3. Februar 2022

Vancouver, British Columbia–(Newsfile Corp. – February 3, 2022) – GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) („GoviEx“ or the „Company„) is pleased to announce its 2022 drilling programme at the polymetallic copper-silver-uranium Falea Project in Mali. GoviEx has engaged Foraco Mali to undertake exploration drilling, focusing on targets based predominantly on the induced polarisation („IP„) surveys completed on the Falea Project in 2020 and 2021.

In December 2020 and August 2021, the Company announced the results of geophysical survey and data inversion analysis by Computational Geosciences, which highlighted a large chargeable body over 2 km in length and 500 m wide underneath the deposit on the Falea Project adjacent to the Road fault. Additionally, the results of the geophysics highlighted a second anomaly aligned with a structural feature associated with the Siribaya trend as well as potential for a chargeable body in the northeast area of the Bala exploration license. The IP data highlights the much shallower depth to basement and associated unconformity. The geophysical results corroborated geological interpretation that both Falea and Bala licenses appear to be highly prospective for increased polymetallic uranium-copper-silver mineralization.

In addition, an assay program of historical diamond drill cores below the known uranium mineralisation of the deposit, report both copper and gold mineralisation. It is believed that the deposit results from mineralising fluids intruded via the faults in the area to deposit at suitable trap sites at the unconformity within the overlying rocks. Previous historical drilling programmes have not tested for the presence of mineralised bodies below the unconformity within the Birimian. These will now be tested during our drilling campaign.

Govind Friedland, Executive Chairman of GoviEx, said:

„We are extremely excited to start testing the real potential of Falea and Bala with our 2022 drilling program. The IP results and initial samples indicate that our current known resources could be just the tip of the iceberg on this deposit, which already contains 31 million pounds of uranium, 63 million pounds of copper and 21 million ounces of silver.“ ⁽¹⁾

„We remain strong believers in the copper, silver and of course uranium market fundamentals and we are only just beginning to see its true growth as we enter a period of prolonged inflation and tightening of supply chains. GoviEx remains well positioned and offers significant value and exposure to the forecast deficit of critical energy transition metal supply for the future.“

The Falea Project consists of three Exploration Licenses; Falea, Bala and Madini, in southwest Mali and is situated along strike to a number of gold mines and exploration projects and the Saraya East uranium project in Senegal (Figure 1). The Falea polymetallic mineralisation contains uranium, copper, and silver that has been defined at or near the unconformity between the Taoudeni basal sediments and the underlying metamorphic rocks of the Birimian aged sequences. Drilling that stopped only a few metres beyond the ore body – but within the Birimian rocks – are shown to contain copper and gold based on assays received to date.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5017/112671_7bc1923964efcaaf_001full.jpg

Foraco Mali has been contracted to carry out 6,000 metres of diamond core drilling to an average depth of 600 metres, focused on two geophysical anomalies within the Birimian sequence below the Falea polymetallic deposit on the Falea licence and one anomaly on the Bala licence. The program is expected to take six months to complete.

The local geological team has been on site during January 2022, carrying out sampling of the Birimian section of existing core from drill holes that overlie and come close to the IP anomaly, following on from the initial work completed and reported in 2020.

Visual examination of the historical cores within the Birimian shows that it is extensively veined and sheared (Figures 2 and 3), with evidence of copper and gold mineralisation.

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31.03.2022

Nuclear Can Meet the Clean Energy Demand of EVs

Over the past decade, the electric vehicle (EV) market has grown rapidly. Now with the momentum from emissions reduction targets, the EV market size is projected to grow about 25 percent. According to one estimate by Bloomberg, at least two-thirds of global car sales will be electric by 2040.

EVs are popular, in part, because they can reduce harmful emissions that impact the environment, our health and climate change. However, they are only as clean as the energy they use. If an EV is plugged into a charging station powered by a carbon-emitting energy source, it fails to truly reduce emissions. By some estimates, charging an electric vehicle at night in coal-dependent areas can generate more emissions than a gasoline-powered car. Carbon-free energy like nuclear is needed to power these stations to deliver on clean energy targets.

In 2021, the global share of EVs more than doubled. During this time some EVs have become household names, such as the Tesla Model 3 and Toyota Prius, but the EV landscape is quickly changing. Some of the models set to release in 2022 are highly anticipated, and bring new, exciting options to consumers. The most notable is the Ford F-150 Lighting, an EV version of the best-selling vehicle in the U.S. for nearly four decades. Ford claims that when fully charged, the pickup truck can provide a home with power for up to three days.

