efficacy of particular geochemical techniques suggested for exploration of mobile mineral
elements. Some samples confirmed the presence of the uranium mineralisation, however the majority of assay
results were inconsistent. It was concluded from this program that the geochemical techniques trialled to potentially
locate uranium mineralisation at subsurface were inconclusive and would therefore require further refinement.
Minerva Project (100%) – Australia
A similar geochemical orientation program to that conducted at Angela was also completed at Minerva. Results from
this program also concluded that the geochemical techniques trialled to potentially locate uranium mineralisation in
the subsurface were inclusive and therefore require further refinement.
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Review of Operations
U-PGRADETM BENEFICIATION PROCESS
U-pgradeTM is potentially an industry leading and economically transformational beneficiation process for upgrading
surficial uranium ores.
This breakthrough process was developed on ore from the Company’s Marenica Uranium Project in Namibia and
subsequently, testwork has been undertaken on ore samples from a number of other sources.
In summary, the Company has demonstrated on Marenica Uranium Project ore samples, in bench scale testwork,
that the U-pgradeTM beneficiation process;
Concentrates the uranium by a factor of 50
Increases ore grade from 93 ppm to ~5,000 ppm U3O8
Rejects ~98% of the mass prior to leaching
Produces a high-grade concentrate in a low mass of ~2% (leach feed)
Rejects acid consumers
Potentially reduces capital and operating costs by ~50% compared to conventional processing.
Beyond application at the Marenica Uranium Project, the Company has determined, through bench scale testing,
that calcrete hosted uranium deposits in Namibia and Australia are amongst those that are amenable to the U-
pgradeTM process.
In 2020 the Company finalised a successful proof of concept testwork program using the U-pgrade™ process on an
ore sample from the Angela project, which indicated a reduction in leach acid consumption in the processing of
Angela ore from 104 kg/t without the benefit of U-pgradeTM, to 24 kg/t with U-pgrade™ (i.e. a difference of 80 kg/t),
thereby indicating a substantial reduction in operating costs.
An important element of these tests, aside from their obvious success, is that the Angela deposit is sandstone hosted,
rather than the calcrete hosted mineralisation on which U-pgrade™ was initially developed. These results highlight
the broader application of U-pgradeTM to ore types outside of the primary application of calcrete hosted ore sources.
The Company will continue to test the boundaries of the U-pgrade™ process in the future.
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2023 Annual Report
Review of Operations
MINERAL RESOURCES
The Company’s mineral resources are internally peer reviewed at the time of estimation and are subject to ongoing
review, as and when required. At the end of each financial year, the Company formally reviews the reported
resources.
Table 1 – Uranium Mineral Resources
Deposit
Category
Total Resource
Cut-off
(ppm Tonnes U3O8
(ppm)
(M)
U3O8)
U3O8
(Mlb)
Elevate
Holding
Elevate Share
Tonnes U3O8
(ppm)
(M)
U3O8
(Mlb)
Namibia
Koppies
Koppies I
Koppies II
Koppies Total
Marenica
JORC 2012 Inferred
JORC 2012 Inferred
JORC 2012 Inferred
JORC 2004 Indicated
Inferred
JORC 2004 Inferred
MA7
Marenica Uranium Project Total
Namibia Total
Australia - 100% Holding
Angela
Thatcher Soak
100% Held Resource Total
Australia - Joint Venture Holding
Bigrlyi Deposit
JORC 2012 Inferred
JORC 2012 Inferred
Indicated
Inferred
JORC 2004 Total
JORC 2012 Total
Inferred
Inferred
Bigrlyi Total
Walbiri Joint Venture
Joint Venture
100% EME
Walbiri Total
Bigrlyi Joint Venture
Sundberg
JORC 2012 Inferred
Hill One Joint Venture JORC 2012 Inferred
JORC 2012 Inferred
Hill One EME
Karins
JORC 2012 Inferred
Malawiri Joint Venture JORC 2012 Inferred
Joint Venture Resource Total
Australia Total
TOTAL
100
100
100
50
50
50
300
150
500
500
500
200
200
200
200
200
200
200
100
8.7
32.8
41.4
26.5
249.6
22.8
298.9
340.3
10.7
11.6
22.3
4.7
2.8
7.5
5.1
5.9
11.0
1.01
0.26
0.24
1.24
0.42
21.6
43.9
240
215
220
110
92
81
93
109
1,310
425
850
1,366
1,144
1,283
636
646
641
259
281
371
556
1,288
847
848
4.6
15.7
20.3
6.4
50.9
4.0
61.3
81.6
30.8
10.9
41.7
14.0
7.1
21.1
7.1
8.4
15.5
0.57
0.16
0.19
1.52
1.20
40.2
81.9
100%
41.4
220
20.3
75% 224.2
265.6
100%
100%
100%
10.7
11.6
22.3
93
113
1,310
425
850
46.0
66.3
30.8
10.9
41.7
20.82%
1.55
1,283
4.39
22.88%
1.16
636
1.63
20.82%
20.82%
20.82%
23.97%
0.21
0.05
0.26
0.10
3.34
25.6
259
281
0.12
0.03
556
1,288
923
859
0.32
0.29
6.77
48.4
114.7
Koppies Uranium Project:
The Company confirms that the Mineral Resource Estimates for the Koppies 1 and Koppies 2 deposits have not changed since the annual review
disclosed in the 2022 Annual Report. The Company is not aware of any new information, or data, that effects the information in that ASX Release
and confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially
changed.
Marenica Uranium Project:
The Company confirms that the Mineral Resource Estimates for the Marenica and MA7 deposits have not changed since the annual review
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
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2023 Annual Report
Review of Operations
changed. The Mineral Resource Estimates for the Marenica and MA7 deposits were prepared in accordance with the requirements of the JORC
Code 2004. They have not been updated since to comply with the 2012 Edition of the Australian Code for the Reporting of Exploration Results,
Minerals Resources and Ore Reserves (“JORC Code 2012”) on the basis that the information has not materially changed since they were last
reported. A Competent Person has not undertaken sufficient work to classify the estimate of the Mineral Resource in accordance with the JORC
Code 2012; it is possible that following evaluation and/or further exploration work the currently reported estimate may materially change and hence
will need to be reported afresh under and in accordance with the JORC Code 2012.
Australian Uranium Projects:
The Company confirms that the Mineral Resource Estimates for Angela, Thatcher Soak, Bigrlyi, Sundberg, Hill One, Karins, Walbiri and Malawiri
have not changed since the annual review 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. The Mineral Resource Estimate for the Bigrlyi deposit was prepared in accordance with the
requirements of the JORC Code 2004. The Mineral Resource Estimate was prepared and first disclosed under the 2004 Edition of the Australian
Code for the Reporting of Exploration Results, Minerals Resources and Ore Reserves (“JORC Code 2004”). It has not been updated since to
comply with the 2012 Edition of the Australian Code for the Reporting of Exploration Results, Minerals Resources and Ore Reserves (“JORC
Code 2012”) on the basis that the information has not materially changed since it was last reported. A Competent Person has not undertaken
sufficient work to classify the estimate of the Mineral Resource in accordance with the JORC Code 2012; it is possible that following evaluation
and/or further exploration work the currently reported estimate may materially change and hence will need to be reported afresh under and in
accordance with the JORC Code 2012.
The Competent Person that completed the most recent JORC Mineral Resource estimate for each project is listed
as follows.
Resource
Competent Person
Employer
Koppies
Angela
Mr David Princep
Mr David Princep
Gill Lane Consulting Pty Ltd
Gill Lane Consulting Pty Ltd
Thatcher Soak
Mr Peter Gleeson
SRK Consulting
Bigrlyi
Mr Arnold van der Heyden
Helman & Schofield Pty Ltd
Sundberg / Hill One
Mr Dimitry Pertel and Dr Maxim Seredkin CSA Global Ltd
Karins
Walbiri
Malawiri
Marenica
MA7
Mr Dimitry Pertel and Dr Maxim Seredkin CSA Global Ltd
Mr Dimitry Pertel and Dr Maxim Seredkin CSA Global Ltd
Dr Maxim Seredkin
Mr Ian Glacken
Mr Ian Glacken
CSA Global Ltd
Optiro Pty Ltd
Optiro Pty Ltd
The information in this Annual Mineral Resource Statement is based on and fairly represents information prepared
by the competent persons listed above and the supporting documentation has been reviewed by Mr David Princep
B.Sc P.Geo FAusIMM (CP) who is an independent consultant to the Company and who is a Fellow of the AusIMM.
Mr Princep has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity that he is undertaking to qualify as Competent Person as defined in the 2012 Edition
of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Princep
approves this ore resource statement as a whole and consents to the inclusion of this information in the form and
context in which it appears.
Governance and Internal Controls
The Company maintains thorough QA/QC protocols for conducting exploration, site practice, sampling, safety, monitoring
and rehabilitation.
Drilling methods vary according to the nature of the prospect under evaluation. These can include rotary air blast or reverse
circulation drilling for unconsolidated formations. Typically, resource estimations are based on a mix of downhole
radiometric sampling and chemical assays. Assay samples are collected over one metre intervals. Radiometric data is
acquired at 10 cm intervals and composited to 0.5 metre intervals. Where statistical validation confirms radiometric and
chemical assay equivalence, the resource estimate is primarily based on the radiometric data.
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2023 Annual Report
Review of Operations
Drill hole collars are DGPS-surveyed by in-house operators, after an initial pick-up by hand-held GPS. Downhole
radiometric surveys are outsourced to independent contractors.
Drill hole sample logging captures a suite of lithologic, alteration, mineralogic and hand-held radiometric data, at one metre
intervals. This data is captured as permanent hard copy prior to digital input onto an in-house database.
Drill plans and sections generated from drilling and surface mapping are used to constrain wireframe mineralisation models;
upon which resource estimations are made.
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2023 Annual Report
Directors’ Report
Your Directors present their report on the Group consisting of Elevate Uranium Limited (the Company) and the entities
it controlled at the end of, or during, the year ended 30 June 2023 (“Group”).
DIRECTORS
The following persons were Directors of Elevate Uranium Limited during or since the end of the financial year and up
to the date of this report. Directors were in office for the entire period unless otherwise stated.
Names, qualifications, experience and special responsibilities
Andrew Bantock
Independent Non-executive Chairman
Appointed 1 February 2018
Mr. Bantock is a Senior Managing Director of international corporate advisory firm FTI Consulting, where he co-leads
the Australian Mining and Mining Services Practice. He is also Chairman of Geopacific Resources Ltd.
Mr Bantock has operated as CFO, Chairman, CEO and Director of international, ASX listed, government sector and
private corporations. Previous roles include: CFO of Glencore Xstrata plc’s Australian nickel business; Director of
Water Corporation - Western Australia’s water utility; Chairman, CEO and Corporate Director of an ASX listed multi-
commodity minerals exploration group; and Finance Director of ASX/NZSE listed gold mining and an engineering
group.
On 13 January 2022, Mr. Bantock was appointed a director of Geopacific Resources Ltd.
Murray Hill – B.Sc. (Metallurgy), FAusIMM
Chief Executive Officer - Appointed 1 May 2012
Managing Director - Appointed 2 May 2016
Mr. Hill has 39 years’ experience in the mining industry. He is a respected metallurgist with extensive experience in
the design, operation and commissioning of gold, uranium and base metal process plants. His experience was
broadened by management of a metallurgical testwork laboratory and his role as a process engineer in an engineering
group, and he is well experienced in uranium metallurgy. For the 10 years prior to joining the Company, Mr. Hill
operated his own business providing metallurgical consulting services to the mining industry world-wide. Mr. Hill is a
Fellow of the Australasian Institute of Mining and Metallurgy.
During the last three years, Mr. Hill has not been a director of any other listed companies.
