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Update on the Norasa Project from Forsys

An update on critical advancements at the Forsys Metals Corp’s Norasa Uranium Project in Namibia, Africa, has been made available by Forsys. The Valencia Uranium Project (ML149) and the Namibplaas Uranium Project (EPL3638), both located in Namibia’s Erongo region, are wholly owned by the company’s subsidiary Valencia Uranium (Pty) Ltd.

Amec Foster Wheeler first performed a Definitive Feasibility Study (DFS) for the Norasa Project in 2015. Since then, several metallurgical test work programs and desktop studies have been conducted.

Forsys Metals contracted Ausenco Ltd in 2022 to analyze the 2015 DFS for any potential technological flaws and modifications in addition to helping find ways to cut costs. In comparison to the original DFS, Ausenco discovered several factors and provided suggestions for technical improvement and cost-saving options.

Technical trade-off studies will now be carried out to compare the choices to the 2015 DFS regarding their utility and economic value. In this regard, DRA Mineral Projects Pty Ltd (DRA) has been chosen by Valencia Uranium as the engineering consulting firm to carry out the trade-off studies. DRA has a wealth of expertise in resource projects and uranium mining studies in Southern Africa.

The assessment of test work data to establish the ideal grind size while considering uranium recovery, costs, material handling, and tailings treatment is part of the scope of the work. The leach circuitry design and layout, the dewatering circuit configuration, and the balance of trade-off studies all involve circuitry for comminution.

There will also be a tailings deposition option study. To determine the optimal design foundation for future DFS validation, techno-financial evaluations will be conducted in addition to qualitative risk assessments.

The trade-off investigations will take place over eight weeks. Moreover, a drilling program for metallurgical test work will be carried out to confirm and measure variability. The company will notify the public when more information on these ongoing studies becomes available.

We are pleased to appoint DRA to conduct these studies as they are highly qualified and have a strong understanding and experience with uranium mining. The appointment is a key element towards engineering and design optimization at Norasa. We are confident that the studies will highlight opportunities to improve the project economics in a market where uranium is now being treated as an environmentally sound renewable energy source.

Mark Frewin, Chief Executive Officer, Forsys Metals Corp.

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