Elevate Uranium Ltd

First pilot plant results: Stages 1–4 reject about 88% of ore mass, recover 79% of uranium and lift grade from 89 to 590ppm (7x), in line with bench-scale tests. Final uranium flotation stage results are due Q4 2026. Resolves the August results thread in part.

flow test result

Elevate agrees to buy a further 15% of Marenica, lifting its interest from 75% to 90%, for $1.1M cash plus $2.2M of shares, and release of a $3.43M non-cash debt owed by Millenium. Xanthos keeps 10% free-carried. Completion expected by end-July 2026.

asset acquisition disposition

Marenica resource rises 31% to 52.8Mlb at 180ppm (100ppm cut-off) after infill drilling of Areas A and B, adding 12.6Mlb to February's 40.2Mlb. Indicated is 7.5Mlb. Namibian resources reach 116Mlb, global 173Mlb. Four rigs continue Inferred-to-Indicated infill.

resource reserve update

Three Angela holes (1,860m) hit mineralisation within the existing 30.8Mlb resource, best 1.4m at 1,421ppm, but the main Deep Reflector target found no mineralisation. Resolves the open Angela results; the company will weigh future work against capital priorities.

drilling result

Maiden Inferred resource of 10.1Mlb at 155ppm (100ppm cut-off) declared at Namib IV, lifting the Koppies Project to 76.2Mlb and Namibian resources to 106.4Mlb. Global total is 163.4Mlb. This delivers the Namib IV maiden resource targeted for early 2026; mineralisation remains open.

resource reserve update

Pilot plant has not yet reached steady state; results now expected August 2026, versus earlier plans for first runs in Q1. A Namibian operations manager is appointed and the MD is on site. Company says bench-scale results remain valid and it is fully funded.

production update

Marenica resource re-estimated to JORC 2012: 40.2Mlb at 185ppm at a 100ppm cut-off, double the old grade. At 50ppm it is 59.0Mlb, up 1.8Mlb on the 2004 estimate. Some wide-spaced areas excluded; infill drilling starts this month.

resource reserve update

Elevate completes acquisition of 100% of Uranium Generation from Core Lithium, adding the Napperby resource (8.03Mlb at 382ppm, 25km from Minerva), plus Fitton (SA) and Entia (NT). Total resources rise to 169Mlb. Consideration is detailed in Core's release.

asset acquisition disposition

Raises $25M through a placement of about 71.4M shares at $0.35, a 12.5% discount to the last close. Lifts pro-forma cash to about $43.9M from $18.9M. Funds go to the pilot plant, Marenica work, drilling in Namibia and Australia, and possible acquisitions. Shares on issue rise to about 457M.

capital raising announcement

Elevate agrees to sell its 100%-owned Oobagooma project in WA to Orpheus Uranium for $175,000 cash plus 20M Orpheus shares upfront, with up to 40M more shares on exploration milestones. A $50,000 exclusivity fee is paid. Completion needs Orpheus shareholder approval; Elevate calls it non-core.

asset acquisition disposition

Marenica hole MAR2500 intersected 13m at 203ppm in granite, with mineralisation to 58.5m depth, a new style of target outside the existing 61Mlb resource. Drilling is complete; follow-up planned later in the year. The extent is unknown.

drilling result

Broad-spaced drilling at Namib IV outlines a mineralised envelope about 11km by 7.5km, mostly in basement rock rather than palaeochannels. Infill drilling will target a maiden resource later in 2025. Company relinquishes EPL 6663, 7436 and 8728 after finding no significant mineralisation.

drilling result

Scott Perry, former Centerra Gold CEO (2015-2022), becomes Chairman immediately, succeeding Andrew Bantock, who retires after seven years. Ends Bantock's tenure and brings a mining executive with project financing and corporate transaction experience as the Koppies project advances.

director officer appointment

Partner Energy Metals lifts the Bigrlyi resource 12% to 23.9Mlb (from 21.3Mlb), with 20% now Measured. Elevate holds 20.8% of the joint venture, so this adds to its Australian resource. Further 2025 drilling is planned by the operator.

resource reserve update

Raises $25M in a two-tranche placement at $0.325 per share, a 14.5% discount to the last close. Paradice commits ~$12.4M for ~9.9%. Funds an U-pgrade demonstration plant, the Koppies scoping study and ~100,000m of drilling. Tranche 2 (~$14.5M) needs shareholder approval.

capital raising announcement

Koppies is upgraded with 78% now Indicated (43.6Mlb), lifting the Koppies total to 66.1Mlb, including a maiden 10.2Mlb Inferred resource at Hirabeb. Namibia rises to 112.1Mlb and the global total to 160.5Mlb. This delivers the Indicated upgrade planned since early 2024; U-pgrade testwork is underway.

