GoviEx Uranium Inc. announced the results of its updated pre-feasibility study ("Updated PFS") achieving key objectives set by the Company designed to advance the Madaouela Uranium Project (the "Project") towards Project financing and development. The Updated PFS succeeded in delivering a project that is technically robust and significantly simplified, reducing development and operational risk. The mining operations at the Project are planned to commence by open pit at the Miriam deposit in order to improve cash flows in the early years of the Project, while achieving this at a much lower uranium price with potential for attractive debt financing. The Updated PFS on the Project now accounts for five years of inflation and currently quoted costings since the previous pre-feasibility study issued in 2015(1) (the "2015 PFS"). Mineral Reserves for the Project have been defined based on a forecast price of USD 55 per pound of U3O8. GoviEx's internal technical team, working closely with consultants SRK Consulting (UK) Limited and SGS Bateman (Pty) Ltd., has succeeded in simplifying the process plant design, reducing the technical risks of commercially untested options considered in the 2015 PFS, while at the same time increasing uranium recovery and reducing unit operating costs. Uranium recovery is reported as 94.5% for the open pit ore and 92.5% for the underground ore, while molybdenum recovery is improved from 67.0% to 84.7%, and processing life of mine costs have been reduced by 8% or USD 2 per pound of U3O8. The mining rate for the Miriam open pit deposit has been rescheduled to ensure the tenor covers any potential debt financing for the Project development. Operating Cash Costs, excluding royalties and including molybdenum by-product credits, over the first four years of the mine life are reduced by 20% or USD 4.7 per pound to USD 18.3 per pound of U3O8, and capital costs have been reduced by 8% or USD 29 million. Under the Updated PFS, the open pit alone has the potential to service debt of USD 150 million – USD 180 million at a U3O8 price of USD 50 - USD 55 per pound, as modelled by the Company's debt advisors. Post XRF sorted ore is designed to be trucked to the process plant at a rate of 1.0 Mtpa. Underground mining operations are forecast to mine at an average of USD 31.71 /ROM tonne. Process plant and associated mine infrastructure has been moved from its previously planned site next to the proposed M&M underground works to adjacent the Miriam open pit in order to reduce the additional ore hauling costs in the early years. Due to the insufficient commercial operations of Ablation and Solvent Extraction ("SX") as process routes, which are contemplated in the 2015 PFS, the Company undertook a considerable program of processing test-work with an aim to reduce the technical risks associated with the application of these two process routes, targeting ore upgrading, acid consumption reduction and general reduction of costs. The test-work completed included: de-sliming, Energy X-ray Transmission "(XRT") sensor sorting, gravity, nano-filtration, Ion Exchange ("IX") and flotation. In addition, work focused on the differing mineralogy of the Miriam deposit geology in comparison to that of the M&M deposit, from which historical bulk samples were used to define metallurgical test work. Substantially lower calcite and dolomite composition of the Miriam ore relative to M&M ore results in a markedly lower forecast acid consumption. Consequently, a pragmatic approach was adopted to utilize a simple and proven flowsheet including whole ore leaching to treat the ore arising from the open-cast Miriam operation, which has relatively low gangue-acid consumers ("GAC"), and then add XRF based ore sorting and reverse flotation in later years, when the underground ore with higher acid consumption is treated. The resulting simplified flowsheet adheres to the following steps: During the early years when low GAC ore from the Miriam deposit is to be treated: Secondary crushing and milling. Two-stage tank acid leaching of the whole ore to produce a pregnant leach solution containing uranium molybdenum, iron and other impurities. Belt filtration for leach residue dewatering, followed by tailings disposal by dry stacking. Recovery of molybdenum by IX using Purolite S970 resin. Recovery of uranium by SX using Alamine 336. Precipitation of uranium using ammonia. The resultant process plant design simultaneously reduces acid and water consumption while also improving the uranium and molybdenum recovery. As a result of the revision in ore reserves and resulting associated mining and operations, the life of mine operations for the Project is forecast to last 20 years, producing an estimated total uranium sales of 49.65 Mlbs U3O8, averaging 2.48 Mlb U3O8 per annum life of mine. The simplification of the process flowsheet and the extensive level of test work already completed by the Company readily translates to a feasibility study that should require very limited confirmatory test work, and any test work that will be required, will likely focus on optimization of the leaching and ion exchange recovery processes. The Updated PFS includes a high-level of detail on all aspects of other costs of the Project. This includes detailed quotations covering security operations, on-site administration costs and, importantly, sales and transport costs to North America and Europe of finished product. The Company reports that for the first four years of operation, the cash operating costs, excluding royalties and including credits for molybdenum, have been reduced by approximately 20% or USD 4.5 per pound of U3O8 sales to USD 18.3 per pound of U3O8 sales, and life of mine are reduced 8% to USD 22.2 per pound of U3O8.