Mr. Daniel Major reports

GOVIEX URANIUM FILES FEASIBILITY STUDY FOR MUNTANGA URANIUM PROJECT

GoviEX Uranium Inc. has filed a feasibility study (FS) for its Muntanga uranium project in Zambia. The FS, prepared in accordance with National Instrument 43-101, represents a significant milestone in the advancement of Muntanga as one of the few near-term uranium projects positioned to address the growing supply deficit in the nuclear fuel market.

The technical report titled, "NI 43-101 Technical Report: Muntanga Uranium Project in the Southern Province of Zambia," dated March 7, 2025, has been filed under GoviEX's profile on SEDAR+ and is also available on the company's website.

Feasibility study highlights:

• Solid project economics:
  • After-tax net present value (discounted at 8 per cent) of $243-million (U.S.);
  • Internal rate of return of 20.8 per cent;
  • Operating costs of $32.20 (U.S.) per pound U3O8 (triuranium octoxide);
  • Significant leverage to higher uranium prices, with an additional $45-million (U.S.) added to NPV for every $5 (U.S.) per pound increase in U3O8 prices;
  • Production averaging 2.2 million pounds U3O8 per annum over 12 years;
  • Life of mine (LOM) of 12 years based on probable mineral reserves in two deposits and further potential for upgrading inferred resources, exploration and mining of three satellite deposits;
• Low technical risk:
  • Shallow open-pit mine and heap leaching with industry-standard, conventional processing methods;
  • Excellent local infrastructure with road access, water and grid power;
  • Well-established export routes through Namibia; able to supply Western and non-Western markets;
  • No tailings storage required, reducing the environmental impact;
• Cost-efficient operations:
  • Soft rock reduces powder factor and lowers mining costs;
  • Optimized ore processing -- high liberation of minerals; only requires crushing to 25 millimetres for agglomeration;
  • LOM average recovery rates of at least 90 per cent with rapid uranium recoveries within 21 days from start of heap irrigation;
  • Low acid consumption, averaging less than 16.5 kilograms H2SO4 (sulphuric acid) per tonne of ore treated, with Zambia's position as a net surplus acid producer ensuring reliable local supply;
  • Low energy requirements -- soft rock minimizes crushing costs, with a total grid power draw requirement of just seven megawatts peak;
  • Quick start-up -- uranium production expected within four months of mining;
  • Rapid payback estimated at 3.8 years from start of production.

Daniel Major, chief executive officer of GoviEX Uranium, said: "The FS confirms Muntanga as a robust, shallow open-pit, heap leach operation in a mining-friendly jurisdiction, with an after-tax NPV of $243-million (U.S.) and an IRR of 20.8 per cent. The project is highly leveraged to uranium prices, adding $45-million (U.S.) in NPV for every $5 (U.S.) per pound increase in U3O8. We have already appointed financial advisers to assist the company in securing funding, and, with production targeted just two years after financing, I am looking forward to progressing with one of the few uranium projects that can help address the increasing uranium demand in a tight market."

With the feasibility study now completed, GoviEX will focus on securing project financing, evaluating options, including debt, royalties, streaming and offtake agreements. In this regard, the company announced on Feb. 20, 2025, the appointment of Endeavour Financial as its financial adviser. The company is also actively engaging with utilities and strategic partners to align with growing demand for uranium.

Qualified persons

The scientific and technical information in this release has been reviewed and approved by:

• Jacobus Johannes Lotheringen, BEng (mining engineering), a South African Institute of Mining and Metallurgy (SAIMM) member (registration No. 701237), and a professional engineer registered at the Engineering Council of South Africa (ECSA) (registration No. 20030022), employed by Ukwazi Transaction Advisory Pty. Ltd. as a principal mining engineer, who is an independent qualified person under the terms of National Instrument 43-101 for uranium deposits;
• Dr. Robert J. Bowell, BSc (geochemistry), honours PhD (geochemistry), a Royal Society of Chemistry chartered chemist (membership No. 332782), a professional geologist for the province of Newfoundland and Labrador (registration No. 10809), a Geological Society of London chartered geologist (registration No. 1007245), an Institute of Mining, Metallurgy and Materials fellow, employed by SRK Consulting (U.K.) Ltd. as a principal geochemist.

Mr. Lotheringen and Dr. Bowell have reviewed, verified and approved the data disclosed in this news release.

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.