resource reserve update

Koppies Inferred resource rises 20% to 57.8Mlb (134.6Mt at 195ppm), from 48Mlb, lifting Namibia to 103.8Mlb and the global total to 152.2Mlb. Delivers the update promised for March quarter; discovery cost is US$0.068/lb. Infill drilling toward Indicated continues.

resource reserve update

Raises $10.0M through a placement of 23.8M shares at $0.42, an 18.4% discount to the last close, with one free $0.60 option per two shares. Cash was $7.1M at 6 December. Funds expand drilling to five rigs in Namibia, and add Australian drilling and a Koppies scoping study.

capital raising announcement

Koppies Inferred resource rises 136% to 48Mlb eU3O8 (108.3Mt at 200ppm), from 20.3Mlb. Namibian resources go to 94Mlb and the global total to 142Mlb. Delivers on the October target; the next update, covering the south of Koppies 2 and Koppies 4, is due March 2024.

resource reserve update

340 more holes confirm continuous mineralisation between Koppies 2 and 3 and south of Koppies 2. Twin holes found mineralisation below the original resource holes, suggesting resource growth potential. Focus shifts to resource drilling at Koppies 3; best 5.5m at 1,121ppm eU3O8.

drilling result

Drilling indicates Koppies 2 connects with Koppies 4 and Koppies 1 likely connects with Koppies 2, so all four zones are most likely one 20km system. Two rigs resumed after the break. The 20.3Mlb resource is unchanged.

drilling result

New Koppies 4 discovery extends mineralisation 6.6km south of Koppies 2; closer drilling confirms Koppies 3. Total Koppies mineralisation now spans 19.2km, up to 2.4km wide. It sits outside the 20.3Mlb resource; no update yet.

drilling result

Capri's maiden drilling (284 holes) found continuous uranium mineralisation over 16km, less than 25m deep, with a best intercept of 4.5m at 942ppm eU3O8. Resolves the planned Capri drilling; the eastern half is undrilled.

drilling result

Drilling found uranium mineralisation continuing 10km northeast of Koppies 2 (now Koppies 3), up to 1,000m wide and generally under 10m deep. A second rig is being added; this is outside the 20.3Mlb resource and could expand it.

drilling result

Hirabeb drilling (341 new holes) defines mineralisation over 4km at Hirabeb I and anomalous uranium over 9km at Hirabeb II, both open along strike. Wide-spaced drilling; closer-spaced follow-up is planned for later in 2022. No resource yet.

drilling result

Maiden Koppies Inferred resource of 20.3Mlb eU3O8 (41.4Mt at 220ppm) lifts total resources 22% to 115Mlb. A new basement-hosted mineralised zone 1.6km east of Koppies I lies outside the estimate and is open along strike.

resource reserve update

Airborne survey over the Capri tenement (EPL7508) identified 73km of palaeochannels with matching radiometric anomalies, similar to Marenica. Drilling is planned for the June quarter 2022. The Koppies resource slips from March quarter to April 2022 because drilling was extended.

drilling result

Koppies resource drilling (558 holes, 4,701m) confirmed shallow calcrete-hosted uranium, with best results 8m at 768ppm and 6m at 796ppm eU3O8. Mineralisation is open to the east and south; a maiden resource is still expected in the March quarter 2022.

drilling result

Placement of about 25.6M shares at $0.45 raises $11.5M before costs, an 11.8% discount to the last close of $0.51. Lifts cash to about $17.6M. Funds Koppies resource drilling and exploration; a maiden Koppies JORC resource is targeted for early 2022.

capital raising announcement

Exploration Target of 26 to 52Mlb U3O8 at 650 to 950ppm set for the 100%-owned Oobagooma project, WA, acquired Dec 2019. Based on historical 1980s drilling, not modern drilling; conceptual only, not a resource. Four roll fronts over 9km of strike.

resource reserve update

First drilling at Namib IV, 258 RC holes (2,336m), found uranium over 17km of the 19km palaeochannel. Best intercepts: 2m at 758ppm eU3O8 and 4m at 387ppm from surface. This is the third Namib Area tenement drilled to show mineralisation, after Koppies and Hirabeb.

drilling result

Airborne EM over 5,217 line-km found palaeochannels covering about 347 km2 and 280km in length across the Namib Area. This is the survey started in April; the company expects drilling to continue into 2022. No uranium results yet.

drilling result

Stephen Mann joins the board as non-executive director from 15 July 2021. He is a geologist with 17 years in uranium, including 12 years as Australian managing director of Orano, and co-founded U3O8 Ltd.

director officer appointment

Board proposes renaming the company Elevate Uranium Limited, with ASX code EL8, subject to shareholder approval. The board says the assets have outgrown the Marenica project name. Notice of meeting being sent that day.

other

New palaeochannel system found at Namib IV (EPL 7662, 379 km2), extending at least 19km, from ground geophysics only. Next steps: a drill rig is planned within weeks, and a 6,300 line-km airborne survey is due from April. No drilling or uranium results yet.

