Mr. Govind Friedland reports

GOVIEX URANIUM ANNUAL LETTER TO STAKEHOLDERS

GoviEX Uranium Inc. has provided a letter to stakeholders from the Executive Chairman, Govind Friedland.

Dear stakeholders,

Two thousand twenty-four has been a pivotal year for GoviEX -- a time of challenges that tested our resilience, a journey of rediscovery that sharpened our focus and a testament to the determination that continues to propel us forward.

The revocation of GoviEX's rights to the Madaouela project in Niger, which the company believes to be unlawful, was not only a profound operational setback but also a deeply personal disappointment. Madaouela was a project into which we poured over a decade of dedication, with more than 650,000 metres of drilling and the discovery of one of the world's largest known uranium resources. Around the time these rights were revoked, we were actively pursuing financing opportunities for Madaouela, some at a very advanced stage. Despite this setback, we remain fully committed to pursuing every avenue available to protect GoviEX's rights in relation to this project. We have commenced arbitration proceedings under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID convention), and while we remain committed to engaging constructively with the state to resolve the dispute, we are prepared to pursue these arbitration proceedings to safeguard GoviEX's rights.

However, alongside this challenge, 2024 has also been a year to refocus as we turned our priorities toward the Muntanga project in Zambia. This shift was not a departure from our strategic priorities but rather an acceleration of the development of a project that has always been a critical part of our portfolio.

Over the last few years, we achieved significant progress at Muntanga. We completed extensive technical studies, including a comprehensive drilling program that not only validated and enhanced our mineral resource estimates but also provided critical data to underpin our feasibility study. In 2024, metallurgical test work confirmed outstanding uranium recoveries of 90 per cent or better, along with favourable operational metrics such as low acid consumption -- an essential element for efficient heap leach processing. These findings reinforce the potential for Muntanga to become a highly competitive and sustainable uranium operation.

We have made great progress with the feasibility study for the Muntanga project, tackling the complexities of integrating five different deposits into a cohesive mining schedule. Each deposit has unique characteristics, requiring several iterations of the schedule to identify the optimal approach while considering various processing designs and rates to achieve the best outcome. Most aspects of the study, including geotechnical assessments and water management, are complete. Provisional numbers have already been compiled, and we are currently awaiting qualified person sign-off to conclude the study in the next few weeks. In parallel, we have been advancing the environmental and social impact assessment (ESIA) for the expanded Muntanga project, in accordance with International Finance Corp. (IFC) guidelines.

As we near the completion of the feasibility study, I am increasingly optimistic about Muntanga's potential to transform GoviEX into a uranium producer of global significance. With long-term uranium prices showing sustained strength and the growing recognition of nuclear energy's critical role in a low-carbon future, the timing for this project could not be more opportune.

Beyond the operational sphere, 2024 has also been a year of strategic re-evaluation. We have taken deliberate steps to sharpen our focus on projects and jurisdictions that align with our vision. Our recent acquisition of an option to explore the Lundazi licence in Zambia reflects this strategy, broadening our exploration footprint in a mining-friendly jurisdiction and potentially leveraging synergies with our work at Muntanga.

In the face of adversity, the resilience of our team has been extraordinary. I want to extend my deepest gratitude to every GoviEX employee for their hard work, determination and belief in our mission. I also want to thank you, our stakeholders, for your patience, support and trust during this challenging period. Your confidence is the foundation of everything we do, and it motivates us to keep pushing forward.

We are emerging from 2024 stronger, more focused and more determined than ever to realize the full potential of GoviEX. I am confident that, together, we will navigate the road ahead and deliver on the promises we have made to you -- our stakeholders.

Govind Friedland

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.