GoviEx Uranium Inc (TSX-V:GXU, OTCQX:GVXXF) earlier this week updated investors on its progress with the Muntanga project in Zambia.
CEO Daniel Major said the company is nearing completion of a feasibility study, which will allow it to advance financing discussions and finalize Environmental and Social Impact Assessment (ESIA) approvals.
Major explained that the project, which integrates five deposits, has been challenging due to the need for comprehensive designs for roads, plants, and mines. However, he noted that moving directly from a preliminary economic assessment to a bankable feasibility study has saved time in the long run.
The company highlighted significant achievements in 2024, including updated resources, increased indicated resources through drilling, and favorable metallurgical test results, with recovery rates of 90% or higher on most deposits. Low acid consumption also strengthens the project’s economics.
Major said the next steps in 2025 include pursuing financing through debt and equity markets and possibly partnering to fund the project. Early construction work may also begin this year, with the aim of achieving commercial production by 2028.
GoviEx is also progressing its Lundazi license in Zambia, awaiting environmental approvals before starting initial fieldwork.