Elevate Uranium Ltd (ASX:EL8) has announced an agreement to sell its Oobagooma Uranium Project in Western Australia to Orpheus Uranium Ltd (ASX:ORP). Elevate Uranium focuses on advancing its Namibian and Northern Territory uranium portfolio and commissioning its U-pgrade demonstration plant. The Oobagooma project, located 75km northeast of Derby in the Kimberley region of Western Australia, exhibits classic sedimentary-style roll-front mineralisation.
Under the terms of the agreement, Orpheus will acquire 100% interest in the Oobagooma Uranium Project. The consideration includes a A$50,000 non-refundable exclusivity payment, A$175,000 in upfront cash, and 20,000,000 fully paid Orpheus shares upon completion. Additionally, Elevate Uranium is eligible for two milestone-based equity payments.
The first milestone payment consists of 15,000,000 fully paid Orpheus shares, contingent upon Orpheus securing necessary approvals for exploration activities and completing at least 14 days of exploration within three years of completion. The second milestone payment involves 25,000,000 fully paid Orpheus shares, subject to Orpheus completing a 2,400-metre drill program within five years of completion.
Completion of the transaction is subject to Orpheus shareholder approval and the entry into certain third-party arrangements. Elevate Uranium anticipates becoming a substantial and supportive shareholder of Orpheus upon completion. Discovery Capital Partners acted as corporate advisor to Elevate on the transaction. For further details, refer to Orpheus’s ASX announcement dated 14 October 2025.