Stephen Mann
Independent Non-executive Director
Appointed 15 July 2021
Mr Mann is geologist by profession and has a wealth of experience in the discovery, development, and
commercialisation of mining assets over three decades, including 17 years in senior roles in the uranium sector. He
was the Australian Managing Director of Orano for 12 years, the world’s third largest uranium producer. At Orano,
Mr Mann led a sustained program of corporate improvement and active exploration; and represented both Orano and
Cameco on the board of publicly listed ERA Ltd, owner and operator of the Ranger Uranium Mine in the Northern
Territory of Australia. Mr Mann was involved in the negotiations and sale of these two companies’ stakes in ERA, to
Rio Tinto. Later he co-founded and floated ASX listed U3O8 Ltd, where he led the discovery of the Dawson-Hinkler
calcrete hosted uranium deposit in Western Australia, before negotiating its sale to Toro Energy Limited.
During the last three years, Mr. Mann has been a director of the following listed company:
Lion One Metals Limited (TSX: LIO, ASX: LLO) from 2013, resigned September 2021.
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2023 Annual Report
Directors’ Report
Directors' interests
The interests of Directors in securities of the Company are:
Director
Fully Paid Ordinary Shares
At 30 June 2023
At 30 June 2022
Options
M Hill
A Bantock
S Mann
6,248,600
2,424,880
-
5,327,547
1,766,985
-
8,400,000
2,180,000
1,040,000
COMPANY SECRETARY
Shane McBride – B.Bus (Acct), FCPA, FGIA, FCG (CS, CGP), MAICD
Chief Financial Officer - Appointed 1 May 2017
Company Secretary - Appointed 8 June 2017
Shane McBride has 41 years of commercial management experience gained in listed Australian public companies
including corporate management, project development and mine site operations management, management and
financial accounting, corporate finance, investor relations and company secretarial functions. He has a BBus (Acct)
degree, is a Fellow of CPA Australia, Fellow of Governance Institute of Australia and The Chartered Governance
Institute; and is a Member of the Australian Institute of Directors.
Mr McBride has been intimately involved with exploration, development, scoping and pre-feasibility studies, and
financing activities. He was the managing director of an ASX listed mining company which acquired and operated
an operating SX/EW Copper Cathode production facility in Queensland, Australia and has substantial experience as
a listed company director.
DIVIDENDS
No dividends have been provided for or paid by the Group in respect of the year ended 30 June 2023 (30 June 2022:
Nil).
PRINCIPAL ACTIVITIES
The principal activities of the Group during the course of the financial year were to create value through exploration
and evaluation of its mineral tenements in Namibia and Australia and enhance that value through the potential
application of the Company’s patented U-pgradeTM uranium beneficiation process to those mineral tenements.
OPERATING RESULTS FOR THE YEAR
The loss of the Group attributable to the owners of Elevate Uranium Limited for the financial year was $8,634,984
(2022 loss $5,863,854).
FINANCIAL POSITION AND SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
The Group has net assets of $11,518,396 (2022: $18,492,893). Cash on hand at 30 June 2023 was $10,057,562
(2022: $15,811,013).
On 26 June 2023, the Company received $236,842 on exercise of 2,368,422 options at $0.10 share.
There were no significant changes in the state of affairs of the consolidated entity during the financial year.
21
2023 Annual Report
Directors’ Report
LIKELY DEVELOPMENTS AND BUSINESS STRATEGY
The Group intends to continue to explore and evaluate its mineral licences and potentially apply its patented
U-pgrade™ uranium beneficiation process to the development of those mineral licences.
ENVIRONMENTAL REGULATIONS
The Group’s environmental obligations are regulated by the laws of the Commonwealth of Australia and the Republic
of Namibia. The Group has complied with its environmental performance obligations. No environmental breaches
have been notified by any Government agency to the date of this Directors’ Report.
SHARE OPTIONS
At the date of this report, the unissued ordinary shares of the Company under option are as follows:
Expiry Date
1 December 2023
16 December 2025
28 August 2026
24 November 2026
16 January 2027
18 July 2027
Exercise Price
Number under Option
$0.17
$0.61
$0.70
$0.64
$0.65
$0.45
7,600,000
4,200,000
400,000
5,850,000
1,000,000
200,000
The Options do not entitle the holder to participate in any share issue of the Company or any other body corporate.
During the financial year the Company issued 2,368,422 shares and since that date has issued no further shares.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has agreed to indemnify former and current directors and officers of the Company against all liabilities
to another person and the Company that may arise from their position as directors or officers of the Company and its
controlled entities, except where the liability arises out of conduct involving a wilful breach of duty. The agreement
stipulates that the Company will meet the full amount of such liabilities including costs and expenses.
During the year, the Company has paid insurance premium for a Directors and Officers insurance policy negotiated
at commercial terms. The terms of the insurance policies prevent the Company from disclosing the premium amount.
During or since the financial year-end, in respect of any person who is, or has been an auditor of the Company or of
a related body corporate, the Company has not:
Indemnified or made any relevant agreement for indemnifying against a liability incurred as an auditor,
including costs and expenses in successfully defending legal proceedings; or
Paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as an auditor for
the costs or expenses to defend legal proceedings.
DIRECTORS' MEETINGS
The number of meetings attended by each Director during the year is as follows:
Director
M Hill
A Bantock
S Mann
Number of meetings
held while in office
Number of meetings
attended
7
7
7
6
7
7
22
2023 Annual Report
Directors’ Report
AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES
The auditor’s independence declaration for the year ended 30 June 2023 is disclosed on the following page.
NON-AUDIT SERVICES
No non-audit services have been provided by the Company’s auditor.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
On 19 July 2023, the Company granted 200,000 options exercisable at $0.45 per option, expiring on 18 July 2027.
Other than the matters noted above, there have been no matters or circumstances that have arisen since the end of
the financial year which significantly affected or may significantly affect:
(i)
the Group's operations in future years; or
(ii)
the results of those operations in future years; or
(iii)
the Group's state of affairs in future years.
23
2023 Annual Report
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001
As lead auditor of the audit of Elevate Uranium Limited for the year ended 30 June 2023, I
declare that, to the best of my knowledge and belief, there have been:
• no contraventions of the auditor independence requirements of the Corporations Act
2001 in relation to the audit; and
• no contraventions of any applicable code of professional conduct in relation to the
audit.
This declaration is in relation to Elevate Uranium Limited and the entities it controlled
during the year.
Rothsay Audit & Assurance Pty Ltd
Graham Webb
Director
27 September 2023
Remuneration Report - Audited
This remuneration report for the year ended 30 June 2023 outlines remuneration arrangements of the Company and
the Group in accordance with the requirements of the Corporations Act 2001 and its regulations (the Act). This
information has been audited as required by section 308(3C) of the Act. The remuneration report details the
remuneration arrangements for key management personnel (“KMP”) who are defined as those persons having
authority and responsibility for planning, directing and controlling the major activities of the Company and the Group,
directly or indirectly, including any Director (whether executive or otherwise) of the parent company, and including
the executives in the Parent and the Group receiving the highest remuneration.
For the purposes of this report, the term “executive” includes a chief executive officer (“CEO”), executive Directors,
senior management and company secretaries of the Parent.
A.
Individual key management personnel disclosures
Details of KMP of the Parent and Group are set out below:
Key management personnel
(i) Directors
A Bantock
M Hill
S Mann
(ii) Executives
S McBride
Non-executive chairman
Managing director and Chief Executive Officer
Non-executive director
Chief Financial Officer and Company Secretary
B. Principles used to determine the nature and amount of remuneration
The objective of the Company's reward framework is to set aggregate remuneration at a level which provides the
Company with the ability to attract and retain directors and executives of the highest calibre whilst maintaining a cost
which is acceptable to shareholders.
Non-executive Directors
Fees and payments to non-executive Directors reflect the demands which are made on, and the responsibilities of,
the Directors. Non-executive Directors' fees and payments are reviewed by the Board. The Chairman's fees are
determined independently to the fees of non-executive Directors based on comparative roles in the external market.
The Chairman is not present at any discussions relating to determination of his remuneration.
Directors’ fees
Directors' fees are determined within an aggregate Directors' fee pool limit, which is periodically recommended for
approval by shareholders. The maximum currently stands at $300,000 in aggregate. This amount is separate from
any specific tasks the Directors may take on for the Company in the normal course of business, which are charged
at normal commercial rates.
Fees for Directors are not linked to the performance of the Group however, to align all Directors’ interests with
shareholders’ interests; Directors are encouraged to hold shares in the Company and may receive securities which
have previously been approved by shareholders. This effectively links Directors’ performance to the share price
performance and therefore, to the interests of shareholders.
Executive remuneration
The Company aims to reward Executives with a level and mix of remuneration commensurate with their position and
responsibilities within the Company and so as to:
Reward executives for Company performance; and
Align the interests of Executives with those of shareholders; and
Ensure total remuneration is competitive by market standards.
Fixed remuneration is reviewed annually by the Board and the process consists of a review of Company and
individual performance, relevant comparative remuneration in the market and internal policies and practices.
Executives are given the opportunity to receive their fixed remuneration in a variety of forms, including cash and
25
2023 Annual Report
Remuneration Report - Audited
fringe benefits. It is intended that the manner of payment chosen will be optimal for the recipient without creating
undue cost for the Company.
The objective of variable remuneration provided is to reward executives in a manner which aligns this element of
remuneration with the creation of shareholder wealth. Variable remuneration may be delivered in the form of
securities granted with or without vesting conditions and/or securities granted subject to successful completion, within
an agreed timeframe, of various key tasks.
C. Executive contractual arrangements
M Hill – Managing Director and Chief Executive Officer
A formal written service agreement is in place. Details of Mr Hill’s employment agreement are:
Base salary effective 1 July 2022 is $325,500 per annum (plus superannuation), reviewable on an annual
basis.
Payment of a termination benefit on early termination by the Company equal to six (6) months’, other than
for grave misconduct or long-term incapacity.
S McBride – Chief Financial Officer and Company Secretary
Effective 1 July 2022, Mr McBride’s remuneration is $298,375 per annum (plus superannuation), with a 2-month
notice period by either party.
D. Remuneration of Key Management Personnel (“KMP”)
30 June 2023
M Hill
A Bantock
S Mann
Total Directors
Other KMP
S McBride
Total Other KMP
Totals
30 June 2022
M Hill
A Bantock
N Chen
S Mann
Total Directors
Other KMP
S McBride
Total Other KMP
Totals
Fees &
Consulting
Paid
$
325,500
Super-
annuation
Paid
$
34,177
Share-based
Payments
$
604,826
65,100
48,825
439,425
298,375
298,375
737,800
6,835
5,127
46,139
31,329
31,329
77,468
190,269
161,102
956,197
402,408
402,408
Total
$
964,503
262,204
215,054
1,441,761
732,112
732,112
1,358,605
2,173,873
Fees &
Consulting
Paid
$
301,259
Super-
annuation
Paid
$
30,125
Share-based
Payments
$
413,810
55,000
22,500
43,125
421,884
275,000
275,000
696,884
6,000
2,250
4,313
42,688
27,500
27,500
70,188
73,961
-
73,961
561,732
262,887
262,887
824,619
Total
$
745,194
134,961
24,750
121,399
1,026,304
565,387
565,387
1,591,691
% of Equity
Based
Payments
62.71%
72.57%
74.91%
66.30%
54.97%
54.97%
62.50%
% of Equity
Based
Payments
55.53%
55.01%
0%
60.92%
54.80%
46.50%
46.50%
51.82%
26
2023 Annual Report
Remuneration Report - Audited
E. Value of options issued, exercised and expired during the year
Details of vesting profile of options vested or expired during the year and those options unexercised at reporting date
granted as remuneration to current key management personnel of the Company are detailed below:
Year ended 30 June 2023
During the 2023 financial year, the following options were exercised:
Expiry Date
30 June 2023
Exercise Price
Number under Option
$0.10
2,368,422
The following options were issued during the year:
Expiry Date
Exercise Price
Number under Option
26 August 2026
24 November 2026
16 January 2027
$0.70
$0.64
$0.65
400,000
5,850,000
1,000,000
These options were fair valued at $0.27713, $0.24604 and $0.23910 respectively, using the Black Scholes option
pricing model.
