ACN 001 666 600
Elevate Uranium Limited
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
T: +61 8 6555 1816
BUSINESS OFFICE
Suite 2
5 Ord Street
West Perth WA 6005
T: +61 8 6555 1816
WEBSITE
www.elevateuranium.com.au
AUDITOR
In.Corp Audit and Assurance Pty Ltd
Level 1, Lincoln House
4 Ventnor Avenue
West Perth WA 6005
T: +61 8 9486 7094
STOCK EXCHANGES
Australian Securities Exchange – EL8
Namibia Stock Exchange – EL8
OTCQX - ELVUF
HOME EXCHANGE
Perth
SHARE REGISTRY
Automic
Level 5, 126 Phillip Street
Sydney, NSW 2000
T: 1300 288 664 (within Australia)
T: +61 2 9698 5414 (outside Australia)
Contents
3
2024 Annual Report
Corporate Information
2
Chairman’s Letter
4
Review of Operations
5
Directors’ Report
21
Auditor’s Independence Declaration
25
Remuneration Report - Audited
26
Consolidated Statement of Profit or Loss and Other Comprehensive Income
31
Consolidated Statement of Financial Position
32
Consolidated Statement of Changes in Equity
33
Consolidated Statement of Cash Flows
34
Consolidated Notes to the Financial Statements
35
Directors' Declaration
59
Auditor’s Report
61
Additional ASX Information
66
Schedule of Interests in Minerals Tenements
70
Chairman’s Letter
4
2024 Annual Report
Dear fellow shareholders,
I am pleased to write to you after a very active and successful 2023/24 for your Company.
Much has been achieved during the year and your board believes Elevate Uranium is well placed to continue its growth focussed
journey over the coming year, driving new value beyond our current 152 million pounds (Mlb) of eU3O8 JORC resources, across
multiple projects.
With five drill rigs operating in Namibia for much of 2024, proving up resources and testing the extent of recent discoveries, Elevate
Uranium remains one of the most active ASX listed uranium companies.
A key immediate goal is to consolidate on our track record of new discoveries and resource growth by advancing our Koppies
Uranium Project through its pre-development stage.
Over the coming year, these efforts will include:
•
Upgrading a significant portion of the Koppies JORC inferred mineral resource to indicated category with the benefit of
extensive infill drilling which has been substantially advanced over the past year;
•
Applying your Company’s proprietary U-pgradeTM process through a bench-scale metallurgical test work program on
bulk ore samples from Koppies; and
•
Incorporating the results from this metallurgical bench-scale program in the design and operation of an U-pgradeTM
demonstration plant on Koppies ore, to inform the future assessment of project development options.
Beyond this very active pre-development agenda, we will continue to test the potential across Elevate Uranium’s other projects,
including through the current resource and step-out drilling programs in Namibia, at Hirabeb and Capri.
Briefly on Elevate Uranium’s significant 2023/24 achievements:
•
In mid-November 2023, successful drilling saw the Koppies JORC Mineral Resource Estimate (MRE) increase by
136% to 48 Mlb eU308, a 42% increase in your Company’s overall Namibian MRE;
•
In early-December 2023, $10M of new equity capital was raised, supported by domestic and offshore institutional
investors, including specialist uranium and natural resources funds;
•
With this funding in hand, by March 2024 five drill rigs were operating across Elevate Uranium’s Namibian projects,
three dedicated to increasing the drill density at Koppies, with the other two targeting new discoveries and resource
expansion elsewhere;
•
By early April 2024 ongoing drilling success saw the Koppies MRE increase a further 20% to 57.8 Mlb eU3O8, achieved
at an exceptionally low all-in Koppies project discovery cost of US$0.07 per pound. This increased your Company’s
Namibian MRE to 103.8 Mlb eU3O8 and its global MRE to 152 Mlb eU3O8;
•
In the last quarter of the year, eight test pits were excavated at Koppies to recover bulk ore samples to be shipped to
Perth for a metallurgical bench-scale testwork program, applying the U-pgradeTM process; and
•
Over the course of the year, and to facilitate such an active and value focussed program, your Company’s professional
team grew to 10 geologists (including 7 Namibian) and 2 metallurgists.
Your board remains confident of its strategy to keep Elevate Uranium as an active, growth focussed, emerging pure play uranium
Company, with a significant resource portfolio within its land positions in Namibia and Australia.
Despite equity market volatility it has been encouraging to see our uranium market view play out over the past year, with both
spot and contract uranium prices trending significantly higher since I last wrote to you, reflecting continued supportive uranium
market supply/demand dynamics.
In closing, my thanks again to your Managing Director, Murray Hill, for his relentless drive in building Elevate Uranium’s business.
Also, to your executive and project teams for their energetic delivery of your Company’s strategic agenda. Finally, my thanks
again this year to my fellow non-executive director, Stephen Mann, whose experience and wise counsel is always valued.
Your board looks forward to another very active and successful year ahead.
Yours faithfully
Andrew Bantock
Chairman
Review of Operations
5
2024 Annual Report
The year at a glance
185%
Increase in the U3O8
price from US$55.90 to
US$85.65 per pound
Increase in the Koppies
Resource from 20.3 to
57.8 Mlb eU3O8
53%
142%
200
Increase in the metres
drilled from 41,149 to
99,590 metres
Increase in technical
team from 4 to 12
Review of Operations
6
2024 Annual Report
OVERVIEW
It has been another busy year for the Company in Namibia, which included expanding the Koppies resource base
and a major infill drilling program to facilitate the future upgrade of a significant portion of the Koppies resource to
indicated status. The Koppies Resource increased from 20.3 Mlb eU3O8 to 57.8 Mlb eU3O8 in April 2024, a 185%
increase through the year. The infill drill program commenced immediately after estimation of the 57.8 Mlb eU3O8
Koppies Resource.
During May 2024, eight test pits were excavated at Koppies to provide ore samples for a detailed U-pgradeTM
metallurgical bench-scale testwork program to be undertaken in Australia. The results of the testwork will be used
to inform the design and subsequent operation of an U-pgradeTM demonstration plant, which is planned to be
undertaken during calendar year 2025.
Exploration drilling occurred at the Hirabeb, Capri, Amichab and Namib IV prospects during the year and infill drilling
was undertaken at Hirabeb in preparation for estimation of a maiden resource by the end of the 2024 calendar year.
Across the Company’s Namibian projects, a total of 3,698 holes for 99,590 metres were drilled throughout the year,
increasing by 58,441 metres or 142% from last year.
Work programs on the Company’s Australian assets included desktop analysis of historical data and planning
exploration drilling programs for calendar year 2025.
The Company is well positioned to move the Koppies Project through to development:
The Company has its patented beneficiation process, called U-pgradeTM, that can reduce the cost of
processing its calcrete uranium ores.
The Company is very confident U-pgradeTM can add significant value to all its resources, but in particular
Koppies, following successful testing on many calcrete ore deposits in Namibia.
The Company plans to demonstrate the effectiveness of U-pgradeTM through a bench scale metallurgical
testwork program on Koppies bulk ore samples collected during the 2024 year.
On completion of the bench scale testwork, the U-pgradeTM process it is planned to be tested at scale and
continuously, in a demonstration plant program planned for the 2025 calendar year.
The 57.8 Mlb eU3O8 Koppies deposit is considered large enough to be developed and it will therefore be the
focus of the Company’s immediate pre-development plans.
The drill program to upgrade a significant portion of the Koppies deposit from JORC Inferred to Indicated
status will be completed by the end of the 2024 calendar year.
The Company is also undertaking exploration drill programs at various locations with the aim to identify
additional uranium resources.
NAMIBIAN URANIUM PROJECTS
The Erongo Region of Namibia is the third largest uranium production region in the world and has a long history of
uranium discovery and production. Uranium mining and processing has been continuously operating in Namibia for
48 years, since the commencement of the Rossing Uranium Mine in 1976. The country’s uranium industry is well
established and supported by Namibians and their government, creating a highly favourable jurisdiction for uranium
operations.
Elevate Uranium has two large uranium project areas in the Erongo Region:
Koppies Project Area, and
Central Erongo Area.
The Company holds ten active tenements, each at varying stages of exploration advancement (Figure 1).
Review of Operations
7
2024 Annual Report
Koppies Resource (EPL 6987 & EPL 7279) – Namibia
The Company progressed the Koppies Resource during the year. An extensive drilling program over the 20 kilometre
strike of the Koppies mineralisation resulted in an increase of the JORC inferred resource by 185% to 57.8 Mlb eU3O8
in April 2024. The outline of the Inferred Resource is shown in Figure 2. Upon estimation of the 57.8 Mlb eU3O8
resource, the Company commenced a drill program to upgrade a significant portion the Inferred resource to Indicated
status using closer spaced drilling. This activity was still in progress at the end of the financial year. The Company
is planning to complete this phase of Indicated drilling and estimate a maiden Indicated resource by the end of the
2024 calendar year. A total of 2,981 holes were drilled during the year for a total drilled metres of 81,767 metres
(82% of the total of all metres drilled by the Company).
Figure 1 – Elevate Uranium’s Tenements and Projects in the Erongo Region of Namibia
Review of Operations
8
2024 Annual Report
The Company has also commenced a staged approach to demonstrating the value of the Company’s proprietary
U-pgradeTM beneficiation process on Koppies ore, through sequentially undertaking the following pre-development
activities:
1. Collection of bulk samples representative of the proposed mining method (which is already completed) – this
provides the most suitable size distribution for bench scale testing.
2. Bench scale metallurgical testwork on all stages of the U-pgradeTM beneficiation process to confirm the
targeted results expected from U-pgradeTM.
3. Design and construction of a demonstration plant – the bench scale testwork results will provide the data
required to inform the design of a demonstration plant.
4. Operation of the U-pgradeTM demonstration plant to demonstrate the effectiveness of U-pgradeTM, on a
continuous basis, at a demonstration size that is scalable to a fully operational U-pgradeTM plant.
The proximity of the Koppies Deposit to the Company’s other tenements in the Koppies Project Area is shown in
Figure 2.
Figure 2 – Location of the Koppies Resource Within the Koppies Project
Review of Operations
9
2024 Annual Report
The shallow depth of the resource at Koppies (Figure 3) allowed the opportunity to collect bulk samples from pits that
were excavated to a maximum depth of only six metres. Samples suitable for U-pgradeTM beneficiation testwork are
required to have a similar particle size distribution to the expected run of mine ore feed. Excavation of the eight
“open” pits (Figure 5) produced those representative samples.
Figure 3 – Distribution of Koppies MRE by Depth (metres)
Note – the scale on the left represents the cumulative depth, in metres, below surface. The diagram is not to scale.
A total of eight test pits were excavated across the Koppies Resource (see Figure 4 for the location) to provide
representative samples of mineralisation with a range of:
uranium grades;
gangue mineral grades, especially calcite; and
lithologies.
