Mr. Daniel Major reports

GOVIEX URANIUM LAUNCHES TARGETED EXPLORATION CAMPAIGN AT MUNTANGA AND KARIBA VALLEY TO EXPAND RESOURCES

GoviEX Uranium Inc. has launched the 2025 field season at the Muntanga uranium project in Zambia. Following four years of work that culminated in a positive feasibility study with an after-tax net present value (discounted at 8 per cent) of $243-million (U.S.), the company is expanding its exploration program to assess and advance new opportunities aimed at improving the project's overall economics by increasing resource size, extending mine life, and identifying new deposits that could enhance the scale and long-term stakeholder value of the project.

The 2025 campaign will consist of 35 drill holes for approximately 3,500 metres and will test four high-priority areas, ranging from near-mine targets that could extend Muntanga itself to a potential larger-scale opportunity at Kariba Valley, situated on strike and on trend 70 kilometres to the southeast of Muntanga. GoviEX's geological team reassessed three of the priority areas, identifying encouraging signs of potential success based on historical drilling with its updated geological model presented to senior executives during their most recent site visit.

Commenting on the new campaign, Govind Friedland, executive chairman, said: "After years of detailed feasibility and engineering work, we are super excited to refocus our geologic team on exploration and discovery. The Muntanga project already stands on a solid resource foundation, but what really inspires us is the opportunity to grow it -- both near the existing deposits and through Kariba Valley -- which we believe could be a true game changer. This is one of Africa's most underexplored uranium belts, and we're only just beginning to understand its true scale."

Priority drilling will commence at the Muntanga East target, where 10 shallow holes (to a maximum depth of 60 metres) will follow up historical intercepts over a radiometric anomaly located five kilometres from the planned Muntanga open pit, in the same Escarpment Grit formation host rocks that contain the current resource. Geological interpretation of existing data suggests a conceptual shallow exploration target ranging from two million to four million pounds of U3O8 (triuranium octoxide) at grades between 150 and 350 parts per million.

The targeted exploration program also includes further focus around the Dibbwi deposit, where remodelling interpretation suggests strong potential to significantly extend mineralization. Five drill holes are planned just east of the existing Dibbwi pit shell, targeting a well-defined radon anomaly that has never been drill tested. This anomaly lies along the projected mineralized trend and presents a compelling case for potential resource expansion. Notably, this anomaly was not drilled previously as the historic radiometric survey that identified it was conducted only after earlier drilling activities had taken place.

Farther south, in an area known as Dibbwi South, a trenching program will be undertaken over radon anomalies, which appear identical to the anomalies found in GoviEX's current Dibbwi deposit. These trenches will expose the underlying geology for mapping and sampling, with the goal of identifying new zones of near-surface mineralization suitable for follow-up drilling later in the season.

Within the Kariba Valley mining licence (38555-HQ-LML), the company's geologic field team sees high potential for economic mineralization on the Chisebuka prospect. This permit, acquired from African Energy Resources in 2017, hosts the same Karoo sedimentary package as the Muntanga-Dibbwi deposits, yet has seen no follow-up drilling since the initial reconnaissance work.

Review of the available drilling data as well as ground radiometric and mapping data confirms that the Chisebuka mineralization remains open updip, downdip at depth and potentially on strike. Geological modelling suggests a shallow, gently dipping mineralized body that can be traced for approximately four kilometres along strike and up to one kilometre across, with mineralized horizons cropping out from surface to roughly 110 metres depth. On this basis, GoviEX has delineated a conceptual model to guide exploration with targets of 20 million to 30 million pounds U3O8 and grades estimated between 150 and 300 parts per million, consistent with the grades already defined at Muntanga-Dibbwi.

To get a sense of scale on GoviEX's mine-permitted licence, the area targeted for exploration this summer on Kariba Valley is only approximately 3 per cent of the total licence area and the rest of the licence is also deemed highly prospective.

There is a presence of untested gaps between historical drill fences, where mineralization may demonstrate continuity -- suggesting alignment of mineralized sedimentary horizons across the undrilled segments. Interestingly, this prospect remains underexplored due to historical drilling being focused on easily accessible areas, rather than targeting most prospective full extent of the geological potential.

The company plans to drill 20 proof-of-concept holes totalling roughly 2,000 metres, with planned hole depths of 50 to 150 metres, to determine the extensions to mineralization.

Successful confirmation of mineralization across the planned sections would allow Chisebuka to move rapidly into resource definition drilling, supporting the company's strategy to enhance the project's economic potential through scale and optionality.

Next steps

Drilling and trenching across all four priority targets is scheduled to commence next week. Initial results from each area will help determine the design of follow-up programs later in the field season.

Across all targets, GoviEX's strategic objective remains clear: to materially improve overall project economics by expanding Muntanga's resource base, extending mine life, and identifying new deposits that could enhance the scale and long-term stakeholder value of the project.

Qualified person statement

The scientific and technical information in this release has been reviewed, verified and approved by Jerome Randabel, MAIG, chief geologist of GoviEX, 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.

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