GoviEx Uranium Inc, a Canadian explorer, has filed a feasibility study for its Muntanga Uranium Project (Muntanga) in Zambia.

The document, the Toronto-listed company said on March 10, shows "solid" project economics, "low" technical risk and cost efficiency. 

Muntanga, said to be one of the few near-term uranium projects globally, will have an after-tax net present value of $243mn, an internal rate of return of 20.8% and operating costs of about $32.2 per pound of uranium oxide (U3O8).

Production will average 2.2mn pounds of U3O8 annually over a 12-year life of mine based on probable mineral reserves in two deposits with potential for upgrading inferred resources, exploration, and mining of three satellite deposits.

On technical issues, GoviEx said Muntanga is likely to be a shallow open pit mine project that sits close by "excellent" road access, water and grid power. It will ship its production through neighbouring Namibia to supply Western and non-Western markets. Its environmental impact is expected to be low as there is no need to build a tailings storage facility.

Additionally, Muntanga is a soft rock deposit to have low acid consumption. As it is a soft rock deposit, the project’s energy requirements for crushing are set to be minimal, about 7 megawatts peak.

GoviEx CEO Daniel Major said the study confirms Muntanga as a “robust, shallow open-pit, heap leach operation in a mining-friendly jurisdiction.”

With the feasibility study now completed, GoviEx said it will now "focus on securing project financing, evaluating options including debt, royalties, streaming, and offtake agreements" after it appointed a financial advisor in February 2025.