GoviEx Uranium Appoints Experienced Project Metallurgist as It Advances Muntanga Uranium Project

Rhea-AI Summary

GoviEx Uranium has appointed Deogratias M. Bukunkwe as Project/Commissioning Metallurgist for its Muntanga uranium project in Zambia. Bukunkwe, a Zambian national with over 25 years of process start-up and operations experience, will focus on developing a detailed pre-commissioning framework to prepare the project for lender due-diligence. His extensive experience includes senior startup roles at Kayelekera and Langer Heinrich uranium mines and recent work as Commissioning Manager at Freeport-McMoRan's Grasberg facility. The appointment is strategic as GoviEx transitions from feasibility to project financing, with production anticipated to begin in 2028, subject to financing. The hire strengthens the company's technical execution capabilities and aims to provide assurance to potential banking partners.

Positive

• Appointment of highly experienced metallurgist with 25+ years of relevant uranium and process start-up expertise
• Strategic hire strengthens technical team as company transitions from feasibility to project financing phase
• Local expertise advantage with the appointment of a Zambian national for the Zambia-based project
• Clear timeline with production target set for 2028

Negative

• Project still requires financing to proceed
• Production timeline of 2028 is dependent on securing project financing

• Seasoned metallurgist with heap leach and uranium experience to lead process plant development

• Hiring supports potential lenders' due-diligence process and transition from design to operations

Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) ("GoviEx" or "the Company") is pleased to announce that it has appointed Mr. Deogratias M. Bukunkwe as Project / Commissioning Metallurgist to further advance the development of its Muntanga uranium project in Zambia (the "Muntanga Project").

Mr.  Bukunkwe, a Zambian national, brings more than 25 years of process start-up and operations experience, including senior start up roles at Kayelekera and Langer Heinrich uranium mines, leading the Operational Readiness at DRA Minopex, and most recently serving as Commissioning Manager on Freeport-McMoRan's Grasberg Gold and Copper Cleaner Concentrator in Indonesia.

His immediate focus will be to build the detailed pre-commissioning framework that positions the Muntanga Project as "project-ready" for lender due-diligence. Mr. Bukunkwe will also be responsible for commissioning and management of the processing plant when it starts production, which the Company anticipates could be in 2028, subject to project financing.

Daniel Major, Chief Executive Officer, said:

"We are continuing to advance the Muntanga Project towards its next development phase. As we transition from feasibility to project financing, bolstering our technical team is crucial. Deogratias' track record of preparing, comissioning and ramping up uranium plants strengthens our execution capability and helps to assure potential banking partners of our ability to execute safely and on schedule."

Mr. Bukunkwe commented:

"Working on the Muntanga Project in my home country is an incredible opportunity. My career has focused on guiding plants to production, and I plan to use that experience to ensure a safe and high-performing project that benefits all stakeholders. I also look forward to collaborating with prospective lenders as we design and validate a robust pre-commissioning programme to advance the Muntanga Project's development."

About GoviEx Uranium Inc.

GoviEx (TSXV: GXU) (OTCQB: GVXXF), 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 mine-permitted Muntanga Project in Zambia.

Contact Information
Isabel Vilela, Head of Corporate Communications
Daniel Major, Chief Executive Officer
Tel: +1-604-681-5529 Email: info@goviex.com Web: www.goviex.com

Cautionary Statement Regarding Forward-Looking Information

This news release may contain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") 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: (i) the Muntanga Project's transition from feasibility towards development and finally production; (ii) the method and timing of any development and mining operations at the Muntanga Project, including the anticipated start of uranium production target of 2028; and (iii) if and when the Muntanga Project will be "project-ready" for lender due-diligence; . 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 GoviEx will successfully raise required financing for the Muntanga Project; (ii) that the current uranium upcycle will continue and expand; (iii) that the integration of nuclear power into power grids worldwide will continue as a clean energy alternative; and (iv) that 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 inability of the Company to raise financing for its Muntanga Project for any reason; (ii) a regression in the uranium market price; (iv) an inability or unwillingness to include or increase nuclear power generation by major markets; (v) potential delays due to new or ongoing health or environmental restrictions; (vi) the failure of GoviEx's projects, for technical, logistical, labour-relations, political, or other reasons; (vii) a decrease in the price of uranium below what is necessary to sustain GoviEx's operations; (viii) an increase in GoviEx's operating costs above what is necessary to sustain its operations; (ix) accidents, labour disputes, or the materialization of similar risks; (x) a deterioration in capital market conditions that prevents GoviEx from raising the funds it requires on a timely basis; (xi) political instability in the jurisdictions where GoviEx operates; and (xii) 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 "Risk Factors" in the MD&A for the year ended December 31, 2024, as well as the Annual Information Form for the year ended December 31, 2024, of GoviEx, which are available on the SEDAR+ website at www.sedarplus.ca, 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 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.

Cautionary Note to United States Persons:

The disclosure contained herein does not constitute an offer to sell or the solicitation of an offer to buy securities of GoviEx.

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those referenced above collectively as "forward-looking statements" under the "Cautionary Statement Regarding Forward-Looking Information" involve known and unknown risks, uncertainties and other factors which may cause the actual results, the performance or achievements of GoviEx to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254315

FAQ

Who is the new metallurgist appointed by GoviEx Uranium (GVXXF)?

GoviEx Uranium appointed Deogratias M. Bukunkwe, a Zambian national with over 25 years of process start-up and operations experience, as Project/Commissioning Metallurgist.

What is Deogratias Bukunkwe's role in the Muntanga uranium project?

Bukunkwe will develop the pre-commissioning framework for lender due-diligence and will be responsible for commissioning and management of the processing plant when production starts.

When does GoviEx (GVXXF) expect to start production at the Muntanga Project?

GoviEx anticipates production could start in 2028, subject to securing project financing.

What is Deogratias Bukunkwe's previous experience in the mining industry?

Bukunkwe has held senior startup roles at Kayelekera and Langer Heinrich uranium mines, led Operational Readiness at DRA Minopex, and served as Commissioning Manager at Freeport-McMoRan's Grasberg facility.

Why did GoviEx Uranium (GVXXF) make this appointment?

The appointment strengthens GoviEx's technical team as they transition from feasibility to project financing, helping to assure potential banking partners of their execution capability.