GoviEx Uranium - Monetising Assets & Tidying Balance Sheet

• GoviEx Uranium is an Africa-focused developer with three projects, two of which are mine permitted.
• The Madaouela project in Niger has completed its feasibility study, while the Muntanga project in Zambia is aiming to finalize its FS within a year. The Falea project in Mali is undergoing a transaction with Africa Energy.
• In 2022, GoviEx had a busy year, with significant achievements, including the completion of a full feasibility study for Madaouela
• The company also engaged with lenders and conducted infill drilling for the Muntanga project.
• The African uranium market is witnessing a shift in perception, with North American investors recognizing its potential. Utilities are keen on diversifying and supporting ready-to-launch projects in Africa.
• For 2023, GoviEx plans to advance their projects, with possible capital raises to fund them. Their strategy emphasizes de-risking projects and ensuring they are professionally managed.

GoviEx Uranium Poised to Benefit from Rising Uranium Prices

GoviEx Uranium (TSX-V: GXU) is an Africa-focused uranium development company with several advanced projects that could begin production within 2-3 years, positioning it well to benefit from rising uranium prices amid growing demand. With long-life, low-cost projects and extensive experience operating in Africa, GoviEx offers investors leverage to an anticipated uranium market upcycle.

• Explorer and developer focused on uranium projects in Africa, primarily Niger and Zambia
• Flagship project is the Madaouela uranium project in Niger, with completed feasibility study and mine permits
• Also advancing the Muntanga project in Zambia, currently undergoing feasibility study
• Recently agreed to sell the Falea project in Mali to focus efforts on core projects
• Strong management team with extensive experience developing projects in Africa

Interview with Chief Executive Officer, Daniel Major

Progressing Near-Term Production at Madaouela

GoviEx's most advanced asset is the Madaouela uranium project in Niger, which has probable reserves of 110M lbs U3O8 and an initial mine life of over 21 years. The project benefits from excellent infrastructure and has both mining permits and environmental approvals in place.

In 2022, GoviEx completed a feasibility study on Madaouela showing robust economics at conservative uranium prices. The after-tax NPV at an 8% discount rate is $251M with an IRR of 25% at a U3O8 price of $65/lb. Total capital costs are estimated at $254M.

The company is currently engaged in project financing activities, targeting a combination of debt, off-take agreements, and equity financing. GoviEx aims to make a final investment decision on Madaouela in 2023 and start construction shortly thereafter, with the first production targeted for 2025.

Advancing Muntanga Toward Feasibility

GoviEx's second core asset is the Muntanga uranium project in Zambia. Muntanga has indicated resources of 36M lbs U3O8 with significant expansion potential. It benefits from easy access to infrastructure in the Copperbelt mining region.

During 2022, GoviEx conducted infill drilling to upgrade the resource to the indicated category. The drill results are being incorporated into an updated resource estimate expected in Q1 2023. The company aims to complete a full feasibility study on Muntanga in 2023 and begin engaging with potential off-take partners and project financiers thereafter.

Strengthening the Balance Sheet

In 2022 GoviEx Uranium took steps to strengthen its balance sheet in preparation for advancing its core projects. This included:

• Raising $10M in equity financing to support ongoing work programs
• Agreeing to sell its non-core Falea project in Mali to Africa Energy for $7M in shares, royalties, and potential milestone payments

The Falea sale removes the need to deploy capital to that project while still retaining upside through shares in Africa Energy and a royalty. It also streamlines GoviEx's portfolio to fully focus efforts on its two flagship uranium projects.

Positioned to Benefit from Rising Uranium Prices

With uranium prices rising over 50% in 2022 to over $50/lb, GoviEx Uranium finds itself well-positioned to benefit from a continued price recovery. Key factors supporting higher prices include:

• Major supply deficit forecast due to lack of investment in new mines
• Surging demand as nuclear power expands to tackle climate change
• Geopolitical tensions highlighting energy security concerns

As an emerging producer, GoviEx Uranium offers substantial leverage to rising uranium prices. The company estimates its NAV could reach C$2.28 per share at $65/lb U3O8 based on its existing resources, versus the current share price around C$0.50.

Additionally, with production targeted to start in 2025-2026, GoviEx stands to benefit from higher long-term contract prices which are projected to rise to $69/lb by 2026. The company is already fielding interest from utilities looking to secure future supply.

Proven Experience in Africa

GoviEx benefits from the technical expertise and experience of its management operating in Africa. Niger has been producing uranium since the 1970s and GoviEx has strong government support. The Muntanga project is located in Zambia's well-established copper belt region.

This experience provides confidence in GoviEx's ability to permit, build, and operate complexes projects in these jurisdictions. It also positions the company well to leverage export credit agency and development bank financing given strong government backing.

ESG Initiatives Underway

GoviEx has comprehensive ESG programs underway at both the corporate and project level. For Madaouela, key initiatives include commitments to use local employment, provide training programs, minimize environmental impacts, and engage with local communities. The company sees ESG as core to its social license to operate in Africa.

Strong management experience in Africa, advanced permits, robust project economics, and targeted initial production by 2025-2026 make GoviEx an attractive uranium developer as the market enters a period of severe supply shortages. With shares trading significantly below estimated NAV at conservative uranium prices, the company appears undervalued at current levels.

The Investment Thesis for Goviex Uranium:

Leverage to Rising Uranium Prices

• With uranium prices potentially poised for a major breakout, GoviEx offers torque to higher prices as an emerging producer. Their projected production timeline coincides with a severe projected supply deficit.
• The company estimates its NAV at $2.28 per share assuming $65/lb uranium, representing over 4x upside from the current share price. Additional price appreciation could provide even greater returns.

Advantaged Projects in Stable Mining Jurisdictions

• Madaouela benefits from excellent infrastructure in Niger, a country with over 50 years of uranium mining history and strong government support.
• Muntanga is located in Zambia's copper belt, leveraging established mining infrastructure and capabilities.

Near-Term Catalysts

• Completing the Mutanga feasibility study in 2023 and making a construction decision on Madaouela could drive substantial share price appreciation as the projects are de-risked.
• Initial production expected in 2025-2026, positioning the company to benefit from higher uranium prices as contracting escalates.

Proven Management Team with a Track Record

• CEO Daniel Major and his team have successfully advanced uranium projects in Africa before, providing confidence in their ability to permit, finance, build, and operate GoviEx's assets.
• The company has consistently executed its plans, hitting milestones as expected.

Given these factors, GoviEx Uranium appears undervalued at current prices and has strong potential for shareholder returns as the uranium market strengthens. The company offers investors an attractive opportunity to gain leveraged exposure to rising uranium prices.