Mr. Govind Friedland reports

GOVIEX URANIUM REPORTS ON DISCUSSIONS WITH THE GOVERNMENT OF NIGER REGARDING ITS MINING PERMIT

GoviEX Uranium Inc. is currently in discussions with the government of Niger regarding the commencement of its mining operations. The company has received notice that it must commence mining at its Madaouela uranium project by July 3, 2024, failing which there is a risk of revocation of its mining permit.

The company is committed to developing the project and is working with the Nigerien government toward a mutually beneficial solution that complies with applicable law and protects the company's rights. While there is no guarantee of the outcome of these discussions, GoviEX is committed to exploring all viable options to ensure the best results for the company and all of its stakeholders. In parallel with the discussions with the government, GoviEX is in discussions with third parties regarding potential investments to expedite the development of the project. GoviEX will provide further updates as these discussions progress.

Govind Friedland, executive chairman, commented: "Since the start of our operations in Niger, we have completed an unprecedented 650,000-metre drilling campaign, all with local contractors and employees, to define the potential mineral resource there, which is now amongst the largest known resources in the world. The company has since worked with local engineers to design a state-of-the-art open-pit and underground mine that has an expected life of over 20 years and that will provide hundreds of new jobs to Nigeriens. The company was able to do this because it co-operated with governments and worked with locals to create a mutually beneficial outcome. Our commitment to the country remains, and we will use all appropriate means available to us to ensure that we continue to develop the project."

GoviEX has successfully advanced the project from its initial exploration phase, through a period of historically low uranium prices, to the publication of its feasibility study in late 2022. The project has advanced despite political change since the coup d'etat on July 26, 2023. Since then, the company has completed its updated environmental and social impact assessment, required to commence construction and operations.

In March this year, GoviEX confirmed that due diligence for the project had started on behalf of prospective lenders and that it had expressions of interest in excess of $200-million (U.S.) for project-related debt finance, and to date continues discussions with potential lenders and offtakers. More recently, the company started front-end engineering designs and initial groundworks, including the construction of an access road at the project and the preparation of terracing necessary to commence civil engineering.

The Madaouela project represents a significant investment in the Nigerien economy, with an anticipated initial capital expenditure of $343-million (U.S.), and is expected to generate considerable employment opportunities with the potential of creating up to 800 jobs over its forecasted 20-year mine life. The Madaouela project is also expected to contribute substantial royalty payments and taxes to the Nigerien government. The government holds a 20-per-cent stake in Comima, the Nigerien company set up to develop the project.

Although the company continues to be dedicated to Niger, it is important to note that GoviEX is an international company with a diverse portfolio of projects. The company continues to progress its mine-permitted uranium project in Zambia, which is expected to publish its feasibility study in the second half of this year.

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 mine-permitted Madaouela project in Niger and its mine-permitted Muntanga project in Zambia.

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