13.02.2020

Not for distribution to United States newswire services or for dissemination in the United States

VANCOUVER, CANADA – GoviEx Uranium Inc. (TSX-V: GXU; OTCQB: GVXXF) (“GoviEx”or “Company”) is pleased to announce that it is conducting a non-brokered privateplacement offering of up to 33,333,340 units (“Units”) at a price of C$0.15 per Unit (the“Private Placement”).

Each Unit consist of one (1) Class A common share in the capital of the Company (a“Common Share”) one (1) transferable share purchase warrant (a “Warrant”). EachWarrant will entitle the holder to acquire one (1) Common Share (a “Warrant Share”) for 60months from the closing at the US$ equivalent price of C$0.20 per Warrant Share, subject toapplicable adjustments and the Accelerated Exercise (as hereinafter defined).

All securities issued under this Private Placement are subject to a twelve (12) month holdperiod from the date of issue. In addition, securities issued to subscribers in the UnitedStates will be subject to a hold period under the Securities Act of 1933 (the “1933 Act”) andcan only be resold in strict compliance with the applicable exemptions from the registration requirements of the 1933 Act.

“Conscientious clean energy investing is critical part of the process to realize a sustainableenvironment for the future generations and we are delighted to have the support of the long-term shareholders participating in this issue”, noted GoviEx Executive Chairman, GovindFriedland.

Under the terms of Private Placement, the exercise of Warrants may be accelerated by theCompany, at its sole discretion, should the closing price of the Company’s Common Shareson the TSX Venture Exchange (the “Exchange”) be equal to or greater than C$0.40 pershare for each of 15 consecutive trading days (the “Accelerated Exercise”), in which casethe expiry time of the Warrants will be accelerated to the day that is 30 days following thedate of the notice by the Company to the Warrant holder of its decision to proceed with theAccelerated Exercise.

Mr. Friedland went on to say, “GoviEx sees our main value driver, the uranium commodityprice, to improve through 2020 as the impact of the current supply deficit, and expectedremoval of political uncertainty in the USA impacts buyer actions in a positive way. Wecontinue focusing on our strategy to position the Company at the forefront of our peers totake advantage of anticipated market changes to incentivize new production. Our near-termgoal is to deliver an updated pre-feasibility study on our Madaouela uranium project in Niger,in the second quarter of 2020 that updates the mineral resources and synthesises the last 5years of improvements made to the planned operations and process design of the project,which have the potential to reduce capital and operating expenses and improve resultingproject economics from those previously reported in the current pre-feasibility study on theproject.1

We firmly believe in the underlying fundamentals of the uranium and nuclear industry as partof the green energy solution and have structured this Private Placement accordingly withcore investors committing to a twelve month hold period.”

The Private Placement remains subject to the final Exchange acceptance.

The net proceeds from the Private Placement will be used to fund continued exploration anddevelopment activities on the Company’s assets, working capital and for general corporate purposes.

A cash finder’s fee of 6% may be payable on all, or a portion, of the Private Placement.

Closing of First Tranche of Private Placement

The Company is also pleased to announce that it has closed the first tranche of the PrivatePlacement. In this first tranche, the Company issued an aggregate 15,333,334 Units forgross proceeds of approximately C$2.3 Million. Warrants issued pursuant to the first trancheclosing are exercisable at a price of US$0.15 per Warrant Share until February 13, 2025,subject to applicable adjustments and the Accelerated Exercise.

All securities issued under the first tranche close of the Private Placement are subject to ahold period and may not be traded before February 13, 2021.

The Company paid cash finder’s fees of C$90,000 in relation to the first tranche close of thePrivate Placement.

The next tranche of the Private Placement is expected to close on or before February 28,2020. Notes:

1. See: An independent NI 43-101 technical report was prepared for the Madaouela Project in 2015 to aprefeasibility level of confidence. The report titled “An Updated Integrated Development Plan for the MadaouelaProject, Niger” has an effective date of August 11, 2015, and a revision date of August 20, 2015, and is availableat GoviEx’s profile on SEDAR at www.sedar.com.

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

Please read the complete news release at the following link: LINK