Crossword Genius

Middlemen dead tired at the foundation or in high spirits? (6)

Ross

I believe the answer is:

elated

I'm a little stuck... Click here to teach me more about this clue!

'in high spirits?' is the definition.
('elated' can be similar in meaning to 'in high spirits')

'middlemen dead tired at the foundation' is the wordplay.
I cannot quite see how this works, but
'dead' could be 'late' (similar in meaning) and 'late' is found in the answer.
The remaining letters 'ed' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...

'or' is the link.

Can you help me to learn more?

(Other definitions for elated that I've seen before include "Exultant" , "Cock-a-hoop" , "In very high spirits, really chuffed" , "Gleeful" , "Ecstatically happy" .)

I've seen this clue in The Irish Times and the Irish Times (Crosaire).
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