TSX-listed GoviEx Uranium has taken the first step in securing project financing for its Muntanga uranium project, in Zambia, by appointing Endeavour Financial as its financial adviser.

Muntanga is a near-term uranium project with well-established export routes to potentially both Western and Eastern markets. The Muntanga project boasts a net present value (NPV) of $243-million, a 20.8% internal rate of return and a rapid 3.8-year payback.

Additionally, the project is highly leveraged to uranium prices, with an additional $45-million added to NPV for every $5/lb increase in triuranium octoxide (U₃O₈) prices.

With production averaging 2.2-million pounds of U₃O₈ a year and a 12-year life-of-mine, GoviEx says Muntanga holds significant expansion potential through additional mining and multiple drill-ready targets across its properties, including satellite deposits.

The mine is expected to be in a position to begin production in 2028, with discussions currently underway with potential offtakers.

“With the feasibility study for Muntanga completed in January, we are now focused on securing project financing, a critical step in the development of this project.

“By appointing Endeavour Financial as our financial adviser, we are strategically leveraging their vast experience in mining finance, especially in Africa. Their expertise will be crucial in structuring an optimal funding solution for Muntanga.

“I am excited to progress with one of the few uranium projects that can address the increasing demand in a tight market,” says GoviEx CEO Daniel Major.

GoviEx says it will explore all forms of project financing including debt, royalties, streaming, offtake finance and equity, with a focus on minimising the size of any new equity raise and maximising value-per-share metrics.

As the global energy transition accelerates, the demand for clean, reliable power continues to grow, while uranium supply remains constrained.

Muntanga is positioned as one of the few advanced uranium projects capable of addressing this supply gap, the company says.

With a strong economic profile, established export routes and significant expansion potential, GoviEx says Muntanga is well-placed to capitalise on the strengthening uranium market and contribute to the world’s shifting energy landscape.