EV’s are a part of a growing trend known as the electrification of everything. Utilities face the challenge of increasing electricity generation while meeting decarbonization goals. EVs contribute to this increased demand for electricity, as many are left to charge overnight.

U.S. electric vehicle-related energy demand is expected to increase to 107 terawatt hours by 2035, which is the equivalent of the amount of energy used to power about 10 million homes in the United States.

Consumers increasingly want to drive EVs, but many are hesitant if the electricity to charge them comes from fossil fuels.

Nuclear energy is the most viable option for a steady stream of reliable, affordable, carbon-free electricity that can power EV charging stations 24/7/365. Nuclear reactors are responsible for over half of all carbon-free energy produced in the U.S., and nuclear energy pairs well with renewables, like wind and solar, to create a cleaner grid.

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28. April 2022

GoviEx Ramps up Work at Mutanga Targeting a Feasibility Study

• GoviEx’s Mutanga Project to follow closely behind its Flagship Madaouela Project in the project pipeline
• Updates on Field Program, Dibwe East resource upgrade drilling, hydrogeological study, metallurgical test work verification and ESIA
• At recent prices, the Mutanga project shows a 34% IRR and US$189million NPV with projected production to exceed 2.5 million pounds per annum

Vancouver, British Columbia–(Newsfile Corp. – April 28, 2022) – GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) („GoviEx“ or the „Company„) is pleased to announce that it has started its 2022 field program on its 100% owned and mine permitted Mutanga uranium project in Zambia (the „Mutanga Project„), one of three African projects owned by GoviEx, which is planned to be developed following the Company’s Flagship Madaouela uranium project in Niger (the „Madaouela Project„).

The field program will target key aspects that will assist to progress the Mutanga Project towards completion of its Feasibility Study and potential subsequent funding and construction.

The planned field program includes 15,500 metres of infill drilling, with an aim to upgrade the Mutanga Project’s Dibwe East resource from Inferred to Indicated category, extending the work completed by GoviEx in 2021. The drilling is planned to use down-hole percussion drilling to an average depth of 120 metres in a nominal 100 m x 50 m grid.

GoviEx has also commissioned 9,000 metres of diamond drilling to obtain core samples for uranium assays that will be used to determine uranium disequilibrium factors for the Mutanga Project’s Dibwe East and Dibwe deposits. The drilling will also provide metallurgical samples for process verification and optimisation test work and for geotechnical studies.

As part of the 2022 field programme, a hydrogeological study will be conducted to find a reliable water source for the plant and to carry out the dewatering studies for the open pits. GoviEx has also commissioned an update of the ESIA and Relocation Action Plan beginning in July 2022. Finally, the Company has commissioned downhole logging services including calibrated gamma log used to correlate uranium grades, hole deviation and conductivity logs to interpret the geology.

GoviEx is committed to acting responsibly across all of the activities it undertakes. This underpins our approach to Environmental, Social and Corporate Governance and can be demonstrated through our commitment to local employment and local content. As part of this commitment, all contracts awarded for the 2022 Field programe as above are from companies based in Africa, with the vast majority being in Zambia.

Based on its 2017 Preliminary Economic Assessment, („PEA„)^1,2, the Mutanga Project is planned as an open pit, heap leach operation with an 11-year mine life forecast to produce 2.6 Mlbs of U3O8 per year, based on a Mineral resource of 15.2 Mlbs U3O8 contained in the Measured and Indicated and 44.9 Mlbs U3O8 contained in the Inferred category. Uranium recovery is forecast at 88% with a relatively low capital intensity. Start-up Capex is estimated to be US$123 million and cash operating costs are forecast at US$31.1/lb U3O8.

The Mutanga Project has access to extensive infrastructure including road, ground water and grid power, and also benefits from a low stripping ratio (3.4:1) and low sulfuric acid consumption (3-9 kg/tonne ore processed). The PEA assumed a 9% mining royalty that was applicable at the time, which has subsequently been revised by the Zambian government to 5%. At recent prices, the project has an 34% IRR and US$189 million NPV.

