GoviEx Uranium Receives Final Payment Related to Linkwood Loan

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) is pleased to announce that, further to its news release of December 20, 2019, it has received the final payment related to the 2018 Linkwood loan from Linkwood Holdings Pte Ltd. and Medea Capital Partners Limited.

Daniel Major, CEO, commented:

"We are pleased to have received the final payment from Linkwood for this outstanding loan. The proceeds from this payment will be used to fund continued exploration activities at our Mutanga project in Zambia and to continue the development of our Madaouela Project."

The Linkwood loan was declared to be in default in 2019 and accrued a default interest rate of 11.5% per annum. At the end of May 2022, Linkwood had already repaid USD 2.2m in cash. The final payment of the loan was in the form of free-trading ordinary shares Linkwood held in a publicly listed company. In 2018 GoviEx provided Linkwood with a loan to fund its purchase of GoviEx shares then held by the Toshiba Corporation as part of a transaction that allowed GoviEx to buy back the uranium loan it received from Toshiba in 2012, at a 50% discount for USD 4.5 million.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

About GoviEx Uranium

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, its mine-permitted Mutanga project in Zambia, and its multi-element Falea Project in Mali.

Information Contacts

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

Cautionary Statement Regarding Forward-Looking Statements

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 regarding the anticipated amount and use of proceeds to be derived from the ordinary shares and the timing for the completion and publishing of the Madaouela feasibility report, if at all.

Although GoviEx believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: ((i) that the value of the ordinary shares transferred by Linkwood to GoviEx as repayment of the loan will be sufficient to repay the outstanding principal and related interest in full; (ii) that the feasibility study on the Madaouela project will be completed and published as anticipated and (iii) the price of uranium will remain sufficiently high and the costs of advancing GoviEx's mining projects will remain sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner.

Factors that could cause actual results to differ materially from expectations include (i) the market value of the ordinary shares transferred to GoviEx by Linkwood will be insufficient to repay the loan and related interest in full; (ii) the inability of GoviEx to have a feasibility study produced and/or publish as anticipated for any reason; (iii) the failure of GoviEx's projects, for technical, logistical, labour-relations, or other reasons; (iv) a decrease in the price of uranium below what is necessary to sustain GoviEx's operations; (v) an increase in GoviEx's operating costs above what is necessary to sustain its operations; (vi) accidents, labour disputes, or the materialization of similar risks; (vii) a deterioration in capital market conditions that prevents GoviEx from raising the funds it requires on a timely basis; (viii) COVID-19 restrictions; and (ix) generally, GoviEx's inability to develop and implement a successful business plan for any reason.

In addition, the factors described or referred to in the section entitled "Financial Risks and Management Objectives" 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, what benefits that GoviEx will derive 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/138408

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GoviEx Uranium Statement on Recent Coup in Niger

GoviEx Uranium Statement on Recent Coup in Niger

In light of the recent coup d'état in Niger, GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) wishes to assure its stakeholders, partners, and the people of Niger of the following:

GoviEx's operations in Niger remain unaffected by the current situation. We are committed to ensuring that our activities continue as normal, both at our Project site and our office in Niamey.

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GoviEx Announces Substantial Increase of Open-Pit Mineral Resources at Its 100% Owned Muntanga Uranium Project in Zambia

GoviEx Announces Substantial Increase of Open-Pit Mineral Resources at Its 100% Owned Muntanga Uranium Project in Zambia

  • Measured & Indicated resources nearly tripled, now representing 74% from 29% of total resources.
  • Total in-pit constrained resources increased 18%.
  • Grade improvement in all mineral categories.
  • Current drilling targeting further potential in pit resource upgrade to measured and/or indicated.
  • Results fully support continued feasibility study.

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx or the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for its wholly owned, mine permitted Muntanga Uranium Project in Zambia (the "Muntanga Project"). The Muntanga Project consists of three mining permits that cover some 720km2, and contains five deposits: Dibbwi, Dibbwi East, Muntanga, Gwabi and Njame.

