Solid Project Economics

• After tax NPV8% of USD 243 million [1]
• Internal rate of return (IRR) of 20.8%
• Operating costs of USD 32.2 /lb U3O8
• LOM AISC (all-in sustaining costs) of USD 47.3 /lb U3O8[2]
• Significant leverage to higher uranium prices, with an additional USD 45 million added to NPV for every USD 5 /lb increase in U3O8 prices
• Production averaging 2.2 million pounds U3O8 per annum over 12 years
• LOM of 12 years based on Probable Mineral Reserves in two deposits, and further potential for upgrading Inferred Resources, exploration, and mining of three satellite deposits

Low Technical Risk

• Shallow open pit mine and heap leaching with industry-standard, conventional processing methods
• Excellent local infrastructure with road access, water and grid power
• Well-established export routes through Namibia; able to supply Western and non-Western markets
• No tailings storage required, reducing the environmental impact

Cost-Efficient Operations

• Soft rock reduces powder factor and lowers mining costs
• Optimized ore processing: High liberation of minerals; only requires crushing to 25 mm for agglomeration
• LOM average recovery rates of at least 90% with rapid uranium recoveries within 21 days from start of heap irrigation
• Low acid consumption, averaging less than 16.5 kg H2SO4 per tonne of ore treated, with Zambia's position as a net surplus acid producer ensuring reliable local supply
• Low energy requirements: Soft rock minimizes crushing costs, with a total grid power draw requirement of just 7 MWp
• Quick start up: uranium production expected within 4 months of mining
• Rapid payback estimated at 3.8 years from start of production

Project Overview

The Muntanga Project, 100 % owned by GoviEx, is in the southeastern region of Zambia in the Siavonga and Chirundu Districts. The Project encompasses three mining licences – Muntanga (Licence no. 13880-HQ-LML), Dibbwi (Licence no. 13881-HQ-LML), and Chirundu (Licence no. 12634-HQ-LML), covering 719 km2, that are located approximately 200 km south of Lusaka, north of Lake Kariba. Additionally, the Company holds two exploration licences for Nabbanda (Licence no. 22803-HQ-LEL) and Chirundu Extension (Licence no 22075-HQ-LEL), and a recently granted mining licence for Kariba Valley (License no. 38555-HQ-LML) which expands the total combined area to 1,136 km2. The Muntanga and Dibbwi mining licences comprise the Muntanga, Dibbwi and Dibbwi East deposits. The Chirundu mining licence contains the Njame and Gwabi deposits.

In 2023, Zambia produced 698,000 tonnes of copper[1], marking a 14-year low. Despite this, Zambia remained the world's seventh-largest copper producer and the second largest in Africa. In 2024, Zambia’s Minister of Mines and Mineral Development announced an ambitious

strategy to increase the country’s copper production to 3 million tonnes by 2031. In addition to its ambitious copper production goals, the Zambian government has recognized the importance of diversifying its mining sector to reduce reliance on copper and strengthen its economic resilience. This strategy includes promoting the development of other critical minerals, such as uranium, which is increasingly valued in the global transition to clean energy.

Against this backdrop, the Project is well-positioned to benefit from the government’s diversification strategy and its commitment to the sector. The Project already holds the necessary Mining Permits and is preparing to apply for Environmental Permits in the first quarter of 2025. Securing these permits will enable development to commence, subject to financing being completed.

The global energy landscape is undergoing a transformative shift, driven not only by the increasing demand for clean and reliable power to sustain AI-driven technologies and electrification, but also by the growing urgency to enhance energy security amid shifting global geopolitical dynamics. At the same time, years of underinvestment in uranium exploration and development have led to a widening supply gap, with existing projects struggling to keep up with accelerated demand and current rates of resource depletion.

Against this backdrop, Muntanga emerges as one of the few near-term uranium projects capable of helping to address this critical gap. With production forecast for 2028, Muntanga is strategically positioned to deliver significant value while contributing to the global demand for sustainable low-emissions power generation.

The FS includes detailed environmental and social criteria, which have informed engineering and process designs as well as equipment selections. These standards are aligned with GoviEx’s corporate commitment that the Project will meet International Financial Corporation (IFC) performance standards, largely regarded as the global benchmark for responsible project development and a prerequisite for certain financing options. The design criteria prioritize the minimisation of water use, the inclusion of clean energy, and commitments to local procurement, local recruitment, and training.

Geology

The uranium mineralization occurs within the sandstone of the Karoo Supergroup and is described as a sandstone hosted fluvial channel type deposit. The Karoo Supergroup of sub-Sahara Africa contains what may be the world’s largest sandstone-hosted uranium province. Compared to the well-known uranium-bearing sandstone basins of the western US, the area of the Karoo basins is about 30 % greater, but their known uranium content is indicated overall to be lower than that in the US basins.

Mineralization

In the oxide zones, uranium mineralization is seen as crystal coatings on surfaces and as concentrations close to surfaces with secondary uranium phosphate mineralization (Autunite, meta-Autunite). Primary uranium mineralization consists mostly of Pitchblende, Uraninite or Coffinite.

Mineral Resource Estimate

The Mineral Resource Statement presented herein represents an updated mineral resource estimate ("MRE") prepared for the Muntanga Project in accordance with NI 43-101. The Project comprises the Muntanga, Dibbwi, Dibbwi East, Gwabi and Njame uranium deposits.

The resource estimation MRE work was completed by Andre Deiss, Pr.Sci.Nat., P.Geo. an "independent qualified person" as this term is defined in National Instrument 43-101. The effective date of the resource statement is January 31, 2024.

The resource drill hole database for the Muntanga Project contains 2 834 drill holes totaling 191 711 m of drilling; 468 of these drill holes were drilled by GoviEx between 2021 and 2023 totaling 52 924 m of drilling. The database contains 33 280 uranium (U3O8) assays and 114 364 m of down-hole radiometric probe data converted in equivalent U3O8 (eU3O8) grade data for mineral resource estimation purposes.

Mineral Resource Statement* for the Muntanga Project, Zambia, with an Effective Date of January 31, 2024

*Notes:

1. 1.The effective date of the mineral resource statement is January 31, 2024. The QP for the estimate is Andre Deiss, Pr.Sci.Nat., P.Geo. Associate Consultant of SRK (Canada).
2. 2.Mineral resources are prepared in accordance with CIM Definition Standards (CIM, 2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019).
3. 3.Mineral resources are constrained within an optimized pit shell using a uranium price of US100ドル/lb, mining costs of US3ドル.30/t, processing costs of US9ドル.00/t, additional mining costs of US0ドル.55/t, G&A costs of US1ドル.50/t, Transport costs of US1ドル.50 and a royalty of 5 %.
4. 4.Mineral Resources are reported at a U3O8 ppm cut-off grade within the optimized pit shell and are inclusive of Mineral Reserves.
5. 5.Mineral resources are inclusive of mineralization in the low-grade U3O8 80 ppm halo but reported above the relevant cut-off and classed as Inferred Resources. This mineralization represents approximately 5 % of the total Mineral Resources metal (Mlb).
6. 6.Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves in the future.
7. 7.All figures have been rounded to reflect the relative accuracy of the estimate.