Excavation of the pits exposed large areas of the uranium mineral, carnotite. The bright yellow carnotite mineral is
clearly visible in the basement test pits, as shown in Figures 6 and 7. For scale, the wet (or darker) area in Figure 7
is about 150 mm wide.
The carnotite occurs in fractures in the basement rocks and thus any mining and processing method is expected to
result in breakage at the weakest points, i.e. fractures where carnotite occurs.
The occurrence of the exposed carnotite has positive implications for beneficiation by U-pgradeTM. The carnotite is
expected to be effectively liberated by the early stages of the U-pgradeTM process.
The Company has commenced the bench scale metallurgical testwork program on the Koppies bulk samples, which
will test all stages of the U-pgradeTM beneficiation process. The subsequent operation of a demonstration plant is
targeted for calendar year 2025. The bench scale testwork involves single batch tests of each unit operation in the
U-pgradeTM process, whereas the demonstration plant will be a continuous process of all U-pgradeTM unit operations
as per a full scale process plant, but at a smaller scale.
Distribution of MRE per metre
Review of Operations
10
2024 Annual Report
Figure 4 – Koppies Resource Outline and Test Pit Locations
Figure 5 – Test Pit Excavation at Koppies Resource
Review of Operations
11
2024 Annual Report
Figure 6 – Carnotite Exposure in Basement
Figure 7 – Carnotite Exposure in Basement
Review of Operations
12
2024 Annual Report
Hirabeb Uranium Prospect (EPL 7278) – Namibia
The Hirabeb Uranium Prospect is the second of the Company’s four discoveries in four years (Koppies was the first
and is more advanced). The Hirabeb tenement boundary is only 12 kilometres from the southern portion of the
Koppies Resource and is therefore part of the greater Koppies Project Area. The Hirabeb tenement is large, covering
an area of 545 km², extending 38 km east to west and 18 km north to south. The proximity of Hirabeb within the
Company’s tenement portfolio in the Koppies Project Area is shown in Figure 2.
The 2023/24 exploration program occurred in two phases. The first phase was targeting “Koppies 3” style (basement
hosted) mineralisation throughout the tenement. This drilling program has identified four target areas to be followed
with additional exploration drilling. The second phase of the program, now underway, is on the known mineralised
area to confirm the extent of the main mineralised envelope, with the aim of delineating and reporting a maiden
resource later in 2024.
Earlier phases of drilling (pre 2023) suggested that the mineralisation at Hirabeb was constrained to the east-west
trending palaeochannel system. As those earlier drill programs focused on exploring within the palaeochannels, drill
holes were terminated once they had intersected two consecutive metres of basement. This resulted in many of the
holes being terminated at depths of <4 m if palaeochannel was not encountered. Due to the knowledge the Company
has gained from exploring the basement related mineralisation at the Koppies resource, and from recent exploration
programs at Hirabeb intersecting mineralisation within the basement, the Company has confirmed that the earlier
holes were too shallow and had not sufficiently tested the basement hosted mineralisation at Hirabeb.
The conclusion deduced from the more recent drill programs, is that the mineralisation is much like the Koppies
resource, in that it is not constrained by the palaeochannel but extends deeper and/or laterally into the basement
lithologies. This indicates the opportunity for growth of the mineralised areas and additional exploration opportunities
in areas that have previously been drilled with shallow holes.
The geological team has reviewed the data from the first phase exploration drilling and identified four new target
areas (as shown in Figure 8), all of which have been sparsely drilled. In these target areas, the distance between
the drill lines is between 3 to 8 m, providing large areas for the potential expansion of the mineralisation.
Currently, drilling is focussed on the 4.5 km strike length zone of mineralisation in the south-central area of the
tenement (as shown in Figure 8). This area continues to expand with drilling towards the end of the financial year
confirming extensions to the mineralised zone in the north and west. The results are displaying good thickness of
mineralisation with some excellent grades in excess of 1,000 ppm eU3O8 (Table 1).
The depth distribution of the mineralisation at Hirabeb shows similarities to that at the shallow Koppies resource, with
the majority of the mineralisation intersected to date commencing at a depth less than 10 metres from surface.
Notable mineralised intervals from the drilling are summarised in Table 1 with the location of all holes drilled at
Hirabeb and the grade thickness (GT), along with the four target areas for follow up exploration are shown in Figure
8. The GT is calculated by multiplying the metreage of the intersection by the grade of that intersection.
It is worth noting that 44% of the high-grade intervals, in excess of 1,000 ppm eU3O8, reported in Table 1 are within
the basement lithology. This confirms the fact that the mineralisation extends further into the basement lithology, in
certain areas.
These results provide an encouraging indication of the potential of the greater Koppies Project Area.
The drilling program at Hirabeb is expected to continue through to the end of the calendar year as the Company
works towards defining and estimating a maiden resource at Hirabeb, and exploring the new target areas.
Review of Operations
13
2024 Annual Report
Table 1
Notable Hirabeb Intersections Greater Than 1,000 ppm eU3O8
Hole ID
From
(m)
To
(m)
Interval
(m)
Grade
eU3O8
(ppm)
Grade
Thickness
Including
Interval
(m)
Grade
eU3O8
(ppm)
HIR0919
2.5
10.0
7.5
616
4,620
1.5
1,850
HIR0934
4.0
8.0
4.0
1,198
4,792
1.0
3,278
and
9.0
12.5
3.5
535
1,873
HIR0939
16.0
20.5
4.5
717
3,227
1.0
1,248
HIR1276
8.5
15.0
6.5
584
3,796
1.5
1,040
HIR1284
5.0
10.5
5.5
475
2,612
1.0
1,317
HIR1285
8.5
12.0
3.5
510
1,785
1.0
1,410
HIR1291
1.5
3.5
2.0
358
716
and
9.5
12.5
3.0
844
2,532
1.5
1,332
HIR1317
4.5
10.5
6.0
797
4,782
2.0
1,482
HIR1357
1.5
3.5
2.0
827
1,654
1.0
1,287
and
4.5
5.5
1.0
209
209
and
8.0
10.0
2.0
418
836
Figure 8 Hirabeb Collar Locations and Grade Thickness
Review of Operations
14
2024 Annual Report
Capri Project (EPL 7508) – Namibia
The land access issues that limited exploration activities at Capri last year were resolved in February 2024, paving
the way for exploration drilling to recommence.
The initial phase of drilling consisted of greenfield exploration holes targeting “Koppies 3” style (basement hosted)
mineralisation in the western area of the tenement. The second phase of the program then moved to the known 16
km long mineralised palaeochannel area. The program was designed to confirm the continuity of mineralisation
between drill lines that varied from 800 to 2,500 metres apart. This infill drill program will reduce the spacing between
drill lines to better define the outline of the mineralisation.
The location of the drilled holes is shown in Figure 9.
The Capri Uranium Project is only 25 kilometres from the Company’s Marenica Uranium Project (refer Figure 1).
Figure 9 Capri Collar Locations From 2024 Drill Program
Review of Operations
15
2024 Annual Report
Other Exploration – Namibia
The primary focus has been on Koppies over the past year, with three of the five drill rigs at year end working on
resource definition and increasing the Koppies resource confidence level. Two other rigs have been working at
Hirabeb and Capri. In the coming months the number of drill rigs will be reduced at the Koppies resource as the
emphasis shifts to bench scale metallurgical work, which will then lead into an U-pgradeTM demonstration plant.
Although two rigs are scheduled to remain at Hirabeb and Capri for most of the 2024 year, there are other exploration
programs planned for the Company’s other tenements in Namibia. The Company has completed numerous surveys
on these tenements throughout the year generating exploration targets to be followed up with drilling. The knowledge
gained from drill programs at the Koppies Resource outside of the palaeochannel, and subsequently at the Hirabeb
Prospect will be applied on the other tenements.
Namib IV (EPL 7662) – drilling programs are planned in areas that have previous positive drill results and
also exploration on radiometric targets identified from ground-based surveys.
Arechadamab (EPL 6663) – exploration is planned on targets identified from field mapping and airborne
electromagnetic surveys.
Amichab (EPL 7436) – exploration is planned on targets identified from field mapping and airborne
electromagnetic surveys.
Ganab West (EPL 7279) – exploration is planned on targets identified from field mapping and airborne
electromagnetic surveys.
Marenica (MDRL 3287) – numerous exploration targets have been generated on the Marenica tenement
from previous exploration, ground surveys and airborne surveys.
AUSTRALIAN URANIUM PROJECTS
In Australia, the Company’s tenure consists of the 100% owned Angela, Thatcher Soak, Oobagooma and Minerva
Projects and joint venture holdings in the Bigrlyi, Malawiri, Walbiri and Beatrice South and Mt Gilruth uranium projects.
The Company’s ownership holdings of these project areas total 48.5 Mlb U3O8 of high-grade mineral resources.
These project locations are shown in Figure 10 and the JORC resources listed in Table 2.
Bigrlyi Joint Venture (20.82%) – Australia
The Bigrlyi Uranium Project is a joint venture between Energy Metals Ltd (72.4%) (joint venture manager), NT
Uranium Pty Ltd (Elevate Uranium Ltd holds 100% of NT Uranium) (20.8%), and Noble Investments (6.8%).
Energy Metals Limited (“Energy Metals”) announced an upgrade to the Mineral Resource Estimate (MRE) for the
Bigrlyi Uranium Deposit on 1 August 2024.
The upgrade brings the MRE into compliance with JORC Code 2012 guidelines. The new MRE includes 130 holes
drilled in 2011 which were not included in the previous estimation. This combined with improved geological modelling
has seen the average grade increase from 1,283 ppm U3O8 in 2011 to 1,530 ppm U3O8 in 2024, while the contained
metal rose marginally from 21.1 Mlb U3O8 in 2011 to 21.3 Mlb U3O8 in 2024.
The breakdown of the resource categories is:
Measured – 18.2% or 3.9 Mlb U3O8
Indicated – 54.3% or 11.6 Mlb U3O8
Inferred – 27.5% or 5.8 Mlb U3O8
Energy Metals has advised that the MRE and supporting resource model has informed the design parameters for
ongoing resource extension drilling at Bigrlyi. It advises that it has identified significant opportunities to grow the
resource base, including by incremental growth of known mineralised domains and testing of newly identified targets.
Energy Metals resource extension drilling, commenced in July 2024 and is expected to conclude in Q4 CY2024.
Review of Operations
16
2024 Annual Report
Figure 10 – Elevate Uranium’s Projects in Australia
Angela Project (100%) – Australia
The Angela Uranium Project is located approximately 25 km south of Alice Springs in the Northern Territory. The
Angela resource is 30.8 Mlb U3O8 at a grade of 1,310 ppm U3O8.
A two-dimensional seismic survey completed last year at Angela concluded that there is a correlation between higher
amplitudes and known mineralisation observed in drill assays, and there is an anomalous area below the known
mineralisation, which may represent deeper uranium enrichment. A drilling program will be planned for mid to late
2025.
Minerva Project (100%) – Australia
The Minerva Uranium Project is located approximately 200 km northwest of Alice Springs in the Northern Territory.