drilling result

Placement binding commitments to raise $2.6M at 8.8c (29,545,454 shares), matching the SPP price; with the $2.8M SPP the total is $5.4M. Directors and officers commit $335,000; the company says it is funded for at least 18 months. Completes the flagged top-up placement.

capital raising announcement

SPP closed with applications for 31,660,619 shares raising $2,786,140 before costs, short of the $3.75M target but above the $2.0M underwritten amount. Shares to be issued 24 November 2020.

capital raising announcement

Angela resource re-reported under JORC 2012 at 30.8 Mlb U3O8 at 1,310ppm, Inferred category. Same tonnage and grade as the earlier JORC 2004 figure. This resolves the open JORC 2012 update thread for Angela.

resource reserve update

Proof-of-concept U-pgrade testwork on Angela ore cut acid consumption by about 77%, from 104 to 24 kg/t, and raised uranium leach extraction to 96%. Laboratory results on one sample; the company says Angela could become viable at a lower uranium price.

other

Share Purchase Plan to raise up to $3.75M at 8.8c, a 10% discount to the 5-day VWAP, partly underwritten to $2.0M by Viriathus. A further placement of up to $2.6M may follow. Funds go to detailed Hirabeb exploration and testing U-pgrade on the Australian assets.

capital raising announcement

Maiden 120-hole, 1,601m RC program at Hirabeb finds a palaeochannel system over 36km long, with uranium mineralisation intersected across 30km. Cost under A$120,000; drill lines average 5.5km apart. Management calls it potentially Namibia's biggest discovery since Husab; no grades given in the visible text.

drilling result

Binding commitments to raise $1.0M (26.35M shares at 3.8c, a 6.82% discount to the 15-day VWAP) with free 10c options expiring June 2023. Tranche 2 and $135,000 of director money need shareholder approval. Share price had been 6.6c in January. Non-executive directors forgo fees to 30 June.

capital raising announcement

Marenica forms a joint venture on EPL 6663, adjoining Koppies, holding 90% with Ignatius Hinky Theodore holding 10%. Marenica funds all exploration until a decision to mine. Extends its contiguous Namib land package next to the Koppies discovery.

farm in farm out agreement

Phase 3 Koppies RC assays arrive: KOR62 3m at 3,087ppm U3O8, including 1m at 7,060ppm, the best metre at Koppies. Koppies 2 stays up to 1.2km wide, 3.6km long and open to the east. Mid-sized follow-up drilling is planned. Assays arrived in the March-quarter window.

drilling result

Marenica completes the Optimal Mining acquisition, adding 48Mlb of uranium at 859ppm and doubling its resources, alongside the 61Mlb Marenica project. This resolves the thread open since July, about three months later than first expected.

asset acquisition disposition

Koppies Phase 2 drilling finds a second mineralised palaeochannel (Koppies 2) over 3.6 km. Best result is 13m at 905ppm U3O8, including 2m at 4,504ppm, in holes under 20m deep. Under 5% of the licence explored; expanded drilling to follow.

drilling result

First Koppies RAB drilling: all eight holes hit uranium, best 6m at 432ppm U3O8, over a zone 1,000m long and 800m wide, shallower than 20m. Expanded drilling starts next week. This confirms the March exploration theory at the first granted licence.

drilling result

Marenica raises $1.6M via a placement of 16.0M shares at 10c, each with a free 17c option over two years. Funds go to Namibian exploration, the Optimal assets and U-pgrade. Options need shareholder approval; completion of the Optimal deal is expected in September.

capital raising announcement

Marenica has environmental clearance and has started drilling at Koppies (EPL 6987), granted in March, next to Deep Yellow's Tumas East. Historical 1970s holes showed 350-560ppm U3O8. EM surveys and drilling will follow. This continues the Koppies thread.

drilling spud

Marenica signs a binding term sheet to buy Optimal Mining's Australian uranium tenements for A$250,000 cash plus 27.5M shares. This adds 48Mlb at 859ppm, lifting its resource base to 110Mlb, about 80% more. Conditions apply, including an in-specie distribution to Optimal shareholders. Marks a shift beyond Namibia into Australia.

asset acquisition disposition

Trading suspended at Marenica's request so ASX can consider how Listing Rules Chapter 11 applies to a material acquisition the company advised on 27 June 2019. Expected to last until an announcement or 3 July.

listing compliance notice

Four more licences granted (EPL 7278, 7279, 7368, 7436), lifting the Namib ground to 308 km2. Following Namibia's removal of local-ownership requirements, Marenica's interest in these Namib licences rises from 95% to 100%. This resolves part of the pending applications thread.

regulatory community update

Drilling starts at Mile 72, a 60-hole program targeting an 11 km by 2 km palaeochannel, following the environmental clearance received earlier. Results are expected by the end of June 2019.