Daniel Major, CEO of GovieEX said: „We are a multi asset developer on track to deliver on the feasibility study for our mine permitted Mutanga Project. This is two years after we plan to deliver the feasibility study for our Madaouela Project in Niger, which is due in the first half of this year. With increased uranium prices driven by strong market fundamentals, the Mutanga Project continues to be a key asset for GoviEx.“

Table 1.0 Net Present Value and Internal Rate of Return Sensitivity

^*USD58 /lb as per PEA base case
^**US$63.5 /lb spot as at 12/04/22 UxC, LLC
¹ Royalty Rate as per PEA
² Currently Royalty Rate applicable

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June 30, 2022

GoviEx Releases Update on the Mutanga Drilling Program and Madaouela’s Feasibility Study

Vancouver, British Columbia–(Newsfile Corp. – June 30, 2022) – GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) is pleased to announce an update on its drilling program at Mutanga, a 100% owned and mine permitted uranium project in Zambia, as well as an update on the Feasibility Study for Madaouela, its mine permitted uranium project in Niger.

Mutanga Drilling

GoviEx has made good progress with its Mutanga infill drilling campaign, which commenced in May 2022. The campaign is focused on upgrading the inferred mineral resources associated with the Dibwe East deposit⁽¹⁾ to indicated mineral resources for inclusion into a planned feasibility study. The down-hole percussion drilling conducted at the end of June 2022 is approximately 40% complete, with 6,220 m drilled out of a planned 15,500 m, and the diamond drilling is just over 10% complete with 936 m drilled out of a planned 9,000 m. (Figure 1).

Figure 1: Location of drill holes at Dibwe East

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5017/129670_fig1.jpg

The mineralisation remains consistent from hole to hole, but with additional mineralisation on the sections drilled so far this year, having thicknesses of up to 25m, and extending deeper and more laterally than prior drilling to a depth of 200m. See figure 2.

Average grades are still comparable to previously drilled holes, and some holes achieved peak grades of up to 1.2% eU3O8 (Hole MDTH1386) including the current 0.67x disequilibrium factor. Part of the diamond drilling program is targeted towards reviewing this factor as there may be potential to improve this number.

The Dibwe East deposit currently contains 43.1Mt of uranium mineralization at an average grade of 304ppm U3O8 for 28.9Mlb U3O8, and represents approximately 45% of the total resource tonnage at Mutanga.⁽¹⁾

Figure 2: Section N8190859 showing increased lateral extent and thickness of mineralisation at depth compared to previously interpreted mineralised envelope.

Madaouela Feasibility Study

At Madaouela, GoviEx is at the final stages of completing its feasibility study, with detailed engineering, drawings and provisional capital and operating costs already defined and calculated. GoviEx is currently working on final optimization and trade-off options and expects to complete its Feasibility Study in Q322. In addition, the Niger government is currently reviewing a new Mining Code, due to be finalised shortly, and while no major impacts are expected as a results of this new mining code, GoviEx would like to include any potential changes into its Feasibility Study.

Daniel Major, CEO commented:

„I am pleased to announce the progress we have made at Mutanga this year. Our ambitious drilling programme is aimed at upgrading the inferred mineral resources associated with the Dibwe East deposit ⁽¹⁾ and we have had very positive initial results so far. This follows from last year’s successful infill drilling campaign.

„We have been working diligently on the Madaouela feasibility study and I am pleased that we have already completed detailed engineering, drawings and provisional capital and operating costs. Despite the increase in inflation and pricing volatility, I am satisfied with the work completed and we are currently examining several final optimization options to improve the results to date. With the uranium market continuing to improve, we are committed to releasing the results of the Madaouela feasibility study soon as possible.“

Govind Friedland, Executive chairman of GoviEx, said:

„The uranium market continues to be one of the most exciting investment propositions out there. Strong fundamentals coupled with the need for security of supply, a raging energy crisis, the push for decarbonisation and investment in clean energy; GoviEx is well positioned to potentially benefit from the expected strong market environment.“

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15.07.2022

GoviEx Provides Madaouela Surface Area Tax Update

Vancouver, British Columbia–(Newsfile Corp. – July 15, 2022) – GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) is pleased to announce that the Government of the Republic of Niger has agreed to a deferment of 50% of the Madaouela project’s surface area taxes payable later this month. According to the terms of the deferment, GoviEx is to pay 50% of the surface area taxes due, or 1,824 million FCFA (US$2.8m), in July 2022 and the remaining 50% in December 2022. The Madaouela project is a mine permitted uranium development project jointly owned by GoviEx (80%) and the Government of the Republic of Niger (20%).

