Mr. Daniel Major reports

GOVIEX'S MADAOUELA URANIUM PROJECT PROGRESSING AHEAD WITH COMMENCEMENT OF FRONT END ENGINEERING DESIGNS

GoviEX Uranium Inc. has provided an update on progress at its Madaouela uranium project in Niger following the appointment of SGS Bateman Pty. Ltd. for the commencement of front-end engineering designs. The Project is also moving forward with initial ground works, including the construction of an access road, which is planned to be followed by comprehensive site clearance and terracing, and then initial civil engineering construction.

This progression marks a significant step towards the Madaouela Project's development, complementing both the initiation of lender due diligence announced earlier this month and GoviEx's receipt of expressions of interest (EOIs) for project-related debt finance of approximately USD 200 million.

The Madaouela Project represents a significant investment in the Nigerien economy, with an anticipated initial capital expenditure of USD 343 million, and is expected to generate considerable employment opportunities with the potential of creating up to 800 jobs over its 20-year mine life. The project is also expected to contribute to substantial royalty payments and taxes to Niger. 1

GoviEx is a Canadian company with assets in Niger and Zambia with a continued commitment to developing both projects. The Company notes the recent developments concerning the Niger-US military arrangements after the announcement by the Niger Government of the termination of their military accord, which was due to expire later this year. We are closely monitoring the situation on the ground and through our current potential lenders. The Company continues to target a number of financing options for the Madaouela Project, including those noted above, as well as the completion of Muntanga's Feasibility Study, which is due in the second half of this year.

Commenting on these developments, Daniel Major, CEO of GoviEx said:

"Whilst we continue to monitor the current political situation in Niger, I am really pleased to start the development of Front-End Engineering Designs, as wells as the initial ground works at Madaouela. This Project is more than an investment in uranium; it's an investment in the future of Niger, aiming to bring economic benefits and develop local talent that will serve the nation for years to come. With two projects in development, we are uniquely positioned to benefit from the current uranium market."

GoviEx's Madaouela Project in Niger holds one of the largest uranium resources amongst its peers, with 96.9 million pounds of U3O8 in measured and indicated mineral resources, plus inferred resources of 19.6 million pounds of U3O8.1 Its Muntanga Project in Zambia has 33.7 million pounds of U3O8 in measured and indicated mineral resources, plus inferred resources of 10.9 million pounds of U3O8.2.

Qualified Person Statement

The scientific and technical information in this release has been reviewed, verified, and approved by Mr. Jerome Randabel, MAIG, Chief Geologist of the Company, a Qualified Person as defined in Canadian National Instrument 43-101 "Standards of Disclosure for Mineral Projects."

Notes:See technical report titled, "A Feasibility Study for the Madaouela Uranium Project, Niger" dated effective November 01, 2022, available under the Company's profile on the SEDAR+ website at www.sedarplus.ca.See 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, available under the Company's profile on the SEDAR+ website at www.sedarplus.ca.

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About GoviEx Uranium Inc.

GoviEx (TSXV: GXU) (OTCQX: GVXXF), 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.