diff --git a/.devcontainer/docker-compose.yml b/.devcontainer/docker-compose.yml
index c6524e9ae8..dc1207556c 100644
--- a/.devcontainer/docker-compose.yml
+++ b/.devcontainer/docker-compose.yml
@@ -2,7 +2,7 @@ version: '3.8'
 
 services:
   devcontainer:
-    image: ghcr.io/thechangelog/changelog-runtime:elixir-v1.14.5-erlang-v26.2-nodejs-v20.10.0
+    image: ghcr.io/thechangelog/changelog-runtime:elixir-v1.16.3-erlang-v26.2.5-nodejs-v20.14.0
     volumes:
       - ../:/workspace
     network_mode: service:db
diff --git a/.tool-versions b/.tool-versions
index 2b56e310e9..ee99ed180e 100644
--- a/.tool-versions
+++ b/.tool-versions
@@ -1,10 +1,10 @@
-direnv 2.34.0
-elixir 1.16.2
-erlang 26.2.2
-golang 1.22.1
-nodejs 20.11.1
-yarn 1.22.19
-postgres 16.2
-flyctl 0.2.25
-1password-cli 2.26.1
+1password-cli 2.29.0
 dagger 0.6.4
+direnv 2.34.0
+elixir 1.16.3
+erlang 26.2.5
+flyctl 0.2.65
+golang 1.22.4
+nodejs 20.14.0
+postgres 16.3
+yarn 1.22.22
diff --git a/CONTRIBUTING.md b/CONTRIBUTING.md
index f63ff07b84..67017a5e04 100644
--- a/CONTRIBUTING.md
+++ b/CONTRIBUTING.md
@@ -80,11 +80,11 @@ Create a new pull request via https://github.com/thechangelog/changelog.com
 
 You will need to have the following dependencies installed:
 - [PostgreSQL](https://www.postgresql.org/download/) v16
-- [Elixir](https://elixir-lang.org/install.html) v1.14
+- [Elixir](https://elixir-lang.org/install.html) v1.16
 - [Erlang/OTP](https://www.erlang.org/downloads) v26 - usually installed as an Elixir dependency
 - [Node.js](https://nodejs.org/en/download/) v20 LTS - [latest-v20.x](https://nodejs.org/download/release/latest-v20.x/)
 - [Yarn](https://yarnpkg.com/getting-started/install) v1.22
-- [Golang](https://go.dev/doc/install) v1.20 - if you want to run CI locally
+- [Golang](https://go.dev/doc/install) v1.22 - if you want to run CI locally
 
 We are using [`asdf`](https://asdf-vm.com/) to install the correct dependency versions in our development environment.
 
@@ -147,7 +147,7 @@ mix test
     - If a new version gets installed, run `asdf local erlang <INSTALLED_VERSION>`
 2. Repeat previous step for Elixir & Node.js
 3. Commit & push to check that image builds successfully in GitHub Actions
-    - _Alternatively_, build the image locally via: `{ cd magefiles && go run main.go -w ../ image:runtime }`
+    - _Alternatively_, build the image locally via: `$(cd magefiles && go run main.go -w ../ image:runtime)`
 
 After you confirm that the image builds successfully:
 1. Update `.devcontainer/docker-compose.yml` with new image tag
@@ -164,7 +164,7 @@ A pre-configured Codespace can be launched for this repo by following the instru
 
 ```console
 # CONFIGURE APP
-mix deps.get
+mix deps.get_dev
 mix ecto.setup
 
 # CONFIGURE STATIC ASSETS
diff --git a/magefiles/image/runtime.go b/magefiles/image/runtime.go
index 6f936eb93b..06abc50388 100644
--- a/magefiles/image/runtime.go
+++ b/magefiles/image/runtime.go
@@ -38,7 +38,7 @@ func (image *Image) PublishRuntime() *Image {
 
 func (image *Image) WithRuntimeLabels() *Image {
 	description := fmt.Sprintf(
-		"💜 Elixir v%s | 🚜 Erlang v%s | ⬢ Node.js v%s | 🐡 Ubuntu %s | %s",
+		"💜 Elixir v%s | 🚜 Erlang v%s | ⬢ Node.js v%s | 🗃️ Ubuntu %s | %s",
 		image.versions.Elixir(),
 		image.versions.Erlang(),
 		image.versions.Nodejs(),
diff --git a/magefiles/tools/main.go b/magefiles/tools/main.go
index 8fae522c14..1879202894 100644
--- a/magefiles/tools/main.go
+++ b/magefiles/tools/main.go
@@ -23,44 +23,51 @@ func CurrentVersions() *Versions {
 	return &Versions{
 		toolVersions: toolVersions(),
 		Ubuntu: Ubuntu{
-			// https://hub.docker.com/r/hexpm/elixir/tags?page=1&ordering=last_updated&name=ubuntu-jammy
-			Short: "jammy-20240125",
-			Long:  "22.04 LTS (Jammy Jellyfish)",
+			// https://hub.docker.com/r/hexpm/elixir/tags?page=1&ordering=last_updated&name=ubuntu-noble
+			Short: "noble-20240429",
+			Long:  "24.04 LTS (Noble Numbat)",
 		},
 	}
 }
 
-// https://github.com/elixir-lang/elixir/releases || asdf list all elixir
+// https://github.com/elixir-lang/elixir/releases
+// asdf list all elixir
 func (v *Versions) Elixir() string {
 	return v.toolVersions["elixir"]
 }
 
-// https://github.com/erlang/otp/releases || asdf list all erlang
+// https://github.com/erlang/otp/releases
+// asdf list all erlang
 func (v *Versions) Erlang() string {
 	return v.toolVersions["erlang"]
 }
 
-// https://nodejs.org/en/download/releases/ || asdf list all nodejs
+// https://nodejs.org/en/download/releases
+// asdf list all nodejs
 func (v *Versions) Nodejs() string {
 	return v.toolVersions["nodejs"]
 }
 
-// https://www.postgresql.org/docs/release/ || asdf list all postgres
+// https://www.postgresql.org/docs/release
+// asdf list all postgres
 func (v *Versions) Postgres() string {
 	return v.toolVersions["postgres"]
 }
 
-// https://github.com/yarnpkg/yarn/releases || asdf list all yarn
+// https://github.com/yarnpkg/yarn/releases
+// asdf list all yarn
 func (v *Versions) Yarn() string {
 	return v.toolVersions["yarn"]
 }
 
-// https://github.com/superfly/flyctl/releases || asdf list all flyctl
+// https://github.com/superfly/flyctl/releases
+// asdf list all flyctl
 func (v *Versions) Flyctl() string {
 	return v.toolVersions["flyctl"]
 }
 
-// https://app-updates.agilebits.com/product_history/CLI2 || asdf list all 1password-cli
+// https://app-updates.agilebits.com/product_history/CLI2
+// asdf list all 1password-cli
 func (v *Versions) OnePassword() string {
 	return v.toolVersions["1password-cli"]
 }
diff --git a/mix.exs b/mix.exs
index bdd9c20d4d..e3e029505e 100644
--- a/mix.exs
+++ b/mix.exs
@@ -12,7 +12,7 @@ defmodule Changelog.Mixfile do
     [
       app: :changelog,
       version: System.get_env("APP_VERSION", "0.0.1"),
-      elixir: "~> 1.14",
+      elixir: "~> 1.16",
       elixirc_paths: elixirc_paths(Mix.env()),
       start_permanent: Mix.env() == :prod,
       aliases: aliases(),