drilling spud

First of Marenica's Namib licence applications granted: EPL 6987 Koppies, covering the eastern extension of the Tumas palaeochannel next to Deep Yellow's ground. Non-JORC exploration target of 20-60Mlb at 300-500ppm. Environmental clearance (about two months) is needed before exploration.

regulatory community update

Marenica is debt free after issuing 2.85M shares to Hanlong at 58c to clear the $1.65M convertible note due that day. Tranche 2 (3.17M shares, $317k) also completed, leaving $1.6M cash. This resolves the Hanlong note and placement threads.

debt financing

Marenica raises $1.178M by placing 11.78M shares at 10c, with one 17c two-year option per two shares. Tranche 1 is 8.61M shares; tranche 2 and the options need shareholder approval. Total shares would reach 69.18M. Funds go to U-pgrade outreach and acquisitions.

capital raising announcement

Marenica agrees to buy 100% of the Mile 72 uranium project (2,692 ha, Erongo, Namibia) from Metals Australia for A$30,000 cash plus a 1% gross production dividend. It is within 100 km of Marenica and subject to approvals. The first acquisition of the portfolio strategy.

asset acquisition disposition

Placement of 10.62M shares at 10c raises $1.062M, with one free option for every two shares (17c exercise price, two years). The first tranche is 7.02M shares; the second, plus all options, needs shareholder approval. It funds portfolio-building and asset acquisition. Shares would reach 57.4M.

capital raising announcement

Langer Heinrich testwork resolves the open thread: U-pgrade results beat all ores tested before. Recovery is expected in the mid to high 80% range, with 25 kg of leach feed per tonne mined versus 600 kg today. Paladin is reviewing the results.

well test result

Andrew Bantock, a Senior Managing Director at FTI Consulting and former CFO, CEO and chairman of various companies, is appointed Chairman, succeeding the retiring Doug Buerger, who stays on as a non-executive director for a transition period.

director officer appointment

Marenica is finalising a new Chairman to replace Doug Buerger, who is retiring but stays as a director for a transition period. John Sestan, who negotiated the Deep Yellow deal and Hanlong note restructure, retires from the board.

director officer appointment

Shortfall placement of 1,401,236 shares at $0.13 raises $182,161. Hanlong will subscribe $180,000 (1,384,616 shares at $0.13, subject to approval), provided meanwhile as a converting loan. Hanlong also agrees to take its $132,054 November interest in shares, completing the $1.7M target.

capital raising announcement

Marenica and Paladin agree to run U-pgrade testwork on low-grade ore from Paladin's Langer Heinrich mine in Namibia, with results about 6 weeks after the sample reaches Perth. A new test partner after Deep Yellow ended its Tumas testwork; no commercial terms.

material agreement

Independent scoping study on the Marenica uranium project concludes it would have industry-competitive costs using U-pgrade, with shallow, flat, low-waste surface mining. Production and cost figures are withheld because ASIC restricts reporting from inferred resources. Further funding would likely be needed.

resource reserve update

Marenica raises $1.7M at 13 cents a share: a $951,200 placement plus a $748,800 rights issue of 1 new share for every 6.2 held. Funds go to finding resource owners and uranium project access. Shares stay suspended pending the scoping study result.

capital raising announcement

December quarter report says Deep Yellow terminated all Tumas testwork with Marenica after its new management's review, though Marenica says the licence agreement itself remains. This undercuts the Tumas path and feasibility work expected from the September deal.

quarterly activities report

Marenica starts a revised scoping study on the Marenica project, using U-pgrade to test viability at US$65-75/lb uranium. Results are due by about April 2017, with DRA and Orelogy engaged and a feasibility study possible later in 2017.

other

Namibia's mines ministry grants a five-year Mineral Deposit Retention Licence over the Marenica Uranium Project, replacing the exploration licence, with no exploration spending required. This resolves the open licence review and gives tenure certainty while uranium prices stay low.

regulatory community update

Marenica raises $500,000 by placing 5,000,000 shares at $0.10, a 20% discount to the last price. Only $100,000 is issued now; $400,000 needs shareholder approval. Hanlong defers note interest to 30 April 2017 at 12% instead of 8%.

capital raising announcement

Marenica signs a binding Technology Licence Agreement with Deep Yellow, its first commercial deal for U-pgrade. It earns a life-of-project fee sliding from nominal below US$50/lb to US$4.80/lb above US$80/lb, plus milestone payments, with Deep Yellow funding development. Resolves the commercialisation talks thread.

material agreement

Update gives numbers: U-pgrade could reject up to 98% of Tumas mass and keep over 82% of the uranium, making a concentrate above 13,000ppm from 368ppm ore. Interim only; final results due in June.

well test result

Deep Yellow reports interim U-pgrade testwork on its Tumas ore, with a gravity concentrate above 13,000ppm U3O8 and the de-slime and carbonate step 'exceeding expectations'. Work is due to finish end of June 2016. Builds on the Feb 2016 services agreement.

