Question 1: What key highlights or developments can you share with us about the Muntanga project in Zambia?

Answer 1: We are really looking forward to developing the Muntanga project, which is located approximately 200km south of Lusaka, North of Lake Kariba. It is a great deposit, with 15.2 Mlbs of U3O8 in Measured and Indicated and 44.9 Mlbs of U3O8 in inferred resources. We have completed a preliminary Economic Assessment in 2017 and are progressing towards the completion of a Feasibility study in 2023.

Muntanga is forecast to produce approximately 2.6 Mlbs U3O8 per annum, and it benefits from low acid consumption and a low strip ratio. We also have good infrastructure with roads, ground water, and grid power nearby. We are fully mine permitted and we are working really well with the Zambian government in order to make this project a reality.

Question 2: We note that the uranium market is strengthening as demand for nuclear energy grows, how do you think GOVIEX is positioned to participate and benefit from this growth?

Answer 2: The investment case for uranium is indeed very strong. With the current energy crisis, we are seeing an upward pressure on the demand side for uranium as many countries are now considering nuclear power generation as part of their clean energy mix. Additionally, if countries already have nuclear facilities, many are considering extending the lives of their existing fleet.

We are well positioned to benefit from this strengthening uranium market, as our projects are due to start production at a time when the world is predicting a shortage of supply. I don’t think many people appreciate how long the timescales can be in the nuclear industry, so having two already permitted projects in two mining friendly jurisdictions sets us apart from most of the industry.

Additionally, we have an earlier stage project in Mali, so we also have an exploration play on top of two mature projects. We have an experienced board and management team who are committed to continue developing the projects and we are targeting to start producing on our Madaouela project in Niger in 2025, with our Zambian project estimated to follow soon after.