GoviEx Securityholders Approve Arrangement with Tombador Iron Limited

On October 24, 2025, GoviEx Uranium Inc. announced it had received overwhelming approval from its securityholders for the previously announced Plan of Arrangement with Tombador Iron Limited. At a special meeting, 98.7% of votes cast by shareholders and 99.2% of votes cast by all securityholders (shares, options, and warrants voting together) were in favour of the transaction. This approval is a key step towards completing the reverse takeover (RTO), which will see GoviEx become a wholly-owned subsidiary of Tombador, with the combined entity being renamed "Atomic Eagle Ltd." and listed on the Australian Securities Exchange (ASX).

This news is materially positive as it represents the successful clearing of the final major shareholder-related hurdle for the transformative RTO transaction. While the approval was highly anticipated—given that holders of over 40% of securities had already entered into voting support agreements—this formal confirmation removes a significant condition precedent and solidifies the path to closing the deal.

The strategic importance of this RTO cannot be overstated. Reviewing the historical context, GoviEx faced a severe liquidity crisis, with only $450,000 in cash against $2.47 million in current liabilities as of March 31, 2025. The C$10.5 million financing in May 2025 was a lifeline. However, the subsequent RTO, announced in August 2025, is the true strategic reset. It is designed to solve several critical issues: - Capital Access: It moves the company's primary listing to the ASX, providing access to a capital market known for supporting resource development companies. - Balance Sheet Strength: The transaction, combined with a concurrent capital raise of A$5-10 million, is expected to result in a pro-forma cash balance of A$19.4 to A$24.4 million. This provides the necessary funding for the next 12-18 months of pre-development activities at the Muntanga project. - Corporate Simplification: It creates a single, focused uranium developer, Atomic Eagle Ltd., with a clear mandate to advance the Muntanga project.

This approval is the culmination of a process that began with the RTO announcement in August and followed the positive vote from Tombador's shareholders on October 8. It effectively ensures the transaction will proceed, de-risking the company's immediate future. The market has been anticipating this outcome, so the immediate price impact may be muted, but it confirms the company's survival and its new strategic direction.

GoviEx Uranium is a mineral resource company focused on the exploration and development of uranium properties. Historically, the company had two main projects: Madaouela in Niger and Muntanga in Zambia. Following the revocation of the Madaouela mining permit by the Nigerien government in 2024 (now under arbitration), the company has pivoted to focus exclusively on its 100%-owned Muntanga Uranium Project in Zambia.

The Muntanga project is envisioned as a shallow open-pit, heap leach operation. A January 2025 Feasibility Study outlined an after-tax NPV8% of US$243 million and an IRR of 20.8% (at US$90/lb U3O8), with an initial CAPEX of US$281.9 million. The company is in the process of a reverse takeover by ASX-listed Tombador Iron, which will result in GoviEx delisting from the TSXV and relisting on the ASX under the name "Atomic Eagle Ltd." to better access capital for Muntanga's development.