Year ended 30 June 2022
During the 2022 financial year, the following options were exercised:-
Expiry Date
Exercise Price
Number under Option
30 November 2021
$0.21
207,948
The following options were issued during the 2022 financial year:
Expiry Date
Exercise Price
Number under Option
16 December 2025
16 December 2025
$0.61
$0.61
3,000,000
1,200,000
These options were fair valued at $0.239 using the Black Scholes option pricing model.
F. Shareholdings for Key Management Personnel
30 June 2023
Balance at
1 July 2022
Acquired
on
Exercise
of
Options
Purchased
/
(Sold)
during
the year
Granted as
remuneration
Other
Changes
Balance at
30 June
2023
Directors
M Hill
A Bantock
S Mann
Other KMP:
S McBride
5,327,547
921,053
1,766,985
657,895
-
-
-
-
-
1,205,000
263,158
(163,158)
8,299,532 1,842,106
(163,158)
-
-
-
-
-
-
-
-
-
-
6,248,600
2,424,880
-
1,305,000
9,978,480
27
2023 Annual Report
Remuneration Report - Audited
30 June 2022
Balance at
1 July 2021
Acquired
on
Exercise
of
Options
Purchased
/
(Sold)
during
the year
Granted as
remuneration
Other
Changes
Balance at
30 June
2022
Directors
M Hill
N Chen1
A Bantock
S Mann
Other KMP:
S McBride
5,327,547
4,892,625
1,766,985
-
-
-
-
-
-
-
-
-
821,000
602,685
(218,685)
12,808,157
602,685
(218,685)
-
-
-
-
-
-
-
5,327,547
(4,892,625)
-
-
-
(4,892,625)
-
1,766,985
-
1,205,000
8,299,532
1. Director N Chen retired as a Non-Executive Director on 16 December 2021.
G. Option holdings for Key Management Personnel
30 June 2023
Balance at
1 July 2022
Exercised
Granted
Other
Changes
Balance at
30 June
2023
Total
Exercisable
Not
exercisable
Vested at 30 June 2023
Directors
M Hill
A Bantock
S Mann
Other KMP
S McBride
6,421,053
(921,053)
2,900,000
2,257,895
(657,895)
580,000
600,000
-
440,000
-
-
-
8,400,000
8,400,000
7,433,333
966,667
2,180,000
2,180,000
1,986,666
193,334
1,040,000
1,040,000
893,333
146,667
3,363,158
(263,158)
1,930,000
-
5,030,000
5,030,000
4,386,667
643,333
12,642,106
(1,842,106)
5,850,000
- 16,650,000 16,650,000
14,699,999
1,950,001
1.
The KMP’s listed above will collectively be required to pay $7,428,000, should they elect to exercise the 16,650,000 options detailed in
this table.
30 June 2022
Balance at
1 July 2021
Exercised
Lapsed
Other
Changes
Balance at
30 June
2022
Vested at 30 June 2022
Total
Exercisable
Not
exercisable
Directors
M Hill
N Chen1
A Bantock
S Mann
Other KMP
S McBride
4,521,053
2,315,789
1,657,895
-
-
-
-
-
-
-
600,000
600,000
-
2,865,843
(602,685)
1,100,000
1,900,000
-
6,421,053
6,421,053
6,421,053
-
(2,315,789)
-
-
-
-
-
-
-
-
-
2,257,895
2,257,895
1,657,895
600,000
600,000
600,000
-
-
-
-
3,363,158
3,363,158
3,363,158
600,000
-
-
11,360,580
(602,685)
4,200,000
(2,315,789) 12,642,106 12,642,106
11,442,106
1,200,000
1.
2.
Director N Chen retired as a Non-Executive Director on 16 December 2021.
The KMP’s listed above, will collectively be required to pay $3,868,211, should they elect to exercise the 12,642,106 options detailed in
this table.
28
2023 Annual Report
Remuneration Report - Audited
H. Actual Cash Remuneration Paid to Key Management Personnel (“KMP”)
The actual cash remuneration paid to key management personnel during the financial is set out below. This
information is considered relevant as it provides shareholders with a view of the remuneration actually paid to a KMP
for performance in the year, excluding options where they were also granted.
For the KMP to receive actual value from options, the share price of the Company’s shares traded on the Australian
Stock Exchange must be higher than the exercise price of a particular class of options on or after the day of exercise,
otherwise the KMP will receive no benefit from the option. Also, options have a limited life term, if an option is not
exercised and expires on its expiry date, the KMP will receive no benefit. By using this structure, the KMP is clearly
aligned with the interests of shareholders and for a rising share price.
The table below differs from the remuneration details prepared in accordance with statutory obligations and
accounting standards in Section D on Page 31 of this report, as those details include an accounting valuation of the
options using the Black and Scholes valuation method.
30 June 2023
M Hill
A Bantock
S Mann
Total Directors
Other KMP
S McBride
Total executive KMP
Totals
Fees &
Consulting
Paid
$
Super-
annuation
Paid
$
325,500
65,100
48,825
439,425
298,375
298,375
737,800
34,177
6,835
5,127
46,139
35,200
35,200
81,339
Total
$
359,677
71,935
53,952
485,564
333,575
333,575
819,139
End of Remuneration Report
Signed in accordance with a resolution of the Directors.
Andrew Bantock
Chairman
27 September 2023
29
2023 Annual Report
Consolidated Statement of Profit and Loss and
Other Comprehensive Income For the year ended 30 June 2023
Note
2023
$
2022
$
4
4
4
4
5
10
5
5
6
Revenue
Interest received
Co-funding grant from government
Research and development tax refund
Other income
Expenses
Exploration and evaluation expenses
Share based employee benefits
Employee benefit expense
Foreign exchange loss
Administration expenses
Impairment expense
Depreciation expense
Finance expense
Total expenses
Loss before income tax expense
Income tax (expense)/benefit
Net loss for the year
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
Total comprehensive income for the year
Loss for the year is attributable to:
Owners of Elevate Uranium Ltd
Non-controlling interests
Total comprehensive income for the year is attributable to:
Owners of Elevate Uranium Ltd
Non-controlling interests
228,805
90,909
-
2,541
322,255
6,646
-
112,270
758
119,674
(4,230,071)
(1,573,898)
(1,111,762)
(18,326)
(858,727)
(1,038,142)
(117,680)
(8,633)
(8,957,239)
(8,634,984)
-
(8,634,984)
(3,096,730)
(952,234)
(900,767)
-
(739,458)
-
(85,520)
(8,819)
(5,783,528)
(5,663,854)
-
(5,663,854)
(148,209)
(8,783,193)
(65,982)
(5,729,836)
(8,783,193)
-
(8,783,193)
(5,729,836)
-
(5,729,836)
(8,783,193)
-
(8,783,193)
(5,729,836)
-
(5,729,836)
Earnings per share
Basic loss per share (cents per share)
21
(3.13)
(2.25)
Diluted losses per share are not disclosed as they are not materially different to basic losses per share.
The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with
the notes to the Financial Statements.
30
2023 Annual Report
Consolidated Statement of Financial Position
As at 30 June 2023
ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Total Current Assets
Non-Current Assets
Plant & equipment
Right-of-use assets
Tenement acquisition cost
Total Non-Current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Trade and other payables
Lease liabilities
Employee benefits
Total Current Liabilities
Non-Current Liabilities
Lease liabilities
Employee benefits
Total Non-Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
Note
2023
$
2022
$
19
7
8
9
10
11
9
12
9
12
10,057,562
83,123
10,140,685
15,811,013
84,208
15,895,221
150,848
140,029
2,107,743
2,398,620
12,539,305
119,543
170,838
3,145,885
3,436,266
19,331,487
674,394
73,589
200,482
948,465
72,444
-
72,444
1,020,909
460,410
70,044
145,016
675,470
107,228
55,896
163,124
838,594
11,518,396
18,492,893
13
14
15
78,198,760
3,417,120
(70,097,484)
77,963,962
1,991,431
(61,462,500)
11,518,396
18,492,893
The Consolidated Statement of Financial Position should be read in conjunction with the notes to the Financial
Statements.
31
2023 Annual Report
Consolidated Statement of Changes in Equity
For the year ended 30 June 2023
30 June 2023
Notes
Issued
Capital
Accumulated
Losses
Share-
Based
Payments
Reserve
Foreign
Currency
Translation
Reserve
Total
Non-
Controlling
Interests
Total
Equity
Balance at beginning
of year
77,963,962
(61,462,501)
1,145,111
846,320
18,492,893
Loss for the year
15
Other comprehensive
income
Total comprehensive
income for the year
Transactions with
owners in their
capacity as owners:
Issue of shares on
exercise of options
Share issue costs
Options issued during
year
Balance at end of
year
-
-
-
(8,634,984)
-
(8,634,984)
-
-
-
-
-
1,573,898
-
(8,634,984)
(148,209)
(148,209)
(148,209)
(8,783,193)
-
-
-
236,842
(2,044)
1,573,898
13
13
14
236,842
(2,044)
-
-
-
-
78,198,760
(70,097,484)
2,719,009
698,111
11,518,396
30 June 2022
Notes
Issued
Capital
Accumulated
Losses
Share-Based
Payments
Reserve
Foreign
Currency
Translation
Reserve
Total
Non-
Controlling
Interests
Total
Equity
Balance at
beginning of year
64,041,354
(54,886,345)
371,806
-
9,526,815
Reclassification
-
(912,302)
-
912,302
-
Balance at
beginning of year-
Restated
Loss for the year
15
Other
comprehensive
income
Total comprehensive
income for the year
Transactions with
owners in their
capacity as owners:
Issue of shares
13
11,500,000
Share issue costs
13
(785,775)
Transfer on exercise
or expiry of equity
Options issued
during year
Lapse of unvested
performance rights
Performance Rights
vesting
Balance at end of
year
13, 14
3,208,383
14
14
14
-
-
-
64,041,354
(55,798,647)
371,806
912,302
9,526,815
-
-
-
(5,663,854)
-
(5,663,854)
-
-
-
-
-
(178,930)
992,503
(40,500)
232
-
(5,663,854)
(65,982)
(65,982)
(65,982)
(5,729,836)
-
-
-
-
-
-
11,500,000
(785,775)
3,029,453
992,503
(40,500)
232
-
-
-
-
-
-
77,963,962
(61,462,500)
1,145,111
846,320
18,492,893
The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the Financial Statements.
32
2023 Annual Report
-
-
-
-
-
-
-
-
18,492,893
(8,634,984)
(148,209)
(8,783,193)
236,842
(2,044)
1,573,898
11,518,396
-
-
-
-
-
-
-
-
-
-
-
-
-
9,526,815
-
9,526,815
(5,663,854)
(65,982)
(5,729,836)
11,500,000
(785,775)
3,029,453
992,503
(40,500)
232
18,492,893
Consolidated Statement of Cash Flows
For the year ended 30 June 2023
Cash flows from operating activities
Payments to suppliers and employees
Co-funding grant from government
Research and development refund received
Interest received
Net cash outflow from operating activities
Cash flows from investing activities
Purchase of plant and equipment
Payments for rental deposit
Cash used in investing activities
Cash flows from financing activities
Proceeds from issue of equity securities
Expenses from issue of equity securities
Repayment of lease liabilities
Cash generated by financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effects of foreign exchange changes on cash and cash equivalents
Note
2023
$
2022
$
(6,146,848)
90,909
-
228,805
(5,827,134)
(4,496,449)
-
112,270
6,646
(4,377,533)
20
(74,517)
-
(74,517)
(112,996)
(24,627)
(137,623)
236,842
(2,035)
(75,950)
158,857
14,529,453
(789,559)
(74,326)
13,665,568
(5,742,794)
15,811,013
(10,657)
9,150,411
6,660,602
-
Cash at the end of the financial year
19
10,057,562
15,811,013
The Consolidated Statement of Cash flows should be read in conjunction with the notes to the Financial Statements.
