Marenica is continuing test work on its proprietary U‐pgrade™ beneficiation technology. Recent flowsheet optimisation test work on uranium ore from the Marenica deposit has resulted in an increased U‐pgrade uranium recovery of 72% (previously 66%). The increase in U‐pgrade recovery has resulted in a marginal reduction in concentrate grade from 5,500 ppm to 5,000 ppm U3O8. The increased recovery is expected to reduce the average OPEX from $42/lb to $39/lb.

The company is continuing the U‐pgrade optimisation test work program and will provide material updates as they become available. Marenica is also actively seeking ore samples from other resource companies to determine the applicability of the U‐pgrade technology. To this end Marenica has been granted approval to test samples from Areva’s Trekkopje mine and also Deep Yellow’s Australian and Namibia resources.

The company is in discussions with a further seven resource companies about providing samples for evaluation and testing.