Mr. Daniel Major reports

GOVIEX URANIUM PROVIDES UPDATE ON REVERSE TAKEOVER OF TOMBADOR IRON

GoviEX Uranium Inc. has provided an update on the progress of its proposed reverse takeover transaction with Tombador Iron Ltd.

Since announcing the arrangement agreement on Aug. 18, 2025, GoviEX has continued to advance toward completion of the transaction, which is expected to create Atomic Eagle Ltd., an Australian Securities Exchange-listed uranium developer with a strengthened balance sheet, a simplified corporate structure, and a clear mandate to advance and improve the Muntanga project in Zambia, supported by a proven uranium team.

On closing of the transaction, GoviEX shareholders will hold 75 per cent of Atomic Eagle while Tombador's existing shareholders will retain the remaining 25 per cent. Additionally, Tombador will undertake a concurrent financing of at least $5-million (Australian) and up to $10-million (Australian) at a minimum issue price of 28 Australian cents per share (6.4 cents), currently representing a 28-per-cent premium to the GoviEX share price, bringing the combined company's cash balances to between $19.4-million (Australian) and $24.4-million (Australian).

GoviEX securityholders representing over 40 per cent of the company's outstanding securities have now entered into binding support agreements in favour of the transaction. In parallel, Tombador has filed its meeting circular with the ASX, commencing its formal approval process. Voting of Tombador shareholders will take place on Oct. 8, 2025.

The parties have also agreed to amend the arrangement agreement to ensure greater fairness and alignment among all securityholder classes. As a result of this amendment, GoviEX shareholders, warrantholders and optionholders will vote to approve the transaction at the company's securityholder meeting currently scheduled for Oct. 24, 2025.

The company is intending to work with the OTC Markets to ensure that Atomic Eagle has an OTC listing as well as its ASX listing, in line with several of its ASX-listed uranium peers.

Commenting on the update, Daniel Major, chief executive officer of GoviEX, said: "This transaction represents a unique and compelling opportunity for our shareholders. The support we have already received underscores the market's confidence in our strategy and the long-term potential of the Muntanga project. The ASX listing, strengthened balance sheet and newly reconstituted board will together provide the platform to unlock significant value. We remain confident that the completion of this transaction will be transformative for all of our stakeholders."

The transaction is expected to close in early November, 2025, subject to shareholder, securityholder, court and regulatory approvals. Full details of the amended arrangement agreement and the shareholder and securityholder meetings will be included in the management information circular to be sent to GoviEX securityholders and filed on SEDAR+.

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.