GoviEx Uranium Inc. is currently in discussions with the Government of the Republic of Niger regarding the commencement of its mining operations. The Company has received notice that it must commence mining at its Madaouela uranium project (the "Madaouela Project" or "Project") by 3 July 2024, failing which there is a risk of revocation of its mining permit. The Company is committed to developing the Project and is working with the Nigerien government towards a mutually beneficial solution that complies with applicable law and protects the Company's rights.

While there is no guarantee of the outcome of these discussions, GoviEx is committed to exploring all viable options to ensure the best results for the Company and all of its stakeholders. In parallel with the discussions with the Government, GoviEx is in discussions with third parties regarding potential investments to expedite the development of the Project. The Company will provide further updates as these discussions progress.

GoviEx has successfully advanced the Project from its initial exploration phase, through a period of historically low uranium prices, to the publication of its feasibility study in late 2022. The Project has advanced despite political change since the coup d'Etat on 26 July 2023. Since then, the Company has completed its updated Environmental and Social Impact Assessment, required to commence construction and operations.

In March this year, GoviEx announced that due diligence for the Project had started on behalf of prospective lenders and that it had expressions of interest in excess of USD 200 million for project related debt finance, and to date continued discussions with potential lenders and off-takers. More recently, the Company started Front-End Engineering Designs and initial ground works, including the construction of an access road at the Project, and preparation of terracing necessary to commence civil engineering. The Madaouela Project represents a significant investment in the Nigerien economy, with an anticipated initial capital expenditure of USD 343 million, and is expected to generate considerable employment opportunities with the potential of creating up to 800 jobs over its forecast 20-year mine life.

the Madaouela Project is also expected to contribute substantial royalty payments and taxes to the Nigerien Government. The Government holds a 20% stake in COMIMA, the Nigerien company set up to develop the Project. Although company continue to be dedicated to Niger, it is important to note that GoviEx is an international company with a diverse portfolio of projects.