GoviEx Uranium Inc. has been informed by the Government of the Republic of Niger, by way of a letter from the Minister of Mines, that it no longer has rights over the perimeter of the Madaouela mining permit, which is now in the public domain. This decision to withdraw the Company's mining rights does not follow the withdrawal procedure prescribed under the applicable mining code. Whilst GoviEx is committed to maintaining transparency and continuing its engagement with Government officials and stakeholders, it reserves the right to challenge the decision to withdraw the mining rights before the competent national or international jurisdictions.

Since the start of its operations in Niger in 2007, the Company has completed an unprecedented 650,000 metre drilling campaign to define its potential mineral resource, which is now amongst the largest known in the world. GoviEx has successfully advanced the Madaouela Project from its initial exploration phase, through a period of historically low uranium prices, to the publication of its feasibility study in late 2022. With the recent recovery in uranium prices, the Madaouela Project was poised for development and the Company had started to advance despite the political changes in Niger since the coup d'Etat on 26 July 2023.

Over the last year, GoviEx received expressions of interest in excess of USD 200 million for project related debt finance, started social and environmental due diligence with a prospective lender, updated its Environmental and Social Impact Assessment, commenced Front-End Engineering Designs and initial ground works, including the construction of an access road and started exploitation.