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

Category	U3O8 Cut-off (ppm)	Deposit	Quantity Mt	Grade U3O8 ppm	Metal U3O8 Mlbs
Measured	110	Gwabi	1.1	254	0.6
90	Njame	2.5	358	2.0
Indicated	90	Muntanga	8.6	369	7.0
90	Dibbwi	3.2	253	1.8
90	Dibbwi East	31.3	372	25.7
110	Gwabi	2.7	374	2.2
90	Njame	1.0	306	0.7
TOTAL M&I	50.4	359	40.0
90	Muntanga	3.4	278	2.1
90	Dibbwi	1.0	213	0.5
Inferred	90	Dibbwi East	7.1	252	3.9
110	Gwabi	0.2	272	0.1
90	Njame	1.1	329	0.8
TOTAL INFERRED	12.8	263	7.4

*Notes:

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) 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) 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/lb and a royalty of 5 %.

4) Mineral Resources are reported at a U3O8 ppm cut-off grade within the optimized pit shell and are inclusive of Mineral Reserves.

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) 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) All figures have been rounded to reflect the relative accuracy of the estimate.

Mineral Reserve Statement*, Muntanga Project, Zambia, effective date, 1 January 2025

Classification	Quantity (kt)	U3O8 Grade (ppm)	U3O8 Contained (Mlb)	Contribution (%)
Muntanga Pit
Proven	-	-	-	0%
Probable	8.4	331	6.1	100%
Sub-Total	8.4	331	6.1
Dibbwi East Pit
Proven	-	-	-	0%
Probable	31.2	317	21.9	100%
Sub-Total	31.2	317	21.9

* Notes:

1. All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such estimates inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, Ukwazi does not consider them to be material.

2. The Concession is wholly owned by and exploration is operated by GoviEx.

3. The standard adopted in respect of the reporting of Mineral Reserves for the Project, following the completion of required technical studies, is in accordance with the NI 43-101 guidelines and the 2014 CIM Definition Standards, and have an effective date of 1 January 2025.

4. The open pit Mineral Reserves were reported using a weighted average cut-off grade of 77 ppm U3O8 for Muntanga and 70pp U3O8 for Dibbwi East, which was based on a selling price of US90ドル/lb U3O8, average mining cost of US1ドル.89/t rock, processing cost of US2ドル.15/t ore, average recovery of 90.5%, royalty of 5%, G&A of US0ドル.26/t ore and product port and transport costs of US1ドル.46/lb U3O8.

5. The open pit Mineral Reserves are derived from a regularized block models of 5 m x 5 m x 2.5 m for Muntanga and 10 m x 10 m x 2.5 m for Dibbwi East and include dilution and 5% mining loss.

6. The qualified person for the Mineral Reserve Statement is Jaco Lotheringen, an employee of Ukwazi. He is an "independent qualified person" as defined in National Instrument 43-101 and has completed a project site inspection