Company news in brief

Elevate Uranium secures millions

Elevate Uranium, with its flagship project Koppies in Namibia, has received binding commitments to raise US$10 million – about N$188 million – through a share placement.

The placement received strong support from domestic and offshore institutional investors, including specialist uranium and natural resources funds, Elevate said.

Upon completion of the placement, the company will have a strong balance sheet with a cash balance of 17.1 million Canadian dollar.

“The placement adds further depth to our register, strengthens our financial position and allows us to press on to aggressively advance our flagship Koppies project in Namibia and explore our other projects in Namibia and Australia. In an increasingly buoyant uranium price environment, we will have five drill rigs operating in Namibia alone,” Murray Hill, managing director of Elevate, said.

Strong near-term news flow expected with three drill rigs currently active at Koppies supporting the anticipated delivery of a resource update in the first quarter of 2024, while planning is underway for further resource growth and exploration drilling across the Australian and Namibian portfolio, Elevate said.



Madison eyes European market

Madison Metals Inc., with uranium exploration assets in Namibia, has announced a strategic partnership with Euroswiss Equity Group to enhance its business development, media awareness and investor relations initiatives in Europe.

Madison has been active in Namibia for 22 years.

Madison Metals, with an active presence in the European Union (EU) market, intends to solidify its position as an internationally recognised uranium mining and exploration company. Euroswiss Equity Group is a renowned expert in facilitating market entry into central Europe, specialising in forging efficient connections between companies and capital markets.

The collaboration with Euroswiss is initially set for a six-month period commencing last week and is subject to renewal upon mutual agreement between both parties.

With a robust network and strong investor relationships, Euroswiss possesses unique expertise in European markets, media and marketing, enabling clients to gain direct access to European investors, Madison said in a statement.



Lithium results encourage Andrada

Andrada Mining is encouraged by the progress towards its strategy of building a large-scale lithium production base in Namibia, the company has said.

The London-listed technology metals mining company issued a statement, saying it has produced high-grade lithium spodumene concentrate from mineralised pegmatite material sourced from the Lithium Ridge licence area in Namibia.

“These results confirm recoverable spodumene within the pegmatites of the Lithium Ridge licence area. The test work produced battery-grade spodumene concentrate at very attractive lithium recoveries. This follows the conclusion of a first phase of exploration drilling on Lithium Ridge which yielded exceptional results as announced on 6 September 2023,” Andrada CEO Anthony Viljoen said.

Viljoen said Andrada will proceed with the next phase of exploration drilling, metallurgical test work and mineralogical characterisation.

Andrada, formerly AfriTin Mining, is dual-listed on the Development Capital Board (DevX) of the Namibian Stock Exchange (NSX). It closed at N$1.33 per share on Thursday.