Mr. Govind Friedland reports

GOVIEX URANIUM LETTER TO STAKEHOLDERS

GoviEX Uranium Inc. has provided a letter to stakeholders from the executive chairman, Govind Friedland.

Dear stakeholders,

Nearly two weeks ago, our company was informed by the government of the Republic of Niger that it no longer has rights over the perimeter of the mining permit for our Madaouela project, which reverted to the public domain.

This decision came despite our very best efforts spanning almost two decades, which have transformed Madaouela from an exploratory venture into one of the world's largest known uranium deposits. Since acquiring our licence, we have navigated through extreme uncertainty and withstood periods of historically low uranium prices. Despite this, we continued to develop the project through 2023 when uranium prices exceeded the $65 (U.S.) per pound U3O8 (triuranium octoxide) used in our 2022 feasibility study.

Our readiness to escalate development was evident -- we secured expressions of interest totalling $200-million (U.S.) for project-related debt financing in 2023, commenced construction of an access road, prepared for initial groundworks, terracing and exploitation, and received our environmental and social impact assessment certificate.

The decision to withdraw our mining rights is especially perplexing given the implications for any future developers, which would effectively need to start from scratch. The necessity to conduct a new drilling campaign, environmental assessments, social studies and metallurgical test work -- tasks into which we have already invested millions -- will inevitably lead to significant project delays. Such delays are contrary to the government's stated objectives for rapid development and economic progress in the region.

This is also a very disappointing decision for all our dedicated employees and the communities around Madaouela, which are deeply invested in the success of the project, which promised to bring significant economic and social benefits to the region, including creating up to 800 jobs and substantial governmental royalties.

The decision to withdraw our mining rights did not follow the withdrawal procedure prescribed under the applicable mining code. We are fully prepared to pursue all necessary legal avenues to defend our rights and protect our investments and have formally written to the Ministry of Mines to contest the decision and to initially seek an amicable solution as per Niger's Mining Convention. We are starting the process to secure independent assessments of damages related to the withdrawal of our mining rights.

So what happens next?

The need for clean energy, coupled by uncertainty regarding energy security and a structural deficit in uranium supply means that the uranium market will continue to require new projects to fulfill demand. While uranium is an abundant metal, permitting a uranium mine can take decades -- so, fortunately, our Muntanga project in southern Zambia has all its main permits and we are reinvigorated in our focus to publish its feasibility study later this year.

Adversity often paves the way for reflection and re-evaluation. Whilst we are going to continue to fight for Madaouela, the current situation also represents a unique opportunity to concentrate our efforts on Muntanga to drive the growth and success of our operations. Muntanga is a project with massive potential, poised to become a cornerstone of our company.

We have been working to develop Muntanga since 2016. This project has mineral resources of 42.6 million tonnes at an average grade of 359 parts per million U3O8, containing 33.7 million pounds of U3O8 (measured and indicated) and 15 million tonnes at an average grade of 330 parts per million U3O8, containing 10.9 million pounds of U3O8 (inferred) in five deposits (Muntanga, Dibbwi East, Dibbwi, Gwabi and Njame), located over 65 kilometres of strike. Zambia is a democratic, stable, pro-mining country that is keen to see the development of new projects -- and we look forward to developing it.

We thank you for your continued support and understanding during these complex times. The board and management are doing everything within our power to protect shareholders' investments and the company's rights and to navigate these circumstances effectively.

Going forward, we will not be defined by this setback but by our capacity to adapt and thrive. Thank you for standing with us as we turn these challenges into stepping stones toward a prosperous future.

Govind Friedland

Chairman, GoviEX Uranium

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 mine-permitted Muntanga project in Zambia.

We seek Safe Harbor.