GoviEx Uranium raises $10.5 million from upsized financing
GoviEx Uranium Inc. [GXU-TSX, GVXXF-OTCQB] has closed an upsized $10.5 million private placement financing led by a strategic Zambian group and supported by company insiders. That’s up from an earlier $7.5 million target. A total of 209.4 million units were sold at a price of $0.05 per unit.
A privately held, multisector Zambian investment group anchored the financing. With interests spanning agriculture, natural resource and power assets, and financial services, the group now holds an initial, material equity position in GoviEx, establishing a partnership aligned with the development of the company’s Mutanga project in Zambia.
GoviEx is focused on the exploration and development of its African uranium properties. Its principal objective is to become a significant uranium producer via the continued exploration and development of its mine-permitted Madaouela project in Niger, its mine-permitted Mutanga Project and its multi-element Falea Project in Mali.
The company’s shareholders include Cameco Corp. [CCO-TSX, CCJ-NYSE], Denison Mines Corp. [DML-TSX], and privately-owned Ivanhoe Industries.
GoviEx said it intends to use the net proceeds of the offering to finance continued exploration and development activities on the company’s assets, for working capital, and for general corporate purposes.
“This successful financing sends a clear signal: The Muntanga project is gaining serious momentum at a time when uranium fundamentals are surging. The backing from our strategic investor group in Zambia, right where the project is located, reinforces the strength of our asset and reflects a shared conviction in Muntanga’s potential to become a cornerstone supplier in the global nuclear fuel market,’’ said GoviEx Executive Chairman Govind Friedland.
GoviEx shares were unchanged at $0.05 on Tuesday. The shares trade in a 52-week range of 16 cents and $0.03. Back on March 10, 2025, said it had filed a feasibility study for the Muntanga project. It said the
The study sees production averaging 2.2 milion pounds of U308 annually over 12 years. The estimated lifespan is based on probable mineral reserves in two deposits and further potential for upgrading inferred resources, exploration and mining of three satellite deposits. The study also envisages a shallow open pit mine and heap leaching with industry-standard conventional processing methods. The company said it expects to benefit from well-established export routes through Namibia, that offer the project the ability to supply Western and non-Western markets. “We have already appointed financial advisers to assist the company in securing funding, and with production targeted just two years after financing,” the company said in a press release.
“The feasibility study, prepared in accordance with National Instrument 43-101 standards of disclosure, represents a significant milestone in the advancement of Muntanga as one of the few near-term uranium projects positioned to address the growing supply deficit in the nuclear fuel market.’’