Sector: MiningCountry: CanadaWKN: A12BL3Equity Ticker Germany: 7GU
Main commodity: UraniumEquity Ticker Canada: GXUISIN: CA3837981057Shares outstanding: 423,220,000

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MD&A as of 31.03.2020

Consolidated Financial Statements

Condensed Interim Consolidated Financial

Statements 31.03.2020

GoviEx Uranium Inc.
999 Canada Place, Suite 654
Vancouver, British Columbia V6C 3E1
Tel.: +1 (604) 681-5529


Email: info@goviex.com 

Govind Friedland, Executive Chairman
Email: Govind@goviex.com

Daniel Major, Chief Executive Officer
Email: DanielM@goviex.com


Govind Friedland

Executive Chairman

Govind Friedland is a geological engineer from the Colorado School of Mines. Prior to forming the Company, Mr. Friedland provided business development services to Ivanhoe Mines Ltd. and Ivanhoe Energy Inc. throughout the Asia Pacific Region for over half a decade. From 2007 to 2011, as Chief Executive of the Company, Mr. Friedland was primarily responsible for raising approximately $100 million to fund acquisitions, finance exploration and pursue other corporate initiatives focused on the Company’s uranium assets in Niger. Mr. Friedland championed the Company’s policy of employing a 100% local workforce in Niger as the new paradigm for sustainable development in the region. Mr. Friedland is also a co-founder of Ivanhoe Industries, the parent company of I-Pulse Inc., a hi-tech company providing innovative solutions for mining, oil & gas, and advanced manufacturing sectors based in Toulouse France. Mr. Friedland, currently the Company’s Executive Chairman of the Board of Directors, earned his degree in Geology and Geological Engineering from the Colorado School of Mines in 2000 with a focus on Exploration Geology. While attending CSM, Mr. Friedland was distinguished as the recipient of the prestigious Brunton Award for his excellence and expertise in field mapping. From 2002 to 2011, Mr. Friedland was based in Beijing, China and possesses a unique multicultural background having lived much of his life in Asia immersed in the mineral exploration industry. From 2003 until 2005, Mr. Friedland worked for Ivanhoe Energy Inc. and Ivanhoe Mines Ltd. as Business Development Manager for the Asia Pacific Region. Prior to that, Mr. Friedland was a Field Engineer for Kiewit Pacific, a division of Peter Kiewit & Sons. Mr. Friedland draws on experience having worked at Kiewit Pacific on the planning, mobilization, and execution of several multibillion dollar projects including Level 3 Communications, a $6 billion design build high-tech contract, the Oakland-San Francisco New Bay Bridge, a $1.2 billion job which involved heavy civil engineering and construction, and in China. Mr. Friedland also has particular mineral exploration and development expertise throughout Asia and North America. Mr. Friedland was part of the regional exploration team that first discovered the Voisey’s Bay Nickel-Copper-Cobolt discovery in Labrador Canada in 1996, which was ultimately sold to Inco for $4.3 billion.

Daniel Major

Chief Executive Officer

Daniel Major is a mining engineer from the Camborne School of Mines in the UK. His career spans over 25 years in the mining industry where he has established a solid track record initially with Rio Tinto at the Rossing Uranium Mine in Namibia and later as a mining analyst with HSBC Plc followed by JP Morgan Chase & Co. in London. More recently Mr. Major was Chief Executive and later Non-Executive Chairman of Basic Element Mining and Resource Division in Russia, and held leadership positions in several Canadian listed mining companies with exploration and producing assets in Canada, Russia and South America.

Company description

GoviEx Uranium Inc. (TSX.V: GXU; FSE: 7GU; OTC MKTS: GVXXF) is a mineral resource company focused on the exploration and development of its African uranium properties. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its Falea Project in Mali.

On June 19, 2014, GoviEx successfully closed its initial public offering (IPO) on the Canadian Securities Exchange (CSE), and began trading under the symbol “GXU”. On July 11, 2016, GoviEx transferred its listing to the TSX Venture Exchange (TSX-V).


GoviEx’s major industry shareholders include the following:

• Cameco, one of the world’s largest uranium producers, providing about 18% of global supply.
• Denison, a uranium development and exploration company focused on the infrastructure-rich eastern portion of the Athabasca Basin region in northern Saskatchewan, Canada, and the manager of Uranium Participation Corp., a publicly-traded company that invests in uranium oxide and uranium hexafluoride.
• Ivanhoe Industries, a U.S.-based, privately-held company actively engaged in supporting technology, energy, and natural resource companies worldwide.


