Mr. Daniel Major reports

GOVIEX URANIUM STRENGTHENS FOOTHOLD IN ZAMBIA

As part of its strategy to expand its foothold in the Republic of Zambia, GoviEX Uranium Inc. has secured an option to acquire a 51-per-cent interest in the Lundazi exploration licence from Stalwart Investments Ltd. The Lundazi licence covers an area of 817.9 square kilometres, which includes formations of the Karoo supergroup, which is recognized for its substantial sandstone-hosted uranium deposits in Zambia, making it a potentially significant area for uranium exploration activities.

The area offers geology similar to GoviEX's existing Muntanga project in Zambia, where the company has been advancing exploration with promising results and is scheduled to publish the results of a feasibility study (FS) on this project in the second half of this year. Following the publication of the FS, GoviEX anticipates advancing project financing efforts with a view to be in a position to make a production decision, which could see the Muntanga project potentially commencing production two years after construction commences.

Zambia is well known for its thriving mining industry, supported by a stable political environment and strong government backing. The country's commitment to fostering a conducive environment for mining operations, including regulatory support and infrastructure development, makes it an ideal location for GoviEX to expand its exploration activities.

Commenting on the transaction, GoviEX's chief executive officer, Daniel Major, said: "The Lundazi licence represents a strategic advancement for GoviEX, complementing our ongoing work in Zambia. The geological similarities between Lundazi and Muntanga are particularly encouraging, allowing the company to leverage its existing knowledge and expertise in the region. Progress at Muntanga, where the feasibility study is on track for publication later this year, has reinforced our belief in the potential of these underexplored yet highly prospective areas in the country. Additionally, Zambia's solid reputation as a mining-friendly country, with strong government support, underpins our confidence in the success of these projects."

Under the terms of the transaction, GoviEX has the opportunity to earn its 51-per-cent interest in the Lundazi licence by investing up to $1.5-million (U.S.) over three years. However, the initial commitment is limited to an indicative exploration expenditure of $300,000 (U.S.) in the first year. After this initial phase, GoviEX retains the right to terminate the transaction at any time with 60 days written notice, allowing the company to reassess its position with minimal risk. Should GoviEX decide to proceed beyond the first year and successfully complete the three-year option, the parties will form a joint venture for further exploration and potential development of the Lundazi licence, with future contributions on a pro rata basis. The company plans to start initial exploration fieldwork with geological mapping and radiometric surveys, followed up by a drilling campaign in 2025.

Commenting on the acquisition, Jerome Randabel, GoviEX's chief geologist, said: "The local geology of the Lundazi area closely resembles that of GoviEX's Muntanga project, which makes this opportunity particularly exciting for us. Initial surveys conducted by previous explorers in the area and supported by data from Stalwart indicate numerous geological faults within the licence area. These faults are often channels for mineralized fluids and serve as natural traps for mineral deposits, providing promising signs for potential uranium. The presence of noted radiometric anomalies further supports this outlook and I am looking forward to exploring these opportunities and uncovering the full potential that this region holds."

Similar deposits have showcased considerable economic viability in the area, notably Lotus's Kayelekera in Malawi, which shares several geological features with the current area of interest.

GoviEX has significantly enhanced its geological database for the Lundazi area by integrating a comprehensive collection of digitized radiometric data from government maps dating back to the 1960s, along with more recent advanced aerial and ground surveys. The data set includes approximately 750 data points across the Luano Valley and Luangwa Valley detailing key geological parameters which, supplemented by scans of 92 original government magnetic/radiometric maps, serve as vital tools for identifying geological anomalies and conducting preliminary explorations.

The transaction is subject to the receipt of required consents and regulatory approvals as well as the satisfaction of other conditions customary for a transaction of this nature.

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.