GoviEx Advances Muntanga Uranium Project Financing in Zambia
TSX-listed GoviEx Uranium has appointed Endeavour Financial as its financial adviser, marking the first step in securing project financing for its Muntanga uranium project in Zambia.
Muntanga is a near-term uranium project with well-established export routes to both Western and Eastern markets. It has a net present value (NPV) of $243 million, an internal rate of return (IRR) of 20.8%, and a rapid payback period of 3.8 years.
The project is highly leveraged to uranium prices, with its NPV increasing by $45 million for every $5/lb rise in triuranium octoxide (U3O8) prices.
With an annual production target of 2.2 million pounds of U3O8 and a 12-year mine life, Muntanga also holds expansion potential through additional mining and multiple drill-ready satellite deposits. Production is expected to begin 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 its development,” said GoviEx CEO Daniel Major.
“By appointing Endeavour Financial, we are leveraging their extensive experience in mining finance, particularly in Africa. Their expertise will be essential in structuring an optimal funding solution for Muntanga.”
GoviEx is exploring various financing options, including debt, royalties, streaming, offtake agreements, and equity, with an emphasis on minimizing equity dilution while maximizing shareholder value.
As the global energy transition accelerates and demand for clean, reliable power grows, uranium supply remains constrained. Muntanga is positioned as one of the few advanced uranium projects capable of addressing this supply gap.
With a strong economic profile, established export routes, and significant expansion potential, the project is well-placed to benefit from the strengthening uranium market and support the world’s evolving energy landscape.