Historical drilling includes 10 holes that intersected mineralisation with grades in excess of 10,000 ppm or 1% U3O8.
A drilling program will be planned for mid to late 2025.
Review of Operations
17
2024 Annual Report
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 the 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, that is, it retains the majority of the uranium minerals,
whilst removing 98% of the ore volume resulting in ~2% feeding the leach feed plant
Rejects acid consumers, which may be re-purposed to neutralise the tailings produced by the leach plant
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 tests, that
other calcrete hosted uranium deposits in Namibia and Australia are amenable to the U-pgradeTM process. The
Company is highly confident that the Koppies Uranium Deposit will also be amenable to the U-pgradeTM process.
In 2020, the Company completed a successful proof of concept testwork program using the U-pgrade™ process on
an ore sample from the Angela Uranium 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 potential 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.
Review of Operations
18
2024 Annual Report
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 2 – Detailed Uranium Mineral Resources as at June 30 2024
Key changes to Mineral Resources during the year resulted from increases at the Koppies Uranium Project in
Namibia. See ASX announcements titled “Koppies Resource up 136% to 48 Mlb”, dated 8 November 2023 and titled
“Koppies Resource Expands to 57.8 Mlb”, dated 9 April 2024.
Cut-off
(ppm
Tonnes
U3O8
U3O8
Tonnes
U3O8
U3O8
U3O8)
(M)
(ppm)
(Mlb)
(M)
(ppm)
(Mlb)
Namibia
Koppies
Koppies 1
JORC 2012 Inferred
100
10.3
278
6.2
Koppies 2
JORC 2012 Inferred
100
60.0
217
28.7
Koppies 3
JORC 2012 Inferred
100
50.3
161
17.9
Koppies 4
JORC 2012 Inferred
100
14.1
160
5.0
Koppies Total
JORC 2012 Inferred
100
134.7
195
57.8
100%
134.7
195
57.8
Marenica
JORC 2004 Indicated
50
26.5
110
6.4
Inferred
50
249.6
92
50.9
MA7
JORC 2004 Inferred
50
22.8
81
4.0
Marenica Uranium Project Total
298.9
93
61.3
75%
224.2
93
46.0
Namibia Total
433.6
125
119.1
358.9
131
103.8
Australia - 100% Holding
Angela
JORC 2012 Inferred
300
10.7
1,310
30.8
100%
10.7
1,310
30.8
Thatcher Soak
JORC 2012 Inferred
150
11.6
425
10.9
100%
11.6
425
10.9
100% Held Resource Total
22.3
850
41.7
100%
22.3
850
41.7
Australia - Joint Venture Holding
Bigrlyi Deposit
Measured
500
1.1
1,610
3.9
Indicated
500
3.1
1,670
11.6
Inferred
500
2.1
1,280
5.8
Bigrlyi Total
JORC 2012 Total
500
6.3
1,530
21.3
20.82%
1.31
1,530
4.43
Walbiri Joint Venture
Joint Venture
Inferred
200
5.1
636
7.1
22.88%
1.16
636
1.63
100% EME
Inferred
200
5.9
646
8.4
Walbiri Total
JORC 2012 Total
200
11.0
641
15.5
Bigrlyi Joint Venture
Sundberg
JORC 2012 Inferred
200
1.01
259
0.57
20.82%
0.21
259
0.12
Hill One Joint Venture
JORC 2012 Inferred
200
0.26
281
0.16
20.82%
0.05
281
0.03
Hill One EME
JORC 2012 Inferred
200
0.24
371
0.19
Karins
JORC 2012 Inferred
200
1.24
556
1.52
20.82%
0.26
556
0.32
Malawiri Joint Venture JORC 2012 Inferred
100
0.42
1,288
1.20
23.97%
0.10
1,288
0.29
Joint Venture Resource Total
20.5
899
40.4
3.10
1,000
6.82
Australia Total
42.7
873
82.1
25.4
868
48.5
TOTAL
152.2
Deposit
Category
Total Resource
Elevate Share
Elevate
Holding
Review of Operations
19
2024 Annual Report
Table 3 – Summary of Mineral Resources attributable to the Company at 30 June 2023 and 30 June 2024
Koppies Uranium Project:
The Company confirms that the Mineral Resource Estimates for the Koppies 1, Koppies 2, Koppies 3 and Koppies 4 deposits
have not changed since the ASX announcement titled “Koppies Resource Expands to 57.8 Mlb”, dated 9 April 2024. The Company
is not aware of any new information, or data, that effects the information as disclosed in the announcement referred to above and
confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not
materially changed.
Bigrlyi Uranium Project:
The Company confirms that the Mineral Resource Estimates for the Bigrlyi deposit has not changed since the ASX announcement
released by Energy Metals Ltd (the majority interest holder and joint venture manager) titled “Upgraded Mineral Resource Estimate
for Bigrlyi Including Measured Resource”, dated 1 August 2024. The Company is not aware of any new information, or data, that
effects the information as disclosed in the announcement referred to above 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 2023 Annual Report. The Company is not aware of any new information, or data, that effects the
information in the 2023 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 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, Sundberg, Hill One, Karins, Walbiri and
Malawiri have not changed since the annual review disclosed in the 2023 Annual Report. The Company is not aware of any new
information, or data, that effects the information in the 2023 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.
Tonnes
U3O8
U3O8
Tonnes
U3O8
U3O8
(M)
(ppm)
(Mlb)
(M)
(ppm)
(Mlb)
Namibia
Indicated Resources
19.9
110
4.8
19.9
110
4.8
Inferred Resources
245.7
114
61.5
339.0
133
99.0
Namibia Total
265.6
113
66.3
358.9
131
103.8
Australia
Measured Resources
-
-
-
0.2
1,610
0.8
Indicated Resources
1.0
1,366
2.9
0.7
1,670
2.4
Inferred Resources
24.6
839
45.5
24.5
839
45.2
Australia Total
25.6
859
48.4
25.4
868
48.5
Total Resources
114.7
152.2
Resources
30 June 2023
30 June 2024
Review of Operations
20
2024 Annual Report
The information in this Resources Statement is based on and fairly represents information and supporting information
prepared by the Competent Persons named below.
Resource
Competent Person
Employer
Koppies
Mr David Princep
Gill Lane Consulting Pty Ltd
Angela
Mr David Princep
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
Mr Dimitry Pertel and Dr Maxim Seredkin
CSA Global Ltd
Walbiri
Mr Dimitry Pertel and Dr Maxim Seredkin
CSA Global Ltd
Malawiri
Dr Maxim Seredkin
CSA Global Ltd
Marenica
Mr Ian Glacken
Optiro Pty Ltd
MA7
Mr Ian Glacken
Optiro Pty Ltd
This Annual Mineral Resource Statement as a whole has been approved by Mr Mark Menzies and is based on and
fairly represents information prepared by the competent persons listed above and the supporting documentation has
been reviewed by Mr Mark Menzies, who is a Member of the Australasian Institute of Geoscientists (AIG). Mr
Menzies, who is an employee of the Company, has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person, as
defined in the JORC 2012 edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”.
Mr Menzies 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.
Drill hole collars are DGPS-surveyed by independent contractors after an initial pick-up by in-house operators using 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.
Directors’ Report
21
2024 Annual 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 2024 (“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.
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’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.
During the last three years, Mr. Bantock has been a director of the following listed company:
On 13 January 2022, Mr. Bantock was appointed a director of Geopacific Resources Ltd, resigned 7 November 2023.
Murray Hill – B.Sc. (Metallurgy), FAusIMM
Chief Executive Officer - Appointed 1 May 2012
Managing Director - Appointed 2 May 2016
Mr. Hill has 40 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, which owned and operated 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. In 2023 he
co-founded and then in 2024 floated ASX listed Piche Resources Ltd, which is focussed on exploring for uranium
and gold in Argentina and Australia.
During the last three years, Mr. Mann has been a director of the following listed companies:
Lion One Metals Limited (TSX: LIO, ASX: LLO) from 2013, resigned September 2021.
Piche Resources Limited (ASX: PR2) from 15 July 2024.
Directors’ Report
22
2024 Annual Report
Directors' interests
The interests of Directors in securities of the Company are:
Director
Fully Paid Ordinary Shares
Options
At 30 June 2024
At 30 June 2023
M Hill
9,848,600
6,248,600
9,322,430
A Bantock
3,287,033
2,424,880
1,476,667
S Mann
-
-
1,170,000
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 42 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 2024 (30 June 2023:
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 $10,752,075
(2023 loss: $8,634,983).
FINANCIAL POSITION AND SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
The Group has net assets of $11,778,718 (2023: $11,518,396). Cash on hand at 30 June 2024 was $10,833,663
(2023: $10,057,562).
On 27 November 2023, the Company received $884,000 from the exercise of 5,200,000 options at $0.17 per share.
On 15 December 2023, the Company completed a placement which raised $10,000,000 (before costs) upon the
issue of 23,809,524 shares at $0.42, with placees receiving one free option (for every two shares subscribed for in
the placement ) exercisable at $0.60 per option, expiring on 30 January 2026. On 20 December 2023, the brokers
to the placement above, were issued a total of 3,000,000 options (“Broker Options”) in part consideration for services
provided to the Company in relation to the placement. Each Broker Option is exercisable at $0.60 on or before 30
January 2026.
There were no other significant changes in the state of affairs of the consolidated entity during the financial year.
Directors’ Report
23
2024 Annual 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 & RIGHTS
At the date of this report, the unissued ordinary shares of the Company under option and rights are as follows:
Expiry Date
Exercise Price
Number under Option
Options
16 December 2025
$0.61
4,200,000
28 August 2026
$0.70
400,000
24 November 2026
$0.64
5,850,000
16 January 2027
$0.65
670,000
18 July 2027
$0.45
200,000
30 November 2026
$0.72
7,174,273
30 January 2026
$0.60
11,904,798
30 January 2026
$0.60
3,000,000
26 February 2028
$0.75
1,500,000
30 June 2028
$0.70
200,000
08 September 2028
$0.50
210,000
Rights
30 November 2028 – Service
nil
426,667
30 November 2028 – Retention
nil
830,011
The Options and Rights 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 6,772,917 shares upon exercising options 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’ Report
24
2024 Annual Report
DIRECTORS' MEETINGS
The number of meetings attended by each Director during the year is as follows:
Director
Number of meetings
held while in office
Number of meetings
attended
M Hill
6
6
A Bantock
6
6
S Mann
6
6
AUDITOR INDEPENDENCE
The auditor’s independence declaration for the year ended 30 June 2024 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 9 September 2024, the Company granted 210,000 options exercisable at $0.50 per option, expiring on 8
September 2028.
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.