well test result

CEO Murray Hill becomes Managing Director on the board with pay unchanged. John Sestan is appointed Chief Commercial Officer and Riccardo Vittino Chief Financial Officer, both part time, to strengthen commercial and financial management.

director officer appointment

Raising completed at $697,400 against a $500,000 target: $506,000 from the SPP plus $191,400 of placements at $0.107. The chairman says this funds U-pgrade development well into 2017.

capital raising announcement

Deep Yellow signs a services agreement for U-pgrade testwork on its Tumas ore, due mid-2016. Deep Yellow pays the estimated $265,000 cost, about $70,000 of which is fees to Marenica. Commercialisation talks are agreed in principle to follow a successful outcome.

material agreement

Marenica will run a share purchase plan at 10.7 cents (20% discount), with each eligible holder able to apply for $500 to $15,000. Sophisticated investors underwrite $400,000, subject to shareholder approval of the note changes at a late-March meeting. Funds go to testwork, patents and pilot plant funding.

capital raising announcement

Marenica and Hanlong agree to restructure the roughly $1.65M convertible note: term extended to November 2018 and conversion price cut from $1.80 to $0.58. Marenica can repay with about 2.8 million shares or cash. Shareholder approval is needed, and a ~$500,000 share purchase plan is planned.

debt financing

The 1,500,000-share placement to Hong Kong's Mingsun Technology is completed at $0.2373, raising about $356,000. This finalises the April deal after due diligence. A further 269,603 shares were issued to the CEO and consultant in lieu of pay.

capital raising announcement

Placement of 1.5M shares at 23.73c to Hong Kong's Mingsun Technology raises $356,000, subject to due diligence, with funds due May 2015. It is the first outside investment since July 2014, and Mingsun could become a cornerstone investor.

capital raising announcement

Hanlong's roughly A$1.65M convertible notes are extended from 14 Nov 2015 to 14 Nov 2016, with the conversion price cut from 2.626c to 1.8c. Interest is now payable at maturity. This supersedes the earlier deferral; the company says investors asked for it.

debt financing

Chairman Robert Pearce (chair since 2010) retires; director Doug Buerger becomes chairman. Hanlong nominee Lou Guo Qing, Hanlong's managing director, joins the board, filling the vacancy left by Bo Yang's May resignation.

director officer appointment

2014 annual report: Hanlong, holding 27.1%, defers the $132,054 convertible note interest due 14 November 2014 to 14 November 2015. Funding for the subsidiary is targeted for early 2015. The company applied for a retention licence on Marenica, retrenched four Namibian staff and closed its Swakopmund office.

annual report

Placement of 84.8M shares raised $136,000, mostly at 0.16c. Total raised across the plan and placements is $536,000, for working capital. Total shares now 1,374,272,473. The company says it is fully funded to complete financing of Uranium Beneficiation.

capital raising announcement

The share purchase plan raised $400,000 at 0.16c, $77,500 above the $300,000 underwriting, plus $22,500 from a placement. The company plans further placements to meet demand. CEO Murray Hill was issued 67.5M performance rights tied to commercialising U-pgrade. An R&D refund of about $362,000 is expected in September.

capital raising announcement

Share purchase plan for eligible shareholders at a 20% discount to the recent average price, capped at 0.26c, for $500-$15,000 each. Four directors commit $15,000 each; the CEO and strategic advisor underwrite $300,000. Funds are for working capital while the subsidiary seeks funding.

capital raising announcement

New strategy: commercialise U-pgrade by moving it into a wholly owned subsidiary, Uranium Beneficiation, and seek outside investors to fund a pilot plant. Reason given is weak uranium price expectations. A share purchase plan is planned for working capital. This shifts focus away from developing Marenica itself.

material agreement

The 0.4c entitlement issue drew valid applications for only A$875,375 (218.8M shares), well short of the up-to-A$2M target. A shortfall of 279.9M shares can be placed by the board within three months at not less than 0.4c.

capital raising announcement

Marenica launches a 2-for-3 entitlement issue at 0.4 cents to raise up to A$2M, well below the 1.3c raising of 2012. Hanlong takes up about A$600,000, with A$350,000 repaying its note, and extends the note's repayment two years to November 2015.

capital raising announcement

Testwork produced a concentrate over 60 times the ore grade at over 65% recovery, lifting leach feed from 94ppm to over 5,500ppm U3O8. Internal estimates put operating costs below the spot price. Company-internal estimates, not an independent study.

well test result

First numbers from the upgrade testwork: primary upgrade of 3-5 times, and about 30% of that concentrate upgraded a further 15-25 times overall. Testing continues on the other ~70%. Early support for the concept first floated in March 2012, though not yet proven.

drilling result

June quarter report: A$3.2M raised at 1.3 cents (249.3M shares), leaving Hanlong with 30% (36.4% if its note converts at 2.674 cents). Bulk samples from five test pits are in Perth; early bench upgrade tests are called encouraging. Completes the raising.

