Mr. Richard Parkhouse reports

FORSYS UPDATE ON NORASA URANIUM PROJECT

Forsys Metals Corp. has launched a broad-ranging initiative to reassess its 2015 feasibility study (FS) for its fully owned Norasa project in Namibia. The company sees potential to improve project economics by optimizing pit parameters and examining the potential of using heap leaching in mineral processing. The work program that began in mid-2023 and is anticipated to finish in mid-2024 includes the following components:

• 4,100-metre drilling program aimed at enhancing geotechnical assessments and obtaining fresh ore samples for additional metallurgical test work;
• Geotechnological optimization of pit parameters to reduce stripping ratio;
• Evaluation of alternative metallurgical processes, including heap leaching, to reduce capital and operational expenses;
• Critical review of all linear infrastructure and utilities.

To achieve these objectives, the company recruited a 27-person team who have significant previous uranium mining experience at various Namibian operations. The technical team includes process engineers, mining experts, geologists, environment consultants and local specialists led by the company's Namibian country director, Pine Van Wyk.

Further drilling program

Recent advancements in metallurgical, engineering and mining technology since exploration and computation of the Norasa project's FS have warranted a comprehensive review of the project. In mid-2023, the company commenced a new 4,100 m drilling program to retrieve fresh samples at depths of up to 420 m from the slope areas for both the planned mining pits at Valencia and Namibplaas.

The drilling program focuses on:

• Geotechnical logging and geomechanical sampling to refine pit designs;
• Sampling for new metallurgical test work and for optimized process design;
• Sampling and testing local groundwater resources and to establish additional groundwater monitoring borehole;
• Further geotechnical drilling, logging and sampling, along with downhole surveys (trajectory, gamma, Optical Televiewer) at Valencia and Namibplaas;
• Density test work on ore and waste material;
• Geochemical analysis of samples at Trace Element Analytical Laboratories and calc index and U deportment test work; minimum of 5 per cent check analyses by other independent analytical laboratories.

By the end of October, 2023, a total of 1,445 m of RC drilling and 1,865 m of DC drilling had been completed, including substantial large-diameter metallurgical drilling at the Valencia, ML-149 site. Work is continuing and the majority of the program is targeted for completion by year-end 2023.

Heap leach trade-off studies and test work

In March, 2023, Forsys engaged DRA Projects Pty. Ltd., a subsidiary of DRA Global Ltd., to oversee test work and conduct various engineering studies. The test work and studies aim to assess the potential trade-off opportunity between tank and heap leaching given advances in high-pressure grinding rolls crushing and heap leach technology.

Column leach tests are under way at SGS laboratories in South Africa, including measurements of ore height and slump in the column, with residues analyses for uranium content. The column leach tests results will inform heap leach recovery projections and key process conditions for the economic assessments. Final results of this trade-off study are expected first quarter 2024.

Mining licences, environmental certificates and permits

The company currently holds a 25-year mining licence (ML-149) for its Valencia deposit, valid until 2033. Additionally, Forsys is actively engaged with the Ministry of Mines and Energy (MME) to renew its exclusive prospecting licence (EPL-3638) for further pit optimization work at the Namibplaas site.

Earlier in the year, Forsys renewed its environmental clearance certificate (ECC) from the Ministry of Environment, Forestry and Tourism for a further three-year term, allowing the company to advance its development plans for the Norasa project. The ECC renewal process evaluated the company's environmental management practices, including waste management, emissions controls, biodiversity protection and community engagement, among other factors.

Forsys is in the process also of securing additional permits, encompassing land surface rights; accessory works; radiation management; linear infrastructure development and desalination.

Qualified person and independent consulting firms

Robin Welsh is acting as the company's qualified person, as such term is defined in National Instrument 43-101. Mr. Welsh is a senior project manager for DRA Projects and with his education, experience and professional registrations, he fulfils the requirements of an independent qualified person as defined in NI 43-101. Mr. Welsh has reviewed and approved the scientific or technical information contained in this press release.

DRA Projects, a subsidiary of DRA Global, is an international multidisciplinary engineering, project delivery and operations management group, predominantly focused on the mining, minerals and metals industry.

About Forsys Metals Corp.

Forsys Metals is focused on advancing the Norasa uranium project that is made up of the Valencia uranium deposit (ML-149) and the nearby Namibplaas uranium deposit (EPL-3638) in the politically friendly jurisdiction of Namibia. Extensive work has been carried out on the deposits from 2006 to 2015 with close to 290,000 m of drilling, resource estimation and processing test work.

We seek Safe Harbor.