In.Corp Audit & Assurance Pty Ltd
ABN 14 129 769 151
Level 1
6-10 O’Connell Street
SYDNEY NSW 2000
Suite 11, Level 1
4 Ventnor Avenue
WEST PERTH WA 6005
GPO BOX 542
SYDNEY NSW 2001
T +61 2 8999 1199
E team@incorpadvisory.au
W incorpadvisory.au
To the Directors of Elevate Uranium Limited
As lead auditor of the audit of Elevate Uranium Limited for the year
ended 30 June 2024, 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 respect of Elevate Uranium Limited and the
entities it controlled during the year.
In.Corp Audit & Assurance Pty Ltd
Graham Webb
Director
27 September 2024
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION
307C OF THE CORPORATIONS ACT 2001
Liability limited by a scheme approved under Professional Standards Legislation
Remuneration Report - Audited
26
2024 Annual Report
This remuneration report for the year ended 30 June 2024 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.
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
Independent Non-executive Chairman
M Hill
Managing director and Chief Executive Officer
S Mann
Independent Non-executive director
(ii) Executives
S McBride
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
fringe benefits. It is intended that the manner of payment chosen will be optimal for the recipient without creating
undue cost for the Company.
Remuneration Report - Audited
27
2024 Annual Report
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 2024 is $385,451 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 2024, Mr McBride’s remuneration is $338,381per annum (plus superannuation), with a 2-month
notice period by either party.
D.
Remuneration of Key Management Personnel (“KMP”)
30 June 2024
Fees &
Consulting
Paid
$
Super-
annuation
Paid
$
Share-based
Payments
$
Total
$
% of Equity
Based
Payments
M Hill
359,826
27,500
492,502
879,828
55.98%
A Bantock
76,275
8,390
46,573
131,238
35.49%
S Mann
49,706
5,468
27,383
82,557
33.17%
Total Directors
485,807
41,358
566,458
1,093,623
51.80%
Other KMP
S McBride
318,549
27,500
368,467
714,516
51.57%
Total Other KMP
318,549
27,500
368,467
714,516
51.57%
Totals
804,356
68,858
934,925
1,808,139
51.71%
30 June 2023
Fees &
Consulting
Paid
$
Super-
annuation
Paid
$
Share-based
Payments
$
Total
$
% of Equity
Based
Payments
M Hill
325,500
34,177
604,826
964,503
62.71%
A Bantock
65,100
6,835
190,269
262,204
72.57%
S Mann
48,825
5,127
161,102
215,054
74.91%
Total Directors
439,425
46,139
956,197
1,441,761
66.30%
Other KMP
S McBride
298,375
31,329
402,408
732,112
54.97%
Total Other KMP
298,375
31,329
402,408
732,112
54.97%
Totals
737,800
77,468
1,358,605
2,173,873
62.50%
Remuneration Report - Audited
28
2024 Annual Report
E.
Value of options issued, exercised or 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 2024
During the 2024 financial year, the following share-based payment options were exercised:
Expiry Date
Exercise Price
Number under Option
30 November 2023
$0.17
5,200,000
Cash exercised
30 November 2023
$0.17
1,572,917
Non-cash exercised
The following share-based payment options were issued during the year:
Expiry Date
Exercise Price
Number under Option
18 July 2027
$0.45
200,000
30 November 2026
$0.72
7,174,273
30 January 2026
$0.60
3,000,000
26 February 2028
$0.75
1,500,000
30 June 2028
$0.70
200,000
These options were fair valued at $0.16754, $0.2312, $0.2311, $0.2601 and $0.2546 respectively, using the Black
Scholes option pricing model.
Year ended 30 June 2023
During the 2023 financial year, the following share-based payment options were exercised:-
Expiry Date
Exercise Price
Number under Option
30 June 2023
$0.10
2,368,422
The following share-based payment options were issued during the 2023 financial year:
Expiry Date
Exercise Price
Number under Option
26 August 2026
$0.70
400,000
24 November 2026
$0.64
5,850,000
16 January 2027
$0.65
1,000,000
These options were fair valued at $0.27713, $0.24604 and $0.23910 respectively, using the Black Scholes option
pricing model.
F.
Value of Performance Rights issued, exercised or expired during the year
During the 2024 financial year, no share-based payment options were exercised or expired.
The following performance rights were issued during the year:
Expiry Date
Number of
Rights issued
Valuation
30 November 2028
426,667
$206,933
30 November 2028
830,011
$402,555
Remuneration Report - Audited
29
2024 Annual Report
G.
Shareholdings for Key Management Personnel
30 June 2024
Balance at
1 July 2023
Acquired
on
Exercise
of
Options
Purchased
/
(Sold)
during
the year
Granted as
remuneration
Other
Changes
Balance at
30 June
2024
Directors
M Hill
6,248,600
3,600,000
-
-
-
9,848,600
A Bantock
2,424,880
862,153
-
-
-
3,287,033
S Mann
-
-
-
-
-
-
Other KMP:
S McBride
1,305,000
1,448,611
(223,611)
-
-
2,530,000
9,978,480
5,910,764
(223,611)
-
-
15,665,633
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
5,327,547
921,053
-
-
-
6,248,600
A Bantock
1,766,985
657,895
-
-
-
2,424,880
S Mann
-
-
-
-
-
-
Other KMP:
S McBride
1,205,000
263,158
(163,158)
-
-
1,305,000
8,299,532
1,842,106
(163,158)
-
-
9,978,480
H.
Option/Rights holdings for Key Management Personnel
Balance at
1 July 2023
Exercised
Granted
Other
Changes/
Cancelled
Balance at
30 June
2024
Vested at 30 June 2024
30 June 2024
Total
Exercisable
Not
exercisable
Directors
M Hill
8,400,000
(3,600,000)
4,522,430
-
9,322,430
9,322,430
4,800,000
4,522,430
A Bantock
2,180,000
(862,153)
296,667
(137,847)
1,476,667
1,476,667
1,180,000
296,667
S Mann
1,040,000
-
130,000
-
1,170,000
1,170,000
1,040,000
130,000
Other KMP
S McBride
5,030,000
(1,448,611)
3,481,854
(551,389)
6,511,854
6,511,854
3,030,000
3,481,854
16,650,000
(5,910,764)
8,430,951
(689,236) 18,480,951
18,480,951
10,050,000
8,430,951
The KMP’s listed above will collectively be required to pay $11,471,477, should they elect to exercise the 18,480,951 options/rights
detailed in this table.
Remuneration Report - Audited
30
2024 Annual Report
H. Option/Rights holdings for Key Management Personnel (continued)
Balance at
1 July 2022
Exercised
Lapsed
Other
Changes/
Cancelled
Balance at
30 June
2023
Vested at 30 June 2023
30 June 2023
Total
Exercisable
Not
exercisable
Directors
M Hill
6,421,053
(921,053)
2,900,000
-
8,400,000
8,400,000
7,433,333
966,667
A Bantock
2,257,895
(657,895)
580,000
-
2,180,000
2,180,000
1,986,666
193,334
S Mann
600,000
-
440,000
-
1,040,000
1,040,000
893,333
146,667
Other KMP
S McBride
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
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.
I.
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 and rights equity incentives 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 27 of this report, as those details include an accounting valuation of the
options using the Black and Scholes valuation method.
30 June 2024
Fees &
Consulting
Paid
$
Super-
annuation
Paid
$
Total
$
M Hill
359,826
27,500
387,326
A Bantock
76,275
8,390
84,665
S Mann
49,706
5,468
55,174
Total Directors
485,807
41,358
527,165
Other KMP
S McBride
318,549
27,500
346,049
Total executive KMP
318,549
27,500
346,049
Totals
804,356
68,858
873,214
End of Remuneration Report
Signed in accordance with a resolution of the Directors.
Andrew Bantock
Chairman
27 September 2024
Consolidated Statement of Profit or Loss and
Other Comprehensive Income For the year ended 30 June 2024
31
2024 Annual Report
Note
2024
$
2023
$
Revenue
Interest received
4
476,247
228,805
Co-funding grant from government
4
-
90,909
Other income
4
182
2,541
476,429
322,255
Expenses
Exploration and evaluation expenses
(6,955,085)
(4,611,177)
Share based employee benefits
5
(1,128,677)
(1,573,898)
Employee benefit expense
(977,146)
(730,656)
Foreign exchange loss
(2,709)
(18,326)
Administration expenses
(1,305,653)
(858,727)
Impairment expense
5
(725,578)
(1,038,142)
Loss on disposal of plant and equipment
8
(3,810)
-
Depreciation expense
5
(121,675)
(117,680)
Finance expense
5
(8,171)
(8,633)
Total expenses
(11,228,504)
(8,957,239)
Loss before income tax expense
(10,752,075)
(8,634,984)
Income tax (expense)
6
-
-
Net loss for the year
(10,752,075)
(8,634,984)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
(324,761)
(148,209)
Total comprehensive income for the year
(11,076,836)
(8,783,193)
Earnings per share
Basic loss per share (cents per share)
20
(3.65)
(3.13)
The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
notes to the Financial Statements.
Consolidated Statement of Financial Position
As at 30 June 2024
32
2024 Annual Report
Note
2024
$
2023
$
ASSETS
Current Assets
Cash and cash equivalents
18
10,833,663
10,057,562
Trade and other receivables
7
87,006
83,123
Total Current Assets
10,920,669
10,140,685
Non-Current Assets
Plant & equipment
8
162,237
150,848
Right-of-use assets
9
69,145
140,029
Tenement acquisition cost
10
2,107,743
2,107,743
Total Non-Current Assets
2,339,125
2,398,620
TOTAL ASSETS
13,259,794
12,539,305
LIABILITIES
Current Liabilities
Trade and other payables
11
1,171,077
674,394
Lease liabilities
9
33,463
73,589
Employee benefits
12
235,786
200,482
Total Current Liabilities
1,440,326
948,465
Non-Current Liabilities
Lease liabilities
9
40,750
72,444
Total Non-Current Liabilities
40,750
72,444
TOTAL LIABILITIES
1,481,076
1,020,909
NET ASSETS
11,778,718
11,518,396
EQUITY
Contributed equity
13
87,963,608
78,198,760
Reserves
14
4,634,177
3,417,120
Accumulated losses
(80,819,067)
(70,097,484)
TOTAL EQUITY
11,778,718
11,518,396
The Consolidated Statement of Financial Position should be read in conjunction with the notes to the Financial
Statements.
Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
33
2024 Annual Report
30 June 2024
Notes
Issued Capital
Accumulated
Losses
Share-Based
Payments
Reserve
Foreign Currency
Translation
Reserve
Total
Equity
Balance at beginning of
year
78,198,760
(70,097,484)
2,719,009
698,111
11,518,396
Loss for the year
-
(10,752,075)
-
-
(10,752,075)
Other comprehensive
income
-
-
-
(324,761)
(324,761)
Total comprehensive
income for the year
-
(10,752,075)
-
(324,761)
(11,076,836)
Issue of shares on
exercise of options
13
884,000
-
-
-
884,000
Issue of shares
13
10,000,000
-
-
-
10,000,000
Share issue costs
13
(1,368,849)
-
-
-
(1,368,849)
Options exercised
during the year
14
249,697
30,492
(280,189)
-
-
Options and rights
granted during year
14
-
-
1,822,007
-
1,822,007
Balance at end of year
87,963,608
(80,819,067)
4,260,827
373,350
11,778,718
30 June 2023
Notes
Issued Capital
Accumulated
Losses
Share-Based
Payments
Reserve
Foreign Currency
Translation
Reserve
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
-
(8,634,984)
-
-
(8,634,984)
Other comprehensive
income
-
-
-
(148,209)
(148,209)
Total comprehensive
income for the year
-
(8,634,984)
-
(148,209)
(8,783,193)
Issue of shares
13
236,842
-
-
-
236,842
Share issue costs
13
(2,044)
-
-
-
(2,044)
Options granted during
year
14
-
-
1,573,898
-
1,573,898
Balance at end of year
78,198,760
(70,097,484)
2,719,009
698,111
11,518,396
The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the Financial Statements.
Consolidated Statement of Cash Flows
For the year ended 30 June 2024
34
2024 Annual Report
Note
2024
$
2023
$
Cash flows from operating activities
Payments to suppliers and employees
(2,133,394)
(1,445,347)
Payments for exploration expenditure
(7,587,573)
(4,701,501)
Co-funding grant from government
-
90,909
Interest received
476,429
228,805
Net cash outflow from operating activities
18
(9,244,538)
(5,827,134)
Cash flows from investing activities
Purchase of plant and equipment
(62,432)
(74,517)
Payments for security deposit
(11,360)
-
Cash used in investing activities
(73,792)
(74,517)
Cash flows from financing activities
Proceeds from issue of equity securities
10,884,030
236,842
Expenses from issue of equity securities
(676,250)
(2,035)
Repayment of lease liabilities
(114,662)
(75,950)
Cash generated by financing activities
10,093,118
158,857
Net increase / (decrease) in cash and cash equivalents
774,788
(5,742,794)
Cash and cash equivalents at the beginning of the financial year
10,057,562
15,811,013
Effects of foreign exchange changes on cash and cash
equivalents
1,313
(10,657)
Cash at the end of the financial year
18
10,833,663
10,057,562
The Consolidated Statement of Cash flows should be read in conjunction with the notes to the Financial Statements.
Notes to the Financial Statements
For the year ended 30 June 2024
35
2024 Annual Report
1.
CORPORATE INFORMATION
The financial statements of Elevate Uranium Ltd (the “Company”) for the year ended 30 June 2024 were
authorised for issue on 27 September 2024 in accordance with a resolution of Directors.
Elevate Uranium Ltd is a company limited by shares incorporated in Australia whose shares are publicly traded
on the Australian Securities Exchange, OTCQX 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.
MATERIAL ACCOUNTING POLICY INFORMATION
The material 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 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 is the Company’s functional
currency and the functional currency of the majority of the Group’s financial transactions.
(b)
Going Concern
The Group incurred losses of $10,752,075 (2023: $8,634,984) and net operating cash outflows of $9,244,538
(2023: $5,827,134). These were offset by net cash inflows from financing activities of $10,093,118
(2023:$158,857).
The Group’s ability to continue as a going concern to meet its debts and future commitments as and when
they fall due, is dependent on a number of factors, including:
the ability of the Group to continue to obtain financing through equity or alternatively through debt or
hybrid financing, joint ventures or other financing arrangements; and
the ability of the Group to sell assets if and when required.
The financial report has been prepared on a going concern basis. In arriving at this position, the Directors
have had regard to the fact that the Company has, or in the Directors’ opinion will have access to, sufficient
cash (through the sources referred to above) to fund administrative and other committed expenditure for a
period of not less than 12 months from the date of this report.
Should the Company not achieve the matters set out above, it may be required to realise its assets and
extinguish its liabilities other than in the normal course of business and at amounts different to those stated in
the financial statements.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
36
2024 Annual Report
2.
MATERIAL ACCOUNTING POLICY INFORMATION (continued)
(c) Exploration expenses
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.
(d) 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.
(e)
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.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
37
2024 Annual Report
2.
MATERIAL ACCOUNTING POLICY INFORMATION (continued)
(f) Revenue recognition
The Group recognises revenue as follows:
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.
(g) 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.
(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.
(h)
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.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
38
2024 Annual Report
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.
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.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
39
2024 Annual Report
3.
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
(continued)
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.
4.
REVENUE
2024
$
2023
$
Gain on termination of lease
-
2,541
Co-funding grant from government
-
90,909
Interest received
476,247
228,805
Other
182
-
476,429
322,255
5.
EXPENSES
Loss before income tax includes the following specific expenses:
Depreciation
Plant and equipment
49,161
51,281
Right-of-use asset
72,514
66,399
121,675
117,680
Impairment
Value Added Tax
725,578
-
Tenement acquisition costs
-
1,038,142
Finance costs
Lease liability
8,171
8,633
Superannuation expense
Defined contribution superannuation expense
139,982
105,624
Share-based payments expense
Equity-settled share-based payments
1,128,677
1,573,898
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
40
2024 Annual Report
6.
INCOME TAX
2024
$
2023
$
Loss for year
(10,752,074)
(8,634,984)
Tax expense/(benefit) at tax rate of 25% (2023: 25%)
(2,688,018)
(2,158,746)
Tax effect of amounts that are not deductible/taxable in calculating taxable
income
326,625
405,455
Impact of reduction in future corporate tax rate
Deferred tax assets not brought to account
(66,778)
25,426
Revenue losses not brought to account
2,428,171
1,727,865
Income tax expense/(benefit)
-
-
DEFERRED TAX
Deferred Tax Assets
at 25% (2023: 25%) unless stated otherwise
Provisions and accruals
70,946
111,396
Capital raising costs
97,486
70,015
Overseas tax losses (at 32% corporate tax rate)
4,825,753
2,753,288
Australian capital losses carried forward
910,848
910,848
Australian carried forward revenue losses
8,871,559
8,107,361
Other
366
1,501
14,776,958
11,954,409
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
7.
TRADE AND OTHER RECEIVABLES
Current Assets
GST and VAT refundable
29,274
20,056
Other receivables
10,293
27,025
Rental & Security Bonds
47,439
36,042
87,006
83,123
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
41
2024 Annual Report
7.
TRADE AND OTHER RECEIVABLES (continued)
Non-Current Assets
2024
$
2023
$
Amount receivable from sale of Marenica Minerals (Proprietary) Limited
(incorporated in Namibia)
3,425,275
3,425,275
Provision for impairment
(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
280,822
317,837
Less: Accumulated Depreciation
(118,585)
(166,989)
Net book value
162,237
150,848
Reconciliation:
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
150,848
119,543
Additions
62,432
85,238
Disposals
(3,810)
-
Foreign exchange
1,928
(2,652)
Depreciation charge
(49,161)
(51,281)
Closing net book amount
162,237
150,848
9.
RIGHT-OF-USE ASSET
Land and buildings – right-of-use
250,798
248,550
Less: Accumulated depreciation
(181,653)
(108,521)
69,145
140,029
Reconciliation:
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
140,029
170,838
Gain on termination of lease
-
(2,541)
Extinguishment of lease
-
(22,460)
Addition of new lease
-
64,978
Foreign exchange
1,630
(4,387)
Depreciation charge
(72,514)
(66,399)
Closing net book amount
69,145
140,029
Lease Liabilities
Within one year
33,463
73,589
Between 1 and 5 years
40,750
72,444
74,213
146,033
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.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
42
2024 Annual Report
10. CAPITALISED TENEMENT ACQUISITION COSTS
2024
$
2023
$
Balance at beginning of year
3,145,885
3,145,885
Impairment recognised during the year
(1,038,142)
(1,038,142)
2,107,743
2,107,743
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 16 for the names and countries of incorporation of these entities.
Capitalised tenement acquisition costs represent the accumulated cost of acquiring the Acquisition Assets.
The Company recognised an impairment expense of $1,038,142 in the prior period relating to some of these
tenements. Ultimate recoupment of the remaining tenement acquisition costs is dependent on the successful
development and commercial exploitation or alternatively, sale of the respective areas of interest.
11. PAYABLES
Trade payables
870,658
386,978
Accrued expenses
300,419
287,416
1,171,077
674,394
12. PROVISIONS
Current
Provision for annual leave
155,502
133,569
Provision for long service leave
80,284
66,913
235,786
200,482
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
43
2024 Annual Report
13. CONTRIBUTED EQUITY
(a) Ordinary Shares
2024
$
2023
$
Paid up capital – ordinary shares
92,136,242
81,002,545
Capital raising costs capitalised
(4,172,634)
(2,803,785)
87,963,608
78,198,760
Movement during the year
Number
of Shares
Issue Price
$
Balance at 1 July 2022
275,495,717
77,963,953
Exercise of options 26 June 2023
2,368,422
0.10
236,842
Less Share issue costs
(2,035)
Balance at 30 June 2023
277,864,139
78,198,760
Options exercised
5,200,000
0.17
884,000
Options exercised – cashless exercise facility
1,572,917
-
-
Transfer from share-based payment reserve upon
exercising of options
-
249,697
Share placement
23,809,524
0.42
10,000,000
Share issue costs
-
(1,368,849)
Balance at 30 June 2024
308,446,580
87,963,608
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.
(i)
On 27 November 2023, 5,200,000 options were exercised at an exercisable price of $0.17 (and 1,572,917
options were exercised under the non-cash exercise facility (827,083 options in the same class were
cancelled to pay for the exercise of the non-cash options). These options had a valuation within the share-
based payment reserve of $249,697 that was transferred to fully paid ordinary shares upon them being
exercised.
