November 7, 2022


Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) (“GoviEx” or “Company”) is pleased to announce that it has filed a technical report titled “A feasibility Study for the Madaouela Uranium Project, Niger” dated effective 01 November, 2022. The report was filed today under GoviEx’s profile on SEDAR and it is also available on GoviEx’s website

The Feasibility Study (FS) represents an extremely detailed, fully costed, and updated study of GoviEx’s Madaouela uranium project in the Republic of Niger, taking into account international best practices and standards for responsible project development. The FS succeeded in delivering a project that is technically robust and significantly simplified, reducing development and operational risk at a time of high inflationary pressure.

Govind Friedland, Executive Chairman, said:

“The completion of our FS represents another major step in our company’s development and its goal of becoming a significant uranium producer. This FS, along with the current strengthening uranium market, combined with the fact that our project is fully permitted, distinguishes Madaouela as a unique development opportunity.

The GoviEx team along with Endeavour Financial, our debt advisors, have increased the pace of our engagement with potential lenders and utilities in order to develop a financial structure suitable to finance the development of the Madaouela Project. We maintain our projection to be able to start producing in 2025, subject to project financing”.

FS Highlights:

  • One of the largest uranium resources in the world, with 100 million pounds of U3O8 in measured and indicated mineral resources, plus inferred resources of 20 million pounds of U3O8
  • Located in a mining-friendly jurisdiction with all major permits required for development already secured.
  • FS is based on a self-sustaining operation including process plant and renewable power supply with no reliance on third party facilities
  • After tax NPV 8% of USD 140 million and IRR of 13.3%
  • Life of mine (“LOM”) uranium production of 50.8 million pounds U3O8; averaging 2.67 million pounds U3O8 per annum over 19 years
  • Intensive pilot plant testing underpinning LOM recovery of 92.2% for uranium and 80.7% for molybdenum
  • Total initial capital costs of USD 343 million
  • LOM EBITDA of USD 1,570 million, at an average annual rate of USD 82.6 million and net free cashflow of USD 672 million
  • Reduced construction and operational risks through process simplification utilizing industry standard process design
  • Strong commitment to ESG through prioritizing the use of local skilled labour, local vendors, and labour force diversification
  • Grid connection with the addition of 8MW of hybrid solar power plant resulting in 26% of renewable power generation
  • Next steps to accelerate Project financing and offtake discussions



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