Mr. Daniel Major reports

GOVIEX URANIUM ANNOUNCES UPSIZE OF PRIVATE PLACEMENT TO UP TO $10.5 MILLION

Due to significant investor demand, GoviEX Uranium Inc. has upsized its private placement. Further to the news release of April 30, 2025, in which the company announced a private placement financing of up to 160 million units at a price of five cents per unit for aggregate gross proceeds of up to $8.0-million, the company is increasing the private placing financing up to 210 million units at a price of five cents per unit for aggregate gross proceeds of up to $10.5-million.

The units to be issued under the private placement will be hold units only and pursuant to the exemptions under National Instrument 45-106 (Prospectus Exemptions) including the accredited investor exemption. Hold units will be subject to the statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

Each unit will be composed of one Class A common share of the company and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share at the U.S.-dollar-equivalent price of seven cents per common share for a period of 24 months following the closing date of the offering.

The company intends to use the net proceeds of the offering to finance continued exploration and development activities on the company's assets, working capital and general corporate purposes. The closing of the offering is expected to occur on or about May 5, 2025, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the conditional approval from the TSX Venture Exchange.

A cash finder's fee up to 6.0 per cent may be paid to arm's-length finders for hold units placed by a finder in the offering. Additionally, on the closing date, the company may issue to such finders warrants of the company to acquire, in aggregate, a number of common shares of the company equal to up to 3.0 per cent of the aggregate number of hold units placed by that finder under the offering. Each finder's warrant entitles the holder to purchase one additional common share at the U.S.-dollar-equivalent price of seven cents per common share, exercisable for a period of 18 months following the closing date of the offering.

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.

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