(ii)
On 15 December 2023, 23,809,524 shares were issued at $0.42 per share. On 20 December 2023, one
free attaching unlisted option was issued for every two shares subscribed. The 11,904,798 options are
exercisable at $0.60 on or before 30 January 2026.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
44
2024 Annual Report
13. CONTRIBUTED EQUITY (continued)
(b) Share Options
Movements
in share
options:
Unlisted,
$0.17
Options
1/12/23
Unlisted,
$0.70
Options
28/08/26
Unlisted,
$0.64
Options
24/11/26
Unlisted,
$0.10
Options
30/6/23
Unlisted,
$0.61
Options
16/12/25
Unlisted,
$0.65
Options
16/01/27
Unlisted,
$0.45
Options
18/07/27
Unlisted,
$0.72
Options
30/11/26
Unlisted,
$0.60
Options
30/01/26
Unlisted,
$0.75
Options
26/02/28
Unlisted,
$0.70
Options
30/06/28
Balance at
30 June
2022
7,600,000
-
-
2,368,422
4,200,000
-
-
-
-
-
-
Issued
-
400,000
5,850,000
-
-
1,000,000
-
-
-
-
-
Exercised
-
-
-
(2,368,422)
-
-
-
-
-
-
-
Lapsed
-
-
-
-
-
-
-
-
-
-
-
Balance at
30 June
2023
7,600,000
400,000
5,850,000
-
4,200,000
1,000,000
-
-
-
-
-
Issued
-
-
-
-
-
-
200,000
7,174,273
3.000,000
1,500,000
200,000
Exercised
(6,772,917)
-
-
-
-
-
-
-
-
-
-
Cancelled
(827,083)
-
-
-
-
(330,000)
-
-
-
-
-
Balance at
30 June
2024
-
400,000
5,850,000
-
4,200,000
670,000
200,000
7,174,273
3,000,000
1,500,000
200,000
(c) Rights
Movements in rights:
Unlisted,
$nil
Service Rights
30/11/28
Unlisted,
$nil
Retention
Rights
30/11/28
Balance at 30 June 2022
-
-
Issued
-
-
Exercised
-
-
Lapsed
-
-
Balance at 30 June 2023
-
-
Issued
426,667
830,011
Exercised
-
-
Lapsed
-
-
Balance at 30 June 2024
426,667
830,011
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
45
2024 Annual Report
14. RESERVES
2024
$
2023
$
Share-Based Payments Reserve
4,260,827
2,719,009
Foreign Currency Translation Reserve
373,350
698,111
4,634,177
3,417,120
Share-Based Payments Reserve
Balance at beginning of year:
2,719,009
1,145,111
Rights issued during the year
154,812
-
Options issued during the year
-
Employee options
374,198
215,285
-
KMP options
599,667
1,358,613
-
Broker options
693,330
-
Options cancelled during the year
(30,492)
-
Options exercised during the year
(249,697)
-
Balance at end of year:
4,260,827
2,719,009
(i)
Share Options
Number of
options
$
Weighted
average
exercise price
Movements in share options
$
Balance as at 30 June 2022
14,168,422
1,145,111
0.2887
Options exercised
(2,368,422)
-
0.1000
Options lapsed
-
-
-
Options issued
7,250,000
1,573,898
0.6447
Balance as at 30 June 2023
19,050,000
2,719,009
0.4477
Options exercised
(6,772,917)
(249,697)
0.17
Options cancelled
(1,157,083)
(30,492)
0.17
Rights issued
1,256,678
154,812
-
Options issued
12,074,273
1,667,165
0.6891
Balance as at 30 June 2024
24,450,951
4,260,797
0.6275
(ii)
Movements in Share Based Payments Reserve
Balance as at 1 July 2022
1,145,111
Issue of options
1,573,898
Balance as at 30 June 2023
2,719,009
Issue of options/rights
1,822,007
Options cancelled
(30,492)
Options exercised
(249,697)
Total Share Based Payments Reserve
4,260,827
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
46
2024 Annual Report
14. RESERVES (continued)
(a)
On 29 August 2022, 400,000 options were approved for grant, exercisable at $0.70 each on or before
28 August 2026, to the Company’s specified employees as part of their remuneration. The vesting
condition attached to 300,000 of these options is continuous service of these specified employees of
the Company to 29 August 2023 for 50%, and 29 August 2024 for the remaining 50%, while the
remaining 100,000 options vested immediately. At the reporting period date, the amount expensed was
$107,397. The fair value of these options is $0.2771 per option for a total value of $110,853. 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
$0.475
Exercise price
$0.700
Expected volatility
90.00%
Option life
4 years
Risk-free interest rate
3.18%
(b)
On 25 November 2022, 5,850,000 options were approved for grant, exercisable at $0.64 each on or
before 24 November 2026, to the Company’s directors and executives as part of their remuneration.
The vesting condition attached to 1,950,000 of these options is continuous service of the specified
individual directors and executive of the Company to 31 December 2023, while the remaining 3,900,000
options vested immediately. At the reporting period date, the amount was fully expensed at $1,439,334.
The fair value of these options is $0.24604 per option for a total value of $1,439,334. 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
$0.425
Exercise price
$0.640
Expected volatility
90.00%
Option life
4 years
Risk-free interest rate
3.19%
(c)
On 17 January 2023, 1,000,000 options were approved for grant, exercisable at $0.65 each on or before
16 January 2027, to specified employees as part of their remuneration, of which 340,000 options vested
immediately. The vesting condition attached to the remaining 660,000 of these options is continuous
service of the specified employees of the Company to 9 January 2024 for 50% and 9 January 2025 for
the remaining 50%.At the reporting period date, the amount expensed was $160,197. The fair value of
these options is $0.2391 per option for a total value of $239,100. As the employee service condition of
9 January 2025 was not met, 330,000 options have lapsed. 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
$0.4348
Exercise price
$0.650
Expected volatility
85.00%
Option life
4 years
Risk-free interest rate
3.26%
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
47
2024 Annual Report
14. RESERVES (continued)
(d)
On 19 July 2023, 200,000 options were approved for grant, exercisable at $0.45 each on or before 18
July 2027, to the Company’s specified employee as part of their remuneration. The vesting condition
attached to these options is continuous service of this specified employee of the Company to 3 July
2024 for 50%, and 3 July 2025 for the remaining 50%. At the reporting period date, the amount
expensed was $24,741. The fair value of these options is $0.16754 per option for a total value of
$33,508. 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
$0.3014
Exercise price
$0.450
Expected volatility
85.00%
Option life
4 years
Risk-free interest rate
3.948%
(e)
On 24 November 2023, 426,667 performance rights were approved for grant, exercisable at nil
consideration on or before 30 November 2028, to Company’s specified non-executive directors as part
of their remuneration. The vesting condition attached to these performance rights is continuous service
of the specified directors of the Company to 30 November 2024 for one-third, to 30 November 2025 for
one-third and to 30 November 2026 for one third. At the reporting period date, the amount expensed
was $74,813. The fair value of these rights is $0.485 per right for a total value of $206,933. In valuing
these rights, the Company used the following inputs in the Black Scholes option valuation model.
Inputs into the Model
Grant date share price
$0.485
Exercise price
$nil
Expected volatility
85.00%
Option life
5 years
Risk-free interest rate
4.154%
(f)
On 24 November 2023, 830,011 performance rights were approved for grant, exercisable at nil
consideration on or before 30 November 2028, to the Company’s executive director and executive as
part of their remuneration. The vesting condition attached to these performance rights is continuous
service of executive director and executive of the Company to 30 November 2026. At the reporting
period date, the amount expensed was $80,000. The fair value of these rights is $0.485 per right for a
total value of $402,555. In valuing these rights, the Company used the following inputs in the Black
Scholes option valuation model.
Inputs into the Model
Grant date share price
$0.485
Exercise price
$nil
Expected volatility
85.00%
Option life
5 years
Risk-free interest rate
4.154%
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
48
2024 Annual Report
14. RESERVES (continued)
(g)
On 24 November 2023, 7,174,273 options were approved for grant, exercisable at $0.72 on or before
30 November 2026, to the Company’s executive director and an executive as part of their remuneration.
The vesting condition attached to these options is continuous service of the executive director and
executive of the Company to 30 November 2024 for one-third, to 30 November 2025 for one-third and
to 30 October 2026 for one third. At the reporting period date, the amount expensed was $599,667.
The fair value of these options is $0.2312 per option for a total value of $1,658,820. 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
$0.485
Exercise price
$0.72
Expected volatility
85.00%
Option life
4 years
Risk-free interest rate
4.105%
(h)
On 6 December 2023, 3,000,000 options were approved for grant, exercisable at $0.60 each on or
before 30 January 2026, to the Company’s brokers for acting as joint lead managers to a placement.
These options vested immediately. At the actual grant of 22 December 2023, an amount of 0.00001c
per option, which totalled $30, was paid by the brokers to acquire the options. The fair value of these
options is $0.2311 per option for a total value of $693,300. In valuing these options, the Company used
the following inputs in the Black Scholes option valuation model. As the reporting period date, a total
amount of $693,330 was fully expensed.
Inputs into the Model
Grant date share price
$0.515
Exercise price
$0.60
Expected volatility
85.00%
Option life
3.15 years
Risk-free interest rate
3.897%
(i)
On 7 March 2024, 1,500,000 options were approved for grant, exercisable at $0.75 each on or before
26 February 2028, to an employee as part of their remuneration. The vesting condition attached to these
options is continuous service of the specified employee of the Company to 26 February 2025 for one-
third, to 26 February 2026 for one-third and to 26 February 2027 for one third. At the reporting period
date, the amount expensed was $76,525. The fair value of these options is $0.2601 per option for a
total value of $390,150. 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
$0.48
Exercise price
$0.75
Expected volatility
85.00%
Option life
2.98 years
Risk-free interest rate
3.625%
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
49
2024 Annual Report
14. RESERVES (continued)
(j)
On 20 June 2024, 200,000 options were approved for grant, exercisable at $0.70 each on or before 30
June 2028, to an employee as part of their remuneration. The vesting condition attached to these options
is continuous service of this specified employee of the Company to 30 June 2025 for 50% and 30 June
2026 for the remaining 50%. At the reporting period date, the amount expensed was $1,023. The fair
value of these options is $0.2546 per option for a total value of $50,920. 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
$0.46
Exercise price
$0.70
Expected volatility
85.00%
Option life
2.03 years
Risk-free interest rate
3.871%
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.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
50
2024 Annual Report
15. SEGMENT INFORMATION
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.
2024
$
Corporate
Uranium
Australia
Uranium
Namibia
Total
Revenue
Interest received
476,247
-
-
476,247
Other income
182
-
-
182
476,429
-
-
476,429
Expenses
Exploration and evaluation
expenses
-
669,615
5,662,828
6,332,443
Share based employee benefits
1,128,677
-
-
1,128,677
Employee benefit expense
1,573,721
-
26,067
1,599,788
Foreign exchange loss
2,709
-
-
2,709
Administration expenses
1,208,853
931
95,870
1,305,654
Depreciation expense
71,642
-
50,033
121,675
Disposals expense
3,810
-
-
3,810
Impairment expense
-
-
725,578
725,578
Finance expense
2,114
-
6,057
8,171
Total expenses
3,991,526
670,546
6,566,433
11,228,505
Loss before income tax expense
(3,515,097)
(670,546)
(6,566,433)
(10,752,076)
Total current assets
10,887,371
21,740
11,558
10,920,669
Total non-current assets
2,175,137
-
163,988
2,339,125
Total current liabilities
(1,422,896)
-
(17,429)
(1,440,325)
Total non-current liabilities
-
-
(40,750)
(40,750)
Net assets
11,639,612
21,740
117,367
11,778,719
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
51
2024 Annual Report
15.
