• Canada’s GoviEx kicks off new exploration phase to grow Muntanga project

• Drilling targets expansion of uranium resources and discovery of new deposits

• Muntanga expected to produce 2.2 million pounds of uranium per year for 12 years

Vancouver-based GoviEx Uranium announced on June 24 the launch of its 2025 exploration program at the Muntanga uranium project in Zambia. The company aims to increase the project’s resource size, extend the mine life, and identify new deposits to improve the project’s overall economic potential.

The new drilling phase will include around 35 drill holes, totaling approximately 3,500 meters. The program will focus on four high-priority targets: the Dibbwi deposit, the Muntanga East and Dibbwi South targets, and the Chisebuka prospect. Located in the Kariba Valley, 70 kilometers southeast of Muntanga, Chisebuka shows geological similarities to the known Muntanga-Dibbwi deposits but remains unexplored.

“The Muntanga project already stands on a solid resource foundation, but what really inspires us is the opportunity to grow it - both near the existing deposits and through Kariba Valley, which we believe could be a true game-changer,” said Govind Friedland, Chairman of GoviEx. “This is one of Africa’s most underexplored uranium belts, and we're only just beginning to understand its true scale.”

Currently, the Muntanga project holds proven and probable mineral reserves of 21.9 million pounds of uranium, with an additional 40 million pounds in measured and indicated resources. A feasibility study released in January indicates the project could produce 2.2 million pounds of uranium annually over a 12-year mine life. Developing the project is expected to require an initial investment of $281.9 million, with a projected payback period of 3.8 years once production begins.

The company has not yet provided a timeline for the new exploration campaign or disclosed the budget for its implementation. While enhancing Muntanga’s resource potential is seen as key for advancing the project, securing financing and obtaining environmental permits remain critical steps.

GoviEx plans to start uranium production at Muntanga in 2028. If successful, the project would mark Zambia’s entry into the group of African uranium producers, at a time when global interest in nuclear energy is on the rise.