GoviEx Advances the Muntanga Uranium Project with Submission of Draft Environmental and Social Impact Assessment to Zambian Environmental Agency

Vancouver, British Columbia--(Newsfile Corp. - April 16, 2025) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) ("GoviEx" or "the Company") is pleased to announce that it has further advanced the development of its Muntanga Uranium Project in Zambia with the filing of its draft Environmental and Social Impact Assessment ("ESIA") with the Zambian Environmental Management Agency ("ZEMA").

This submission marks a key step in the project's transition from feasibility towards execution. With the draft ESIA now submitted, ZEMA will undertake a review of the document and provide comments and guidance to GoviEx. This feedback will inform the final ESIA, which GoviEx will then resubmit for final approval, which is expected in the second half of 2025.

The filing of the draft ESIA follows the recently completed Feasibility Study, which confirmed Muntanga as a robust, shallow open-pit, heap leach operation with a projected 12-year mine life, low operating costs, and strong financial returns - including an after-tax NPV8% of USD 243 million¹ and an internal rate of return (IRR) of 20.8%.²

Daniel Major, CEO of GoviEx, commented:

"The momentum behind the Muntanga Project continues to build. With today's draft ESIA submission, we are taking another significant step toward making Muntanga a reality. This progress demonstrates our dedication to delivering one of the few near-term uranium projects with potential to help meet growing global demand, while also ensuring environmental and social responsibility. We are also making solid progress on the financing front, with strong early-stage interest that reflects confidence in the quality and potential of the Muntanga Project."

Muntanga is strategically positioned to supply both Western and non-Western nuclear markets, benefitting from Zambia's excellent infrastructure, pro mining government, proximity to export routes, and domestic surplus of sulfuric acid - a key reagent in uranium recovery. With a rapid construction timeline and expected uranium production within four months of mining commencement, Muntanga is one of the few near-term uranium projects capable of helping bridge the global supply gap in a tightening nuclear fuel market. Production is expected to begin in 2028, with discussions currently underway with potential off-takers.