Exploration drilling ongoing (2025-2026) to upgrade resource. Land acquisition in progress. EPL 3638 valid to Feb 2026 (renewal submitted). • Scoping Study/Updated MRE
Overview
Country
Namibia
Region
Erongo
Current status
2 projects in this company presentation
Report date 2026-02-01
Forsys Metals Corp. • FSY.TO • 2 projects
Exploration drilling ongoing (2025-2026) to upgrade resource. Land acquisition in progress. EPL 3638 valid to Feb 2026 (renewal submitted).
Permit status
EPL 3638 (2-year exploration license, renewable), land acquisition in progress, environmental clearance to May 2026
Ownership
100.0%
Mine type
Open pit (implied, same as Valencia)
Deposits
1
Classification
Project stage
Developer
Substage
Scoping Study/Updated MRE
Active milestone
Exploration drilling to upgrade resource, land acquisition, renewal of EPL
Completed milestones
Updated Mineral Resource Estimate (May 2024), Renewal of EPL 3638 submitted, Land lease with option to purchase
Resources
Inferred
41.1 Mlb
Inferred grade
85.0 ppm
Total resources
41.1 Mlb
Cutoff grade
40.0 ppm
Endowment
Core endowment
41.1 Mlb
Core ownership
100.0%
Grade
85.0 ppm
Field recovery rate
85.0%
Financials
Uranium price used
$120.00/lb
Recovery rate
85.0%
Notes
Highlights
Large uranium resource, significant upside from ongoing drilling. Land acquisition enables full access. Part of Norasa project.
Country attractiveness
Namibia is the 3rd largest uranium producer globally, mining-friendly, stable, low risk, strong regulation, good infrastructure.
Resource context
Updated NI 43-101 MRE May 2024. No reserves stated.
Permit context
EPL 3638 valid to Feb 2026, renewal submitted. Environmental clearance to May 2026.
Technical context
Heap leaching, HPGR, ore sorting, electric HME, conveying, truck scanning (same as Valencia).
Recent achievements
Land lease with option to purchase, renewal application submitted, updated MRE May 2024.
Work ongoing
Drilling, land acquisition, resource upgrade.
Next steps
Upgrade Inferred resource to Indicated via drilling. Complete land acquisition. Renew EPL.
Resource extension potential
Ongoing drilling to expand and upgrade resource.
Valencia
Developing ProjectNamibia
Fully permitted, mining license ML 149 valid to June 2033, environmental clearance to May 2026. First blast (box cut) August 2024. Ongoing optimization and exploration. • Scoping Study/Updated MRE
Overview
Country
Namibia
Region
Erongo
Current status
Fully permitted, mining license ML 149 valid to June 2033, environmental clearance to May 2026. First blast (box cut) August 2024. Ongoing optimization and exploration.
Permit status
Mining license ML 149 (25 years, renewable), Environmental Clearance Certificate to May 2026
Updated Mineral Resource Estimate (May 2024), First blast (box cut) August 2024, Mining license awarded, Environmental clearance certificate, Resource drilling complete
Resources
Measured + indicated
45.4 Mlb
M&I grade
136.0 ppm
Inferred
1.5 Mlb
Inferred grade
120.0 ppm
Total resources
46.9 Mlb
Cutoff grade
40.0 ppm
Endowment
Core endowment
45.4 Mlb
Core ownership
100.0%
Grade
136.0 ppm
Best thickness
253.0 m
Depth
409.0 m
Field recovery rate
85.0%
Financials
Production rate
3.5
Life of mine
20.0 years
Uranium price used
$120.00/lb
Recovery rate
85.0%
Notes
Highlights
One of the largest permitted undeveloped uranium projects globally. Close to infrastructure. Fully permitted for mining and environmental. Ongoing optimization and exploration.
Country attractiveness
Namibia is the 3rd largest uranium producer globally, mining-friendly, stable, low risk, strong regulation, good infrastructure.
Resource context
Updated NI 43-101 MRE May 2024. No reserves stated.
Permit context
Mining license ML 149 valid to June 2033, renewable. Environmental clearance to May 2026.
Technical context
Heap leaching, HPGR, ore sorting, electric HME, conveying, truck scanning.
Recent achievements
First blast August 2024, updated MRE May 2024, resource drilling complete.
Work ongoing
Optimization, bulk sample, further exploration.
Next steps
Bulk sample testwork, optimization, potential expansion from Namibplaas.