Menel Energy and Resources - News Release Pursuant to: National Instrument 62-103

Lusaka, Zambia--(Newsfile Corp. - May 6, 2025) - Menel Energy and Resources Limited ("Menel") announces that on May 5, 2025, it acquired ownership of 138,710,000 units of securities of GoviEx Uranium Inc. at a price of $0.05 per unit for total consideration of $6,935,500 pursuant to a non-brokered private placement offering. Each unit is comprised of one Class A common share ("Common Share") and one share purchase warrant, with each warrant entitling the holder to purchase one additional Common Share of GoviEx for 24 months at a price of US$0.051 per share.

Prior to participation in the private placement, Menel did not have ownership and control, directly and indirectly, of any securities of GoviEx. Participation in the private placement results in Menel having ownership and control, directly and indirectly, of a total 138,710,000 Common Shares and 138,710,000 share purchase warrants of GoviEx, an increase of approximately 13.56% on a non-diluted basis and 22.51% when assuming exercise of all share purchase warrants held or control by Menel, for a total of approximately 13.56% of the issued and outstanding Common Shares of GoviEx on a non-diluted basis and 22.51% when assuming exercise of all share purchase warrants held or controlled by Menel.

Menel's acquisition was made for investment purposes. Menel may in the future wish to increase or decrease its shareholdings in GoviEx as circumstances warrant. Such circumstances may include but are not limited to compliance with applicable securities laws, general market and economic conditions, business prospects of GoviEx and investment and business opportunities available to Menel.

MENEL ENERGY AND RESOURCES LIMITED

"MUNAKUPYA HANTUBA HANTUBA"

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MUNAKUPYA HANTUBA HANTUBA, DIRECTOR

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