GoviEx Uranium advances in Niger and Zambia amid rising uranium prices
March 08, 2024 at 08:02 am EST
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GoviEx Uranium Inc (TSX-V:GXU, OTCQX:GVXXF) head of investor relations Isabel Vilela joins Proactive's Stephen Gunnion with more details of the due diligence process for debt financing of its Madaouela Uranium Project in Niger.
Vilela said SLR Consulting has been appointed by a prospective lender to conduct environmental and social due diligence for the project. The debt financing process is expected to take several months, during which GoviEx Uranium will continue advancing other project areas, including early-stage field work at Madaouela and discussions with off-takers.
The company has also received expressions of interest amounting to approximately $200 million in project-related debt finance. These expressions of interest were secured when uranium spot prices were around $50-$55, but with current prices at $90, the project's attractiveness has increased.
Concerning the political situation in Niger, Vilela said logistical challenges due to border closures are being resolved following ECOWAS's sanction lifting. The government, owning 20% of the Madaouela project, supports it, and efforts towards local employment and development continue, with 100% of employees being locals.
Meanwhile, Vilela said the company is progressing with its Muntanga Project in Zambia, aiming to finalise its feasibility study in the second half of the year.
She said GoviEx Uranium is in a unique position with two uranium assets close to development, with Muntanga holding one of the world's largest known uranium resources.
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GoviEx Uranium Inc. is a Canada-based mineral resource company. The Company is focused on the exploration and development of uranium properties in Africa. The Companyâs flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali. The Madaouela Project is located approximately 10 kilometers (km) south of Arlit, and Arevaâs mining subsidiaries of Cominak and Somair, in north central Niger. The Mutanga Project is located approximately 200 km south of Lusaka, immediately north of Lake Kariba, at elevations of 500 meters to 960 meters. The Falea Project is located within the Falea-North Guinea-Senegal Neoproterozoic Basin. The Falea Project is comprised of three licenses, such as Bala, Madini and Falea. The Falea polymetallic (uranium, silver, and copper) deposit is located in Mali, West Africa, approximately 350 km west of Bamako, the capital of Mali, and approximately 240 km south of the city of Kayes.