Daniel Major, CEO, commented: „Once again the government of Niger has proven to be an excellent partner and willing to work with GoviEx. We welcome the deferment and look forward to further progress with the development of Madaouela. Our feasibility study is due in Q3 and it represents another step towards Madaouela becoming a producing asset.“

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Please read the complete news release at the following link: LINK

20. September 2022

GoviEx Uranium Announces Positive Feasibility Study Results for Madaouela Uranium Project

• Feasibility Study brings GoviEx closer to its principal objective of becoming a significant uranium producer

• Solid results coupled with strengthening sentiment in favour of nuclear and shortage of supply underpin project development

Vancouver, British Columbia–(Newsfile Corp. – September 20, 2022) – GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) („GoviEx or the Company“) is pleased to announce the results of its Feasibility Study („FS“) representing an important milestone as GoviEx advances the Madaouela Uranium Project (the „Project“) towards Project financing and development.

The FS was prepared by SRK Consulting (UK) Limited and SGS Bateman (Pty) Ltd., in the format of the Canadian Securities Administrators‘ National Instrument 43-101 Standards of Disclosure for Mineral Projects („NI 43-101“) with the support of the Company’s internal technical team. The Feasibility Study will be filed by GoviEx under its profile at www.sedar.com within 45 days from the date of this news release.

The FS represents an extremely detailed, fully costed, and updated engineering study of the Project taking into account international best practices and standards for responsible project development.

FS Highlights:

• One of the largest uranium resources in the world, with 100 million pounds of U₃O₈ in measured and indicated mineral resources, plus inferred resources of 20 million pounds of U₃O₈
• Located in a mining-friendly jurisdiction with all major permits required for development already secured.
• FS is based on a self-sustaining operation including process plant and renewable power supply with no reliance on third party facilities
• After tax NPV 8% of USD 140 million and IRR of 13.3%
• Life of mine („LOM“) uranium production of 50.8 million pounds U₃O₈; averaging 2.67 million pounds U₃O₈ per annum over 19 years
• Intensive pilot plant testing underpinning LOM recovery of 92.2% for uranium and 80.7% for molybdenum
• Total initial capital costs of USD 343 million
• LOM EBITDA of USD 1,570 million, at an average annual rate of USD 82.6 million and net free cashflow of USD 672 million
• Reduced construction and operational risks through process simplification utilizing industry standard process design
• Strong commitment to ESG through prioritizing the use of local skilled labour, local vendors, and labour force diversification
• Grid connection with the addition of 8MW of hybrid solar power plant resulting in 26% of renewable power generation
• Next steps to accelerate Project financing and offtake discussions

Commenting on the completion of its FS, Govind Friedland, Executive Chairman, said:

„The FS confirms the strength of the Madaouela project and its ability to deliver good economic results at a time when inflationary pressures are having a significant impact on the development of new projects and operating mines. The completion of our FS represents another major step in our company’s development and its goal of becoming a significant uranium producer. This FS, along with the current strengthening uranium demand combined with the fact that our project is fully permitted, distinguishes Madaouela as a unique development opportunity.

We believe the results of this FS will appeal to stakeholders, potential investors, customers, and lenders and will allow us to evaluate a wide range of development alternatives as we continue to focus on maximizing shareholder value. We maintain our projection to be able to start producing in 2025, subject to project financing“.

The FS succeeded in delivering a project that is technically robust and significantly simplified, reducing development and operational risk at a time of high inflationary pressure.

Daniel Major, CEO, added: „We are delighted with the series of elegant engineering solutions our technical team has achieved to place the Madaouela project ready for development and to potentially become one of the first new mines developed in this exciting new uranium cycle. The strong FS results further indicate the technical strength of GoviEx’s main uranium project in Africa. The next steps for us are to accelerate project financing and to continue to pursue offtake opportunities.

With two permitted mines in two mining-friendly jurisdictions, the backdrop of a strengthening uranium market, we are well positioned to become a uranium producer. Additionally, we have a huge exploration potential upside as we hold one of the largest underdeveloped uranium resources in the world“

The Project will provide considerable employment opportunities in the area, contributing towards social and economic development through the payment of royalties and taxes to the government of Niger. GoviEx is committed to acting responsibly across all of the activities it undertakes, and the Company strategy includes diversification of the workforce and a commitment to local employment and local procurement. Our partnership with the Niger government has been strong and reliable and GoviEx looks to continuing this cooperative relationship as the project is developed.

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7. November 2022

GoviEx Files Feasibility Study for the Madaouela Project

Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) („GoviEx“ or „Company“) is pleased to announce that it has filed a technical report titled „A feasibility Study for the Madaouela Uranium Project, Niger“ dated effective 01 November, 2022. The report was filed today under GoviEx’s profile on SEDAR www.sedar.com and it is also available on GoviEx’s website www.goviex.com.