quarterly activities report

Metallurgist Murray Hill becomes CEO from 1 May 2012 on a A$283,400 package. He had consulted to the company for 18 months and is to lead the ore-upgrade testwork. Fills the vacancy left by John Young's departure.

director officer appointment

Marenica launches a 1-for-2 entitlement issue at 1.3 cents to raise up to A$3.24M, underwritten by Hanlong, to fund bulk-sample upgrade testwork. Hanlong's A$2M convertible note is replaced, with conversion price cut to 2.674 cents from 7 cents.

capital raising announcement

Board says technical review shows the ore may suit cheaper processing (screening, gravity, magnetic separation, flotation), targeting over 30 times concentration. A six-month bulk-sample testwork program is approved; a new scoping study is committed only if it succeeds. Unproven concept.

other

New Optiro resource for Marenica: 276Mt at 94ppm, 57Mlb U3O8, down from SRK's 648Mt, 138Mlb (2010) due to tighter methods. Maiden MA7 resource 23Mt at 81ppm, 4Mlb. Heap leach is dismissed in favour of tank leach, and the 2010 scoping economics no longer apply.

resource reserve update

CEO John Young's resignation takes effect 2 December 2011, as foreshadowed; Pearce and Buerger cover the role while a replacement is sought. Company Secretary Simon Robertson is replaced by Michael van Uffelen. Nelson Chen is re-appointed director after retiring by rotation at the AGM.

director officer appointment

September quarter report: column leach tests show about 50% recovery after 100 days, with 75% expected eventually. Heavy polymer need makes heap leach costly, so tank leach is also being studied. A scoping study update and a resource re-estimate are due. Also covers the coal stake and a Namibian manganese/rare earths option.

quarterly activities report

Marenica subscribes for 3.4M shares in Texas & Oklahoma Coal Company, a new US coal start-up, equal to 6.4% of its pre-IPO capital. Chairman Robert Pearce is also a director and investor in it. First step in diversifying beyond uranium; ASX listing is expected in early 2012.

asset acquisition disposition

Reconnaissance RC drilling of 67 holes at MA7 finds two mineralised trends, each over 2km long and up to 400m wide. Best intercept is 8.8m at 319.6ppm eU3O8. Infill drilling is planned for first half 2011. This builds on the earlier first-pass MA7 result. The release states 80% ownership, while earlier reports said 75%.

drilling result

Hanlong Energy, a Chinese group, provides A$5M: a 3-year A$2M convertible note at 8% (convertible at 7c), a A$1M placement of 14.26M shares at 7c, and underwriting of a A$2M rights issue at 7c. An MOU offers exclusive talks to Dec 2011 on further funding and off-take.

capital raising announcement

Upgraded SRK scoping study: heap leach producing 3.5Mlb a year over 13 years, operating cost US$38/lb, capital US$260M, five-year payback. Resource rises from 85Mlb to 648Mt at 97ppm for 138Mlb at a 50ppm cut-off. Resolves the suspended scoping study.

resource reserve update

Doug Buerger, former Bendigo Mining chief executive who began his career in Namibia, joins the board. Director Robert Pearce becomes Chairman immediately, filling the seat vacant since Woolford resigned in May.

director officer appointment

Preliminary scoping work favours a large bulk heap leach over the planned agitated leach, with positive economics. The company will do more testwork from August and further drilling, aiming for a prefeasibility study. It cites an exploration target of 100-150Mt at 140-180ppm (conceptual).

other

Chairman Graham Woolford resigned as chairman and director after 13 months. No reason or successor is given in the announcement.

director officer appointment

Updated resource rises to 227Mt at 170ppm U3O8 for 85Mlb, a 120% rise in contained uranium on the interim estimate. Indicated is 31Mt at 175ppm; Inferred 196Mt. Resolves the pending final resource; the scoping study is due June 2010.

resource reserve update

Areva NC agreed in late December 2009 to buy 10.57% of Marenica from Polo Resources. Areva's Trekkopje uranium mine is under 30km away. The update also reports 16 new exploration targets from airborne surveys; the final resource slips to late January/early February 2010.

material agreement

ANSTO scoping testwork shows Marenica ore can be upgraded: grade rose 375% from 232ppm to 871ppm U3O8, with 90% of uranium kept in 30-37% of the ore. Initial leach tests extracted 96%. Results are preliminary; bottle roll tests continue. Feeds the scoping study due Q2 2010.

other

Interim resource rises to 122Mt at 140ppm for 38.6Mlb, with 16Mt at 170ppm now Indicated (about 15%). That is a 9% rise in tonnage and 12% in contained uranium on the July 2008 estimate. It uses only 39% of new data; the final estimate slips to January 2010.

resource reserve update

Namibia renews exploration licence EPL 3287 for two years, with the area cut 25%. This resolves the renewal thread. The company signs an MOU giving local firm Millennium Minerals a 5% free-carried interest, and will fund a BEE trust with A$150,000.

