Mr. Munakupya Hantuba of Menel reports

MENEL ENERGY AND RESOURCES LIMITED - NEWS RELEASE PURSUANT TO: NATIONAL INSTRUMENT 62-103

Menel Energy and Resources Ltd., on May 5, 2025, acquired ownership of 138.71 million units of securities of GoviEx Uranium Inc. at a price of five cents per unit for total consideration of $6,935,500 pursuant to a non-brokered private placement offering. Each unit comprises one Class A common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share of GoviEx for 24 months at a price of 5.1 U.S. cents per share.

Prior to participation in the private placement, Menel did not have ownership and control, directly and indirectly, of any securities of GoviEx. Participation in the private placement results in Menel having ownership and control, directly and indirectly, of a total 138.71 million common shares and 138.71 million share purchase warrants of GoviEx, an increase of approximately 13.56 per cent on a non-diluted basis and 22.51 per cent when assuming exercise of all share purchase warrants held or control by Menel, for a total of approximately 13.56 per cent of the issued and outstanding common shares of GoviEx on a non-diluted basis, and 22.51 per cent when assuming exercise of all share purchase warrants held or controlled by Menel.

Menel's acquisition was made for investment purposes. Menel may in the future wish to increase or decrease its shareholdings in GoviEx as circumstances warrant. Such circumstances may include, but are not limited to, compliance with applicable securities laws, general market and economic conditions, business prospects of GoviEx, and investment and business opportunities available to Menel.

The head office of GoviEx is located at Suite 606, 999 Canada Pl., Vancouver, B.C., V6C 3E1. A copy of Menel's early warning report filed under National Instrument 62-103 may either be obtained under GoviEx's profile on SEDAR+ or by contacting Menel at 260-977-770833.