In reporting the Mineral Resource statement, SRK notes the following:

1. Mineral Resources have an effective date of July 01, 2022.

2. Mineral Resources are classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (November 29, 2019).

3. Mineral Resources are reported here are Inclusive of Mineral Reserves and are reported as undiluted, with no mining recovery applied in the Mineral Resource statement.

4. Technical and economic assumptions were agreed between SRK and GoviEx for mining factors (mining and processing costs) are processing factors (metal recovery, processing costs), which were used for optimisation, and which were developed to a Feasibility Study level of detail and accuracy.

5. SRK considers there to be reasonable prospects for economic extraction by constraining the resources within an optimized pit shell shape constructed assuming a Uranium price of US$70/lb U3O8.

6. Mineral Resources are reported within volumes defined by the Optimized pit shell above a eU cut-off of 0.22kg/t.

7. For the underground resources at MM, MSNE-MYVE, MSCE and MSEE, SRK considers there to be reasonable prospects for economic extraction by constraining the resources within an optimized underground mining shape constructed assuming a Uranium price of US$70/lb U3O8.

8. Mineral Resources are reported within volumes defined by the Optimized underground shell above a eU cut-off 0.40kg/t. The tonnage reported as Molybdenum resource is entirely within the volume reported as Uranium resource, thus the tonnages are not additive.

9. Tonnages are reported in metric units, grades in kilograms-per-tonne (kg/t) and parts-per-million (ppm), and the contained metal in Tonnes and Million pounds (M lbs). Tonnages, grades, and contained metal totals are rounded appropriately.

Notes:

1. All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such estimates inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, SRK does not consider them to be material.

2. The Concession is wholly owned by and exploration is operated by GoviEx.

3. The standard adopted in respect of the reporting of Mineral Reserves for the Project, following the completion of required technical studies, is in accordance with the NI 43-101 guidelines and the 2014 CIM Definition Standards, and have an Effective Date of 1 July 2022.

4. The Open Pit Mineral Reserves are reported with engineered pit designs using a cut-off grade of 0.28kg/t U, which is based on a selling price of US$55/lb U3O8, operating costs of US$33.48/t feed, recovery of 94.5%, royalty of 9%, and transportation costs of 0.97/lb U3O8.

5. The Open Pit Mineral Reserves are derived from a regularized block model of 7.5 m x 7.5 m x 0.75 m and include an additional 2% dilution and no mining loss.

6. The qualified person for the open pit design is Colleen MacDougall, PEng employee of SRK Consulting (Canada) Inc.

7. Rob Bowell and Guy Dishaw of SRK both appropriate "independent qualified person" as defined in National Instrument 43-101 have completed site inspections of the deposit.

8. The qualified person for the FS Reserve Statement is Rob Bowell PhD, C.Chem. C Geol, employee of SRK Consulting (UK) Ltd.

Notes:

1. All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weigted averages. Such estimates inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, SRK does not consider them to be material.

2. The Concession is wholly owned by and exploration is operated by GoviEx.

3. The standard adopted in respect of the reporting of Mineral Reserves for the Project, folllowing the completion of required technical studies, is in accordance with the NI 43-101 guidelines and the 2014 CIM Definition Standards, and have an Effective Date of July 01, 2022.

4. The Underground Mineral Reserves are reported using a variable cut-off grade ranging between 0.5 and 0.6 kg U/t to account for the effect of ore sorting to reduce the dilution associated with varying seam thicknesses in different underground panels. This is based on a selling price of US$55/lb U3O8, operating costs of US$29.28/t feed, recovery of 94.5% and transportation costs of 0.97/lb U3O8.

5. The qualified person for the FS Reserve Statement is Rob Bowell PhD, C.Chem. C Geol employee of SRK Consulting (UK) Ltd.

Notes:

• Mineral Resources have not been constrained by pit shells, however, almost all of the mineralisation occurs within 125 m of surface with uranium grades which are, in general, considered to have reasonable prospects for eventual economic extraction by open pit mining.
• The cut-off grade used for reporting the Mineral Resource is 100 ppm U₃O₈, which is applied directly to block model cells.
• No U₃O₈ ppm cut-off is applied to block model cells for reporting the Mineral Resource. However, the outer limits block model was constrained within a 100 ppm U₃O₈ wireframe used for geological modelling.