Goviex Uranium - GVXXF STOCK NEWS

GoviEx Uranium and its subsidiary have signed a letter of intent with the Republic of Niger establishing a structured roadmap to resolve the ongoing dispute regarding the Madaouela Uranium Project. The agreement follows constructive negotiations during the 2025 Mining Indaba conference in Cape Town.

The Companies have agreed to temporarily suspend the ICSID Convention arbitration proceedings while discussions continue. The Madaouela Project contains significant uranium resources, including 100 million pounds of U₃O₈ in measured and indicated resources, plus 20 million pounds in inferred resources. At USD 80 per pound U3O8, the project forecasts a post-tax NPV (8%) of USD 376 million and 21% IRR. The project is expected to produce 50.8 million pounds of U₃O₈ over a 19-year mine life, averaging 2.67 million pounds annually.

GoviEx Uranium announced positive Feasibility Study results for its Muntanga Uranium Project in Zambia. The project demonstrates strong economics with an after-tax NPV8% of USD 243 million and IRR of 20.8%. Key highlights include:

- Operating costs of USD 32.2/lb U3O8 and AISC of USD 47.3/lb U3O8
- Production averaging 2.2 million pounds U3O8 annually over 12 years
- Low technical risk with shallow open pit mining and heap leaching
- Rapid payback period of 3.8 years from production start

The project benefits from excellent infrastructure, including road access, water, and grid power. The processing facility will handle 3.5 Mt per annum with uranium recovery rates of at least 90%. Production is forecast for 2028, positioning Muntanga to capitalize on the growing uranium supply deficit driven by increased nuclear energy demand and years of underinvestment in uranium development.

GoviEx Uranium faced significant challenges in 2024, notably the revocation of rights to the Madaouela Project in Niger, which the company considers unlawful. GoviEx has initiated arbitration proceedings under the ICSID Convention to protect its rights, following over a decade of work and 650,000 meters of drilling at the site.

The company has shifted focus to the Muntanga Project in Zambia, where recent metallurgical tests showed promising uranium recoveries of 90% or better, with favorable low acid consumption for heap leach processing. A comprehensive feasibility study is near completion, integrating five deposits into a mining schedule. The Environmental and Social Impact Assessment (ESIA) is progressing according to IFC guidelines.

Additionally, GoviEx has expanded its presence in Zambia through the acquisition of an option to explore the Lundazi license, demonstrating strategic growth in mining-friendly jurisdictions.

GoviEx Uranium and its subsidiary GoviEx Niger have initiated arbitration proceedings against the Republic of Niger under the ICSID Convention regarding the Madaouela uranium project. This action follows Niger's July 2024 decision to withdraw GoviEx Niger's mining permit and abrogate related decrees. The companies assert these actions breach obligations under various agreements and laws.

The project had secured interest exceeding USD 200 million in potential debt financing and was advancing with infrastructure development when the rights were withdrawn. The project was expected to require USD 343 million in initial capital expenditure and create up to 800 jobs over its 20-year mine life. Despite attempts at amicable settlement, including local administrative recourse, the companies are now pursuing legal remedies while remaining open to constructive dialogue with the State.

GoviEx Uranium has released its 2024 Sustainability Report, covering operations through June 30, 2024. The report showcases the company's dedication to Environmental, Social, and Governance (ESG) principles, highlighting progress in energy usage, greenhouse gas emissions, water management, and workforce diversity.

GoviEx is aligning its operations with International Finance (IFC) standards, particularly focusing on the development of its Muntanga project in Zambia. The company expects to complete the Feasibility Study for Muntanga soon and plans to begin construction after securing project financing.

Additionally, GoviEx has engaged CanadianMiningReport.com for content creation and marketing services, starting January 6, 2025, for a three-month period at C$14,250.

GoviEx Uranium announces positive results from the Feasibility Study testwork for its Muntanga Project. Key highlights include:

• Main deposits of Muntanga and Dibbwi East, accounting for 80% of M&I resources, achieved uranium recoveries of 90% or better
• Results validate the efficiency of the heap leach process
• High uranium recoveries occur within only 20 days
• Project benefits from low acid consumption
• Results support potential for small on-off leach pads

The extensive metallurgical test work program, conducted at Mintek, South Africa, improves confidence in recovery rates and processing design for the upcoming Feasibility Study, due before year-end.

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) has secured an option to acquire a 51% interest in the Lundazi exploration license in Zambia, covering 817.9km2 of Karoo Supergroup formations. This strategic move aligns with GoviEx's expansion plans in Zambia, complementing its Muntanga Project where a Feasibility Study is due in H2 2024. The company can earn its stake by investing up to $1.5 million over three years, with an initial commitment of $300,000 in the first year.

CEO Daniel Major highlighted the geological similarities between Lundazi and Muntanga, emphasizing Zambia's mining-friendly environment. Chief Geologist Jerome Randabel noted promising geological features, including faults and radiometric anomalies, indicating potential uranium deposits. GoviEx plans to commence exploration with geological mapping and radiometric surveys, followed by a drilling campaign in 2025.

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) has announced the granting of annual incentive stock options to select directors, officers, employees, and a consultant. The options allow for the purchase of up to 17,380,000 Class A common shares in GoviEx's capital stock. These options are exercisable at $0.05 per share, with a vesting schedule of 25% on the grant date and 25% on each subsequent anniversary until fully vested. The options have an expiration date of August 20, 2029. This grant is in accordance with GoviEx's Share Purchase Option Plan.

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) has been informed by the Government of Niger that it no longer has rights over the mining permit for its Madaouela Project. This decision comes despite nearly two decades of development efforts that transformed Madaouela into one of the world's largest known uranium deposits. GoviEx is contesting this decision and seeking legal recourse to protect its investments.

In light of these developments, the company is shifting focus to its Muntanga Project in Zambia. Muntanga has all main permits and GoviEx plans to publish its feasibility study later this year. The project has Mineral Resources of 42.6 million tonnes at an average grade of 359 ppm U3O8, containing 33.7 million pounds of U3O8 (M&I), and additional Inferred resources.

GoviEx remains committed to navigating these challenges and capitalizing on the growing demand for clean energy and uranium.