Forsys flagship Norasa uranium project is one of the very few uranium projects in the world that is construction ready with a mining licence.
Forsys Metals Corp is an innovative uranium development Company, with a dynamic management team with strong African mining experience, focused on creating shareholder value by developing uranium assets in Namibia, a politically stable and mining friendly jurisdiction. The Company is engaged in the business of acquiring, exploring and developing mineral properties, either independently, or through joint ventures.
The Company’s flagship Norasa Uranium Project is 100% owned, permitted and has a large NI 43-101 Resource and Reserve. The March 2015 Definitive Feasibility Study (“DFS”) confirmed the robustness of Norasa’s economics: The highlights of the DFS over previous studies were, a substantially larger process plant, increased Mineral Reserves to 90.7 Mlbs, increased annual and life of mine production, and lower operating costs. The report was prepared by AMEC together with external consultants. (AMEC is a leading international engineering and project management firm with prior involvement in the development of NI 43-101 Technical Reports for Norasa.)
The Norasa Project includes the wholly owned Valencia project (ML 149) which has a 25-year mining licence. In addition, the Company has a 100% interest in Dunefield Mining Company (Pty) Ltd.’s Namibplaas project (EPL 3638), which is located 7.5 km north east of Valencia.
The Norasa Project has NI 43-101 compliant Reserves of 90.7 Mlbs U3O8 supporting a 15 year mine life included in Measured and Indicated Resources of 115.0 Mlbs U3O8 with a further 11.0 Mlbs inferred U3O8. Power, water and transport resources are readily accessable and the Namibian government has signalled a strong commitment to ensuring the success of Norasa. The Valencia and Namibplaas properties are considered to be material properties.
Forsys has launched an extensive initiative to reassess all components of its 2015 Definitive Feasibility Study (DFS) for its fully owned Norasa Project in Namibia. The initiated main workstreams include:
- A drilling program aimed at enhancing geotechnical assessments and obtaining fresh ore samples for additional metallurgical test work;
- A thorough reevaluation of of mineral resources and planned in-fill drilling program;
- Optimization of pit design through remodeling and comprehensive review of all design criteria;
- A value engineering campaign including evaluation of alternative metallurgical processes to reduce capital and operational expenses;
- A critical review of all linear infrastructure and utilities.
Upon completion of the above workstreams the company will produce an updated DFS and 43-101 technical report.
To achieve these objectives, the Company recruited an adept team of experienced process engineers, mining experts, geologists, environment consultants, and local specialists led by the Company’s Namibian Country Director, Pine Van Wyk. Tasks have been split into several key areas: additional drilling programs; heap leach trade off studies; planning a heap leach pilot scheme; and 2024 DFS modelling;
Compelling Reasons to Invest in Forsys
Forsys is well positioned to supply significant levels of uranium to meet future demands
- The company’s flagship asset, Norasa, is one of the world’s few fully licensed undeveloped uranium deposits in the world, having been granted the third 25 year Mining Licence over the last few decades in Namibia;
- Norasa is one of the largest permitted, undeveloped projects in the world with Proven and Probable Reserves of 90.7Mlbs of uranium and 5.2Mlb production over the 15 years LoM (2015 DFS);
- Currently, Norasa would be ranked ninth (9th) largest uranium mine in the world when in production;
- Compelling financials from the 2015 DFS with operating costs per pound of US$34.72/lb; NPV pre-tax of US$622.6M; IRR 32%;
- The Norasa project is highly leveraged to increasing Uranium prices;
- Namibia is a low-risk jurisdiction which is politically stable, mining friendly and well-regulated and was 3rd largest Uranium producer in 2022;
- The Company has an experienced and highly regarded African focused board and management team and enjoys significant credibility with a team of highly qualified metallurgists, geologists and mining experts based in Namibia;
- The Company has strong local Governmental support for the Norasa project as one of the key future mining developments for the country;
- The Company is well capitalised and well positioned to leverage attractive mid and long-term sector dynamics. through acquisition and joint venture;
- The Company is completing a complete re-evaluation of the 2015 DFS which will be published in 2024 though has already made significant progress in conducting trade off studies to confirm heap leaching rather than tank leaching as a more compelling and financially advantageous processing method;
- The Company are planning a pilot Heap leaching scheme at the Valencia site demonstrating the commitment of Forsys in advancing this project;
- There are positive Uranium macro fundamentals given the doubling in demand for electricity; global G20 ambitions to become carbon neutral using clean renewable energies; demand for uranium is expected to exceed primary production as evidenced by the increase in nuclear reactors under construction, proposed or planned to be built;