Mr. Daniel Major reports

GOVIEX'S MUNTANGA PROJECT IN ZAMBIA RAMPS UP FOR 2023

Following a successful drilling program in 2022 on its Muntanga uranium project in Zambia, GoviEX Uranium Inc. will expand the scope of the feasibility study for the Muntanga project to include detailed engineering and design. The company will also complete the project's environmental and social impact assessment (ESIA) update and undertake additional drilling to target mineralization extensions along sections at the project's Dibbwi East deposit.

In 2022, the company conducted an extensive 15,500-metre infill drilling program at the Dibbwi East deposit, which is targeting conversion of the current 29 million pounds triuranium octoxide from inferred into indicated resources (1). GoviEX will provide an update to its mineral resource estimate in the coming weeks.

Analysis of the 2022 drilling results has highlighted that the Dibbwi East deposit is open up and down dip, as several sections have not closed off the uranium resource. In response, GoviEX plans to conduct 7,000 metres of mud rotary drilling to target these areas of open mineralization at the deposit and further enhance its understanding of the deposit's potential.

Currently, over four tonnes of ore samples have been delivered to the Copperbelt University in Zambia where confirmatory metallurgical test work is continuing. This will be used to support the feasibility study process design and costing.

Daniel Major, chief executive officer of GoviEX, said:

"Our continued progress on the Muntanga uranium project reflects our commitment to responsible and sustainable development in Africa. With the completion of our ESIA and feasibility study planned for 2024, we are well positioned to advance this project towards near-term production and to become a significant contributor to the global uranium market. We are excited about the potential of the Muntanga project and the positive impact that it will have on our stakeholders and the local community."

With the updated mineral resource due in the coming weeks and metallurgical test work under way, GoviEX has appointed Ukwazi Site Services (project manager and mining), SGS Bateman (process design) and SRK U.K. (power, hydrogeology and heap leach design) as the project team to undertake the feasibility study for the Muntanga project, targeting 2024 for completion. These firms will provide specialized expertise and guidance will help ensure that the final design and development of the Muntanga project are optimized for efficiency, safety and sustainability, and ensure that GoviEX's commitments to environmental, social and governance are included in the study.

During 2022, GoviEX committed to updating the ESIA for the Muntanga project, to bring it to an International Finance Corp. (IFC) standard and to include the Dibbwi East deposit, which was only discovered after the previous ESIA was approved. Most of the baseline studies have now been completed, and phase one of the relocation action plan is currently under way. As part of last year's program, GoviEX achieved a significant milestone by successfully submitting and obtaining approval of the term of reference document with the Zambia Environmental Management Agency.

GoviEX is currently the only uranium developer with two African mine-permitted projects in development with projected near-term production. Based on the 2017 PEA (1), Muntanga's anticipated output is forecast to be 2.5 million pounds per annum, with Madaouela's project in Niger forecast to produce 2.6 million pounds per annum. This places GoviEX in a favourable position within the uranium industry and as an attractive partner for offtakers. The company remains dedicated to advancing its projects and delivering value to its stakeholders.

Qualified person statement

The information and associated data in this release have been reviewed, verified and approved by Dr. Rob Bowell, a chartered chemist of the Royal Society of Chemistry, a chartered geologist of the Geological Society of London, and a fellow of the Institute of Mining, Metallurgy and Materials, who is an independent qualified person under the terms of National Instrument 43-101 for uranium deposits.

Notes:

(1) See: Technical report title, "NI 43-101 Technical Report on a Preliminary Economic Assessment of the Mutanga Uranium Project in Zambia," dated Nov. 30, 2017, prepared by qualified persons from SRK Consulting (U.K.) Ltd. The PEA is considered preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all, or any part of an inferred mineral resource, will be upgraded to an indicated or measured mineral resource as a result of continued exploration or mineral reserves once economic considerations are applied; therefore, there is no certainty that the production profile concluded in the PEA will be realized.

About GoviEX Uranium Inc.

GoviEX is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEX's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela project in Niger and its mine-permitted Mutanga project in Zambia.

We seek Safe Harbor.