GoviEx Uranium Inc (TSX-V:GXU, OTCQX:GVXXF) said on Thursday it has appointed Endeavour Financial as its financial advisor, taking the first step toward securing project financing for its Muntanga uranium project in Zambia.

Muntanga, a near-term uranium development, is expected to begin production in 2028 and could supply both Western and Eastern markets through established export routes, the company said.

The project has a net present value (NPV) of $243 million, an internal rate of return (IRR) of 20.8%, and a projected payback period of 3.8 years.

“With the feasibility study for Muntanga completed in January 2025, we are now focused on securing project financing,” said GoviEx CEO Daniel Major. “By appointing Endeavour Financial, we are strategically leveraging their vast experience in mining finance, especially in Africa.”

The company is evaluating a range of financing options, including debt, royalties, streaming, offtake finance, and equity, while aiming to limit equity dilution and maximize shareholder value.

GoviEx noted that Muntanga is highly leveraged to uranium prices, with its NPV increasing by $45 million for every $5 per pound rise in U3O8 prices. The project has an expected annual production of 2.2 million pounds of uranium over a 12-year mine life and offers expansion potential through satellite deposits and additional drilling targets.

The move comes as uranium demand rises amid the global energy transition, with supply remaining constrained. GoviEx said Muntanga is well-positioned to benefit from the strengthening market and contribute to global energy needs.