regulatory community update

Completes the placement of 82.6m shares at 12c with 41.3m attaching options, raising A$9.9m before costs, after the 9 July approval. Polo's Paul Ingram joins the board; Polo holds 49.56m shares, about 11.95%. Resolves the placement thread.

capital raising announcement

Plans a drilling campaign at Marenica with up to A$5m over six months: 5,000m RC infill, a 100-hole west exploration program, 5,000m for primary uranium, and re-probing of about 750 historic holes. Shareholders approved the A$9.9m placement on 9 July. Swakopmund office leased.

drilling scheduled

Polo Resources (AIM) takes 49.56m of the 82.6m placement shares at 12c (about A$5.95m), for roughly 11.95%. Its director Paul Ingram will join the board. The company also ends its administration contract with Corporate Admin Services, costing about A$880,000 and paid from the placement. A$5m 2009 exploration budget.

capital raising announcement

Paterson Securities is mandated to place up to 82.6m shares at 12c to raise up to A$9.9m, with one option at 25c (to 30 June 2011) per two shares. It exceeds existing shareholder approval, so a new meeting is planned for 9 July. Follows cash of about A$1.6m.

capital raising announcement

Diamond hole MARD038 intersected hydrothermally altered granite from 33 to 46m with scintillometer readings to 750cps at Marenica East, the first sign of primary uranium. A$3m more is allocated to follow-up RC drilling, and work to upgrade the resource from Inferred to Indicated starts in June.

drilling result

Graham Woolford, an Oxford MBA with 30+ years of business development experience, becomes Non-executive Chairman from 6 April 2009, replacing Kevin Judge, who stays on as a director. Another change to the board after the late-2008 turnover.

director officer appointment

Batavia says the A$1.4m note conditions are met and the investment has proceeded. It will add A$700,000 of further convertible notes on the same terms, after documentation, taking its total to A$2.1m.

debt financing

The shareholders agreement with Namibian partner Jaco Smith and Marenica Minerals is signed, securing WME's 80% interest in Marenica; this was a condition of Batavia's investment. Resource model reinterpretation has begun and diamond drilling is planned for late March or April.

material agreement

Company agrees a A$1.4m unsecured convertible note facility with Batavia Mining (a company Neil Biddle also directs): 8% interest, 12-month term, convertible into 20m shares at 7c. Follows cash of about A$0.5m reported for December.

debt financing

John Young, a geologist and former CEO of Thor Mining, becomes CEO on 27 January 2009 on A$190,000 plus super and 3m unlisted options at 22c expiring 30 June 2010. Fills the role vacated by Stokes in November.

director officer appointment

Managing Director Gary Stokes resigns from the board immediately, saying it is in the company's interest pending resolution of issues in a CCC report about his former government job. He had been CEO only since August.

director officer appointment

After the 4 August meeting, Kevin Judge becomes Non-Executive Chairman from 5 August. Gary Stokes is appointed Managing Director and CEO on A$280,000 a year. Rodger Johnston stays as non-executive and David Sanders is on the board. Reisgys stays Technical Director but is no longer Acting CEO. Requisitioners' nominees now run the board.

director officer appointment

Updated JORC Inferred resource at Marenica of 34m lb U3O8 (111Mt at 140ppm, 80ppm cut-off), more than double the 15m lb of November 2007. A further 7-27m lb is flagged as exploration potential. Drilling is to extend to 16 sq km south and west.

resource reserve update

Gamma probe results confirm a hard-rock uranium discovery at the Phillipus Zone, with all four holes over 100ppm eU3O8. Best: 29.2m at 123ppm eU3O8 in MAR351. Assays are pending and deeper drilling is planned for September quarter 2008, adding a second style of mineralisation to Marenica.

drilling result

Company issues 10,770,000 shares and 10,770,000 unlisted options (25c, expiring 8 May 2009) from the placement announced 9 May, completing the first tranche. At the A$0.22 price in that announcement, this implies about A$2.4m (inference). Includes a routine secondary-trading notice.

capital raising announcement

Shareholders holding over 5% (Vargas, Kaliara, Mallee) requisition a general meeting to remove director Terence Shanahan and appoint three new directors: Judge, Sanders and Stokes. Chairman Johnston and Acting CEO Reisgys are not targeted and say they do not support it. A board fight begins.

security holder rights change

Agreement via Canadian consultant Falco to raise at least A$2.2m in two placements: 10m shares at A$0.22 (closing 19 May), then 10m at a discount to market by 5 August, each with free options. Falco gets A$15,000 monthly and 17m options, subject to shareholder approval. London or Toronto listing is being considered.

capital raising announcement

Company sets an exploration target of a further 65-85Mt at 115-145ppm U3O8 (17-27m lb) over 7 sq km, additional to the existing JORC resource. It is conceptual and unproven; a revised resource is aimed for mid-2008. Follows the Priority Area drilling.

