Drilling Program
In mid 2023, the Company commenced a new 4,100 m drilling program to retrieve fresh samples at depths of up to 420 m from the slope areas for both the planned mining pits at Valencia and Namibplaas.
The drilling program focuses on geotechnical logging, sampling for metallurgical test work, groundwater resources, further geotechnical drilling with downhole surveys, density test work, and geochemical analysis.
By the end of October 2023, a total of 1,445 m of RC drilling and 1,865 m of DC drilling had been completed, including substantial large diameter metallurgical drilling at the Valencia, ML-149 site.
Further Resource Infill Drilling and Resource Extension Drilling
Planned Drilling targets in Valencia include the Jolie Zone (~1km north of Valencia pit), Valencia West Extension, and Valencia South. First campaign of 85 target percussion drill holes for 7,520 metres have been laid out on a 25 x 25 metre grid with the objective to more than double the quantity of the Measured Mineral Resource.
Optimisation Work Plan
Pit Design Modeling: The updated resource block model is used to perform open pit economic models. Pit slope design parameters are being reviewed to include lithological logging and geo-mechanical test work from additional drilling.
Column Leaching Process Optimization Work: Column Leach tests are presently underway at SGS in South Africa. The comprehensive column leach program is designed to test a wider range of head grades from 80ppm to 200ppm U3O8.
Process Design: DRA Global were appointed as the study contractor to deliver high level engineering to provide preliminary cost estimate (PEA) for a heap leach process.
Process Engineering Optimisation: Focus on increasing confidence in equipment costing, value engineering, optimising heap leach cycle times, evaluating ore sorting, and critiquing acid supply.
Bulk Sampling: A detailed plan is being drawn up to develop a box cut with the objective of retrieving approximately 20,000 tonnes of typical run-of-mine material.
Mining Licences, Environmental Certificates and Permits
The Company currently holds a 25-year Mining Licence (ML-149) for its Valencia deposit, valid until 2033. The Exclusive Prospecting Licence (“EPL 3638”) for the Namibplaas uranium deposit was renewed for a further two years until February 1, 2026. On November 3, 2025, the Company submitted a renewal application for EPL 3638. The Minerals (Prospecting and Mining) Act 33 of 1992 provides that if an EPL holder applies for a renewal before the expiry date, the EPL continues in force until the renewal application is approved or refused.Earlier in the year, Forsys renewed its Environmental Clearance Certificate (“ECC”) from the Ministry of Environment, Forestry and Tourism for a further three-year term.
