Mr. Govind Friedland reports

GOVIEX URANIUM ANNUAL LETTER TO STAKEHOLDERS

GoviEX Uranium Inc. today provides a letter to stakeholders from the executive chairman, Govind Friedland, and the chief executive officer, Daniel Major.

To our fellow stakeholders,

Twenty twenty-three has been an incredible year for the uranium industry, with spot uranium prices closing the year at $91 (U.S.) per pound triuranium octoxide, the highest since November, 2007, and representing a 91-per-cent increase over the 12 months of 2023, and most recently exceeding $100 (U.S.)/lb U3O8. This increase is not only part of a growing recognition of nuclear's vital role in the global transition to clean energy, but also a reflection of the mismatch between uranium supply and demand, in a sector that has consistently underinvested in new projects for over a decade. Within such a backdrop, GoviEX remains one of only a handful companies with two fully permitted projects nearing construction, offering diversified projects in mining friendly jurisdictions.

Despite bullish uranium prices, the unexpected military coup in Niger, where our Madaouela project is located, has created some challenges. Whilst we understand the concerns such events may raise, we continue to work closely with the current government and are currently in the process of renewing our environmental and social impact assessment, which we expect to be finalized shortly. Our operations in Niger have demonstrated resilience during this uncertain time and our commitment to the project and the region as well as its socio-economic growth remains. Whilst funding for Madaouela may have been delayed, we are optimistic that this may change in future, and continue to engage with lenders and potential offtakers.

Having a diversified asset base provides us with a significant advantage, particularly during periods of political uncertainty. Our Muntanga project in Zambia has shown good progress during 2023.

Last year we announced a substantial increase in open-pit mineral resources at Muntanga, with measured and indicated resources nearly tripling, now representing 74 per cent from 29 per cent of total resources. Our total in-pit constrained resources increased 18 per cent and we have shown a grade improvement in all mineral categories. What is more exciting is that this upward trajectory in resource growth persisted even under lower uranium prices, such as the $50 (U.S.)/lb used in our preliminary economic assessment, which is a testament to the project's potential and resilience.

In 2023, we completed a 15,835-metre drilling program on the Muntanga and Dibbwi East deposits. The results of the infill drilling program are promising, indicating the potential for further conversion of mineral resources from the inferred into the indicated category, which would mean these upgraded mineral resources can be included in the upcoming feasibility study, potentially increasing the size and quality of the project.

Looking ahead, we are on track to complete the feasibility study and the environmental and social impact assessment in Zambia in 2024. Our vision is clear: to commence uranium production within two years postfinancing, becoming a uranium supplier in this uranium cycle.

Our commitment to environmental, social and governance (ESG) principles continues to be a priority. During the year, we have achieved significant advancements in our sustainability reporting and instituted robust processes to measure critical metrics such as water and diesel consumption, as well as electricity use and greenhouse gas emissions. We also further developed our risk management and health, safety, security and environment programs, and prioritized local employment and procurement in our operational jurisdictions. We have a fully local work force and implement local procurement policies across all of our projects. We continue to focus on workplace diversity, with women constituting 35 per cent of our work force, up from 29 per cent last year. Additionally, we have enhanced stakeholder engagement, adopting a comprehensive engagement plan and grievance procedure, alongside a community development plan, emphasizing education, health, water access and women's empowerment.

The successful upsizing of our bought deal offering to $13.8-million late last year is a reflection of the market's confidence in our strategy and potential, which has provided us with the capital necessary to continue our exploration and development activities, supports the company's growth and sustainability.

Finally, further to our Jan. 5, 2024, announcement we are delighted to welcome the appointment of Allison Fedorkiw to our board of directors. As an ESG specialist, her expertise will be invaluable in guiding our ESG initiatives and ensuring that our operations continue to meet the highest standards of social and environmental responsibility. Ms. Fedorkiw replaces David Cates, who has agreed to remain with GoviEX in a consulting capacity.

In closing, we thank you once again for your continued support. The uranium market is at a pivotal moment, and we believe that GoviEX is well positioned to capitalize on the opportunities ahead. Twenty twenty-four will see GoviEX focused on completing the feasibility study for Muntanga, and subject to an improvement in conditions in Niger, the company will seek the financing options for both of its development projects. This is the time for uranium, and with your continued support, this is the time for GoviEX.

Sincerely,

Govind Friedland and Daniel Major

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 project.

We seek Safe Harbor.