Energy

GoviEx Enters into Agreement for the Sale of the Falea Project in Mali

  • Falea to be acquired by African Energy Metals for $5.5 million
  • GoviEx to retain interest in the polymetallic deposit with exploration upside
  • GoviEx remains focused on its mine permitted projects Madaouela and Muntanga

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company") is pleased to announce that it has entered into an agreement with African Energy Metals Inc. ("AEM") whereby AEM will acquire all of the issued and outstanding shares of GoviEx's wholly-owned Malian subsidiary, Delta Exploration Mali SARL ("Delta"). Delta holds three contiguous exploration licences (Falea, Bala, and Madini) in Mali known collectively as the Falea project.

Under the terms of the agreement, AEM will acquire all of the outstanding shares of Delta for a purchase price of $5,500,000 that shall be satisfied as follows: (i) at closing of the transaction, a cash payment of $500,000 and the issuance of AEM's common shares equal to a value of $2,000,000; and (ii) subject to the re-issuance of the Falea license, the issuance of AEM's common shares equal to a value $3,000,000. AEM will also grant GoviEx a 3% net smelter royalty on the Falea project.

The Falea project is a polymetallic (uranium, silver, and copper) deposit located in Mali, approximately 350 km west of the capital Bamako. The Falea and Bala areas are highly prospective for unconformity type polymetallic uranium copper-silver deposits.

The sale of the Falea project is part of GoviEx's strategy of focusing on its two advanced mine-permitted projects, Madaouela in Niger and Muntanga in Zambia. Whilst the Falea project will be managed by AEM, GoviEx will retain a considerable interest in the project, therefore maintaining a potential upside on any future discoveries.

Daniel Major, CEO of GoviEx, commented:

"This is a strategic deal which will allow GoviEx shareholders to maintain a significant interest in the Falea project whilst allowing the Company to concentrate its efforts on the continued exploration and development of its two mine-permitted, advanced stage development uranium projects, Madaouela and Muntanga. Falea is a solid project with fantastic exploration potential and African Energy Metals is well placed to manage its development going forward, with in country knowledge and experience."

Stephen Barley, Executive Chairman of African Energy Metals, commented:

"We are excited to become involved in the Falea project. It is a polymetallic project with a significant uranium resource. GoviEx will become an important shareholder of African Energy Metals and our shareholders will have the continuing benefit of their knowledge and mining expertise. Less than 5% of the property has been explored, so there is substantial exploration upside for uranium, copper, gold, and silver."

For so long as GoviEx holds at least 10% of the issued and outstanding common shares of AEM, GoviEx will have the right to appoint one director to AEM's board of directors.

Expected Closing

The transaction is expected to close on or before March 15, 2023, and remains subject to several conditions, including but not limited to approval of the TSXV.

All dollar amounts referred to in this announcement are stated in Canadian Dollars.

Financial Advisor

Sprott Capital Partners LP is acting as financial advisor to GoviEx for this transaction and will receive a fee in relation to the transaction, which remains subject to TXSV acceptance.

About GoviEx Uranium Inc.

GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger and its mine-permitted Muntanga Project in Zambia.

For further information, please contact:

Isabel Vilela, Head of Investor Relations and Corporate Communications
Phone: +1-604-681-5529
Email: info@goviex.com
Website: www.goviex.com

About African Energy Metals

African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development, and operation of copper, cobalt, and lithium energy metals projects in the DRC. African Energy Metals has the intention of acquiring interests in additional concessions or relinquishing concessions in the normal course of business both in and outside of the DRC. African Energy Metals has an experienced management team located in the DRC.

Cautionary Statement Regarding Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.

Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

Forward-looking statements include those in relation to, (i) the timing or ability to receive TSXV approval and close the transaction as agreed; (ii) AEM's ability to get to the re-issuance of the Falea licence; and (iii) GoviEx's ability to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger and, its mine-permitted Muntanga Project in Zambia.

Although GoviEx believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there are no assurances that GoviEx's expectations will be achieved. Such assumptions, may prove incorrect.

Factors that could cause actual results to differ materially from expectations include (i) potential delays due to COVID-19 restrictions; (ii) the failure of the Delta projects, for technical, logistical, labour-relations, political factors, the Falea licence not being re-issued by regulators, or other reasons; (iii) a decrease in the price of minerals below what is necessary to sustain operations; (iv) an increase in the cooperating costs of AEM above what is necessary to sustain its operations; (v) accidents, labour disputes,or the materialization of similar risks; (vi) a deterioration in capital market conditions that prevents AEM from raising the funds it requires on a timely basis; and (vii) generally, AEM's inability to develop and implement its respective successful business plans for any reason.

In addition, the factors described or referred to in the section entitled, "Risk Factors" in the MD&A for the year ended December 31, 2021 of GoviEx, which is available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this news release.

Although GoviEx has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward- looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, that GoviEx will derive a benefit therefrom. Accordingly, readers should not place undue reliance on forward-looking statements.

The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151710

News Provided by Newsfile via QuoteMedia

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To Our Fellow Stakeholders,

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Transformational Agreements Finalised In Mauritania For Tiris Project

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NexGen Announces Appointment of Ivan Mullany to its Board of Directors

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce the appointment of Ivan Mullany to the Company's Board of Directors.

NexGen Energy Ltd. Logo (CNW Group/NexGen Energy Ltd.)

Leigh Curyer, Chief Executive Officer, commented: "On behalf NexGen Energy's Executive and Board of Directors, we are very pleased to welcome Mr. Ivan Mullany .  Mr. Mullany has extensive knowledge and experience in the successful execution of global mining project construction and operational excellence.  Mr. Mullany is joining an experienced team dedicated to the responsible development of the Rook I Project that will create significant generational benefits to Saskatchewan and Canada , while playing a leading role globally in the delivery of clean energy fuel. Mr Mullany's skills and experience are an excellent complement to the Board and timely, as Rook I advances into Detailed Engineering in 2023.

Ivan Mullany

Mr. Mullany, BSc, Majoring in Extractive Metallurgy, CIMM, FAusIMM, has over 35 years in mining project management with broad international experiences.  Most recently, with Newmont Corporation and its predecessor Goldcorp Inc. on the Senior Leadership Team, he led numerous major projects, collectively in excess of $18 Billion , during the engineering study, construction and execution stages.

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future.  The Company's flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance.  The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure.  NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally.  The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol "NXE" and on the Australian Securities Exchange under the ticker symbol "NXG" providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security and access to power.  The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon, Saskatchewan .

Contact Information

Leigh Curyer
Chief Executive Officer
NexGen Energy Ltd.
+1 604 428 4112
lcuryer@nexgenenergy.ca
www.nexgenenergy.ca

Travis McPherson
Chief Commercial Officer
NexGen Energy Ltd.
+1 604 428 4112
tmcpherson@nexgenenergy.ca
http://www.nexgenenergy.ca

Forward-Looking Information

The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company's title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated February 25, 2022 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedar.com and Edgar at www.sec.gov .

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws .

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nexgen-announces-appointment-of-ivan-mullany-to-its-board-of-directors-301734183.html

SOURCE NexGen Energy Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2023/31/c3967.html

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