Mr. Daniel Major reports

MADAOUELA PROJECT COMMENCES FINANCING DUE DILIGENCE

Lender due diligence for GoviEX Uranium Inc.'s Madaouela uranium project has commenced with the appointment of SLR Consulting on behalf of prospective lenders. The due diligence will evaluate environmental and social risks and ensure compliance with relevant regulations and international standards to meet lender requirements for project financing.

The company currently has expressions of interest (EOIs) in excess of $200-million (U.S.) for project related debt finance. Prospective financiers include government backed institutions such as export credit agencies and development finance institutions together with commercial banks.

GoviEX announced the results of the Madaouela feasibility study on Sept. 20, 2022, and has remained committed to moving ahead with its project financing with continued engagements with a number of lenders.

Daniel Major, chief executive officer, said:

"Madaouela is a long-life project with solid economics, underpinned by a strong uranium market. Whilst we are monitoring the current political situation in Niger, we believe in the potential of the country and its people and remain dedicated to contributing positively to its socio-economic development. We are also pleased to commence environmental and social due diligence as required by our potential lenders, which is a positive step towards potentially securing debt financing for the development of Madaouela, which holds one of the largest known uranium resources in the world.

"GoviEX has two uranium projects nearing development and our Zambian project is also progressing ahead, with feasibility study results expected in the second half of this year. That, coupled with a strong market, puts us in an advantageous position, setting the stage for potential significant growth opportunities and enhanced shareholder value in the near future."

The company continues to advance due diligence with a select group of lenders. The detailed due diligence stage is expected to take several months.

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.

We seek Safe Harbor.