33
2023 Annual Report
Notes to the Financial Statements
For the year ended 30 June 2023
1. CORPORATE INFORMATION
The financial statements of Elevate Uranium Ltd (the “Company”) for the year ended 30 June 2023 were
authorised for issue in accordance with a resolution of the Directors on 27 September 2023.
Elevate Uranium Ltd is a company limited by shares incorporated in Australia whose shares are publicly traded
on the Australian Securities Exchange, OTC Best Markets and the Namibia Stock Exchange.
The nature of operations and principal activities of the Group, comprising Elevate Uranium Ltd and its
subsidiaries, (“Group”) are described in the Directors’ Report.
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
(a) Basis of preparation
These general-purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”) and the
Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply
with International Financial Reporting Standards as issued by the International Accounting Standards Board
(‘IASB’).
Historical cost convention
These financial statements have been prepared under the historical cost convention, modified where
applicable by the revaluation of non-current assets and liabilities (including derivative instruments) at fair value
through profit or loss.
Critical Accounting Estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group’s accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements are disclosed in Note 3.
Functional and Presentation Currency
These consolidated financial statements are presented in Australian dollars, which are the Company’s
functional currency and the functional currency of the majority of the Group’s current financial transactions.
34
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(b)
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Elevate
Uranium Ltd (“Company” or “parent entity”) as at 30 June 2023 and the results of all subsidiaries for the year
then ended. Elevate Uranium Ltd and its subsidiaries together are referred to in these financial statements as
the Group.
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power to direct the activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using
consistent accounting policies. The effects of all intercompany transactions, balances and unrealised gains
on transactions between entities in the Group are eliminated in full.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without loss of control, is accounted for as an equity transaction, where the difference
between the consideration transferred and the book value of the share of the non-controlling interest acquired
is recognised directly in equity attributable to the parent entity.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit
or loss and other comprehensive income, statement of financial position and statement of changes in equity
of the Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that
results in a deficit balance.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill (if any), liabilities
and non-controlling interest in the subsidiary together with any cumulative translation differences recognised
in equity. The Group recognises the fair value of the consideration received and the fair value of any
investment retained together with any gain or loss in profit or loss.
(c) Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed
in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12
months after the reporting period; or the asset is cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are
classified as non-current.
A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there
is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
(d)
Exploration expenses
Exploration and evaluation costs represent intangible assets. Exploration, evaluation and development costs
are expensed as incurred. Acquisition costs related to an area of interest are capitalised and carried forward
to the extent that they are expected to be recouped through the successful development of the area or where
activities in the area have not yet reached a stage which permits reasonable assessment of the existence of
economically recoverable reserves and active and significant operations in, or in relation to, the areas of
interest are continuing.
Costs of site restoration are provided over the life of the facility from when exploration commences and are
included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant,
equipment and building structures, waste removal, and rehabilitation of the site in accordance with clauses of
the mining permits. Such costs have been determined using estimates of future costs, current legal
requirements and technology on an undiscounted basis.
35
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of
site restoration, there is uncertainty regarding the nature and extent of the restoration due to community
expectations and future legislation. Accordingly, the costs have been determined on the basis that the
restoration will be completed.
(e) Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value.
(f)
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any provision for impairment. Trade receivables are generally due for settlement
within 30 days.
Other receivables are recognised at amortised cost, less any provision for impairment
(g)
Plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
For the Australian entities, depreciation is calculated on a diminishing value basis to write off each asset during
their expected useful life of between 3 to 5 years. For the Namibian entities, depreciation is calculated on a
straight line basis so as to write off the net cost of each asset during their expected useful life of 3 to 5 years.
An item of plant and equipment is derecognised upon disposal or when there is no future economic benefit to
the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or
loss.
(h) Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured
at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments
made at or before the commencement date net of any lease incentives received, any initial direct costs
incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred
for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain
ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life.
Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for
short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these
assets are expensed to profit or loss as incurred.
(i)
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as
part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are
subsequently measured at either amortised cost or fair value depending on their classification. Classification
is determined based on both the business model within which such assets are held and the contractual cash
flow characteristics of the financial asset unless, an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred
and the Group has transferred substantially all the risks and rewards of ownership. When there is no
reasonable expectation of recovering part or all of a financial asset its carrying value is written off.
Financial assets at fair value through profit and loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are
classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either:
(i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of
making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value
movements are recognised in profit or loss.
36
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the
consolidated entity intends to hold for the foreseeable future and has irrevocably elected to classify them as
such upon initial recognition.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which are either
measured at amortised cost or fair value through other comprehensive income. The measurement of the loss
allowance depends upon the consolidated entity's assessment at the end of each reporting period as to
whether the financial instrument's credit risk has increased significantly since initial recognition, based on
reasonable and supportable information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month
expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit
losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset
has become credit impaired or where it is determined that credit risk has increased significantly, the loss
allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss
recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls
over the life of the instrument discounted at the original effective interest rate.
For financial assets measured at fair value through other comprehensive income, the loss allowance is
recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or
loss.
(j)
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised
at the present value of the lease payments to be made over the term of the lease, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental
borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable
lease payments that depend on an index or a rate, amounts expected to be paid under residual value
guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur,
and any anticipated termination penalties. The variable lease payments that do not depend on an index or a
rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts
are remeasured if there is a change in the following: future lease payments arising from a change in an index
or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When
a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or
loss if the carrying amount of the right-of-use asset is fully written down.
(k)
Provisions and employee benefits
Provisions
Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past
event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of
the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration
required to settle the present obligation at the reporting date, taking into account the risks and uncertainties
surrounding the obligation. If the time value of money is material, provisions are discounted using a current
pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is
recognised as a finance cost.
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave
expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected
to be paid when the liabilities are settled.
37
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting
date are measured at the present value of expected future payments to be made in respect of services provided
by employees up to the reporting date. Consideration is given to expected future wage and salary levels,
experience of employee departures and periods of service. Expected future payments are discounted using
market yields at the reporting date on corporate bonds with terms to maturity and currency that match, as
closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
(l)
Share based payments
The Company provides benefits to Directors, employees, consultants and other advisors of the Company in
the form of share-based payments, whereby the directors, employees, consultants and other advisors render
services in exchange for shares or rights over shares (equity-settled transactions).
The cost of these equity-settled transactions is measured by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is independently determined using the Black-
Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of
dilution, the share price at grant date and expected volatility of the underlying share, the expected dividend
yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not
determine whether the Group receives the services that entitle the employees to receive payment.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions
linked to the market price of the shares of the Company, if applicable.
The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity,
over the period in which the performance and/or service conditions are fulfilled, ending on the date on which
the relevant recipient becomes fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date
reflects:
(i)
the extent to which the vesting period has expired and
(ii) the Company’s best estimate of the number of equity instruments that will ultimately vest.
No adjustment is made for the likelihood of market performance conditions being met as the effect of these
conditions is included in the determination of fair value at grant date. The income statement charge or credit
for a period represents the movement in cumulative expense recognised as at the beginning and end of that
period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only
conditional upon a market condition.
If the terms of an equity-settled award are modified, as a minimum, an expense is recognised as if the terms
had not been modified. In addition, an expense is recognised for any modification that increases the total fair
value of the share-based payment arrangement, or is otherwise beneficial to the recipient, as measured at the
date of modification.
If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any
expense not yet recognised for the award is recognised immediately. However, if a new award is substituted
for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled
and new award are treated as if they were a modification of the original award, as described in the previous
paragraph.
(m) Earnings per share
Basic earnings per share is determined by dividing the profit (loss) after income tax attributable to equity
holders of the Company by the weighted average number of ordinary shares outstanding during the year.
38
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(n)
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure
purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date; and assumes that the
transaction will take place either: in the principal market; or in the absence of a principal market, in the most
advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming they act in their economic best interests. For non-financial assets, the fair value
measurement is based on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, are used, maximising the use
of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured
at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of the
inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers
between levels are determined based on a reassessment of the lowest level of input that is significant to the
fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be
used when internal expertise is either not available or when the valuation is deemed to be significant. External
valuers are selected based on market knowledge and reputation. Where there is a significant change in fair
value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification
of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources
of data.
(o)
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the
asset's carrying amount exceeds its recoverable amount.
(p)
Trade and Other Payables
Trade payables and other accounts payable are recognised when the Group becomes obliged to make future
payments resulting from the purchase of goods and services.
(q) Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction
costs. They are subsequently measured at amortised cost using the effective interest method.
(r)
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds.
39
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(s) Revenue recognition
The Group recognises revenue as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be
entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the
Group: identifies the contract with a customer; identifies the performance obligations in the contract;
determines the transaction price which takes into account estimates of variable consideration and the time
value of money; allocates the transaction price to the separate performance obligations on the basis of the
relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when
or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the
goods or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such
as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other
contingent events. Such estimates are determined using either the 'expected value' or 'most likely amount'
method. The measurement of variable consideration is subject to a constraining principle whereby revenue
will only be recognised to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty
associated with the variable consideration is subsequently resolved. Amounts received that are subject to the
constraining principle are recognised as a refund liability.
Rendering of services
Revenue from a contract to provide services is recognised over time as the services are rendered based on
either a fixed price or an hourly rate.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant period
using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through
the expected life of the financial asset to the net carrying amount of the financial asset.
Grants
Grant revenue is recognised in profit or loss when the Group satisfies the performance obligations stated within
the funding agreements. If conditions are attached to the grant which must be satisfied before the company
is eligible to retain the contribution, the grant will be recognised in the statement of financial position as a
liability until those conditions are satisfied.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
(t)
Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of
the primary economic environment in which the entity operates (“functional currency”). The consolidated
financial statements are presented in Australian dollars, which is the Company’s functional and presentation
currency.
(ii) Transactions and balances
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange
rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies
are retranslated at the rate of exchange ruling at the reporting date and any gains or losses are recognised in
the statement of profit or loss and other comprehensive income.
40
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(iii) Group companies
For all Group entities with a functional currency other than Australian dollars, the functional currency has been
translated into Australian dollars for presentation purposes. Assets and liabilities are translated using
exchange rates prevailing at the reporting date; revenues and expenses are translated using average
exchange rates prevailing for the statement of profit or loss and other comprehensive income year and equity
transactions are translated at exchange rates prevailing at the dates of transactions. The resulting difference
from translation are recognised in a foreign currency translation reserve.
(iv) Subsidiary company loans
All subsidiary company loans from the parent company are translated into Australian dollars, on a monthly
basis, using the exchange rates prevailing at the end of each month. The resulting difference from translation
is recognised in the statement of profit or loss and other comprehensive income of the parent company and
on consolidation the foreign exchange differences are recognised in a foreign currency translation reserve as
the loan represents a net investment in a foreign entity.
(u)
Segment reporting
The Group uses a ‘management approach’, under which segment information is presented on the same basis
as that used for internal reporting purposes. Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is
responsible for allocating resources and assessing performance of the operating segments, has been identified
as the Board of Directors.
(v)
Income tax
The income tax expense or revenue for the year is the tax payable on the current year’s taxable income based
on the notional income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences between tax bases of assets and liabilities and their carrying amounts in the financial
statements, and to unused tax losses.
