Forsys Metals is engaged in the business of acquiring, exploring and developing mineral properties. The principal focus is an emerging uranium producer with 100% ownership of Norasa, located in Namibia, Africa, which combines the fully licensed Valencia Uranium (“Valencia”) and the exploration stage Namibplaas Uranium (“Namibplaas”) projects, into production. The Company also has a 51% interest in the Ondundu Gold Project.
The company has the opportunity to capitalize on attractive mid and long-term uranium sector dynamics by focusing on enhancing Norasa. Forsys, through extensive exploration and technical programs has reported significant uranium resources and reserves. Norasa’s robust financial model underpins our strategic position to participate in an energy sector that is enjoying positive long-term fundamentals and to participate in the increasing worldwide dependence on nuclear power. In addition, the Company believes that potential exists to increase uranium reserves at Norasa including the potential for finding additional uranium below the existing pit shell and from known satellite deposits.
In March 2015, Forsys completed a NI 43-101 Definitive Feasibility Study (DFS) that confirmed the robustness of Norasa’s economics. The total Proven and Probable Reserve is 206Mt at a grade of 200ppm, which equates to 91Mlbs of U3O8. Norasa uranium activities are focused on:
- The Valencia Uranium Project has a 25 year mining licence issued in 2008. It is one of only a handful of new uranium projects around the globe that are scheduled to commence production in the next few years.Read More
- The Namibplaas Uranium Project is located 7.5km northeast of the Valencia deposit on the farm “Namibplaas 93” with a total surface area of 1,269 ha. The Namibplaas exploration licence (“EPL 3638”) has a term of two years until September 20, 2022. Read More
The Company has Gold related activities focused on:
- The Ondundu Exclusive Prospecting Licence (“EPL 3195”) for base, rare and precious metal exploration is held 100% by Razorback Gold Mining Company (Pty) Limited (“Razorback”). Razorback is a 51% owned subsidiary of Westport Resources Namibia (Pty) Ltd.(“Westport”), which is a wholly-owned subsidiary of the Company. EPL 3195 expired on February 3, 2019 and was renewed until February 3, 2021.Read More
Vision and Strategy
The aims that are outlined below will see Forsys re-position as a ‘top table’ company in exploring, acquiring and developing accretive mining projects with significant resource potential. In line with this, the vision for Forsys future can be summarised as follows:
Forsys is committed to being recognised as a key provider of uranium and supplying the commodities necessary to help sustain and improve the world around us.
We want to bring about growth opportunity for all our stakeholders and create shareholder wealth by exploiting the opportunities that Forsys has and continues to generate. In doing so, we are committed to protecting the wellbeing of the environment and the communities where we work.
For the vision to become reality, Forsys has established the following core strategy:
1. Norasa Project Advancement
Significant focus on developing the Norasa Project and in particular:
- conversion of the Namibplaas EPL to a mining licence;
- preparation and implementation of plans and environmental studies to support the application for conversion;
- review of existing technical reports and appointment of relevant experts to review and update capex and in particular opex estimates in the current feasibility study with an intention of preparing an updated feasibility study;
- recruitment of in-country Chief Operating Officer and project manager and appointment technical consultants.
2. Strategic acquisition
Acquiring suitable mining assets which exploit local economies of scale and are accretive for shareholder wealth.
3. Corporate branding
Raise the profile of Forsys Metals to establish it as a wealth opportunity for investors through improved investor relations, effective PR and communications.
As part of the Corporate governance of the company, the Board approved the following Corporate Values:
- To operate in accordance with best practice with a particular emphasis on safety and environment;
- To conduct operations in an efficient and effective manner and by seeking out opportunities for expansion;
- To respond to the attitudes and expectations of the communities in which we operate as part of our corporate social responsibility;
- To act with integrity, honesty and cultural sensitivity in all of Forsys’ dealings;
- To reward employee performance and provide a fulfilling work environment.