GoviEx Announces Initial Geophysical and Assay Results Targeting Its Falea Polymetallic Mineralization

GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) ("GoviEx or the Company") is pleased to announce positive results following the core sampling and geophysics programme completed on the Company's polymetallic Falea project in Mali (the "Falea Project").

The Falea Project consists of three Exploration Permits; Falea, Bala and Madini. Previous exploration work on the Falea Project highlighted the following:

Falea Permit - hosts confirmed uranium, silver and copper mineral resources associated with sandstones with the no previous exploration of the underlying Birimian geology⁽¹⁾;
Madini Permit - gold soil anomalies recently reported within the Birimian geology indicate the intersection of regional gold trends within the Falea Project licenses⁽²⁾, and;
To date there has been limited exploration on the Bala Permit.

Based on initial exploration effort currently underway at the Falea Project, the company has identified a significant correlation between the Birimian geology, the fault structures (particularly the Road Fault), and the geophysical Chargeability anomalies in relation to gold mineralisation. This recent high value work has been exploratory in nature, and in the case of the sampling program utilised sections of diamond drill core previously not assayed.

"These preliminary results for the Falea Permit are very exciting and combined with the gold soil sampling completed earlier this year underline the exploration potential for the Falea Project. This sampling program indicates the potential for gold mineralisation along fault structures and the IP survey corroborates geological anomalies that remain untested on the licenses for uranium, base and precious metals. And with Madini we have shallow near surface gold anomalies ready to be drilled," stated Govind Friedland, Executive Chairman.

Diamond core assay program

Assay results for the sample intervals collected from existing drill core have been received. The sampling program was design to collect samples from the Birimian rocks intersected in holes originally drilled as part of the Falea Project's uranium exploration works. The Falea deposit is generally considered a polymetallic unconformity style deposit, which is hosted in the basal part of the Taoudeni basinal sequence, just above the unconformity with the older Birimian greenstones.

A total of 96 drill holes were sampled from a potential 945 drill holes that were drilled over the Falea Project. The cores were selected from holes based on their location and distributed in such a way as to cover a maximum area within the Falea Project. The program could be defined as a scouting exercise.

Assay results came in with several intercepts grading above 0.5g/t with intercepts up to 1.16g/t. The style of mineralization of these anomalous gold intercepts are related to quartz veining, shearing and carbonate alteration, as well as the presence of pyrite and chalcopyrite. Additionally, the better mineralized intercepts are associated with the localised faulting structures and especially along the Road Fault structure. Also as noted below the gold mineralisation has also correlated well with the defined Chargeability anomalies below the Falea deposit.

These diamond drill cores were drilled targeting the flat lying uranium deposit only and not deeper for the gold targets known to exist within the Birimian geology.

Table 1.0 Gold Assay Results over 0.5 ppm

Target	Hole_ID	From_m	To_m	Interval_m	Au, ppm	Comments
Central Zone	DF-321	401	402	1	0.52	Presence of VC unit
Zhang Zone	DF-375	313.59	314	0.41	1.13	Quartz vein
Zhang Zone	DF-398	300	301	1	0.54
North Zone	DF-565	208	209	1	0.55	Quartz vein
Bodi Zone	DF-633	142	145	3	0.88	Quartz vein, Shears, Pyrite. Includes 1m at 1.16 ppm
Bodi Zone	DF-740	100.07	101	0.93	0.54
North Zone	DF-183	241	243	2	0.82
Bodi Zone	DF 126	91	92	1	0.52	Pre-GoviEx results
North Zone	DF 127	240	242	2	1.00	Pre-Goviex results

Although the program only assayed approximately 10% of the total available drill cores, these results provide the Company with greater clarity on the zones that should be considered in the future for similar sampling and drill core assay programs.

Figure 1: Location of drill holes sampled by GoviEx in 2020 (96 drill holes) and those previously sampled, and highlighting those with anomalous gold results- >0.5ppm Au

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Terratec Results

Terratec Geophysical Services ("Terratec"), based in Germany, have recently completed five High Resolution IP ("HIRIP") lines and 66 line kilometres of Dipole-Dipole Resistivity and IP gradient survey over the Falea deposit. The aim of this survey was to help elucidate the structural controls on the existing polymetallic mineralisation and the gold in the deeper Birimian sequence. These geophysical techniques have revealed some interesting correlations between chargeable bodies and the presence of polymetallic mineralization and geological structures of the Falea deposit that are the conduits for mineralisation.

These techniques have revealed chargeable bodies in the area, which will become drill targets in future drill programs. The fact that the chargeable bodies have not been truly tested by drilling and that some of the anomalous gold results occur on the edges of these zones, is encouraging and will warrant drill testing in future not only for gold but for uranium mineralisation.

Figure 2: Gradient IP results Chargeability with outline of Falea Uranium-Copper-Silver deposit

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Figure 3: FAL20-02 HIRIP line located across the Falea Deposit. Note holes DF-183 and DF 127. Red circles. Located 50m apart and reporting 2m at 1g/t and 0.82g/t into the Road Fault (pale circle)

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Madini Permit - International Drilling

The Company has entered into a service agreement with International Drilling Company ("IDC") from Senegal to undertake a minimum 6,000-metre aircore drilling program to test the gold potential associated with the soil anomalies on its Madini Permit. Drilling by IDC is planned to commence in January 2021, and is expected to last approximately two months.