A deferred tax asset for unused tax losses is recognised only if it is probable that future taxable amounts will
be available to utilise losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets
and liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on
a net basis, or to realise the assets and settle the liability simultaneously.
(w) Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred
is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of
the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount
of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in
the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from, or payable to the tax authority, are presented as operating
cash flows.
(x) Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured
at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments
made at or before the commencement date net of any lease incentives received, any initial direct costs
incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred
for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain
ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life.
Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
41
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(y) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
(z) New accounting standards and interpretations
(i) New and amended standards adopted by the Company
The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board (“AASB”) that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually evaluates
its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements and estimates on historical experience and on other various factors it
believes to be reasonable under the circumstances, the results of which form the basis of the carrying values
of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates under different assumptions and conditions.
Management has identified the following critical accounting policies for which significant judgements, estimates
and assumptions are made. Actual results may differ from these estimates under different assumptions and
conditions and may materially affect financial results or the financial position reported in future periods.
Further details of the nature of these assumptions and conditions may be found in the relevant notes to the
financial statements.
Share based payment transactions
The Group measures the cost of equity-settled share based payment transactions with employees by reference
to the fair value of the equity instruments at the grant date. The fair value is determined by using a recognised
option valuation model, with the assumptions detailed in Note 14. The accounting estimates and assumptions
relating to equity-settled share based payments would have no impact on the carrying amounts of assets and
liabilities within the next annual reporting period but may impact expenses and equity.
Income tax
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement
is required in determining the provision for income tax. There are many transactions and calculations
undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The
consolidated entity recognises liabilities for anticipated tax audit issues based on the consolidated entity's
current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying
amounts, such differences will impact the current and deferred tax provisions in the period in which such
determination is made.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the consolidated entity
considers it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
42
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
(continued)
Lease term
The lease term is a significant component in the measurement of both the right-of-use asset and lease liability.
Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease
or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised,
when ascertaining the periods to be included in the lease term. In determining the lease term, all facts and
circumstances that create an economical incentive to exercise an extension option, or not to exercise a
termination option, are considered at the lease commencement date. Factors considered may include the
importance of the asset to the consolidated entity's operations; comparison of terms and conditions to
prevailing market rates; incurrence of significant penalties; existence of significant leasehold improvements;
and the costs and disruption to replace the asset. The consolidated entity reassesses whether it is reasonably
certain to exercise an extension option, or not exercise a termination option, if there is a significant event or
significant change in circumstances.
Incremental borrowing rate
Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is
estimated to discount future lease payments to measure the present value of the lease liability at the lease
commencement date. Such a rate is based on what the consolidated entity estimates it would have to pay a
third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with
similar terms, security and economic environment.
Employee benefits provision
As discussed in note 1, the liability for employee benefits expected to be settled more than 12 months from
the reporting date are recognised and measured at the present value of the estimated future cash flows to be
made in respect of all employees at the reporting date. In determining the present value of the liability,
estimates of attrition rates and pay increases through promotion and inflation have been taken into account.
Tenement Acquisition Costs
Tenement acquisition costs for the Australian tenements acquired in December 2019 have been capitalised
on the basis that the consolidated entity will commence commercial production in the future, from which time
the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied
in considering costs to be capitalised which includes determining expenditures directly related to these
activities and allocating overheads between those that are expensed and capitalised. In addition, costs are
only capitalised that are expected to be recovered either through successful development or sale of the
relevant mining interest. Factors that could impact the future commercial production at the mine include the
level of reserves and resources, future technology changes, which could impact the cost of mining, future legal
changes and changes in commodity prices. To the extent that capitalised costs are determined not to be
recoverable in the future, they will be written off in the period in which this determination is made.
43
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
4. REVENUE
Gain on termination of lease
Co-funding grant from government
Research and development tax refund
Interest received
5. EXPENSES
Loss before income tax includes the following specific expenses:
Depreciation
Plant and equipment
Right-of-use asset
Finance costs
Lease liability
Superannuation expense
2023
$
2022
$
2,541
90,909
-
228,805
322,255
758
-
112,270
6,646
119,674
51,281
66,399
117,680
15,578
69,942
85,520
8,633
8,819
Defined contribution superannuation expense
105,624
67,220
Share-based payments expense
Equity-settled share-based payments
1,573,898
952,234
44
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
6.
INCOME TAX
Loss for year
Tax expense/(benefit) at tax rate of 25% (2022: 25%)
Tax effect of amounts that are not deductible/taxable in calculating taxable
income
Impact of reduction in future corporate tax rate
Deferred tax assets not brought to account
Revenue losses not brought to account
Income tax expense/(benefit)
DEFERRED TAX
Deferred Tax Assets
at 25% (2022: 25%) unless stated otherwise
Provisions and accruals
Capital raising costs
Overseas tax losses (at 32% corporate tax rate)
Australian capital losses carried forward
Australian carried forward revenue losses
Other
2023
$
2022
$
(8,634,984)
(5,663,854)
(2,158,746)
(1,415,964)
405,455
246,403
25,426
1,727,865
-
-
(37,501)
1,207,062
-
111,396
70,015
2,753,288
910,848
8,107,361
1,501
11,954,409
50,228
120,123
1,910,711
910,848
7,673,816
1,609
10,667,335
The tax benefit of the above Deferred Tax Assets will only be obtained if:
a) The company derives future assessable income or a nature and of an amount sufficient to enable the
benefits to be utilised; and
b) The company continues to comply with the conditions for deductibility imposed by law; and
c) No changes in income tax legislation adversely affect the company in utilising the benefits
Deferred Tax Liabilities
at 25% (2022: 25%)
Prepayments
-
-
-
-
The above Deferred Tax Liabilities have not been recognised as they have given rise to the carry forward
revenue losses for which the Deferred Tax Asset has not been recognised.
7.
TRADE AND OTHER RECEIVABLES
Current Assets
GST and VAT refundable
Other receivables
Rental & Security Bonds
20,056
20,409
42,658
83,123
43,395
16,186
24,627
84,208
45
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
7.
TRADE AND OTHER RECEIVABLES (continued)
Non-Current Assets
Amount receivable from sale of Marenica Minerals (Proprietary) Limited
(incorporated in Namibia)
Provision for impairment
2023
$
2022
$
3,425,275
3,425,275
(3,425,275)
(3,425,275)
-
The recoverability of the amount receivable from the sale to the Company’s Black Economic Empowerment
partner Millennium Minerals Pty Ltd of a 5% interest in the Company’s shareholding in Marenica Minerals
(Proprietary) Limited (incorporated in Namibia) is subject to the successful exploitation and development of
the Company’s Marenica Uranium Project. As the project has not yet reached a stage at which this can be
assured, the amount receivable from the purchaser is considered to be impaired.
-
8. PLANT AND EQUIPMENT
Cost
Less: Accumulated Depreciation
Net book value
Reconciliation:
317,837
(166,989)
150,848
236,146
(116,603)
119,543
Reconciliations of written down values at the beginning and end of the current and previous financial year are
set out below:
Opening net book amount
Additions
Foreign exchange
Depreciation charge
Closing net book amount
9. RIGHT-OF-USE ASSET
Land and buildings – right-of-use
Less: Accumulated depreciation
Reconciliation:
119,543
85,238
(2,652)
(51,281)
150,848
22,124
112,996
-
(15,577)
119,543
248,550
(108,521)
140,029
241,605
(70,767)
170,838
Reconciliations of written down values at the beginning and end of the current and previous financial year are
set out below:
Opening net book amount
Gain on termination of lease
Extinguishment of lease
Addition of new lease
Foreign exchange
Depreciation charge
Closing net book amount
Lease Liabilities
Within one year
Between 1 and 5 years
170,838
(2,541)
(22,460)
64,978
(4,387)
(66,399)
140,029
96,532
(758)
(32,761)
183,571
(5,804)
(69,942)
170,838
116,182
95,921
212,103
71,579
158,625
230,204
The Company leases land and buildings for its office in Australia under a three-year agreement and its
warehouse in Namibia under a five-year agreement. On renewal, the terms of the leases are renegotiated.
46
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
10. CAPITALISED TENEMENT ACQUISITION COSTS
Balance at beginning of year
Impairment recognised during the year
2023
$
3,145,885
(1,038,142)
2,107,743
2022
$
3,145,885
-
3,145,885
On 11 December 2019, the Company acquired 100% of the shares of Thatcher Soak Pty Ltd, Jackson Cage
Pty Ltd and Northern Territory Uranium Pty Ltd, which collectively hold tenements and minerals resources in
Western Australia and the Northern Territory that are prospective for uranium (“the Acquisition Assets”). Refer
to Note 17 for the names and countries of incorporation of these entities.
Capitalised tenement acquisition costs represent the accumulated cost of acquiring the Acquisition Assets.
Ultimate recoupment of these costs is dependent on the successful development and commercial exploitation
or alternatively, sale of the respective areas of interest. The Company has recognised an impairment expense
of $1,038,142 for the current period relating to these tenements.
11. PAYABLES
Trade payables
Accrued charges
12. PROVISIONS
Current
Provision for annual leave
Provision for long service leave
Non-Current
Provision for long service leave
386,978
287,416
674,394
38,975
421,435
460,410
133,569
66,913
200,482
-
-
145,016
-
145,016
55,896
55,896
47
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
13. CONTRIBUTED EQUITY
(a) Ordinary Shares
Paid up capital – ordinary shares
Capital raising costs capitalised
Movement during the year
Balance at 1 July 2021
Exercise of options 15 July 2021
Transfer from Share Based Reserve on exercise of options
15 July 2021
Exercise of options 5 October 2021
Exercise of options 5 October 2021
Exercise of options 23 November 2021
Transfer from Share Based Reserve on exercise of options
23 November 2021
Share placements 30 November 2021
Exercise of options 10 December 2021
Exercise of options 17 March 2022
Transfer from Share Based Reserve on exercise of options
17 March 2022
Exercise of options 19 April 2022
Transfer from Share Based Reserve on exercise of options
19 April 2022
Less Share issue costs
Balance at 30 June 2022
Exercise of options 26 June 2023
Less Share issue costs
Balance at 30 June 2023
2023
$
81,002,545
(2,803,785)
78,198,760
Number of
Shares
226,664,606
1,559,040
-
3,950,000
1,600,000
207,948
-
25,555,556
977,000
14,231,567
-
750,000
-
-
275,495,717
2,368,422
277,864,139
2022
$
80,765,712
(2,801,750)
77,963,962
$
64,041,345
265,037
17,535
671,500
160,000
43,669
18,000
11,500,000
166,090
1,423,157
15,820
300,000
127,575
(785,775)
77,963,953
236,842
(2,035)
78,198,760
Ordinary shares participate in dividends and the proceeds on winding up of Elevate Uranium Ltd in proportion
to the number of shares held. The fully paid ordinary shares have no par value. At shareholder meetings,
when a poll is called, each ordinary share is entitled to one vote otherwise each shareholder has one vote on
a show of hands.