The Feasibility Study (FS) represents an extremely detailed, fully costed, and updated study of GoviEx’s Madaouela uranium project in the Republic of Niger, taking into account international best practices and standards for responsible project development. The FS succeeded in delivering a project that is technically robust and significantly simplified, reducing development and operational risk at a time of high inflationary pressure.

Govind Friedland, Executive Chairman, said:

„The completion of our FS represents another major step in our company’s development and its goal of becoming a significant uranium producer. This FS, along with the current strengthening uranium market, combined with the fact that our project is fully permitted, distinguishes Madaouela as a unique development opportunity.

The GoviEx team along with Endeavour Financial, our debt advisors, have increased the pace of our engagement with potential lenders and utilities in order to develop a financial structure suitable to finance the development of the Madaouela Project. We maintain our projection to be able to start producing in 2025, subject to project financing“.

FS Highlights:

• One of the largest uranium resources in the world, with 100 million pounds of U₃O₈ in measured and indicated mineral resources, plus inferred resources of 20 million pounds of U₃O₈
• Located in a mining-friendly jurisdiction with all major permits required for development already secured.
• FS is based on a self-sustaining operation including process plant and renewable power supply with no reliance on third party facilities
• After tax NPV 8% of USD 140 million and IRR of 13.3%
• Life of mine („LOM“) uranium production of 50.8 million pounds U₃O₈; averaging 2.67 million pounds U₃O₈ per annum over 19 years
• Intensive pilot plant testing underpinning LOM recovery of 92.2% for uranium and 80.7% for molybdenum
• Total initial capital costs of USD 343 million
• LOM EBITDA of USD 1,570 million, at an average annual rate of USD 82.6 million and net free cashflow of USD 672 million
• Reduced construction and operational risks through process simplification utilizing industry standard process design
• Strong commitment to ESG through prioritizing the use of local skilled labour, local vendors, and labour force diversification
• Grid connection with the addition of 8MW of hybrid solar power plant resulting in 26% of renewable power generation
• Next steps to accelerate Project financing and offtake discussions

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18.01.2023

GoviEx Enters into Agreement for the Sale of the Falea Project in Mali

Vancouver, British Columbia–(Newsfile Corp. – January 18, 2023) – GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) („GoviEx“ or „Company„) is pleased to announce that it has entered into an agreement with African Energy Metals Inc. („AEM“) whereby AEM will acquire all of the issued and outstanding shares of GoviEx’s wholly-owned Malian subsidiary, Delta Exploration Mali SARL („Delta„). Delta holds three contiguous exploration licences (Falea, Bala, and Madini) in Mali known collectively as the Falea project.

Under the terms of the agreement, AEM will acquire all of the outstanding shares of Delta for a purchase price of $5,500,000 that shall be satisfied as follows: (i) at closing of the transaction, a cash payment of $500,000 and the issuance of AEM’s common shares equal to a value of $2,000,000; and (ii) subject to the re-issuance of the Falea license, the issuance of AEM’s common shares equal to a value $3,000,000. AEM will also grant GoviEx a 3% net smelter royalty on the Falea project.

The Falea project is a polymetallic (uranium, silver, and copper) deposit located in Mali, approximately 350 km west of the capital Bamako. The Falea and Bala areas are highly prospective for unconformity type polymetallic uranium copper-silver deposits.

The sale of the Falea project is part of GoviEx’s strategy of focusing on its two advanced mine-permitted projects, Madaouela in Niger and Muntanga in Zambia. Whilst the Falea project will be managed by AEM, GoviEx will retain a considerable interest in the project, therefore maintaining a potential upside on any future discoveries.

Daniel Major, CEO of GoviEx, commented:

„This is a strategic deal which will allow GoviEx shareholders to maintain a significant interest in the Falea project whilst allowing the Company to concentrate its efforts on the continued exploration and development of its two mine-permitted, advanced stage development uranium projects, Madaouela and Muntanga. Falea is a solid project with fantastic exploration potential and African Energy Metals is well placed to manage its development going forward, with in country knowledge and experience.“

Stephen Barley, Executive Chairman of African Energy Metals, commented:

„We are excited to become involved in the Falea project. It is a polymetallic project with a significant uranium resource. GoviEx will become an important shareholder of African Energy Metals and our shareholders will have the continuing benefit of their knowledge and mining expertise. Less than 5% of the property has been explored, so there is substantial exploration upside for uranium, copper, gold, and silver.“

For so long as GoviEx holds at least 10% of the issued and outstanding common shares of AEM, GoviEx will have the right to appoint one director to AEM’s board of directors.

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