Figure 4: Gold in Soil Anomalies on the Madini Permit to be tested by drilling in early 2021

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Notes:

See: Technical Report titled "Technical Report on the Falea Uranium, Silver and Copper Deposit, Mali, West Africa" prepared by Roscoe Postle Associates Inc. for Denison Mines Corp., October 26, 2015.
See news release dated July 6, 2020.

Qualified Person Statement

The technical content of this press release has been reviewed and approved by Mr. Jerome Randabel, MAIG, Chief Geologist of GoviEx, a Qualified Person as defined in NI 43-101.

Technical Notes

Core samples are cleaned, photographed dry and wet, and then described in detail, including the colour, presence of quartz veins, shear zones and alterations. Presence of sulfides and principal fracture zones.

The sample length are delimited, at minimum of 0.5m to a maximum of 1.5m intervals. The core is then halved using a core saw.

For QAQC purposes for every 20 samples a duplicate, standard or a blank sample is inserted. All samples weighed approximately 1kg and were prepared at the ALS preparatory laboratory in Bamako, Mali and assayed at the ALS laboratory in Ouagadougou, Burkina Faso, using gold by Fire Assay and AAS finish (detection limit = 100ppm). The laboratory will run blanks and standard samples to validate their results. For multi-element assay a four acid digest ICP-MS and ICP -AES method will be used. (Precision +/-7-15%)

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:

Govind Friedland, Executive Chairman
Daniel Major, Chief Executive Officer
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 in relation to, the exploration and mineralization potential for the Falea Project; assay results providing the Company with greater clarity on the zones that should be considered in the future for similar sampling and drill core assay programs; the planned extent and duration of planned IDC drilling; .

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) potential for similar positive assay results beyond the 96 drill holes that were sampled tout of the potential 945 drill holes previously drilled on the Falea Project; (ii) that IDC will be a ble to complete the planned drill program as anticipated; and (iii) that the price of uranium will remain sufficiently high and the costs of advancing the Company'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) that the remaining un-sampled diamond core will not yield similar positive results that were found on the 96 drill core holes sampled; (ii) then inability or unwillingness for IDC to complete the drill program as planned; (iii) the failure of the Company's projects, for technical, logistical, labour-relations, or other reasons; (iv) a decrease in the price of uranium below what is necessary to sustain the Company's operations; (v) an increase in the Company'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 the Company from raising the funds it requires on a timely basis; and (viii) 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 "Financial Risks and Management Objectives" in the MD&A for the year ended December 31, 2019, 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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Paladin Energy to Acquire Fission Uranium in C$1.14 Billion Deal

Australia's Paladin Energy (ASX:PDN,OTCQX:PALAF) has announced plans to acquire Saskatchewan-focused Fission Uranium (TSX:FCU,OTCQX:FCUUF) in a transaction valued at C$1.14 billion.

“The acquisition of Fission, along with the successful restart of our Langer Heinrich Mine, is another step in our strategy to diversify and grow into a global uranium leader across the top uranium mining jurisdictions of Canada, Namibia and Australia,” said Paladin CEO Ian Purdy in a press release on Monday (June 24).

Under the terms of the agreement, Paladin will acquire 100 percent of the issued and outstanding shares of Fission, while Fission shareholders will receive 0.1076 fully paid shares of Paladin for each Fission share that they hold.

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NexGen Advances Through Completeness Check for the Final Federal Environmental Assessment Process

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce that on June 21, 2024 the Canadian Nuclear Safety Commission (" CNSC ") concluded their 30-day completeness check of NexGen's May 21, 2024 submission of responses to the remaining 49 technical review comments and revised Federal Environmental Impact Statement (" EIS ") for NexGen's 100% owned Rook I Project (" Rook I " or the " Project ").

The technical review by the CNSC has now commenced through the Federal-Indigenous Review Team, and upon confirmation that all technical review comments have been resolved after its prescribed 60-day review, the CNSC will then be able to deem the EIS final. When the EIS is deemed final, the CNSC will establish the Federal Commission Hearing date.

Leigh Curyer, NexGen's Chief Executive Officer, commented: "The Company continues to successfully advance through the Federal EA process which formally initiated in April 2019 . We look forward to the conclusion of the technical review process, for the Federal EIS to be deemed final, and the establishment of a Federal Commission Hearing date for the Rook I Project in order to deliver the significant generational benefits to the local Indigenous Nations, communities, the Province and Canada .

With the acceptance of the Federal licence application and receipt of Provincial EA approval in September and November 2023 , respectively – and broad-based support and advocacy from our valued stakeholders and local Indigenous Nation partners and communities – the team is ready to immediately commence major construction of this generational project upon receipt of remaining approvals. The detailed engineering and procurement activities continue along the critical path as do the significant local training programs underway for the future staffing requirements. Rook I represents a crucial clean fuel source that is fully in line with Government of Canada's critical minerals strategy and desire to be a leader in the provision of clean energy solutions including nuclear power and NexGen will be instrumental in global efforts to bring diversified, reliable, carbon-free energy to the world."

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 .

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission (" SEC ") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

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 March 6, 2024 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.sedarplus.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 .

View original content to download multimedia: https://www.prnewswire.com/news-releases/nexgen-advances-through-completeness-check-for-the-final-federal-environmental-assessment-process-302179503.html

SOURCE NexGen Energy Ltd.

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Drilling Update for Mkuju Project

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GoviEx Announces Initial Geophysical and Assay Results Targeting Its Falea Polymetallic Mineralization

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