48
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
13. CONTRIBUTED EQUITY (continued)
(b) Share Options
Movements in
share options:
Balance at 30
June 2021
Issued during the
year
Exercised during
the year
Lapsed during the
year
Balance at 30
June 2022
Issued during the
year
Exercised during
the year
Lapsed during the
year
Balance at 30
June 2023
Unlisted,
$0.17
Options
1/12/23
Unlisted,
$0.17
Options
10/12/21
Unlisted,
$0.21
Options
30/11/21
Unlisted,
$0.70
Options
28/08/26
Unlisted,
$0.64
Options
24/11/26
Unlisted,
$0.10
Options
30/6/23
Unlisted,
$0.17
Options
29/08/25
Unlisted,
$0.61
Options
16/12/25
Unlisted,
$0.65
Options
16/01/27
7,600,000
6,486,040
207,948
-
-
-
7,600,000
-
-
-
7,600,000
-
-
(6,486,040)
(207,948)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,199,989
-
-
-
750,000 4,200,000
(15,831,567)
(750,000)
-
-
-
-
2,368,422
- 4,200,000
-
-
-
-
-
400,000 5,850,000
-
-
-
-
-
400,000 5,850,000
(2,368,422)
-
-
-
-
-
- 1,000,000
-
-
-
-
- 4,200,000 1,000,000
49
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
14. RESERVES
Share-Based Payments Reserve
Foreign Currency Translation Reserve
Share-Based Payments Reserve
Balance at beginning of year:
Options issued during the year
-
-
Employee options
KMP options
Options lapsed/exercised during the year
Performance rights lapsed/vesting
Balance at end of year:
(i) Share Options
Movements in share options
Balance as at 30 June 2021
Options exercised
Options lapsed
Options issued
Balance as at 30 June 2022
Options exercised
Options lapsed
Options issued
Balance as at 30 June 2023
(ii) Movements in Share Based Payments Reserve
Balance as at 1 July 2021
Transfer on exercise or expiry of equity
Issue of options
Lapse of performance rights
Performance rights vesting
Balance as at 30 June 2022
Issue of options
Total Share Based Payments Reserve
2023
$
2022
$
2,719,009
1,145,111
698,111
846,320
3,417,120
1,991,431
1,145,111
371,806
215,285
1,358,613
127,575
864,928
-
-
(178,930)
(40,268)
2,719,009
1,145,111
Number of
options
$
32,493,977
(23,275,555)
-
4,950,000
14,168,422
(2,368,422)
-
7,250,000
19,050,000
331,537
(178,930)
-
992,503
1,145,111
-
-
1,573,898
2,719,009
Weighted
average
exercise price
$
0.1310
0.1302
-
0.5400
0.2887
0.1000
-
0.6447
0.4477
371,806
(178,930)
992,503
(40,500)
232
1,145,111
1,573,898
2,719,009
50
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
14. RESERVES (continued)
(a) On 17 December 2021, 1,200,000 options were granted exercisable at $0.61 each on or before 16
December 2025, to the Company’s non-executive directors as part of their remuneration. The fair value
of these options is $0.2390 per option for a total value of $286,800. The vesting condition attached to
these options is continuous service of directors of the Company to 31 December 2022. At the reporting
period date, the amount vested was $138,872 (2022: $147,928). In valuing these options, the Company
used the following inputs in the Black Scholes option valuation model.
Inputs into the Model
Grant date share price
Exercise price
Expected volatility
Option life
Risk-free interest rate
$0.420
$0.610
90.00%
4 years
1.005%
(b) On 29 August 2022, 400,000 options were granted exercisable at $0.70 each on or before
28 August 2026, to employees of the Company. The fair value of these options is $0.27713 per option
for a total value of $110,852. 100,000 options vested immediately, 150,000 vest 12 months from grant
date and the remaining 150,000 vest 24 months from grant date. At the reporting period date, the amount
vested was $79,948. In valuing these options, the Company used the following inputs in the Black
Scholes option valuation model.
Inputs into the Model
Grant date share price
Exercise price
Expected volatility
Option life
Risk-free interest rate
$0.475
$0.700
90.00%
4 years
3.18%
(c) On 25 November 2022, 5,850,000 options were granted exercisable at $0.64 each on or before
24 November 2026, to the Company’s executives as part of their remuneration. The fair value of these
options is $0.2460 per option for a total value of $1,439,100. Two thirds of the options vest immediately
and one third vest on 31 December 2023. At the reporting period date, the amount vested was
$1,219,741. In valuing these options, the Company used the following inputs in the Black Scholes option
valuation model.
Inputs into the Model
Grant date share price
Exercise price
Expected volatility
Option life
Risk-free interest rate
$0.425
$0.640
90.00%
4 years
3.19%
(d) On 17 January 2023, 1,000,000 options were granted exercisable at $0.65 each on or before 16 January
2027, to the Company’s employees as part of the employee incentive scheme. The fair value of these
options is $0.2391 per option for a total value of $239,100. 340,000 options vest immediately, 330,000
vest on 9 January 2024, and 330,000 vest on 9 January 2025. At the reporting period date, the amount
vested was $135,337. In valuing these options, the Company used the following inputs in the Black
Scholes option valuation model.
Inputs into the Model
Grant date share price
Exercise price
Expected volatility
Option life
Risk-free interest rate
$0.4348
$0.650
85.00%
4 years
3.26%
51
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
14. RESERVES (continued)
Nature and purpose of reserves
(i) Share-based payments reserve
The share-based payments reserve represents the fair value of the actual or estimated number of unexercised
equity instruments granted to management and consultants of the Company recognised in accordance with
the accounting policy adopted for share-based payments and the cash price of rights/options issued to
investors.
(ii) Foreign currency translation reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements
of foreign controlled operations to Australian dollars.
15. ACCUMULATED LOSSES
Accumulated losses at beginning of year
Net losses attributable to members of the parent entity
Accumulated losses at the end of the year
16. SEGMENT INFORMATION
2023
$
(61,462,500)
(8,634,984)
(70,097,484)
2022
$
(55,798,646)
(5,663,854)
(61,462,500)
The Group operates in the mineral exploration and evaluation industry in Namibia and Australia. For
management purposes, the Group is organised into three main operating segments which involves the
exploration and evaluation of uranium deposits in Namibia and Australia plus corporate activities. The Group’s
activities are inter-related and discrete financial information is reported to the Board (Chief Operating Decision
Maker) using these segments. Accordingly, all significant operating decisions are based upon analysis using
these segments. The combined financial results from these segments are equivalent to the financial results
of the Group as a whole.
Revenue
Interest received
Co-funding grant from government
Other income
Expenses
Exploration and evaluation
expenses
Share based employee benefits
Employee benefit expense
Foreign exchange loss
Administration expenses
Depreciation expense
Impairment expense
Finance expense
2023
$
Corporate
Uranium
Australia
Uranium
Namibia
Total
228,805
90,909
-
319,714
-
-
-
-
-
-
2,541
2,541
228,805
90,909
2,541
322,255
-
809,047
3,421,024
4,230,071
1,573,898
1,084,559
18,326
850,867
86,489
-
-
-
870
-
-
1,573,898
26,682
1,111,241
-
7,511
31,191
18,326
859,248
117,680
-
1,038,142
-
1,038,142
4,763
-
3,870
8,633
52
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
Total expenses
3,618,902
1,848,059
3,490,278
8,957,239
Loss before income tax expense
(3,299,188)
(1,848,059)
(3,487,737)
(8,634,984)
Total current assets
10,084,960
10,380
45,345
10,140,685
Total non-current assets
135,941
2,107,743
154,935
2,398,619
Total current liabilities
Total non-current liabilities
(867,721)
(88,223)
-
-
(13,832)
(51,134)
(881,553)
(139,357)
Net assets
9,264,957
2,118,123
135,314
11,518,394
16. SEGMENT INFORMATION (continued)
2022
$
Corporate
Uranium
Australia
Uranium
Namibia
Total
6,646
112,270
758
119,674
-
-
-
-
-
-
-
-
6,646
112,270
758
119,674
30,547
674,383
2,391,800
3,096,730
952,234
900,767
-
697,718
73,834
5,661
-
-
-
552
-
-
-
-
-
41,188
11,686
3,158
952,234
900,767
-
739,458
85,520
8,819
2,660,761
674,935
2,447,832
5,783,528
Revenue
Interest received
Research and development tax
refund
Other income
Expenses
Exploration and evaluation
expenses
Share based employee benefits
Employee benefit expense
Foreign exchange loss
Administration expenses
Depreciation expense
Finance expense
Total expenses
Loss before income tax expense
(2,541,087)
(674,935)
(2,447,832)
(5,663,854)
Total current assets
15,786,114
-
109,107
15,895,221
Total non-current assets
227,297
3,145,885
63,084
3,436,266
Total current liabilities
Total non-current liabilities
(659,931)
(140,231)
-
-
(15,539)
(22,893)
(675,470)
(163,124)
Net assets
15,213,249
3,145,885
133,759
18,492,893
53
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
17. RELATED PARTIES
(a) Subsidiaries
The consolidated financial statements include the financial statements of Elevate Uranium Ltd and the
subsidiaries listed in the following table:
Name
Marenica Energy Namibia (Pty) Ltd
Uranium Beneficiation Pty Ltd
Marenica Minerals (Pty) Ltd
Marenica Ventures (Pty) Ltd
Aloe Investments 247 (Pty) Ltd
Metals Namibia Pty Ltd
Thatcher Soak Pty Ltd (note 10)
Jackson Cage Pty Ltd (note 10)
Northern Territory Uranium Pty Ltd (note 10)
(b) Ultimate parent
Country of
Incorporation
% Equity
Interest
2023
% Equity
Interest
2022
Namibia
Australia
Namibia
Namibia
Namibia
Namibia
Australia
Australia
Australia
100%
100%
75%
100%
90%
100%
100%
100%
100%
100%
100%
75%
100%
90%
100%
100%
100%
100%
Elevate Uranium Ltd is the ultimate Australian parent entity and ultimate parent of the Group.
(c) Non-Controlled Entities
There were no material transactions in Marenica Minerals (Pty) Ltd nor Aloe Investments 247 (Pty) Ltd and as
such there are no non-controlling interest entries recognised in the consolidated statement of changes in
equity.
(d) Key management personnel
Details relating to key management personnel, including remuneration paid, are included in Note 23 and the
audited remuneration report section of the Directors’ report.
(e) Related Parties
There were no other transactions with related parties.
18. COMMITMENTS FOR EXPENDITURE
Mineral Tenement Lease
Exploration expenditure
The Company has been granted tenements in Namibia which have the
following exploration commitments
Within one year
Between 1 and 5 years
2023
$
2022
$
954,410
860,835
1,815,245
1,753,224
2,239,648
3,992,872
19. CASH AND CASH EQUIVALENTS
Cash as at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related
items in the Statement of Financial Position as follows:
Cash at bank and on deposit
Balance per statement of cash flows
10,057,562
10,057,562
15,811,013
15,811,013
54
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
20. RECONCILIATION OF LOSS AFTER INCOME TAX TO CASH FLOWS USED IN
OPERATING ACTIVITIES
Operating (Loss)
A dd non-cash items
Depreciation
Finance expense
Share-based payments
Impairment expense
Gain on termination of lease
Unrealised foreign exchange
D ecrease/increase in operating assets and liabilities:
Receivables
Trade and other payables
Provisions
Net cash (outflow) from operating activities
21. EARNINGS PER SHARE
(a) Basic earnings per share – cents per share
2023
$
(8,634,984)
2022
$
(5,663,854)
117,680
8,633
1,573,898
1,038,142
(2,541)
295,725
85,520
8,819
952,234
-
(757)
(65,981)
(9,623)
(214,494)
430
(5,827,134)
(24,587)
283,113
47,960
(4,377,533)
Loss attributable to the ordinary equity holders of the Company
(3.13)
(2.25)
(b) Diluted earnings per share
Diluted earnings per share are not disclosed as they are not materially different to basic earnings per share.
(c) Weighted average number of shares used as the denominator
Weighted average number of ordinary shares outstanding during the year
used in calculation of basic earnings per share
275,528,161 252,135,516
No.
No.