SEGMENT INFORMATION (continued)
2023
$
Corporate
Uranium
Australia
Uranium
Namibia
Total
Revenue
Interest received
228,805
-
-
228,805
Co-funding grant from
government
90,909
-
-
90,909
Other income
-
-
2,541
2,541
319,714
-
2,541
322,255
Expenses
Exploration and evaluation
expenses
-
809,047
3,421,024
4,230,071
Share based employee benefits
1,573,898
-
-
1,573,898
Employee benefit expense
1,084,559
-
26,682
1,111,241
Foreign exchange loss
18,326
-
-
18,326
Administration expenses
850,867
870
7,511
859,248
Depreciation expense
86,489
-
31,191
117,680
Impairment expense
-
1,038,142
-
1,038,142
Finance expense
4,763
-
3,870
8,633
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
(867,721)
-
(13,832)
(881,553)
Total non-current liabilities
(88,223)
-
(51,134)
(139,357)
Net assets
9,264,957
2,118,123
135,314
11,518,394
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
52
2024 Annual Report
16. 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
Country of
Incorporation
% Equity
Interest
2024
% Equity
Interest
2023
Marenica Energy Namibia (Pty) Ltd
Namibia
100%
100%
Marenica Minerals (Pty) Ltd
Namibia
75%
75%
Marenica Ventures (Pty) Ltd
Namibia
100%
100%
Aloe Investments 247 (Pty) Ltd
Namibia
90%
90%
Metals Namibia Pty Ltd
Namibia
100%
100%
Uranium Beneficiation Pty Ltd
Australia
100%
100%
Thatcher Soak Pty Ltd (note 10)
Australia
100%
100%
Jackson Cage Pty Ltd (note 10)
Australia
100%
100%
Northern Territory Uranium Pty Ltd (note 10)
Australia
100%
100%
(b) Ultimate parent
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 22 and the
audited remuneration report section of the Directors’ report.
(e) Related Parties
There were no other transactions with related parties.
17. COMMITMENTS FOR EXPENDITURE
2024
$
2023
$
Exploration expenditure
The Company has granted mineral licences in Australia and Namibia which
have the following exploration commitments
Within one year
1,201,263
954,410
Between 1 and 5 years
1,478,866
860,835
2,680,129
1,815,245
18. 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
10,833,663
10,057,562
Balance per statement of cash flows
10,833,663
10,057,562
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
53
2024 Annual Report
19. RECONCILIATION OF LOSS AFTER INCOME TAX TO CASH FLOWS USED IN
OPERATING ACTIVITIES
2024
$
2023
$
Operating (Loss)
(10,752,074)
(8,634,984)
A dd non-cash items
Depreciation
121,675
117,680
Finance expense
8,171
8,633
Share-based payments
1,128,677
1,573,898
Impairment expense
725,578
1,038,142
Gain on termination of lease
-
(2,541)
VAT written off
43,368
-
Loss on disposal of plant and equipment
3,810
-
Unrealised foreign exchange
2,709
295,725
D ecrease/increase in operating assets and liabilities:
Receivables
3,883
(9,623)
Trade and other payables
(495,032)
(214,494)
Provisions
(35,303)
430
Net cash (outflow) from operating activities
(9,244,538)
(5,827,134)
20. EARNINGS PER SHARE
(a) Basic earnings per share – cents per share
Loss attributable to the ordinary equity holders of the Company
(3.65)
(3.13)
(b) Diluted earnings per share
17,224,273 options (2023 7,428,000) are anti dilutive and therefore diluted earnings per share has not been
disclosed.
(c) Weighted average number of shares used as the denominator
No.
No.
Weighted average number of ordinary shares outstanding during the year
used in calculation of basic earnings per share
294,788,073
275,528,161
21. AUDITORS’ REMUNERATION
During the year the following fees were paid or payable for services provided by the auditors:
2024
$
2023
$
(a) Audit services
Audit and review of financial reports under the Corporations Act 2001
44,675
40,000
Audit and review of financial reports of Namibian subsidiaries, by local
auditors
6,398
5,119
(b) Other services
Other Services
-
-
Total remuneration of auditors
51,073
45,119
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
54
2024 Annual Report
22. 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:
2024
$
2023
$
Short term employee benefits
804,356
737,800
Post-employment benefits
68,858
77,468
Share-based payments
934,925
1,358,605
Total compensation
1,808,139
2,173,873
23. SHARE BASED PAYMENTS
Set out below are summaries of the share-based payment options/rights granted during the year:
2024
Grant date
Expiry date
Exercise
price
Balance at the
start of the
year
Granted
Exercised/
other
Balance at
the end of the
year
19/07/2023
18/07/2027
$0.45
-
200,000
-
200,000
24/11/2003
30/11/2028
-
-
426,667
-
426,667
24/11/2023
30/11/2028
-
-
830,011
-
830,011
24/11/2023
30/11/2026
$0.72
-
7,174,273
-
7,174,273
6/12/2023
30/01/2026
$0.60
-
3,000,000
-
3,000,000
7/03/2024
26/02/2028
$0.75
-
1,500,000
-
1,500,000
20/06/2024
30/06/2028
$0.70
-
200,000
-
200,000
2023
Grant date
Expiry date
Exercise
price
Balance at the
start of the
year
Granted
Exercised/
other
Balance at
the end of the
year
29/08/2022
28/08/2026
$0.70
-
400,000
-
400,000
25/11/2022
24/11/2026
$0.64
-
5,850,000
-
5,850,000
17/01/2023
16/01/2027
$0.65
-
1,000,000
-
1,000,000
Set out below are the share-based payment options exercisable as at the end of the financial year:
Grant date
Expiry date
2024
Number
2023
Number
3/12/2019
01/12/2023
-
7,600,000
17/12/2021
16/12/2025
3,000,000
3,000,000
17/12/2021
16/12/2025
1,200,000
1,200,000
29/08/2022
28/08/2026
250,000
100,000
25/11/2022
24/11/2026
5,850,000
3,900,000
17/01/2023
16/01/2027
670,000
340,000
6/12/2023
30/01/2026
3,000,000
-
13,970,000
16,140,000
The weighted average exercise price of options outstanding as at the end of the financial year was $0.6615
(2023: $0.4477).
The weighted average remaining contractual life of options/rights outstanding at the end of the financial year
was 2.35 years (2023: 2.01 years).
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
55
2024 Annual Report
24. PARENT ENTITY FINANCIAL INFORMATION
(a) Information relating to Elevate Uranium Ltd
2024
$
2023
$
Current Assets
10,887,371
10,084,960
Non-Current Assets
4,637,405
4,024,047
Total Assets
15,524,776
14,109,007
Current Liabilities
(1,422,897)
(934,633)
Non-Current Liabilities
-
(21,310)
Total Liabilities
(1,422,897)
(955,943)
NET ASSETS
14,101,879
13,153,064
EQUITY
Issued capital
87,963,638
78,198,760
Reserves
4,260,797
2,719,009
Accumulated losses
(78,122,556)
(67,764,705)
TOTAL EQUITY
14,101,879
13,153,064
Loss for the year
(10,388,343)
(7,974,841)
Total comprehensive income
(10,388,343)
(7,974,841)
(b) Guarantees
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 17 to the financial statements.
25. 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 2024 (2023: nil). In total
$2,026,000 has been paid under this agreement.
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
2024, no production has occurred at either of these projects.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
56
2024 Annual Report
26. 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 2024, there was 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:
Note
2024
$
2023
$
Trade and other receivables
7
87,006
83,123
Cash and cash equivalents
18
10,833,663
10,057,562
Impairment Losses
None of the Group’s receivables are past due (2023: $ nil).
Liquidity Risk
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.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
57
2024 Annual Report
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 2024
Note
Carrying
amount
$
Contractual
cash flow
$
6 months
or less
$
>12
Months
$
Trade and other payables
11
1,171,077
1,171,077
1,171,077
-
Leases
9
74,213
74,213
26,919
40,750
30 June 2023
Note
Carrying
amount
Contractual
cash flow
6 months
or less
>12
months
Trade and other payables
11
674,394
674,394
674,394
-
Leases
9
146,033
146,033
36,225
72,444
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 2024 on financial assets denominated in Namibian dollars
was nil (2023: 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:
Carrying Amount
2024
$
2023
$
Variable rate instruments
Financial assets – cash and cash equivalents
10,833,663
10,057,562
Fair value sensitivity analysis for fixed rate instruments
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.
Notes to the Financial Statements
For the year ended 30 June 2024 (continued)
58
2024 Annual Report
27. FINANCIAL INSTRUMENTS (continued)
Cash flow sensitivity analysis for variable rate instruments
A change of 50 basis points (2023: 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 2023.
Profit or loss
Equity
30 June 2024
50bp
increase
50bp
decrease
50bp
increase
50bp
decrease
Variable rate instruments
54,168
(54,168)
54,168
(54,168)
30 June 2023
50bp
increase
50bp
decrease
50bp
increase
50bp
decrease
Variable rate instruments
50,288
(50,288)
50,288
(50,288)
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 9 September 2024, the Company granted 210,000 options exercisable at $0.50 per option, expiring on 8
September 2028.
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
Directors’ Declaration
59
2024 Annual Report
The Consolidated Entity Disclosure Statement has been prepared in accordance with the Corporations Act. It
includes certain information for each entity that was part of the consolidated entity at the end of the financial year.
Entity Name
Type of Entity
Country of
Incorporation
% of share
capital
held
Australian
resident or
foreign
resident (for
tax purposes)
Foreign tax
jurisdiction(s)
of foreign
residents
Marenica Energy Namibia (Pty)
Ltd
Body
Corporate
Namibia
100%
Foreign
Namibia
Marenica Minerals (Pty) Ltd
Body
Corporate
Namibia
75%
Foreign
Namibia
Marenica Ventures (Pty) Ltd
Body
Corporate
Namibia
100%
Foreign
Namibia
Aloe Investments 247 (Pty) Ltd
Body
Corporate
Namibia
90%
Foreign
Namibia
Metals Namibia Pty Ltd
Body
Corporate
Namibia
100%
Foreign
Namibia
Uranium Beneficiation Pty Ltd
Body
Corporate
Australia
100%
Australia
Thatcher Soak Pty Ltd
Body
Corporate
Australia
100%
Australia
-
Jackson Cage Pty Ltd
Body
Corporate
Australia
100%
Australia
-
Northern Territory Uranium Pty
Ltd
Body
Corporate
Australia
100%
Australia
-
Directors’ Declaration
60
2024 Annual Report
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 2024 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.
the information disclosed in the Consolidated Entity Disclosure Statement, is true and correct.
5.
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 2024.
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 2024
In.Corp Audit & Assurance Pty Ltd
ABN 14 129 769 151
Level 1
6-10 O’Connell Street
SYDNEY NSW 2000
Suite 11, Level 1
4 Ventnor Avenue
WEST PERTH WA 6005
GPO BOX 542
SYDNEY NSW 2001
T +61 2 8999 1199
E team@incorpadvisory.au
W incorpadvisory.au
To the members of Elevate Uranium Limited
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 2024, the
consolidated statement of profit and loss and other comprehensive
income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes
to the consolidated financial statements, including material accounting
policy information, the consolidated entity disclosure statement and the
directors’ declaration.
In our opinion, the accompanying financial report of the Group, is in
accordance with the Corporations Act 2001, including:
a)
giving a true and fair view of the Group’s financial position as at 30
June 2024 and of its financial performance for the year then ended;
and
b)
complying
with
Australian
Accounting
Standards
and
the
Corporations Regulations 2001.
