GoviEx Uranium - $15M for Advancing Projects Towards Production

• GoviEx Uranium (GXU) is an African-focused uranium development company with two fully permitted projects: one in Niger (Madaouela) and another in Zambia (Muntanga). A feasibility study is complete for Madaouela and ongoing for Muntanga.
• GoviEx recently raised $15M. The funds are intended to continue the progress made last year, including feasibility studies and debt discussions. Last year's accomplishments also involved paying off debts to the Nigerian government.
• There has been some pushback from retail investors regarding the timing of the fundraiser, wondering if it could have been done at a more opportune time. GoviEx emphasizes the need to advance projects and the unpredictability of market conditions.
• Regarding their projects, the Madaouela project is particularly promising with a consistent projected EBITDA of $83 million annually. It's a long-term project, spanning 20 years, which the lenders view favorably.
• GoviEx has been active in Niger since 2007 and enjoys significant government support. They also highlight Zambia as a robust mining jurisdiction. Both projects are long-term, with Madaouela starting at 20 years and potential for expansion.

A Compelling Investment Opportunity in the Emerging Uranium Market

GoviEx Uranium (TSX-V: GXU, OTCQB: GVXXF) is an undervalued uranium development company focused on advancing its two flagship projects in Africa - the Madaouela Project in Niger and the Muntanga Project in Zambia. Both projects are fully permitted and have completed feasibility studies, positioning the company to be one of the first new uranium producers when prices recover. With uranium demand projected to outstrip supply in the coming years, GoviEx offers investors excellent leverage to an emerging bull market in uranium.

Interview with Chief Executive Officer, Daniel Major

Funds to Advance Near-Term Production

GoviEx recently completed a C$15 million equity financing to fund critical work streams for its core projects. The funds will be used to accelerate project debt financing and offtake agreements for the Madaouela Project, while also advancing feasibility work at the Mutanga Project.

Despite weak equity market conditions, the financing was significantly oversubscribed, demonstrating strong institutional support for the company's strategy. The funds provide GoviEx with a runway to continue derisking its projects and position them for near-term production once uranium prices improve.

Madaouela Project

The flagship Madaouela Project is permitted and construction-ready, with key advantages including:

• Completed Feasibility Study: The project has a completed feasibility study showing robust economics at conservative uranium prices. The after-tax NPV at an 8% discount rate is $260 million with IRR of 21% at $55/lb U3O8.
• Long Mine Life: Madaouela benefits from a large resource base that supports an initial 20-year mine life, providing cash flow stability. Exploration upside exists to expand resources and mine life.
• Debt Funding Progress: GoviEx has received strong interest from lenders and export agencies to fund 60-70% of capital costs with debt financing. Binding proposals are targeted for H1 2023.
• Scalable Production Profile: The project has a modular design allowing scalable 2-4Mlb pa production to match debt capacity. This provides flexibility to size initial capex and minimize dilution.

With the feasibility study and permitting complete, Madaouela is poised to commence construction once debt financing and uranium price signals are in place.

Muntanga Project

Significant Upside in Top Mining Jurisdiction In addition to Madaouela, GoviEx has a second core project, the Muntanga Uranium Project in Zambia. Muntanga boasts similar advantages:

• High-Grade Deposit: Muntanga contains high-grade uranium near surface, amenable to low-cost mining methods. The average grade is 0.071% U3O8.
• New Feasibility Underway: A new feasibility study has commenced and will incorporate extensive project optimization completed over the past year. Study completion is targeted for Q1 2024.
• Upside Exploration Potential: Muntanga has exploration upside, with an accelerated 2023 drill program planned on satellite targets within trucking distance.
• Top Mining Jurisdiction: Zambia is a premier African mining jurisdiction with a long history of uranium production. The country offers an attractive investment environment.

Together, Madaouela and Muntanga give GoviEx significant production optionality to bring new supply online in a timely manner as demand grows.

Favorable Macro Backdrop for Emerging Uranium Bull Market

GoviEx is poised to benefit from a looming supply shortfall in the uranium market. With demand projected to outstrip primary supply, higher prices are needed to incentivize new production. Key trends supporting a bullish outlook include:

• Demand Growth from Nuclear Build-Out: 69 new reactors are under construction globally, expanding base demand by 10-15Mlb per year. Further growth is expected from extending existing reactor lives.
• Structural Supply Gap Emerging: Over 70% of current uranium production is from mines depleting within the next decade. New production requires much higher prices.
• Limited Project Pipeline: Very few shovel-ready projects exist that can be developed quickly to meet demand. GoviEx has a first-mover advantage.
• Inventory Drawdowns Provide Temporary Relief: Utility inventories and secondary supplies have cushioned the supply gap but are rapidly declining.
• Producer Discipline Holding Firm: Major producers have cut capacity and are not incentivized to invest in new mines at current prices.

With these dynamics at play, the market is moving towards a structural deficit within the next 3-5 years. This will spark a pronounced rise in uranium prices to restore incentive pricing for new investments. GoviEx's low-cost production profile positions the company to thrive in a higher price environment.

Proven Management Team with Africa Project Execution Experience
GoviEx has a strong technical team to successfully build and operate its African projects, led by Executive Chairman Govind Friedland and CEO Daniel Major.

Friedland has over 30 years of experience in the resource industry, including founding Ivanhoe Mines and growing it into a multi-billion dollar company.

Major is a mine engineer with decades of experience permitting and building mines in Africa. He has led GoviEx since 2007 and guided its projects from exploration to construction-ready status.

The company's board also includes mining finance experts to help raise project capital. GoviEx's skilled leadership and uranium expertise provide investors with confidence in the team's ability to create value from its asset portfolio.

Significant Upside for Early-Stage Investors

In summary, GoviEx Uranium represents an overlooked opportunity for investors seeking leverage to rising uranium prices in the next 1-3 years. With advanced, de-risked projects and $15 million in new funding, the company is poised to be among the first developers to bring new low-cost uranium supply to market.

As uranium fundamentals inflect positively, re-rating potential for GoviEx is substantial given its current valuation of just C$90 million. The company offers investors a compelling risk/reward proposition in an emerging uranium bull market.

Leverage to rising uranium prices: GoviEx's low-cost production profile means its profitability will rise sharply along with any increases in the uranium price. With prices expected to double or triple to incentivize new supply, GoviEx's projects will become highly profitable.

First-mover advantage: By having permitted, shovel-ready projects, GoviEx can be among the first developers to capitalize on higher prices and market tightness. This early-mover advantage gives it priority access to financing partners and offtake agreements.

Re-rating potential: At a current market cap of just C$90 million, GoviEx is severely undervalued relative to the NPV of its projects if uranium prices rise. Re-rating upside is multiples of the current share price if projects are derisked and uranium bull thesis confirms.

Strong leverage: GoviEx offers among the best leverage to a rising uranium price given advanced projects, low valuation, and discounted valuation. A doubling of price could boost the stock price severalfold.

Scarcity value: Very few uranium developers have construction-ready assets. Capital will flow to those positioned early in the cycle, providing scarcity value.

Takeout potential: GoviEx's projects are strategic assets that could attract takeover interest from uranium producers eyeing new low-cost capacity to meet demand.

In summary, early-stage accumulation of GoviEx Uranium stock allows investing in a high-quality developer at the bottom of the cycle. As the uranium thesis plays out over the next 2-3 years, significant re-rating and asset appreciation potential exists.