Mr. Richard Parkhouse reports

FORSYS COMMENCES 2024 PROGRAM AT VALENCIA AND REPORTS RESULTS FROM THE 2023 DRILLING PROGRAM

Forsys Metals Corp. has provided assay results from the Valencia 2023 drilling program, from mining licence (ML) 149 (Valencia) in the Erongo region of Namibia, which forms part of the company's larger Norasa uranium project.

Fifteen boreholes were drilled with a combined total of 2,684.44 metres. The objectives of the drill program were:

• Geotechnical drilling, and logging and sampling for geomechanical testing for pit slope stability assessment and optimizing pit designs;
• Testing the continuity of mineralization for resource modelling;
• Confirming mineral resource estimation (MRE) parameters;
• Sampling for metallurgical test work and processing design optimization.

Drilling, geological and geotechnical logging, downhole optical televiewer, and radiometric scans have been completed on the 15 holes. The company sent 819 samples from 10 of the boreholes for assay, with established quality control protocol and procedures. The chemical results have been verified by an accredited lab and reviewed by a third party professional geologist. Highlights are as follows:

• Multiple zones of massive alaskite intrusions were intersected. Chemical assays confirm uranium mineralization in all six of the confirmation boreholes.
• Best mineralized borehole, PQ-5, intersected 77.34 metres of continuous mineralization, averaging 439 parts per million (ppm) U3O8 (triuranium octoxide), including 41.9 m of 683 ppm U3O8.
• Two thousand twenty-three intersections of mineralization correlate with the neighbouring historic drilling intersections and downhole gamma survey results.
• No major zones of rock weakness, that is, no concerning geological structures, have been intersected. This is a positive result for the continuing geotechnical specialist work, as it indicates conducive conditions for pit slope optimization and overall mine design.

Geological context:

• Boreholes GT-01 to GT-07 were drilled from within the planned Valencia Main mine pit, angled and directed away from the centre of the 2015 pit shell to investigate the ground conditions for the pit slope design.
• Two boreholes, RE-01 and RE-02, were strategically positioned to confirm mineralization from the 2015 FS mineral resource estimate at Valencia in a geologically unique zone.
• Holes PQ-01 to PQ-05 were drilled at Valencia for a total of 285.31 metres, providing approximately three tons of sample for metallurgical testing.

Borehole samples were selected for geochemical assay from the routine downhole radiometric scanning results and sent to Trace Elements Analysis Laboratories Pty. Ltd. in Swakopmund for sample preparation and analyses by XRF (X-ray fluorescence). For internal quality control purposes, TEA Labs has weekly round robins with independent laboratories at Rosh Pinah, Husab Uranium and Langer Heinrich mine laboratories.

Forsys employs an industry-standard quality assurance/quality control (QA/QC) program with standard reference materials, blanks, coarse duplicates and pulp duplicates inserted into each batch of samples analyzed. Four per cent of the samples sent to TEA Labs were sent for check analyses to SGS Laboratories in South Africa, which is an independent accredited laboratory. The sample results are further validated by comparison with the downhole radiometric survey results.

The table entitled "2023 drill campaign: drill type, assay, composites, downhole gamma survey" lists borehole intersections with minimum intersections of 50 ppm U3O8 over five m.

Two thousand twenty-four drilling program on ML-149, Valencia

The company also announces that it has commenced a new drilling program at Valencia. Three zones of potential uranium mineralization situated outside of the existing resource block model are now being investigated.

The drilling program focuses on three target areas:

• A favourable horizon identified at the Jolie zone (approximately one kilometre north of Valencia pit);
• Valencia West extension;
• Valencia South.

Twenty-nine boreholes are scheduled for a total of 5,236 m of drilling to assess mineralization to depths of up to 380 m below collar.

The three areas of mineralization potential were delineated from historic exploration work that included aerial photo interpretation, geological mapping, aeromagnetic surveys, airborne and ground scintillometer surveys, and exploration drilling. Investigation by drilling is required to define the mine's surface infrastructure development and also to explore for resource upside potential in these areas.

Boreholes VA24-01 to VA10 are completed, awaiting downhole surveys, detailed recording and sampling for chemical assay. Additional drilling might be required to test at depth, dependent on the results to be obtained from the campaign.

Qualified person

The information in this release that relates to the project update for the Norasa project is based on information compiled or reviewed by Dr. Guy Freemantle of The MSA Group Pty. Ltd., South Africa. Dr. Freemantle is a consultant for Valencia Uranium Pty. Ltd. and is a member of the SACNASP (South African Council for Natural Scientific Professions). Dr. Freemantle has sufficient experience and knowledge that is relevant to the style of mineralization and type of deposits under consideration, as well as to the activity that is being undertaken, to fulfill requirements of a qualified person as per National Instrument 43-101. Dr. Freemantle consents to this release in the form and context in which it appears.

About Forsys Metals Corp.

Forsys Metals is an emerging uranium developer focused on advancing its wholly owned Norasa uranium project, located in the politically friendly jurisdiction of Namibia, Africa. The Norasa uranium project is composed of the Valencia uranium deposit (ML-149) and the nearby Namibplaas uranium deposit (EPL-3638).

We seek Safe Harbor.