22. AUDITORS’ REMUNERATION
During the year the following fees were paid or payable for services provided by the auditors:
2023
$
2022
$
(a) Audit services
Audit and review of financial reports under the Corporations Act 2001
Audit and review of financial reports of Namibian subsidiaries, by local
auditors
40,000
40,000
5,119
5,000
(b) Other services
Other Services
Total remuneration of auditors
-
-
45,119
45,000
55
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
23. KEY MANAGEMENT PERSONNEL
Compensation for Key Management Personnel
The aggregate compensation made to directors and other members of key management personnel of the
Group is set out below:
Short term employee benefits
Post-employment benefits
Share-based payments
Total compensation
24. SHARE BASED PAYMENTS
Set out below are summaries of options granted during the year:
2023
$
737,800
77,468
1,358,605
2,173,873
2022
$
696,884
70,188
824,619
1,591,691
2023
Grant date Expiry date
Exercise
price
Balance at the
start of the
year
Granted
Exercised/
other
29/08/2022
25/11/2022
17/01/2023
28/08/2026
24/11/2026
16/01/2027
$0.70
$0.64
$0.65
-
-
-
400,000
5,850,000
1,000,000
-
-
-
Balance at
the end of the
year
400,000
5,850,000
1,000,000
2022
Grant date Expiry date
Exercise
price
Balance at the
start of the
year
Granted
Exercised/
other
Balance at
the end of the
year
24/08/2021
17/12/2021
17/12/2021
29/08/2025
16/12/2025
16/12/2025
$0.40
$0.61
$0.61
-
-
-
750,000
1,200,000
3,000,000
(750,000)
-
-
-
1,200,000
3,000,000
Set out below are the options exercisable at the end of the financial year:
Grant date
Expiry date
3/12/2019
3/07/2020
17/12/2021
17/12/2021
29/08/2022
25/11/2022
17/01/2023
01/12/2023
30/06/2023
16/12/2025
16/12/2025
28/08/2026
24/11/2026
16/01/2027
2023
Number
7,600,000
-
3,000,000
1,200,000
100,000
3,900,000
340,000
16,140,000
2022
Number
7,600,000
2,368,422
3,000,000
-
-
-
-
12,968,422
The weighted average exercise price of options outstanding as at the end of the financial year was $0.4477
(2022: $0.2887).
The weighted average remaining contractual life of options outstanding at the end of the financial year was
2.01 years (2022: 1.95 years).
56
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
25. PARENT ENTITY FINANCIAL INFORMATION
(a) Information relating to Elevate Uranium Ltd
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
Loss for the year
Total comprehensive income
(b) Guarantees
2023
$
10,084,960
2022
$
15,786,114
4,024,047
4,333,248
14,109,007
20,119,362
(934,633)
(659,931)
(21,310)
(140,231)
(955,943)
(800,162)
13,153,064
19,319,200
78,198,760
77,963,953
2,719,009
1,145,111
(67,764,705)
(59,789,864)
13,135,064
19,319,200
(7,974,841)
(5,153,543)
(7,974,841)
(5,153,543)
No guarantees have been entered into by the Company in relation to the debts of its subsidiaries.
(c) Commitments
Commitments of the Company as at reporting date are disclosed in Note 18 to the financial statements.
26. CONTINGENT LIABILITIES
Mallee Minerals Pty Limited
On 7 April 2006, the Company entered into an introduction agreement with Mallee Minerals Pty Limited in
respect of a mineral licence in Namibia (Project). Upon the Company receiving a bankable feasibility study in
respect of the Project or the Company delineating, classifying or reclassifying uranium resources in respect of
the project, the Company will pay to Mallee Minerals Pty Limited:
(i) $0.01 per tonne of uranium ore classified as inferred resources in respect of the Project; and a further
(ii) $0.02 per tonne of uranium ore classified as indicated resources in respect of the Project; and a further
(iii) $0.03 per tonne of uranium ore classified as measured resources in respect of the Project.
Pursuant to this agreement, no payments were made during the year ended June 2023 (2022: nil). In total
$2,026,000 has been paid under this agreement.
Metals Australia Limited
In May 2018, the Company signed binding agreement to purchase Metals Namibia (Pty) Ltd, the owner of the
Mile 72 Uranium Project (EPL 3308), from Metals Australia Limited. The agreement included a requirement
to pay a gross production preferential dividend of 1% on any production from EPL 3308. As at 30 June 2023,
no production occurred. A renewal application for EPL 3308 has been rejected by the Namibian Minister of
Mines and therefore the gross production preferential dividend has been extinguished.
Jackson Cage Royalties
On 13 December 2019, the Company acquired Jackson Cage Pty Ltd (“Jackson Cage”). Jackson Cage is
liable for a 1% gross royalty payable to Paladin Energy Limited and a 1% gross royalty payable to Areva Mining
(an entity of France) on any production from the Oobagooma Project in Western Australia (being tenement
E04/2297) and a 1.5% gross royalty payable to Paladin NT Pty Ltd on any production from the Pamela/Angela
Project in the Northern Territory (being tenement application EL25759 and tenement EL25758). As at 30 June
2023, no production has occurred at either of these projects.
57
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
27. FINANCIAL INSTRUMENTS
Overview – Risk Management
This note presents information about the Group’s exposure to credit, liquidity and market risks, its objectives,
policies and processes for measuring and managing risk and the management of capital.
The Group does not use any form of derivatives as it is not at a level of exposure that requires the use of
derivatives to hedge its exposure. Exposure limits are reviewed by management on a continuous basis. The
Group does not enter into or trade financial instruments, including derivative financial instruments, for
speculative purposes.
The Board of Directors of the Company has overall responsibility for the establishment and oversight of the
risk management framework. Management monitors and manages the financial risks relating to the operations
of the Company and the Group through regular reviews of the risks.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails
to meet its contractual obligations and arises principally from the Group’s receivables from customers and
investment securities. At 30 June 2023, there were no significant concentrations of credit risk.
Cash and cash equivalents
The Group limits its exposure to credit risk by only investing in liquid securities and only with counterparties
that have an acceptable credit rating.
Trade and other receivables
As the Group operates primarily in exploration activities, it does not have any significant trade receivables and
therefore is not exposed to credit risk in relation to trade receivables.
The Group where necessary establishes an allowance for impairment that represents its estimate of incurred
losses in respect of other receivables and investments. Management does not expect any counterparty to fail
to meet its obligations.
Exposure to credit risk
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s
maximum exposure to credit risk at the reporting date was:
Trade and other receivables
Cash and cash equivalents
Impairment Losses
None of the Group’s receivables are past due (2022: $ nil).
Liquidity Risk
Note
2023
$
2022
$
7
19
83,123
10,057,562
84,208
15,811,013
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The
Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity
to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Group’s reputation.
The Group manages liquidity risk by maintaining adequate cash reserves from funds raised in the market and
by continuously monitoring forecast and actual flows. Apart from the convertible note, the Group does not
have any significant external borrowings.
The Group is likely to raise additional capital in the next twelve months if it were to maintain the current level
operational and development activities. The decision on if, when and how the Group will raise future capital
will depend on market conditions existing at that time.
58
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
27. FINANCIAL INSTRUMENTS (continued)
The following are the contractual maturities of financial liabilities, including estimated interest payments and
excluding the impact of netting agreements:
30 June 2023
Note
Trade and other payables
Leases
11
9
Carrying
amount
$
674,394
146,033
Contractual
cash flow
$
674,394
146,033
6 months
or less
$
674,394
36,795
>12
Months
$
-
72,444
30 June 2022
Trade and other payables
Leases
Note
11
9
Carrying
amount
460,410
177,272
Contractual
cash flow
460,410
177,272
6 months
or less
460,410
35,022
>12
months
-
107,228
Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity
prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposure within acceptable parameters, while
optimising the return.
Currency Risk
The Group’s exposure to currency risk at 30 June 2023 on financial assets denominated in Namibian dollars
was nil (2022: nil) which amounts are not hedged. The effect of future movements in the exchange rate for
Namibian dollars on the Group’s financial position and results of fully expensed exploration and evaluation
activities is likely to be negligible.
Interest Rate Risk
The Group is exposed to interest rate risk (primarily on its cash and cash equivalents), which is the risk that a
financial instrument’s value will fluctuate as a result of changes in the market interest rates on interest-bearing
financial instruments. The Group does not use derivatives to mitigate these exposures.
The Company adopts a policy of ensuring that as far as possible it maintains excess cash and cash equivalents
on short term deposit at interest rates maturing over 30 to 90 day rolling periods.
Profile
At the reporting date the interest rate profile of the Group’s interest-bearing financial instruments was:
Variable rate instruments
Financial assets – cash and cash equivalents
Fair value sensitivity analysis for fixed rate instruments
Carrying Amount
2022
$
2023
$
10,057,562 15,811,013
The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or
loss or through equity, therefore a change in interest rates at the reporting date would not affect profit or loss
or equity.
59
2023 Annual Report
Notes to the Financial Statements (continued)
For the year ended 30 June 2023
27. FINANCIAL INSTRUMENTS (continued)
Cash flow sensitivity analysis for variable rate instruments
A change of 50 basis points (2022: 50 basis points) in interest rates at the reporting date would have increased
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other
variables remain constant. The analysis is performed on the same basis for 30 June 2022.
30 June 2023
Variable rate instruments
30 June 2022
Variable rate instruments
Profit or loss
Equity
50bp
increase
50,288
50bp
increase
79,055
50bp
decrease
(50,288)
50bp
decrease
(79,055)
50bp
increase
50,288
50bp
increase
79,055
50bp
decrease
(50,288)
50bp
decrease
(79,055)
Fair Value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Commodity Price Risk
The Group operates primarily in the exploration and evaluation phase and accordingly the Group’s financial
assets and liabilities are subject to minimal commodity price risk.
Capital Management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going
concern, so as to maintain a strong capital base sufficient to maintain future exploration and development of
its projects. The Group’s focus has been to raise sufficient funds through equity or debt to fund its exploration
and evaluation activities.
There were no changes in the Group’s approach to capital management during the year. Risk management
policies and procedures are established with regular monitoring and reporting.
The Group is not subject to externally imposed capital requirements.
28. FAIR VALUE MEASUREMENT
Fair value hierarchy
The carrying amounts of trade and other receivables and trade and other payables are assumed to
approximate their fair values due to their short-term nature.
29. EVENTS AFTER THE REPORTING PERIOD
On 19 July 2023, the Company granted 200,000 options exercisable at $0.45 per option, expiring on 18 July
2027.
Other than the matters noted above, there have been no matters or circumstances that have arisen since the
end of the financial year which significantly affected or may significantly affect:
(i)
the Group's operations in future years; or
(ii)
the results of those operations in future years; or
(iii)
the Group's state of affairs in future years.
60
2023 Annual Report
Directors’ Declaration
The Directors of the Company declare that:
1.
the financial statements, notes and additional disclosures included in the Directors’ Report designated as
audited, of the Company and of the Group are in accordance with the Corporations Act 2001, including:
a.
complying with Accounting Standards and the Corporations Regulations 2001; and
b. giving a true and fair view of the Company’s and Group’s financial position as at 30 June 2023 and of
its performance for the year ended on that date.
2.
in the Directors' opinion there are reasonable grounds to believe that the Company and Group will be able to
pay their debts as and when they become due and payable.
3.
the financial report also complies with International Financial Reporting Standards.
4.
this declaration has been made after receiving the declarations required to be made to the Directors in
accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2023.
This declaration is made in accordance with a resolution of the board of Directors.
On behalf of the board.
Andrew Bantock
Chairman
Perth
27 September 2023
61
2023 Annual Report
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
ELEVATE URANIUM LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Elevate Uranium Limited (“the Company”) and its controlled entities
(“the Group”) which comprises the consolidated statement of financial position as at 30 June 2023, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended on that date and
notes to the consolidated financial statements, including a summary of significant accounting policies and
the directors’ declaration of the Company.
In our opinion the financial report of the Group is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its financial
performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under these
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report
section of this report. We are independent of the Group in accordance with the auditor independence
requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the “Code”) that are relevant to our audit of the financial report in Australia. We have also
fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given
to the directors of the Company, would be in the same terms if given to the directors as at the time of this
auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
ELEVATE URANIUM LIMITED (continued)
Key Audit Matter – Share-based Payments
How our Audit Addressed the Key Audit Matter
As disclosed in Note 24 to the financial statements,
the Group granted options key management
personnel.
