Mr. Daniel Major reports

GOVIEX FILES RESOURCE UPDATE FOR MUNTANGA PROJECT

GoviEX Uranium Inc. has filed a technical report titled "NI 43-101 Technical Report On the Updated Mineral Resource Estimate for The Muntanga Uranium Project in Zambia" dated effective March 31, 2023. The report was filed today under GoviEX's profile on SEDAR, and it is also available on GoviEX's website.

The drilling update, released on July 17, 2023, marked a significant milestone for GoviEX, with measured and indicated resources nearly tripling, increasing from 29 per cent to 74 per cent of total resources. Additionally, total in-pit constrained resources increased by 18 per cent, whilst all mineral categories enjoyed a grade improvement. These positive outcomes were largely a result of rigorous and strategic drilling campaigns undertaken in 2021 and 2022, with the Dibbwi East deposit as the primary focus.

Daniel Major, chief executive officer of GoviEX, commented: "The Muntanga project continues to exceed our expectations, and the latest results from our drilling efforts only solidify our belief in its potential. We're looking at a resource that's not just quantitatively significant but of superior quality. What's more exciting is that this upward trajectory in resource growth persists even under lower uranium prices, such as the $50 (U.S.)/pound used in our preliminary economic assessment (PEA) (1). 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 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 have been reviewed, verified and approved by Cliff Revering, PEng, who is an independent qualified person under the terms of National Instrument 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.

(1) See technical report titled, "NI 43-101 Technical Report On A Preliminary Economic Assessment Of The Mutanga Uranium Project In Zambia," dated effective Nov. 30, 2017.