Daniel Major, CEO of GoviEx commented: "Our drilling campaigns in 2021 and 2022 have led to a significant update in the Muntanga mineral resource estimate. This progress is characterized by a notable growth in in-pit resources, a substantial conversion of inferred resources into the Indicated category, and an overall rise in uranium grades. What's more exciting is that this upward trajectory in resource growth persists even under lower uranium prices, such as the USD50/lb used in our Preliminary Economic Assessment( PEA)1. There is also additional potential for further upgrading of inferred resources, thereby expanding the resources that can be included in the feasibility study. These are very promising results and will be integrated into our ongoing feasibility study."

The 2023 updated MRE is the result of extensive infill drilling, including 8,010 metres drilled in 2021 and a further 19,990 metres drilling in 2022, predominately on the Dibbwi East deposit, to further delineate the deposit and convert inferred resources to the indicated category. The mineral resource update included a comprehensive reassessment of previous work and a revised correlation between down-hole radiometric probe data and chemical assays used to convert down-hole radiometric data into equivalent uranium grades (eU3O8) for mineral resource estimation.

Table 1.0 Comparison between 2017 & 2023 Constrained Mineral Resource Estimates

Constrained Mineral Resource Constrained Mineral Resource % Change
20172023
Tonnes (Mt)eU3O8 Grade (ppm)eU3O8 (Mlb) Tonnes (Mt)eU3O8 Grade (ppm)eU3O8 (Mlb) Tonnes (Mt)eU3O8 Grade (ppm)eU3O8 (Mlb)
Measured & Indicated 16.1735312.5942.5935933.7163%2%168%
Inferred 38.8229425.1614.9533010.88-61%12%-57%

 

Based on the USD50/lb U3O8, used to define the mining schedule in the 2017 PEA, constrained total pit resources are 36.5 Mlb eU3O8, comprising 34 Mt at 374 ppm eU3O8 for 28.4 Mlb in measured and indicated and 11 Mt at 348 ppm eU3O8 for8.1 Mlb of inferred, highlighting the robustness of the mineral resources at Muntanga. With the quality of the resource estimate improved, higher M&I, higher grade and a notable increase in estimated resources within the constrained open-pit area, we are optimistic that the updated MRE will be favourable to the project economics previously estimated for Muntanga in the PEA, and especially as the ongoing drilling is targeting conversion of more inferred resources into indicated resources.

As per the regulations applicable in 2017 when the Company released its NI 43-101 Technical Report1, the MRE reported did not need to be constrained by pit shells based on any particular uranium price, as almost all mineralisation at the time occurred within 125 m of surface with uranium grades that were, in general, considered to have a reasonable prospect for eventual economic extraction ("RPEEE") by open pit mining. The cut-off grade used for reporting the 2017 MRE was 100 ppm eU3O8.

The 2023 MRE is disclosed including an additional constraint applied to comply with the RPEEE and is accordingly reported within a constraining open-pit shell based on a uranium selling price of USD70/lb U3O8 and a 100 ppm eU3O8 cut-off grade. The updated 2023 MRE is presented in Table 3.0.

To facilitate a comparison between the 2023 and 2017 MRE, Table 2.0 below provides an assessment on the impact of a constraining open-pit shell based on uranium selling price of USD70/lb U3O8 and a 100 ppm eU3O8 cut-off grade on the 2017 MRE.

Table 2.0 Comparison of 2017 unconstrained and constrained mineral resources

Unconstrained Mineral Resource
2017
Constrained Mineral Resource
2017
Tonnes (Mt)eU3O8 Grade (ppm)eU3O8 (Mlb) Tonnes (Mt)eU3O8 Grade (ppm)eU3O8 (Mlb)
Measured & Indicated21.631815.116.235312.6
Inferred74.627344.938.829425.2

 

The 2017 constrained mineral resources are based on a fixed uranium price, and should uranium prices increase, a conversion of additional material into a constrained mineral resource would be anticipated.