The audit procedures that we performed included
the following:
• Assessing the amount recognised during the
Share based payments are considered to be a key
audit matter due to:
year in accordance with the vesting
conditions of the arrangements;
•
•
•
the value of the transactions;
the complexities involved in the recognition
and measurement of these instruments; and
the judgement involved in determining the
inputs used in the valuations.
Management used the Black-Scholes valuation model
to determine the fair value of the options granted.
This process involved estimations and judgements to
determine the fair value of the equity instruments
granted.
• Reviewing management’s valuation of the
share-based payment arrangements;
• Reviewing the compliance of the
accounting treatment of the share-based
payments in accordance with AASB 2 Share-
based Payment and:
• Assessing the appropriateness of the
disclosures included in the financial report
Key Audit Matter – Carrying value of capitalised
tenements acquisition costs
How our Audit Addressed the Key Audit Matter
As disclosed in Note 2(d) and Note 10 to the
financial statements, tenement acquisition costs
related to an area of interest are capitalised and
carried forward where they are expected to be
recouped through successful development.
The audit procedures that we performed included
the following:
• Discussed the basis of the carrying value of
the tenement acquisition costs with
management.
Capitalised tenement acquisition costs amounted to
$3,145,885. In relation to certain tenements in
Western Australia and the Northern Territory, the
Company has recognised an impairment expense of
$1,038,142 in the current period due to no activity
being planned in the near future.
• Reviewed management’s assessment of the
tenements carrying value subject to
impairment
• Assessed the appropriateness of the
disclosures included in the financial report
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
ELEVATE URANIUM LIMITED (continued)
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2023, but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial report or
our knowledge obtained in the audit or otherwise appears to be materially misstated.
If based on the work we have performed we conclude there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Directors’ Responsibility for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with the Australian Accounting Standards and the Corporations Act 2001 and for
such internal control as the directors determine is necessary to enable the preparation of the financial
report that gives a true and fair view and is free from material misstatement whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or cease operations,
or have no realistic alternative but to do so.
Auditor’s Responsibility for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with Australian Auditing Standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing
and Assurance Standards Board website at: www.auasb.gov.au/Home.aspx.
We communicate with the directors regarding, amongst other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
ELEVATE URANIUM LIMITED (continued)
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit matters.
We describe those matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communications.
Report on the Remuneration Report
We have audited the remuneration report included in the directors’ report for the year ended 30 June 2023.
In our opinion the remuneration report of Elevate Uranium Limited for the year ended 30 June 2023 complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
Rothsay Audit & Assurance Pty Ltd
Graham Webb
Director
Dated 27 September 2023
Additional Australian Securities Exchange Information
The following additional information is required by the Australian Securities Exchange
and is current as at 31 August 2023.
(a) Distribution schedule and number of holders of equity securities
1 – 1,000
1,001 –
5,000
5,001 –
10,000
10,001 –
100,000
100,001 –
and over
Total
3,729
1,680
654
1,265
264
7,592
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5
2
4
5
1
1
5
2
4
5
1
1
Fully Paid Ordinary
Shares (EL8)
Unlisted Options –
$0.61 16/12/2025
Unlisted Options –
$0.70 28/08/2026
Unlisted Options –
$0.17
01/12/2023
Unlisted Options -
$0.64
24/11/26
Unlisted Options -
$0.65
18/7/27
Unlisted Options -
$0.45
18/7/27
The number of holders holding less than a marketable parcel of fully paid ordinary shares 3,848.
66
2023 Annual Report
Additional Australian Securities Exchange Information
(b) 20 Largest holders of quoted equity securities
The names of the twenty largest holders of fully paid ordinary shares (ASX code: EL8) are:
Rank Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Citicorp Nominees Pty Limited
HSBC Custody Nominees (Australia) Limited
BNP Paribas Nominees Pty Ltd
BNP Paribas Nominees Pty Ltd Acf Clearstream
Hanlong Resources Limited
BNP Paribas Noms Pty Ltd
Retzos Executive Pty Ltd
Chen & Qin Goodlife Family Pty Ltd
HSBC Custody Nominees (Australia) Limited - A/C 2
Mrs Carol Ann Hill
Retzos Family Pty Ltd
Buttonwood Nominees Pty Ltd
J P Morgan Nominees Australia Pty Limited
Mr Richard Thomas Hayward Daly + Mrs Sarah Kay
Daly
Atlantis MG Pty Ltd
Define Consulting Pty Ltd
Remake Pty Ltd
Shayden Nominees Pty Ltd
Enerview Pty Ltd
Sam Goulopoulos Pty Ltd
Shares
% of Total
Shares
26,247,726
25,930,597
19,829,726
12,592,942
11,635,072
10,762,873
7,616,435
9.45
9.33
7.14
4.53
4.19
3.87
2.74
6,708,414
2.41
5,664,484
4,025,873
3,500,000
3,218,096
2,810,473
2,517,979
2,500,000
2,424,880
2,272,727
2,000,000
1,800,000
1,707,691
2.04
1.45
1.26
1.16
1.01
0.91
0.9
0.87
0.82
0.72
0.65
0.61
TOTAL
155,765,988
56.06
Stock Exchange Listing – there are 277,864,139 ordinary fully paid shares of the Company on issue
on the Australian Securities Exchange.
Unquoted securities on issue are detailed below in Section (d).
(c) Substantial shareholders
There are no shareholders for which Elevate Uranium Ltd has received a notice disclosing a
relevant interest the Company.
67
2023 Annual Report
Additional Australian Securities Exchange Information
(d) Unquoted Securities
The number of unquoted securities on issue:
Security
Unlisted options, exercisable at $0.45 each on or before 18 July 2027
Number on issue
200,000
Unlisted options, exercisable at $0.65 each on or before 16 January 2027
Unlisted options, exercisable at $0.64 each on or before 24 November 2026
Unlisted options, exercisable at $0.70 each on or before 28 August 2026
Unlisted options, exercisable at $0.61 each on or before 16 December 2025
Unlisted options, exercisable at $0.17 each on or before 01 December 2023
1,000,000
5,800,000
400,000
4,200,000
7,600,000
(e) Holder Details of Unquoted Securities
Names of people that hold more than 20% of a given class of unquoted securities (other
than unquoted securities issued under an employee incentive scheme) are below:
Security
Name
Unlisted options, exercisable
at $0.17 each on or before
01 December 2023.
Unlisted options, exercisable
at $0.17 each on or before
01 December 2023.
Unlisted options, exercisable
at $0.64 each on or before
24 November 2026.
Unlisted options, exercisable
at $0.64 each on or before
24 November 2026
Unlisted options, exercisable
at $0.61 each on or before
16 December 2025.
Mrs Carol Ann Hill
SJJZT Pty Ltd
Mrs Carol Ann Hill
SJJZT Pty Ltd
Mr Murray Philip Hill & Mrs Carol Ann Hill
Number of
Securities
3,600,000
2,000,000
2,900,000
1,630,000
1,900,000
(f) Restricted Securities
There are no restricted securities on issue.
(g) Voting Rights
All fully paid ordinary shares carry one vote per ordinary share without restriction.
Options have no voting rights.
(h) Company Secretary
The Company Secretary is Mr Shane McBride.
(i) Registered Office
The Company’s Registered Office is Suite 2, 5 Ord Street, West Perth, WA 6005.
68
2023 Annual Report
Additional Australian Securities Exchange Information
(j) Share Registry
The Company’s Share Registry is Advanced Share Registry Services, 110 Stirling Highway, Nedlands
WA 6009. Telephone: +61 8 9389 8033. Facsimile: +61 8 9262 3723.
(k) On-Market Buy-back
The Company is not currently conducting an on-market buy-back.
(l) Corporate Governance
The Board of Elevate Uranium Ltd is committed to achieving and demonstrating the highest standards
of Corporate Governance. The Board is responsible to its Shareholders for the performance of the
Company and seeks to communicate extensively with Shareholders. The Board believes that sound
Corporate Governance practices will assist in the creation of Shareholder wealth and provide
accountability. In accordance with ASX Listing Rule 4.10.3, the Company has elected to disclose its
Corporate Governance policies and its compliance with them on its website, rather than in the Annual
Report. Accordingly, information about the Company's Corporate Governance practices is set out on
the Company's website at www.elevateuranium.com.au.
69
2023 Annual Report
Additional Australian Securities Exchange Information
The Group holds the following mineral tenements.
Namibia
Number
Name
Interest
Licence Status
Expiry Date
MDRL 3287 Marenica
EPL 6663
EPL 6987
EPL 7278
EPL 7279
EPL 7368
EPL 7435
EPL 7436
EPL 7508
EPL 7662
EPL 8098
EPL 8728
EPL 8791
EPL 8792
EPL 8795
EPL 8822
EPL 8823
EPL 8978
EPL 9045
Australia
Arechadamab
Koppies
Hirabeb
Ganab West
Trekkopje East
Skilderkop
Amichab
Capri
Namib IV
Autseib
Hoasib
Marenica North
Marenica West
Marenica East
Ganab South
Marenica Central
Autseib North
Ganab South
75%
90%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Active
Renewal Pending ECC
Active
Active
Active
Active
Active
Active
Pending Renewal
Renewal Pending ECC
Application
Application
Application
Application
Application
Application
Application
Application
Application
21/5/2025
18/9/2022
9/4/2024
9/6/2024
9/6/2024
9/6/2024
7/10/2023
24/7/2024
1/3/2023
6/11/2022
-
-
-
-
-
-
-
-
-
Number
Name
Interest
Status
State
Expiry Date
R 38/1
E 04/2297
EL 25758
EL 32400
EL 25759
ELR 41
ELR 45
ELR32552
EL 30144
ELR 31319
MLN 1952
EL 1466
EL 3114
Thatcher Soak
Oobagooma
Angela
Minerva
Pamela
Malawiri
Walbiri
Bigrlyi
Dingos Rest South
Sundberg
Karins
Mount Gilruth
Beatrice South
100%
100%
100%
100%
100%
23.97%
22.88%
20.82%
20.82%
20.82%
20.82%
33.33%
33.33%
Granted
Granted
Granted
Granted
Application
Granted
Granted
Granted
Granted
Granted
Application
Application
Application
WA
WA
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
NT
3/12/2023
20/2/2027
1/10/2024
17/4/2027
-
17/7/2024
17/7/2024
15/11/2025
7/8/2024
14/6/2027
-
-
-
Namibian Mining Licence Notes:
Pending Renewal – at this stage the mineral licence issued by Ministry of Mines & Energy (“MME”) is pending renewal. The
renewal application has been submitted to MME and is pending MME’s licence review board decision on the renewal or
otherwise of the licence.
Renewal Pending ECC – at this stage the MME has renewed the licence, however the MME is officially waiting for the renewal
of the Environmental Clearance Certificate (“ECC”) to be granted by Ministry of Environment Forestry & Tourism (“MEFT”) in
order to endorse the licence and transfer it to “Active” status. The ECC is renewed by the MEFT, this line ministry and the
timeframe for renewing ECC’s is highly variable from MEFT.
Renewal Process - The mineral licencing process in Namibia extends beyond the expiry date of a licence. Once the licence
expiry date has been reached and assuming the holder has applied to extend the term of the licence, it enters a pending
renewal period which can take many months or even years. If the MME ultimately decides that it intends to reject a license
renewal, the cessation process of the licence begins when the MME issues a formal notice of its intention to reject renewal of
the licence. There are several appeal processes that are allowed after that notice, including to the MME, the Minister and
ultimately the High Court of Namibia. After any of these appeal processes the licence may ultimately be renewed.
70
2023 Annual Report
REGISTERED OFFICE
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Tel: +61 8 6555 1816
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