West Perth-based Elevate Uranium secured $10 million in funding through a share placement.
The placement comprises 23,809,524 fully paid ordinary shares at an issue price of 42 cents apiece, with participants receiving unlisted options.
Funds will be used to accelerate the company's growth strategy, including resource definition, exploration programs and technical studies across its portfolio in Australia and Namibia.
Existing cash reserves and the placement will allow for in-depth resource drilling in both countries and potential acquisitions.