GoviEx Provides Market Update

VANCOUVER, CANADA –GoviEx Uranium Inc. (TSX-V: GXU; OTCQB: GVXXF) (“GoviEx”or “Company”),today provides a Market Update.

As governments world-wide are faced withthedynamicchallengesof responding to the COVID-19 pandemic, many jurisdictions have either mandated or strongly recommended business closures, as well as self-isolation protocols for their population in an effort to stem the infection rate of this disease.GoviEx, like many otherbusinesses, has transitioned to a remotework from home environment, which has its ownset ofchallengesastechnical systems are adjustedand new work procedures adopted.

The increasedvolatility ofequityand commodity marketscoupled with the global interruption of businesses iscausingmajorchallenges in the near to medium termand will require organizations to adjust plans and schedules as necessary based on the safety guidelines outlined by their applicable public health authority.

During these disruptivetimes, GoviEx remainsfirm in our resolve and we continue to believe in the strong underlying fundamentals of the uranium and nuclear industry, and deep value inGoviEx’s asset base. Despite these temporal challenges, GoviEx is focusingdiligentlyon theupdated pre-feasibilitystudy(“PFS”) forthe Madaouela project in Niger(the “Madaouela Project”). We take note that oneof our PFSconsultants isaffected by the recently announced government imposed lockdowns in the Republic of South Africa (“RSA”) where PFS test work iscurrently underway.The test work was targetingareas that are believed to have a potential to reduce both operating and capitalcostsrelative to the current technical report(1) on the Madaouela Projectand have now been suspended until these RSA lockdowns are lifted.

As a result, while we remain optimistic that our PFS consultantsmay be ableto complete the PFS and for GoviEx to provide an update on the Madaouela Projecteconomics during the first half of 2020,as previously announced, but this may change depending on the extent and duration of the RSA lockdownsand we will continue to monitor the situation closely and will provide further market updatesas and when the situation evolves

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