Based on the drilling completed in 2021 and 2022, an updated mineral resource estimate has been prepared by SRK Consulting (Canada) Inc. ("SRK"). The Mineral Resource is that portion of the resource estimate which has been constrained within an open-pit shell, considering reasonable mining, processing and general and administrative cost, geotechnical parameters and processing recoveries. SRK considers that the material reported as a Mineral Resource fulfils the requirement by the CIM Guidelines of having a RPEEE through open pit mining.

A summary of the Mineral Resources for all deposits comprising the Muntanga Project are presented in Table 3.0 below.

Table 3.0Mineral Resource Statement*, Muntanga Uranium Project, Zambia, effective date of March 31, 2023

ClassificationDepositTonnesU3O8 GradeU3O8
(Mt)(ppm)Mlb
MeasuredGwabi1.12540.6
Njame2.23741.8
IndicatedMuntanga7.53605.9
Dibbwi3.12551.8
Dibbwi East25.237420.8
Gwabi2.73742.2
Njame0.83210.6
     Total M&I42.635933.7
InferredMuntanga4.03192.8
Dibbwi0.62500.3
Dibbwi East9.13446.9
Gwabi0.22790.1
Njame1.13260.8
     Total Inferred15.033010.9

 

*Notes:

  1. The effective date of the mineral resource statement is March 31, 2023. The QP for the estimate is Cliff Revering, P.Eng., an employee of SRK Consulting (Canada) Inc.
  2. Mineral resources are prepared in accordance with CIM Definition Standards (CIM, 2014) and the CIM estimation of Mineral Resources and Mineral Reserves Best Practise Guidelines (CIM, 2019).
  3. Mineral Resources are reported at a cut-off grade of 100 ppm eU3O8.
  4. Mineral resources are constrained within an optimized pit shell using a uranium price of USD70/lb U3O8, mining costs of USD2.90/t, processing costs of USD8.00/t ore, additional ore mining costs of USD0.50/t ore, G&A costs of USD1.50/t ore, royalty of 5% on U3O8 price and a discount rate of 8%.
  5. 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.
  6. All figures have been rounded to reflect the relative accuracy of the estimate.

Analysis of the open-pit shell used to constrain the MRE highlights that there are still inferred category mineral resources that have the potential to be converted to indicated resources with additional drilling. That would enable them to be included in the economics related to any future feasibility study, as the examples below indicate. This work is currently under way as part of this year's previously announced drilling program.

Figures 1&2: Sections from Dibbwi East showing resource classification and MRE Shell

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Fig 1

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Fig 2

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Figure 3 - Dibbwi East drillhole and cross-section location map

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Fig 3

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In conclusion, the updated MRE for the Muntanga Project is a testament to GoviEx's strategic focus and commitment to maximizing the potential of its vast resource base. As the only uranium developer with two African projects ready to begin development and near-term production, GoviEx is well placed to benefit from future growth.

Qualified Person Statement
The technical information and associated data in this release has been reviewed, verified and approved by Cliff Revering, P.Eng., who is an independent Qualified Person under the terms of NI 43-101 for uranium deposits.

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.

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, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.

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

Cautionary Statement Regarding Forward-Looking Statements
This news release contains 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.

Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) that the Company will be successful in its exploration and development plans for all its projects; (ii) that projected low capital expenditures for the mine-permitted projects will remain unchanged or improve; (iii) that the planned exploration and development programs on GoviEx's projects will be completed as planned and meet GoviEx's objectives; and (iv) that the price of uranium will remain sufficiently high and the costs of advancing the Company's projects will remain sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner.

