GoviEx Uranium, a growing mineral resource company focused on the exploration and development of uranium properties in Africa has announced its Feasibility Study (“FS”) results representing an important milestone as it advances the Muntanga Uranium Project (the “Project”) in Zambia, fully permitted for mining, towards project financing and development.
According to Govind Friedland, GoviEx Executive Chairman, the FS represents a detailed, fully costed, and updated engineering study of the Project, considering international best practices and standards for responsible project development.
“The global energy landscape is undergoing a transformative shift, driven by the surging demand for clean, reliable power to support AI-driven technologies and electrification. Amid this growing need for nuclear energy, years of underinvestment in uranium exploration and development have left a critical supply gap that existing projects simply cannot fill. In this extraordinary market environment, Muntanga stands out as one of the few advanced uranium projects ready to help meet this demand. With production forecast for 2028, Muntanga is uniquely positioned to deliver significant value while contributing to the global transition toward sustainable energy,” said Govind.
Commenting on the results, Daniel Major, the company’s CEO, said: “Our Project is built on a foundation of exceptional fundamentals. With an after-tax NPV of USD 243 million, a robust IRR of 21 %, and low operating costs of USD 32.2 per pound of U₃O₈, we have established solid economics that ensure strong profitability. The low technical risk of an open pit mine, combined with conventional processing methods, fast uranium recoveries, and minimal environmental impact, underpins the Project’s robustness. Additionally, the potential for significant resource expansion through the development of satellite deposits and exploration only strengthens the long-term value proposition. We’re excited to be advancing one of the few uranium projects that can help meet rising demand in a constrained market.”
Muntanga uranium project highlights
The feasibility study for the Muntanga uranium project highlights its economic viability, technical feasibility, and potential to address a widening global uranium supply deficit.
With a 12-year lifespan, the project projects a post-tax NPV8% of USD 243 million and an IRR of 20.8%, with operating costs of USD 32.2/lb U₃O₈ and AISC at USD 47.3/lb U₃O₈.
The production rate is estimated at 2.2 million pounds U₃O₈ annually, and every USD 5/lb increase in uranium prices adds USD 45 million to NPV.
The operation uses shallow open-pit mining and heap leaching, minimizing environmental impact and eliminating tailings storage.
High recovery rates (90%) are achievable within 21 days, while soft rock reduces energy and acid consumption, supported by Zambia’s surplus acid production.
Set to begin production by 2028, Muntanga is strategically positioned to capitalize on rising uranium demand driven by global energy requirements and limited advanced projects in the pipeline.
The project promises sustainable energy resources and rapid returns, with payback expected within 3.8 years of commencement.