resource reserve update

Drilling extends Marenica mineralisation up to 1.5km east and 2.5km southeast of the resource, with thickness up to 20m (e.g. 13.6m at 240ppm eU3O8). A target statement is due this month and a revised resource by mid-2008. Scoping metallurgy has started.

drilling result

First Priority Area RC results extend Marenica mineralisation (over 100ppm eU3O8) east and southeast of the 15m lb resource, with five holes showing 10-15.7m accumulated thickness. The company says this improves heap-leach potential. Assays are delayed by laboratory backlogs.

drilling result

Maiden JORC Inferred resource for Marenica Areas 1-3: 32Mt at 213ppm U3O8 for 15m lb (110ppm cut-off, to 40m depth), in line with the 14-22m lb target. Probe grades were cut 20% after checks against assays. Drilling is planned over 28 sq km to expand it.

resource reserve update

RC drilling has begun at Marenica to test the radon-indicated palaeochannel and other targets. The aim is to expand the known mineralisation and the non-JORC target of 35-45Mt for 14-22m lb U3O8. Resolves the earlier search for a rig.

drilling spud

A radon-gas (Track Etch) survey over 62.4 sq km indicates a possible new uranium palaeochannel about 10km long and 2km wide, east of the known mineralised areas. It is an indirect indicator, not drilled; the company is seeking an RC rig to test it.

drilling result

Gamma logging of 31 old holes 5-7km west of known mineralisation found narrow high-grade zones, e.g. 0.3m at 966ppm eU3O8, a new prospective area. Final RC assays were also received, best 3m at 385ppm. Scaddan electromagnetic survey starts 10 September.

drilling result

Drilling found a previously unknown mineralised area in the far east of Marenica (e.g. 1m at 617ppm), and mapping showed widespread alaskite intrusions, the rock type hosting Rössing's uranium. Further assays include 8m at 378ppm. About 15% of results remain outstanding.

drilling result

More Marenica assays include 11m at 409ppm U3O8 (28-39m, with 1m at 1,632ppm) in a sand-covered palaeochannel 2km south of known mineralisation, an area little drilled historically. About a third of results remain outstanding. Extends the shallow mineralisation beyond the historic zone.

drilling result

First assays from 12 of 150 Marenica holes show shallow uranium, e.g. 9m at 488ppm U3O8 from surface and 1m at 1,033ppm. The company says it has spent enough to earn 80% of the Marenica joint venture company; licence transfer applied for. A JORC resource is targeted this year.

drilling result

RC drilling has started at Marenica, about 2,500m, with all holes gamma probed and assayed. Scaddan's second licence, EL63/1037 (about 180 sq km), was also granted, taking the project to 300 sq km.

drilling spud

Phase Two trench sampling at Marenica found broad near-surface mineralisation over 100m wide, with grades up to 1,005ppm U3O8 (60m averaging 540ppm in trench A1T2). Drilling is still planned for first half 2007. Follows Phase One results.

drilling result

The company raised A$1.9m by placing 9.5m shares at 20 cents, with two free listed options for every three shares. Funds go to accelerated Marenica exploration and working capital, using the placement authority approved at the AGM.

capital raising announcement

Phase One trench sampling at Marenica returned uranium up to 1,483ppm U3O8 over 3m, plus 80m at 241ppm, confirming widespread near-surface mineralisation within the old Gold Fields area. This resolves the assays awaited since September; drilling is planned for first half 2007.

drilling result

Historic Gold Fields reports found in Namibia support an exploration target of at least 8,000 tonnes (about 18 million pounds) of U3O8 in roughly 40 million tonnes at 200ppm at Marenica. This is not a JORC resource, and more work is needed.

resource reserve update

Namibia's Ministry of Environment and Tourism grants environmental clearance for the Marenica uranium licence (EPL3287), allowing drilling and other ground disturbance. This resolves the pending environmental contract thread, so exploration can begin on the project the company is earning 80% of.

regulatory community update

The sale of the Duketon Belt gold properties to A1 Minerals, announced in December 2005, is completed for $100,000 cash and 2 million A1 shares, held in escrow for 12 months. The company says this lets it focus on new projects.

asset acquisition disposition

Namibia's Minister of Mines and Energy approves the joint venture to earn 80% of the Marinica uranium project, announced in April. Major exploration starts once an environmental contract is granted, which is described as well advanced.

farm in farm out completion

The company enters a joint venture to earn 80% of the Marinica uranium project in Namibia, a 706 sq km licence near Langer Heinrich. This follows the April rumour response and marks a move into uranium. The 49 million tonne figure is a company estimate with unknown grade.

farm in farm out agreement

Leon Reisgys, a uranium geologist, is appointed Technical Director and Acting CEO from 22 May 2006 on a 3-year contract at $250,000 a year. He is to receive 3.25 million options at 10 cents, subject to shareholder approval.

director officer appointment