Mr. Daniel Major reports

GOVIEX ANNOUNCES SUBSTANTIAL INCREASE OF OPEN-PIT MINERAL RESOURCES AT ITS 100% OWNED MUNTANGA URANIUM PROJECT IN ZAMBIA

GoviEX Uranium Inc. has released an updated mineral resource estimate (MRE) for its wholly owned, mine permitted Muntanga uranium project in Zambia. The Muntanga project consists of three mining permits that cover approximately 720 square kilometres and contain five deposits: Dibbwi, Dibbwi East, Muntanga, Gwabi and Njame.

Daniel Major, chief executive officer of GoviEX, commented: "Our drilling campaigns in 2021 and 2022 have led to a significant update in the Muntanga mineral resource estimate. This progress is characterized by a notable growth in in-pit resources, a substantial conversion of inferred resources into the indicated category and an overall rise in uranium grades. What's more exciting is that this upward trajectory in resource growth persists even under lower uranium prices, such as the $50 (U.S.)/lb [pound] used in our preliminary economic assessment (PEA). There is also additional potential for further upgrading of inferred resources, thereby expanding the resources that can be included in the feasibility study. These are very promising results and will be integrated into our ongoing feasibility study."

The 2023 updated MRE is the result of extensive infill drilling, including 8,010 metres drilled in 2021 and a further 19,990 metres drilled in 2022, predominately on the Dibbwi East deposit, to further delineate the deposit and convert inferred resources to the indicated category. The mineral resource update included a comprehensive reassessment of previous work, and a revised correlation between downhole radiometric probe data and chemical assays used to convert downhole radiometric data into equivalent uranium grades (eU3O8) for mineral resource estimation.

Based on the $50 (U.S.)/lb U3O8 used to define the mining schedule in the 2017 PEA, constrained total pit resources are 36.5 million pounds (Mlb) eU3O8, comprising 34 million tonnes (Mt) at 374 parts per million (ppm) eU3O8 for 28.4 Mlb in measured and indicated (M&I), and 11 Mt at 348 ppm eU3O8 for 8.1 Mlb of inferred, highlighting the robustness of the mineral resources at Muntanga. With the quality of the resource estimate improved, higher M&I, higher grade and a notable increase in estimated resources within the constrained open-pit area, the company is optimistic that the updated MRE will be favourable to the project economics previously estimated for Muntanga in the PEA, and especially as the continuing drilling is targeting conversion of more inferred resources into indicated resources.

As per the regulations applicable in 2017 when the company released its National Instrument 43-101 technical report, the MRE reported did not need to be constrained by pit shells based on any particular uranium price, as almost all mineralization at the time occurred within 125 metres of surface with uranium grades that were, in general, considered to have a reasonable prospect for eventual economic extraction (RPEEE) by open-pit mining. The cut-off grade used for reporting the 2017 MRE was 100 ppm eU3O8.

The 2023 MRE is disclosed, including an additional constraint applied to comply with the RPEEE, and is accordingly reported within a constraining open-pit shell based on a uranium selling price of $70 (U.S.)/lb U3O8 and a 100 ppm eU3O8 cut-off grade. The updated 2023 MRE is presented in the table entitled "Mineral resource statement, Muntanga uranium project, Zambia, effective date of March 31, 2023."

To facilitate a comparison between the 2023 and 2017 MRE, the table entitled "Comparison of 2017 unconstrained and constrained mineral resources" provides an assessment on the impact of a constraining open-pit shell based on uranium selling price of $70 (U.S.)/lb U3O8 and a 100 ppm eU3O8 cut-off grade on the 2017 MRE.

The 2017 constrained mineral resources are based on a fixed uranium price and, should uranium prices increase, a conversion of additional material into a constrained mineral resource would be anticipated.

Based on the drilling completed in 2021 and 2022, an updated mineral resource estimate has been prepared by SRK Consulting (Canada) Inc. The mineral resource is that portion of the resource estimate which has been constrained within an open-pit shell, considering reasonable mining, processing, and general and administrative cost, geotechnical parameters, and processing recoveries. SRK considers that the material reported as a mineral resource fulfills the requirement by the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) guidelines of having an RPEEE through open-pit mining.

A summary of the mineral resources for all deposits comprising the Muntanga project is presented in the table entitled "Mineral resource statement, Muntanga uranium project, Zambia, effective date of March 31, 2023."

Analysis of the open-pit shell used to constrain the MRE highlights that there are still inferred category mineral resources that have the potential to be converted to indicated resources with additional drilling. That would enable them to be included in the economics related to any future feasibility study, as the examples herein indicate. This work is currently under way as part of this year's previously announced drilling program.

In conclusion, the updated MRE for the Muntanga project is a testament to GoviEX's strategic focus and commitment to maximizing the potential of its vast resource base. As the only uranium developer with two African projects ready to begin development and near-term production, GoviEX is well placed to benefit from future growth.

Qualified person statement

The technical information and associated data in this release has been reviewed, verified and approved by Cliff Revering, PEng, who is an independent qualified person, under the terms of NI 43-101, for uranium deposits.

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, its mine-permitted Mutanga project in Zambia and its multielement Falea project in Mali.

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