NBSX: EL8 - QUARTERLY ACTIVITIES REPORT – DECEMBER 2025

===================== QUARTERLY ACTIVITIES REPORT – DECEMBER 2025

Elevate Uranium Limited Registration Number: ABN: 71 001 666 600 Registered as an external company in Namibia ISIN Code: AU0000156416 NSX Share Code: EL8

QUARTERLY ACTIVITIES REPORT – DECEMBER 2025

This announcement was released 21 January 2026

HIGHLIGHTS

• Capital Raising

The Company completed a placement to raise $25 million (before costs).

• U-pgradeTM Pilot Plant

The U-pgradeTM pilot plant (“Plant”) was assembled in Namibia.

Commissioning and operator training is nearing completion with steady state operations

expected by late January.

• Exploration Activities – Namibia

In total 260 holes for 11,330 metres were drilled in Namibia during the quarter.

• Koppies Uranium Project

Drilling at Namib IV was focussed on infill of the mineralised envelope to confirm the hole

spacing suitable for estimation of the maiden resource.

15 holes were drilled at the Koppies deposit to determine the potential for extensions of

mineralisation beneath the current JORC resource. Results are expected during the March

Quarter.

• Central Erongo Area

Drill hole data validation of historical results from the Marenica Uranium Project continued

throughout the quarter, with an updated resource estimate expected to be completed during

the March Quarter.

25 holes were drilled at the Marenica Dome focused on understanding the geology of the

area. Results are expected during the March Quarter.

3 deep holes were drilled at Capri to test a mineralised anomaly identified from gamma

probing an historical water bore.

• Exploration Activities – Australia

Three deep holes for 1,860 metres were drilled at the Angela Uranium Project targeting a

seismic reflector identified beneath the current resource. Results are expected in during the

March Quarter.

• Acquisition of Uranium Assets from Core Lithium Ltd

The strategic acquisition of a suite of uranium assets was completed on 22 December 2025.

The assets are located in the Northern Territory and South Australia, two highly supportive,

established uranium mining jurisdictions.

The Napperby Uranium Project (NT) contains an 8.0 Mlb U3O8 JORC 2012 resource at 382

ppm U3O8 and is located only 25 km from the Company’s Minerva Uranium Project.

The Fitton Uranium Project (SA) is an early-stage uranium project with excellent drill results,

including 19 m at 487 ppm U3O8.

The full announcement can be viewed at the following link: https://www.elevateuranium.com.au/wp-content/uploads/2026/01/3013799.pdf

On behalf of Board of Directors

Murray Hill CEO & Managing Director

27 October 2026

Registered Office Post Strasse Hof Commercial unit 3 Second Floor 35 Daniel Tjongarero Avenue Swakopmund Namibia

Sponsor IJG Securities (Pty) Ltd Member of the NSX 4th Floor, 1@Steps, C/O Grove and Chasie Street Kleine Kuppe, Windhoek P O Box 186, Windhoek, Namibia Registration No. 95/505 Date: 27/10/2026 12:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').

The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,

indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS. =====================