GoviEx Uranium : ANNOUNCES 6000 METER DRILLING PROGRAM AT FALEA POLYMETALLIC COPPER-SILVER-URANIUM PROJECT

February 3, 2022

GOVIEX ANNOUNCES 6000 METER DRILLING PROGRAM AT FALEA POLYMETALLIC COPPER-SILVER-URANIUM PROJECT

• GoviEx to drill high-priority IP targets at Falea Polymetallic Copper-Silver-Uranium Project
• Geophysics results highlight large chargeability anomalies directly under the Falea deposit
• Potential for a third chargeable body on the Bala license
• Falea and Bala licenses deemed highly prospective for polymetallic deposits

VANCOUVER, CANADA - GoviEx Uranium Inc. (TSX-V: GXU; OTCQB: GVXXF) ("GoviEx" or the "Company") is pleased to announce its 2022 drilling programme at the polymetallic copper-silver-uranium Falea Project in Mali. GoviEx has engaged Foraco Mali to undertake exploration drilling, focusing on targets based predominantly on the induced polarisation ("IP") surveys completed on the Falea Project in 2020 and 2021.

In December 2020 and August 2021, the Company announced the results of geophysical survey and data inversion analysis by Computational Geosciences, which highlighted a large chargeable body over 2 km in length and 500 m wide underneath the deposit on the Falea Project adjacent to the Road fault. Additionally, the results of the geophysics highlighted a second anomaly aligned with a structural feature associated with the Siribaya trend as well as potential for a chargeable body in the northeast area of the Bala exploration license. The IP data highlights the much shallower depth to basement and associated unconformity. The geophysical results corroborated geological interpretation that both Falea and Bala licenses appear to be highly prospective for increased polymetallic uranium-copper-silver mineralization.

In addition, an assay program of historical diamond drill cores below the known uranium mineralisation of the deposit, report both copper and gold mineralisation. It is believed that the deposit results from mineralising fluids intruded via the faults in the area to deposit at suitable trap sites at the unconformity within the overlying rocks. Previous historical drilling programmes have not tested for the presence of mineralised bodies below the unconformity within the Birimian. These will now be tested during our drilling campaign.

Govind Friedland, Executive Chairman of GoviEx, said:

"We are extremely excited to start testing the real potential of Falea and Bala with our 2022 drilling program. The IP results and initial samples indicate that our current known resources could be just the tip of the iceberg on this deposit, which already contains 31 million pounds of uranium, 63 million pounds of copper and 21 million ounces of silver." (1)

"We remain strong believers in the copper, silver and of course uranium market fundamentals and we are only just beginning to see its true growth as we enter a period of prolonged inflation and tightening of supply chains. GoviEx remains well positioned and offers significant value and exposure to the forecast deficit of critical energy transition metal supply for the future."

The Falea Project consists of three Exploration Licenses; Falea, Bala and Madini, in southwest Mali and is situated along strike to a number of gold mines and exploration projects and the Saraya East uranium

project in Senegal (Figure 1). The Falea polymetallic mineralisation contains uranium, copper, and silver that has been defined at or near the unconformity between the Taoudeni basal sediments and the underlying metamorphic rocks of the Birimian aged sequences. Drilling that stopped only a few metres beyond the ore body - but within the Birimian rocks - are shown to contain copper and gold based on assays received to date.

Figure 1. Falea Project in southwest Mali.

Foraco Mali has been contracted to carry out 6,000 metres of diamond core drilling to an average depth of 600 metres, focused on two geophysical anomalies within the Birimian sequence below the Falea polymetallic deposit on the Falea licence and one anomaly on the Bala licence. The program is expected to take six months to complete.

The local geological team has been on site during January 2022, carrying out sampling of the Birimian section of existing core from drill holes that overlie and come close to the IP anomaly, following on from the initial work completed and reported in 2020.

Visual examination of the historical cores within the Birimian shows that it is extensively veined and sheared (Figures 2 and 3), with evidence of copper and gold mineralisation.

Table 1.0 Gold and Assay Results from holes within North and Bodi zones.

Hole_ID	From_m	To_m	Interval_m	Au_ppm	Cu_ppm
DF-565	208	209	1	0.55
DF-565	214	215	1		5940
DF-740	100	101	1	0.54
DF-183	241	243	2	0.84
DF-126	91	92	1	0.52
DF-882	226	227	1		760

Figure 2: Selections of drill cores from Falea showing the various generation of veining, chloritic alteration and brecciation

Figure 3: Chalcopyrite and quartz in fault zone at end of Hole DF-565 (left) and Hole DF-882 (right).

DF565

DF882

Figure 4: Location of planned drill holes with outline of IP anomaly (dashed red lines) that corresponds to an interpreted structural trend. Background image is a gradient IP data collected in 2021.

Road Fault	Structural Trend

Figure 5: Terratec section FAL20-02 collected in 2020, showing the IP anomalies of interest which correspond with the NS trending Road Fault and the NE-SW trending Siribaya trend.

Qualified Person Statement

The technical content of this press release has been reviewed, verified and approved by Mr. Jerome Randabel, MAIG, Chief Geologist of GoviEx Uranium Inc., a Qualified Person as defined in NI 43-101.

Notes:

1. See the technical report titled, "Technical Report on the Falea Uranium, Silver and Copper Deposit, Mali, West Africa" prepared by Roscoe Postle Associates Inc. for Denison Mines Corp., October 26, 2015.
2. Falea Mineral Resources as at October 26, 2015

	Tonnes	U3O8	Cu	Ag	U3O8	Cu	Ag
Category	(MT)	(%)	(%)	(g/t)	(Mlbs)	(Mlbs)	(Moz)
Indicated	6.88	0.115	0.161	72.8	17.4	24.4	16.11
Inferred	8.78	0.069	0.200	17.3	13.4	38.7	4.9

The Company's mineral resources as at October 26, 2015 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards - For Mineral Resources and Mineral Reserves" in accordance with the requirements of National Instrument 43-101 "Standards of Disclosure for Mineral Projects" (the Instrument). Mineral reserve and mineral resource estimates reflect the Company's reasonable expectation that all necessary permits and approvals will be obtained and maintained.

Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a result of continued exploration.