Forsys Metals Corp. and its subsidiary companies are engaged in the acquisition, exploration and development of mineral properties.
The Company’s principal focus is on bringing its wholly owned Norasa Uranium Project (“Norasa”) into production. Norasa is the consolidation of the Valencia and Namibplaas Uranium Projects located in Namibia, Africa, a politically stable and mining friendly jurisdiction. Namibplaas is located 4.5km northeast of the Valencia deposit on the farm “Namibplaas 93” with a total surface area of 1,269 ha. The Exclusive Prospecting Licence (“EPL 3638”) for the Namibplaas uranium deposit has been renewed for a further two years until February 1, 2026. Valencia deposit site is fully licenced with a Mining Licence (ML149) to 2033.
2015 Definitive feasibility study by the numbers
6M/Lb
Uranium
$38M
NPV (Pre Tax)
2%
IRR
1M/Lb
Production per annum
Investor Highlights
“Forsys flagship Norasa uranium project is one of the very few uranium projects in the world that is construction ready with a mining licence.”
“The Company is well capitalised with a strong Board and management team and is well positioned to benefit from attractive mid and long-term sector dynamics.”
“Namibia is the fifth largest uranium producing country globally, mining-friendly jurisdiction with strong governmental support for the Norasa project and is a proven, low-cost producer of uranium.”
Re-evaluation of 2015 DFS:
The Company is undertaking a major project to re-evaluate and update the 2015 Norasa Definitive Feasibility Study, National Instrument (“NI”) 43-101 Technical Report (“DFS”). This work has included a review of mine design geotechnical parameters to optimize pit shell designs. Value engineering reviews started on process plant designs to further optimize capital cost and process efficiencies. Further drilling studies have commenced and trade-off studies commenced on economic evaluation of contractor mining vs owner mining and the trade-off opportunity between tank and heap leaching given how advances in HPGR heap leach technology, lower sulphuric acid costs suggest that heap leaching could provide a superior economic flowsheet than the existing tank leach process.
