Elevate Uranium (ASX:EL8) upgraded its total mineral resource estimate for the Marenica project in Namibia to 52.8 million pounds uranium yellowcake at 180 parts per million, according to a Wednesday filing with the Australian bourse.

Infill drilling of the areas identified as growth targets in February has added 12.6 million pounds uranium yellowcake to the previous mineral estimate of 40 million pounds at 185 parts per million, the filing said.

Shares fell 4% in morning trade Wednesday and earlier hit their lowest since March 2025.