Mr. Daniel Major reports

GOVIEX URANIUM COMPLETES SUCCESSFUL DRILLING CAMPAIGN AT MUNTANGA PROJECT IN ZAMBIA

GoviEX Uranium Inc. has concluded an extensive drilling program in support of its continuing feasibility study at its wholly owned, mine-permitted Muntanga uranium project in Zambia. This fieldwork was conducted following a successful drilling program in 2022, which resulted in an updated increased mineral resource estimate (MRE) reported on July 17, 2023.

In the second half of 2023, the company conducted a total of 15,835 metres of infill drilling, covering 160 holes, mostly at the Dibbwi East and Muntanga deposits, with the objective to further upgrade the mineral resource category in areas previously categorized as inferred, mostly due to drill hole spacing and expansion of the Dibbwi East mineral resource open pit. The results of the current infill drilling program indicate potential for conversion of mineral resources from the inferred into the indicated categories. The updated MRE resulting from the 2023 drilling will be reported as part of the forthcoming feasibility study in 2024.

Daniel Major, chief executive officer, commented: "We are very pleased with the results of recent infill drilling campaign, which indicates strong potential for conversion of more mineral resources from the inferred into the indicated categories, which would mean these upgraded mineral resources can be included in the upcoming feasibility study, increasing the size and quality of the project. With uranium prices strengthening, we are continuing to progress with the development of the Muntanga project and looking forward to delivering a feasibility study next year with a goal to start producing within two years of securing financing."

Diamond drilling was completed to validate the gamma and radon correction carried out on the downhole logs. These holes were located as twins to existing percussion holes drilled in 2021 and 2022. The attached table shows the breakdown of drill holes per deposit area.

A total of 14 geotechnical drill holes were drilled over each deposit area to determine optimal pit wall geometry, with samples sent to Rocklab in South Africa for analysis.

Further geotechnical drilling was carried out for the purposes of infrastructure design. In addition, a total of 119 shallow test pits were dug using an excavator to determine soil characteristics within the proposed leach pad areas, waste dumps and other infrastructure.

Hydrogeological test work was carried out over each deposit area for the purpose of determining dewatering requirements and geotechnical design. A total of nine water bores associated with two monitoring wells were drilled, and pump testing was completed. In 2024, the company plans to carry out further water bore drilling to supply water to the plant. Groundwater modelling results thus far indicate sufficient aquifer sources proximal to the deposit areas.

Metallurgical testing is continuing at Mintek in South Africa to validate previous work to further increase confidence of plant design and recovery results.

Qualified person statement

The scientific and technical information in this release has been reviewed, verified and approved by Jerome Randabel, MAIG, chief geologist of the company, a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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 Muntanga project in Zambia.

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