Factors that could cause actual results to differ materially from expectations include (i) the risk that the Company may not be able to fully realize the anticipated benefits of the updated MRE and the conversion of inferred resources to indicated resources; (ii) the risk that the ongoing feasibility study may not yield the expected results; (iii) the risk that the current drilling program may not result in further potential resource upgrades; (iv) potential delays or changes in the Company's development plans due to various factors, including COVID-19 restrictions; (v) the failure of the Company's projects, for technical, logistical, labour-relations, or other reasons; (vi) a decrease in the price of uranium below what is necessary to sustain the Company's operations; (vii) an increase in the Company's operating costs above what is necessary to sustain its operations; (viii) accidents, labour disputes, or the materialization of similar risks; (ix) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis; and (x) generally, the Company's inability to develop and implement a successful business plan for any reason.

In addition, the factors described or referred to in the section entitled "Risks Factors" in the MD&A for the year ended December 31, 2022, 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, what benefits that GoviEx will derive 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.


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GoviEX Uranium Files Annual Information Form

GoviEX Uranium Files Annual Information Form

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or the "Company"), a mineral resource company specializing in uranium exploration and development in Africa, announces that further to the filing of its audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2022, it has today voluntarily filed its Annual Information Form for the year ended December 31, 2022. These filings can be found on the Company's website at www.goviex.com and under the Company's SEDAR profile at www.sedar.com.

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.

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GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or the "Company") is proud to announce its sponsorship of Barefoot College International's Solar Project in Niger.

This groundbreaking initiative is dedicated to empowering rural women without formal education through comprehensive training in solar technology installation and maintenance, livelihoods development and a holistic women's empowerment curriculum. By fostering self-sufficiency, promoting livelihood development, and ensuring environmental sustainability, the Solar Project aims to enhance the quality of life for individuals living in rural areas.

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GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or the "Company"), a mineral resource company specializing in uranium exploration and development in Africa, announces that the agreement with African Energy Metals Inc. ("AEM") for AEM's acquisition of all the issued and outstanding shares of GoviEx's wholly-owned Malian subsidiary, Delta Exploration Mali SARL ("Delta"), which holds the Falea project in Mali, has been terminated due to the fact that AEM was unable to complete its obligations for closing.

In light of this development, GoviEx retains ownership of the Falea project. GoviEx's primary focus is to concentrate its resources on the development of its two advanced-stage mine-permitted projects, namely Madaouela in Niger and Muntanga in Zambia.

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Values beganclawing back lost ground alongside news that production out of Kazakhstan could be impacted by a sulfuric acid shortage. The investment thesis was further strengthened when US President Joe Biden signed the Prohibiting Russian Uranium Imports Act into law in early May. The measure, which is aimed at further sanctioning Russia and its invasion of Ukraine, will take effect on August 11. As the largest end user of uranium for nuclear fuel, the US is now poised to increase domestic supply while also strengthening partnerships with ally nations Canada and Australia.

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Denison Mines Corp. ("Denison") (TSX: DML) (NYSE American: DNN) is pleased to announce it has completed the inaugural In-Situ Recovery ("ISR") field test program (the "Program") at Denison's 25.17% owned Midwest Uranium Project ("Midwest").  The Program involved drilling 10 small diameter boreholes within the Midwest Main deposit primarily undertaken to evaluate site-specific conditions for ISR mining. A series of tests were successfully performed on each borehole, creating an extensive database of geological, hydrogeological, geotechnical, and metallurgical data and validating certain key assumptions in the previously completed internal conceptual mining study (the "Concept Study") evaluating the potential use of ISR mining at Midwest (see Press Release dated April 12, 2023 ). View PDF

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In his view, the market has only reached its third inning, meaning the story is nowhere near over. While investors will need to be more selective, Finegold remains bullish on the uranium spot price and sees uranium stock opportunities too.

"You've got the supply side as fragile as it is, and you've got demand really starting to kick into gear over the next decade. And then you can throw (small modular reactors) into that story, you can throw ... all these bells and whistles on top. And you start to realize that it is a unique, quality story versus anything else," Finegold said during the interview.

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