ELEVATE URANIUM LIMITED
INDEPENDENT AUDITOR’S REPORT
Basis for Opinion
We conducted our audit in accordance with Australian Auditing
Standards. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our 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 & 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.
Liability limited by a scheme approved under Professional Standards Legislation
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 for the year ended 30 June 2024. 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.
ELEVATE URANIUM LIMITED
INDEPENDENT AUDITOR’S REPORT (continued)
How our Audit Addressed the Key Audit Matter
Key Audit Matter – Exploration and
Evaluation Expenditure
The audit procedures that we performed included
the following:
•
We assessed exploration and evaluation
expenditure with reference to AASB 6
“Exploration for and Evaluation of Mineral
Resources”.
•
We tested a sample of exploration and evaluation
expenditure to supporting documentation to
ensure they were bona fide payments; and
•
We documented and assessed the processes
and controls in place to record exploration and
evaluation transactions.
•
We assessed the appropriateness of the
disclosures included in the financial report.
The group has expensed $6,955,085 on
exploration and evaluation during the year.
Whilst we do not consider exploration and
evaluation expenditure to be at a high risk of
significant misstatement this is a material
balance in the context of the financial
statements as a whole.
ELEVATE URANIUM LIMITED
INDEPENDENT AUDITOR’S REPORT (continued)
Information Other than the Financial Report and Auditor’s Report Thereon
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 2024, 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.
How our Audit Addressed the Key Audit Matter
Key Audit Matter – Share-based Payments
The procedures that we performed included the
following:
•
Assessing the amount recognised during the year
in accordance with the vesting conditions of the
arrangements;
•
Reviewing the 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
As disclosed in Note 23 to the financial
statements, the Group granted options and
performance rights to key management
personnel and employees.
Share based payments are considered to be a
key audit matter due to:
•
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.
The Black-Scholes valuation model was used
to determine the fair value of the options
granted. This process involved estimates and
judgements to determine the fair value of the
equity instruments granted.
Responsibility of the Directors for the Financial Report
The directors of the Group are responsible for the preparation of:
a)
the financial report (other than the consolidated entity disclosure statement) that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b)
the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and
fair view and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the director either intends to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
ELEVATE URANIUM LIMITED
INDEPENDENT AUDITOR’S REPORT (continued)
Auditor’s Responsibilities 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:
https://www.auasb.gov.au/auditors_responsibilities/ar2.pdf. This description forms part of our auditor’s
report.
Report on the Remuneration Report
We have audited the remuneration report included in the directors’ report for the year ended 30 June
2024.
In our opinion the remuneration report of Elevate Uranium Limited for the year ended 30 June 2024
complies with section 300A of the Corporations Act 2001.
In.Corp Audit & Assurance Pty Ltd
Graham Webb
Director
27 September 2024
ELEVATE URANIUM LIMITED
INDEPENDENT AUDITOR’S REPORT (continued)
Responsibilities for the Remuneration Report
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.
Additional Australian Securities Exchange Information
66
2024 Annual Report
The following additional information is required by the Australian Securities Exchange
and is current as at 4 September 2024.
(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
Fully Paid Ordinary
Shares (EL8)
3,691
1,761
694
1,280
289
7,715
Unlisted Options –
$0.70 30/06/2028
-
-
-
-
1
1
Unlisted Options –
$0.75 26/02/2028
-
-
-
-
1
1
Unlisted Options –
$0.60 30/01/2026
-
3
14
114
22
153
Unlisted Retention
Rights – 30/11/2026
-
-
-
-
2
2
Unlisted Service
Rights – 30/11/2026
-
-
-
-
2
2
Unlisted Options –
$0.72 30/11/2026
-
-
-
-
2
2
Unlisted Options –
$0.45 18/7/2027
-
-
-
-
1
1
Unlisted Options –
$0.65 16/01/2027
-
-
-
-
1
1
Unlisted Options –
$0.64 24/11/2026
-
-
-
-
5
5
Unlisted Options –
$0.70 28/08/2026
-
-
-
-
2
2
Unlisted Options –
$0.61 16/12/2025
-
-
-
-
5
5
The number of holders holding less than a marketable parcel of fully paid ordinary shares 3,848.
Additional Australian Securities Exchange Information
67
2024 Annual Report
(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
Shares
% of
Total
Shares
1
HSBC Custody Nominees (Australia) Limited
43,725,911
14.18
2
Citicorp Nominees Pty Limited
28,928,226
9.38
3
BNP Paribas Nominees Pty Ltd
18,723,874
6.07
4
BNP Paribas Nominees Pty Ltd
13,909,638
4.51
5
BNP Paribas Noms Pty Ltd
11,311,888
3.67
6
Chen & Qin Goodlife Family Pty Ltd
8,000,000
2.59
7
Mrs Carol Ann Hill
7,625,873
2.47
8
Retzos Executive Pty Ltd
7,079,825
2.30
9
Hanlong Resources Limited
6,333,826
2.05
10
J P Morgan Nominees Australia Pty Limited
5,151,283
1.67
11
HSBC Custody Nominees (Australia) Limited - A/C 2
4,272,416
1.39
12
Mr Richard Thomas Hayward Daly & Mrs Sarah Kay
Daly
2,697,449
0.87
13
Retzos Family Pty Ltd
2,680,176
0.87
14
Define Consulting Pty Ltd
2,424,880
0.79
15
Remake Pty Ltd
2,272,727
0.74
16
Atlantis MG Pty Ltd
2,200,000
0.71
17
Enerview Pty Ltd
1,800,000
0.58
18
Shayden Nominees Pty Ltd
1,700,000
0.55
19
Sam Goulopoulos Pty Ltd
1,573,948
0.51
20
Huayou International Mining (Hongkong) Limited
1,455,898
0.47
TOTAL
173,867,838
56.37
Stock Exchange Listing – there are 308,446,580 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
The Company has been notified of the following substantial shareholder notice.
Cumulus Wealth Pty Ltd
15,717,577
5.10
Additional Australian Securities Exchange Information
68
2024 Annual Report
(d) Unquoted Securities
The number of unquoted securities on issue:
Security
Number on issue
Unlisted options, exercisable at $0.70 each on or before 30 June 2028
200,000
Unlisted options, exercisable at $0.75 each on or before 26 February 2028
1,500,000
Unlisted options, exercisable at $0.60 each on or before 30 January 2026
14,904,798
Unlisted retention rights exercisable on or before 30 November 2026
830,011
Unlisted service rights exercisable on or before 30 November 2026
426,667
Unlisted options, exercisable at $0.72 each on or before 30 Nov 2026
7,174,273
Unlisted options, exercisable at $0.45 each on or before 18 July 2027
200,000
Unlisted options, exercisable at $0.65 each on or before 16 January 2027
670,000
Unlisted options, exercisable at $0.64 each on or before 24 November 2026
5,850,000
Unlisted options, exercisable at $0.70 each on or before 28 August 2026
400,000
Unlisted options, exercisable at $0.61 each on or before 16 December 2025
4,200,000
(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
Number of
Securities
Unlisted service rights,
exercisable on or before 30
November 2028.
Define Consulting Pty Ltd
296,667
Unlisted service rights,
exercisable on or before 30
November 2028.
Mr Stephen Thomas Mann
130,000
Unlisted retention rights,
exercisable on or before 30
November 2028.
SJJZT Pty Ltd
389,922
Unlisted retention rights,
exercisable on or before 30
November 2028.
Mr Murray Philip Hill
440,089
Unlisted options, exercisable
at $0.72 each on or before 30
November 2026.
Mr Murray Philip Hill
4,082,341
Unlisted options, exercisable
at $0.72 each on or before 30
November 2026.
SJJZT Pty Ltd
3,091,932
Unlisted options, exercisable
at $0.64 each on or before 24
November 2026.
Mrs Carol Ann Hill
2,900,000
Unlisted options, exercisable
at $0.64 each on or before 24
November 2026
SJJZT Pty Ltd
1,630,000
Unlisted options, exercisable
at $0.61 each on or before 16
December 2025.
Mr Murray Philip Hill & Mrs Carol Ann Hill
1,900,000
Additional Australian Securities Exchange Information
69
2024 Annual Report
(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.
The options and rights 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.
(j) Share Registry
The Company’s Share Registry is Automic, Level 5, 126 Phillip Street, Sydney NSW 2000. Telephone:
+61 2 9698 5414
(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 practicable
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.
Additional Australian Securities Exchange Information
70
2024 Annual Report
The Group holds the following mineral tenements.
Namibia
Number
Name
Interest
Licence Status
Expiry Date
MDRL 3287
Marenica
75%
Active
21/5/2025
EPL 6663
Arechadamab
90%
Active
18/6/2026
EPL 6987
Koppies
100%
Pending Renewal
9/4/2024
EPL 7278
Hirabeb
100%
Pending Renewal
9/6/2024
EPL 7279
Ganab West
100%
Pending Renewal
9/6/2024
EPL 7436
Amichab
100%
Pending Renewal
24/7/2024
EPL 7508
Capri
100%
Active
1/3/2025
EPL 7662
Namib IV
100%
Active
27/11/2025
EPL 8728
Hoasib
100%
Active
27/6/2026
EPL 8795
Marenica East
100%
Active
18/2/2027
EPL 8098
Autseib
100%
Application
-
EPL 8791
Marenica North
100%
Application
-
EPL 8792
Marenica West
100%
Application
-
EPL 8822
Ganab South
100%
Application
-
EPL 8823
Marenica Central
100%
Application
-
EPL 9045
Ganab South
100%
Application
-
EPL 9653
Ganab South 2
100%
Application
-
EPL 9657
Koppies West
100%
Application
-
Australia
Number
Name
Interest
Status
State
Expiry Date
R 38/1
Thatcher Soak
100%
Granted
WA
3/12/2028
E 04/2297
Oobagooma
100%
Granted
WA
20/2/2027
EL 25758
Angela
100%
Granted
NT
1/10/2024
EL 32400
Minerva
100%
Granted
NT
17/4/2027
EL 25759
Pamela
100%
Application
NT
-
ELR 41
Malawiri
23.97%
Pending Renewal
NT
17/7/2024
ELR 45
Walbiri
22.88%
Pending Renewal
NT
17/7/2024
ELR32552
Bigrlyi
20.82%
Granted
NT
15/11/2025
EL 30144
Dingos Rest
South
20.82%
Pending Renewal
NT
7/8/2024
ELR 31319
Sundberg
20.82%
Granted
NT
14/6/2027
MLN 1952
Karins
20.82%
Application
NT
-
EL 1466
Mount Gilruth
33.33%
Application
NT
-
EL 3114
Beatrice South
33.33%
Application
NT
-
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.
Pending Renewal 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.
REGISTERED OFFICE
Suite 2
5 Ord Street
West Perth
WA 6005
T: +61 8 6555 1816