Mr. Daniel Major reports

GOVIEX URANIUM AND GOVIEX NIGER FILE ARBITRATION REQUEST AGAINST THE REPUBLIC OF NIGER IN RELATION TO MADAOUELA PROJECT

GoviEx Uranium Inc. and GoviEx Niger Holdings Ltd., GoviEx's fully owned subsidiary, have begun arbitration proceedings against Niger under the convention on the Settlement of Investment Disputes Between States and Nationals of Other States.

The companies commenced the arbitration pursuant to the arbitration clause set out in the mining convention signed on May 26, 2007, by GoviEx Niger and the state, which is governed by Nigerien law, including the 1993 Mining Law as supplemented in 1999 and amended in 2006, on the basis that the state breached its obligations, as set out in the mining convention and Nigerien law.

In July, 2024, the Niger Ministry of Mines informed GoviEx Niger of its decision to deprive the company of its rights under a mining permit granted to GoviEx Niger for the Madaouela uranium project, and the Niger Council of Ministers later that month issued three decrees withdrawing the mining permit and abrogating the decrees granting the mining permit and approving the mining convention.

The companies consider that the withdrawal decision and withdrawal decrees constitute a breach of the state's obligations under the mining convention, the mining code and the Niger Civil Code, and that the conduct of the state vis-a-vis the companies in relation to the project constitutes a breach by the state of its obligation to execute its undertakings in good faith.

Over the past year and a half, the companies received expressions of interest in excess of $200-million (U.S.) for project related debt finance, started social and environmental due diligence with a prospective lender, updated the project's environmental and social impact assessment, and commenced front-end engineering designs and initial ground works, including the construction of an access road necessary for exploiting the project's mine.

With the recent recovery in uranium prices, the project was poised for development and the companies had started to advance despite the political changes in Niger since the coup d'etat of July, 2023. The companies believe that the state's withdrawal of their rights to the Project will have a negative impact on the economic and social development of the region. With a forecast initial capital expenditure of $343-million (U.S.), as well as considerable employment opportunities, the project was forecast to create up to 800 jobs over its projected 20-year mine life, with substantial royalty payments and taxes payable to the state.

While the companies have attempted to settle their dispute with the state amicably, including through initiating a local administrative recourse before the Niger president of the republic, the state has shown no willingness to engage with the companies to reach an amicable settlement.

The companies strongly believe that they are entitled to be reinstated in their rights to the project and/or be awarded monetary compensation as a result of the state's conduct in relation to the project and are accordingly pursuing a legal remedy under the mining convention to safeguard their rights. The companies may, as required, pursue other available remedies, including international arbitration under the 2019 memorandum of understanding signed by GoviEx Niger and the state.

Notwithstanding the commencement of this arbitration, the companies remain committed to engaging constructively with the state to resolve the dispute.

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.