GoviEx Uranium Letter to Stakeholders

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Vancouver, British Columbia--(Newsfile Corp. - July 17, 2024) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company") today provides a letter to stakeholders from the Executive Chairman, Govind Friedland.

Dear Stakeholders,

Nearly two weeks ago, our Company was informed by the Government of the Republic of Niger that it no longer has rights over the perimeter of the mining permit for our Madaouela Project, which reverted back to the public domain.

This decision came despite our very best efforts spanning almost two decades, which have transformed Madaouela from an exploratory venture into one of the world's largest known uranium deposits. Since acquiring our license, we have navigated through extreme uncertainty and withstood periods of historically low uranium prices. Despite this, we continued to develop the project through 2023 when uranium prices exceeded the US$65 per pound U3O8 used in our 2022 Feasibility Study.1

Our readiness to escalate development was evident - we secured expressions of interest totalling USS$200 million for project-related debt financing in 2023, commenced construction of an access road, prepared for initial groundworks, terracing and exploitation, and received our Environmental and Social Impact Assessment certificate.

The decision to withdraw our mining rights is especially perplexing given the implications for any future developers, who would effectively need to start from scratch. The necessity to conduct a new drilling campaign, environmental assessments, social studies, metallurgical test work etc. - tasks into which we have already invested millions, will inevitably lead to significant project delays. Such delays are contrary to the government's stated objectives for rapid development and economic progress in the region.

This is also a very disappointing decision for all our dedicated employees and the communities around Madaouela who are deeply invested in the success of the project, which promised to bring significant economic and social benefits to the region, including creating up to 800 jobs and substantial governmental royalties.1

The decision to withdraw our mining rights did not follow the withdrawal procedure prescribed under the applicable mining code. We are fully prepared to pursue all necessary legal avenues to defend our rights and protect our investments and have formally written to the Ministry of Mines to contest the decision and to initially seek an amicable solution as per Niger's Mining Convention. We are starting the process to secure independent assessments of damages related to the withdrawal of our mining rights.