Norasa Project

Property Description and Location

The Company’s flagship project is Norasa, which includes the wholly owned Valencia project, which has a 25-year mining licence (ML-149) and a 100% interest in the Namibplaas project under Exclusive Prospecting Licence (EPL-3638), and is located 5 km northeast of Valencia. Both mineral licences are registered in the name of Valencia Uranium (Pty) Ltd (“Valencia Uranium”). Both deposits have NI 43-101 compliant mineral resources. The properties are located in the Erongo Region of the Republic of Namibia, approximately 75 km south-west of the town of Usakos and also about 75 km north-east of the town of Swakopmund in central-west Namibia. Access to Norasa is via the B-2 main tar road linking the coastal towns of Walvis Bay and Swakopmund with the capital city of Windhoek in the interior.

Mineral Tenure, Permitting, Rights and Agreements

The Company currently holds a 25-year Mining Licence (ML-149) over its Valencia main and satellite deposits, valid until 2033. The licence is renewable. Furthermore, Exclusive Prospecting Licence (EPL-3638) over the Namibplaas deposit is currently valid to 01 February 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 while the renewal application is being processed. In April 2009, Valencia Uranium entered into a compensation agreement with the owner of the farm Valencia 122. On May 15, 2025, the Company’s wholly-owned subsidiary, Valencia Uranium (Pty) Ltd., entered into a lease agreement with an option to purchase Portion-1 of Farm Namibplaas No. 93 (“Farm”), which covers approximately 6,700-hectares, including 1,179 hectares that is covered by EPL 3638.

Geology and 2024 Mineral Resource Estimate (MRE)

The uranium mineralization at Valencia is hosted by granitic alaskite intrusions and a narrow halo within the immediate country rock contacts. Uranium mineralization at Valencia has been identified over an area of 1,100 m north-south by 500 m east-west. Uranium mineralisation is present as uraninite, typically (U,Th)O2, and secondary uranium minerals.
A National Instrument 43-101 (NI 43-101) Technical Report was issued on 13 May 2024 and describes the Mineral Resource Estimation for Forsys Metals’ Norasa Uranium Project:

• Valencia Main Measured and Indicated Resource at 40 ppm U3O8 cutoff is estimated to be 152 Mt at 136 ppm eU3O8. Measured and Indicated contained metal is estimated at 45 Mlbs U3O8.
• Valencia Main and East Inferred Resources are estimated at 5.7 Mt at 120 ppm eU3O8 with 1.3 Mlbs U3O8 contained metal oxide.
• Namibplaas Inferred Resources are estimated to be 218.7 Mt at 85 ppm eU3O8 with 41.1 Mlbs U3O8 contained metal oxide.

For the overall Norasa project, a conceptual pit constrained MRE for total deposits assessed from previous (2005-2011) and 2023 drilling results is estimated to be:

• Valencia Main Measured and Indicated Resource at 40 ppm U3O8 cutoff is estimated to be 152 Mt at 136 ppm eU3O8 (equivalent U3O8). Measured and Indicated contained metal is estimated at 45 Mlbs U3O8, at 40 ppm U3O8 cutoff;
• Valencia Main and East Inferred Resources are estimated at 5.7 Mt at 120 ppm eU3O8 with 1.3 Mlbs U3O8 contained metal oxide, at 40 ppm U3O8 cutoff; and
• Namibplaas Inferred Resources are estimated to be 218.7 Mt at 85 ppm eU3O8 with 41.1 Mlbs U3O8 contained metal oxide, at 40 ppm U3O8 cutoff.

Drilling Programs

Drilling under the previous management workplan has been ongoing on ML149 since April 2023. The drilling programs aim to expand and upgrade the Valencia resources adjacent to the main pit, and to explore areas of satellite mineralization. The drilling program focuses on satellite alaskite intrusions, infill drilling, sampling for metallurgical test work, geotechnical drilling, geochemical analysis and geo-metallurgic test work, and groundwater resources.

Status of Optimisation Work (2023 to early 2026)

Pit Design Modelling: The updated resource block model is used to perform open pit economic models. The project assumes a conventional open pit, drill, blast load and haul operations executed by a mining contractor. The primary alternative scenarios being considered are mill throughput at 7.5 Mtpa and 15 Mtpa respectively and Tank Leach vs. Heap Leach processing options.

Column Leaching Process Optimization Work: Column Leach tests are underway. Head grades to be tested range from 80ppm to 200ppm U3O8. Variables being tested include crushing methods, curing time, acid dosage strength, acid irrigation rates, effect of binder, and mineralogical studies.

Process Design: DRA Global are appointed as the study contractor to deliver high level engineering design and to provide preliminary cost estimates for the process.

Process Engineering Optimisation: Focus areas include increasing confidence in equipment costing, value engineering of the flowsheet, optimizing heap leach cycle times, evaluating upfront ore sorting, and critiquing acid supply.

Bulk Sampling

Various bulk samples are required for sorting test work, HPGR crushing test work, large scale column testwork, and pilot heap leach facility. The initial blast for the box cut was taken in August 2024.

Infrastructure

Water Supply: Norasa has received NamWater’s assurance for supply of water during the potential construction phase. Options include water from the Namwater pipeline, ground water from a paleochannel aquifer, and the Khan River alluvium aquifer.

Power Supply: The nearest power off-take point is the Khan substation, located at Ebony, 26km north of the project site.

Roads: An industrial grade road has been established in 2011, linking the mine to the B2 highway. Total length is approximately 26km.

Buildings: Forsys plans to establish a semi-permanent village for the mine development phase approximately 8 km from the process plant.