GoviEx Benefits:

• Strong shareholder base, including Denison Mines, Ivanhoe Industries and Cameco Corporation.
• A growing, Africa-focused uranium company with a robust project development pipeline and jurisdictional diversification.
• One of the largest NI 43-101 uranium resource bases in combination amongst its peer group, with combined Measured Resources of 36.2 Mlbs U3O8, Indicated Resources of 107.3 Mlbs U3O8, and Inferred Resources of 86.0 Mlbs U3O8.
• Considerable exploration potential to further increase mineral resources, with several drill-ready targets defined at each property.
• Mining permits granted in Niger and Zambia, both recognized mining countries with good infrastructure and long mining histories.


  • Madaouela (Niger)
  • Mutanga (Zambia)
  • Falea (Mali)
  • The Madaouela Uranium Project is situated southeast of the mining town of Arlit, and the Marianne-Marilyn deposit is located approximately 9 km from Arlit. The land surface of the tenement forms a rectangle of less than 250 km2.
  • The Madaouela property is located in the Tim Mersoi Basin. This basin covers most of the western part of the Republic of Niger with extensions in Algeria, Mali, Benin, and Nigeria. In early Paleozoic, an open gulf developed to the south of the Central Saharan Massif and fed continental sediments to the developing basin.
  • The proximity of the town of Arlit and Akokan are an asset for Madaouela permits. The towns have over 160,000 people supporting local mining operations with airports, drilling companies, electricity, potable water, and a hospital. Arlit is connected to the Southern part of Niger via the so-called “uranium-highway” through Agadez and Tahoua to Niamey, the Niger capital further south. A power line connects the town to the Sonichar coal-fired power station located North of Agadez.Access by plane is possible through an airstrip in Arlit and also Agadez.
  • SRK completed a technical economic analysis for the project. The economic analysis results indicate an after-tax Net Profit Value (“NPV”) of US$340 million at an 8% discount rate with an Internal Rate of Return (“IRR”) of 21.9%. Payback will be in production Year 3.The proposed base case envisions a 2.69 Mlb per year U3O8 yellowcake production rate, and an 93.7% ultimate recovery, generating an eighteen-year mine life and a total production of 45.6 Mlb U3O8. The project economics are at a long-term uranium price of US$70/lb U3O8. Initial capital costs are estimated at US$359 million, with total LoM capital costs at US$676 million, cash operating costs of US$24.49 /lb U3O8 excluding royalties, and US$31.49/lb U3O8 including royalties.

Mutanga (Zambia)
• Located approximately 200 km south of Lusaka, immediately north of Lake Kariba, at elevations of 500 metres to 960 metres.
• Mineral resource (November 2017) of 15.2 Mlbs U3O8 contained in the Measured and Indicated, and 44.9 Mlbs U3O8 contained in the Inferred category.
• Uranium deposits hosted within sandstones of the Escarpment Grit Formation of the Karoo Super Group.
• Preliminary Economic Assessment completed November 2017.
• 11-year mine life forecast producing 2.6 Mlbs U3O8 per annum.
• Uranium recovery forecast at 88%.
• Start-up Capital Expenditure of US$121 million.
• Cash Operating Cost forecast at US$31.1 / lb U3O8.
• Mine license granted; based on open-pit mining + heap leach.
• Infrastructure includes road access via 39 km gravel road, ground water, and available grid power (approximately 60 km away).

Falea (Mali)
• Located within the Falea-North Guinea-Senegal Neoproterozoic Basin
• Three licenses: Bala, Madini, and Falea.
• Mineral resource (October 2015) of 17.4 Mlbs U3O8 contained in the Measured and Indicated, and 13.4 Mlbs U3O8 contained in the Inferred category.
• In addition, contains 24 Mlbs Cu and 16 Moz Ag contained in the Measured and Indicated and 39 Mlbs Cu and 5 Moz Ag contained in the Inferred category.
• Only 5% of the 225 km2 land package has been explored.
• Most known ore zones remain open for exploration.
• Considerable technical and environmental work completed to date.
• Forecast underground mining operation.
• Process route includes recovery of copper and silver.
• Road and air access, including a gravel airstrip on-site.