Issue
If a project, with Camera Raw files created in earlier versions of Premiere Elements, is opened in Premiere Elements 2023, the Camera Raw files appear offline.
Workaround
To resolve this issue, replace Camera Raw files with other supported image formats such as JPEG, PNG, etc. For more information, see Supported file formats.
Camera Raw files can be imported into Photoshop Elements and in Elements Organizer if Photoshop Elements 2023 is installed.
Reason
Camera Raw files are not supported in Premiere Elements 2023. If a project created in earlier versions of Premiere Elements contain Raw files, the project can be opened, however, the Raw files will appear offline.