Forsys Metals Corp.

Forsys Metals Corp. is a junior uranium development company headquartered in Toronto, Canada, operating primarily in Africa. The company's portfolio consists of 1 development project. Key assets include Norasa. The business model centers on acquiring, exploring, and advancing mineral properties toward development, with a core focus on a consolidated project that represents one of the few fully licensed undeveloped deposits globally. The operational approach is characterized by a systematic de-risking process, leveraging detailed technical studies and extensive drilling to optimize project economics. Processing and metallurgical strategies are centered on heap leach technology, supported by comprehensive test work to refine key parameters. Recent test campaigns, including 16 column leach tests and 34 bottle roll tests, have demonstrated extractions up to 87% within a 30-day cycle. Further optimization studies are assessing the potential benefits of high-pressure grinding rolls, which could enhance metal extractions by 4% to 6% compared to conventional crushing methods. This focus on process engineering and technical validation underpins the company's strategy to advance its assets toward production readiness, positioning it to capitalize on favorable market conditions for clean energy resources.

Strategic priorities are centered on advancing the flagship asset through rigorous technical and economic optimization. A key initiative involves comprehensive trade-off studies, managed by engineering consultant DRA Mineral Projects, to refine process design, including comminution and leach circuitry, dewatering configuration, and tailings deposition. Resource base expansion is a primary objective, pursued through a multi-phase drilling program initiated in 2023. This program is designed to test mineralization continuity, upgrade resource confidence through infill drilling, and explore for upside potential in previously untested zones. A dedicated local project team of geologists and engineers is tasked with evaluating optimization strategies for mine design, process engineering, and infrastructure to enhance overall project viability. Capital management is demonstrated by a 2025 private placement of $5,005,000, fully subscribed by insiders, to fund ongoing development activities and secure necessary permits and land surface rights.

Executive leadership is anchored by a Chairman with over 40 years of mining industry experience, including co-founding First Quantum Minerals and serving as Chairman for both Galaxy Resources and Allkem Limited. The Chief Executive Officer has been a director since 2005 and has held the CEO position since 2021, providing long-term continuity and strategic direction. The governance framework is structured around a board of directors with specialized committees, including an Audit Committee composed entirely of independent and financially literate members. This committee operates under a formal charter, meeting at least 4 times annually to provide oversight of financial reporting, internal controls, and external auditor performance. It has the authority to retain independent advisors and ensures direct accountability of the external auditors to the board. Management's alignment with shareholder interests is strongly evidenced by the full subscription of a $5,005,000 private placement in 2025 by directors and officers, who collectively hold a significant equity position in the company.

The organization's approach to sustainability is formalized through comprehensive environmental management plans and permitting. An Environmental Clearance Certificate was renewed in 2023 for a 3-year term, supported by a detailed Environmental Impact Assessment and an Environmental Management Plan. These frameworks govern key operational aspects, including waste management protocols, emissions controls, biodiversity protection measures, and structured community engagement. The company's facilities are designed to mitigate environmental impacts, and operations are subject to regular monitoring for compliance with all applicable regulations. Social responsibility is demonstrated through the establishment of compensation agreements with local landowners, which grant unrestricted land use for operations and infrastructure development while ensuring local stakeholders are considered. The company also conducts baseline monitoring for groundwater, air quality, and noise to manage its environmental footprint proactively.

The corporate structure has been actively managed through strategic transactions to refine its asset portfolio. In 2022, the company completed a significant divestiture by selling its remaining 51% interest in associate Razorback Gold Mining Company (Pty) Limited to B2Gold, following the exercise of a call option. In the same year, a non-controlling interest was settled through the transfer of the Omatjete Mining Company (Proprietary) Limited subsidiary. More recently, in January 2025, its wholly-owned subsidiary Valencia Uranium (Pty) Limited finalized an agreement with Namibplaas Guestfarm and Tours (Proprietory) Limited for the purchase of key land parcels to secure surface access rights. Operations are conducted through these wholly-owned foreign subsidiaries, which hold the necessary licenses and permits. A defining feature of the ownership structure is the significant insider alignment, with directors and executive officers as a group beneficially owning approximately 36.2% of the issued and outstanding common shares as of March 2025.