Board Change • Aug 02
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Pierfranco Malpenga was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jun 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (CA$122.4m market cap, or US$86.3m). Announcement • Apr 29
Forsys Metals Corp., Annual General Meeting, Jun 30, 2026 Forsys Metals Corp., Annual General Meeting, Jun 30, 2026. New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 21% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (CA$78.3m market cap, or US$56.3m). Announcement • Jan 16
Forsys Metals Corp. Reports Further Drilling Results from Its Extension and Exploration Drilling Program At the Valencia Deposit Forsys Metals Corp. announced further drilling results from its extension and exploration drilling program at the Valencia deposit (under ML 149), part of the Company's Norasa Uranium project. The drilling program's objective is to expand mineral resources within and adjacent to the Valencia main pit. A further 960 metres ("m") of processed downhole gamma survey results and 8,519 ICP assay results have been logged and processed since the Company's September 2, 2025 news release. The results obtained on mineralised intercepts for the Valencia main and satellite deposits are reported below. Uranium intercepts have been logged, both in the infill drilling and in the resource extension drilling programs. The drilling is intended to improve the definition of the orebody, providing additional information for pit optimisation and mine planning. Highlights are as follows: Valencia Main Pit: Infill drilling has focused on the Valencia Main deposit, aiming to expand the Valencia Main resource and upgrade the resource classification. Infill drilling had the objective to move the resource into the Indicated and Measured categories. Since 2024, 17,532 m has been completed in 209 drill holes at Valencia Main. Results received since September 2, 2025 include drillhole VA24-127 with 64 m from surface to 64 m depth averaging 333 ppm U3O8. These new results continue to highlight the strong potential to enhance both tonnage and grade at Valencia. Valencia South: Drilling tested the down-plunge extension to the south of the Valencia Main deposit with the objective of increasing and upgrading the Indicated resource in this portion of the Valencia main deposit. Encouraging results have been obtained so far. Recent drilling includes borehole VA25-289 intersecting 32 m averaging 168 ppm eU3O8 from 90 m to 122 m followed by three more intersects of 7 m averaging 156 ppm eU3O8, 13 m grading 419 ppm U3O8 and 53.9 m grading 385 ppm U3O8, between 212 m and 304 m depth, the latter two intercepts being laboratory assays (ICP-MS). Valencia West: Results have been obtained at Valencia West where seven boreholes have been completed since February 2025 for a total of 1,067 m. ICP assay results received since September 2025 include the following highlights: 315 ppm U3O8 over a 9.01 m interval in drillhole VA25-288 and 5 m grading 682 ppm U3O8 in borehole VA25-292. The drilling intersected additional uranium mineralization down dip, along strike and near surface, establishing a link with the Valencia Main resource. The drill spacing is believed to be sufficient for this zone to be classified within the existing Indicated Resource, potentially extending the Valencia Main pit by approximately 150 m to the west. The Jolie Zone satellite mineralization is located about 600 m north of the Valencia Main resource. 24 boreholes totaling 3,505 m have been completed since February 2025. Drilling identified two sub-parallel mineralised intrusions, approximately 50 m from each other. Assay results received since September 2025 include 263 ppm U3O8 over an 5 m interval and a further 736 ppm U3O8 over 11 m in drillhole VA25-273. Interpretation of these results indicates a continuity of mineralization, which is significant since it enhances the potential for additional mineral resources. Mineralization is inferred over a strike length of approximately 350 metres at the Jolie Zone. The Valencia East satellite deposit generated encouraging results from the recent drill campaign. 35 boreholes, totaling 3,838 m, have been drilled since 2024, including both infill and extension drilling of the historical resource. Assay results received Since September 2025 include two intersections in drillhole VA25-302 which returned 207 ppm U3O8 over the 9 m interval, followed by 30.6 m grading 186 ppm U3O8. Borehole VA25-284. Recent Insider Transactions • Nov 25
Independent Director recently bought CA$96k worth of stock On the 19th of November, Pierfranco Malpenga bought around 344k shares on-market at roughly CA$0.28 per share. This transaction amounted to 8.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$214k more in shares than they have sold in the last 12 months. New Risk • Oct 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (CA$100.3m market cap, or US$71.6m). Announcement • Oct 17
Forsys Metals Corp. announced that it has received CAD 17.00048 million in funding On October 16, 2025, the Forsys Metals Corp closed the transaction along with the partial exercise of the over-allotment option. Each whole Warrant entitles the holder to purchase one class A common share of the Company (each, a “Warrant Share”) at a price of CAD 0.80 at any time on or before October 16, 2028. As consideration for its services, Red Cloud received aggregate cash fees of CAD 1,135,545.60 and 2,027,760 common share purchase warrants The closing of the Offering remains subject to the final approval of the TSX. An insider of the Company, purchased an aggregate of 8,928,600 Units. Announcement • Sep 30
Forsys Metals Corp. announced that it expects to receive CAD 17.00048 million in funding Forsys Metals Corp. announced a bought deal for a private placement to issue 17,858,000 unit at an issue price of CAD 0.56 for the proceeds of CAD 10,000,480 on September 29, 2025. Each Unit will consist of one class A common share of the Company and one-half of one class A common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant shall entitle the holder to purchase one class A common share of the Company at a price of CAD 0.80 at any time on or before that date which is 36 months after the Closing Date. The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 3,572,000 Units at the Offering Price for additional gross proceeds of up to CAD 2,000,320. The Offering is scheduled to close on October 16, 2025. Completion of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.
On the same day company amended the term of transaction, now will issue 30,358,000 units at an issue price of CAD 0.56 for the proceeds of CAD 17,000,480.The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 5,358,000 Units at the Offering Price for additional gross proceeds of up to CAD 3,000,480. Announcement • Sep 03
Forsys Reports Drilling Results from Norasa Forsys announced further drilling results from its ongoing extension and exploration drilling program at the Valencia deposit (under ML 149), part of the Company’s Norasa Uranium project (“Norasa”). A further 115 boreholes totalling 11,739 metres (“m”) have been drilled since results were previously reported on February 26, 2025. The Company has received 10,832 metres of processed downhole gamma survey results. The mineralised intercepts are reported. Uranium intercepts have been logged, both in the infill drilling and in the resource extension drilling patterns, within the Valencia Main pit shell volume, reporting new uranium mineralization and encouraging infill grades with the potential to add ore tonnage and reduce the stripping ratio within the modelled pit. The eastern portion of drilling at the Valencia West target has intersected uranium mineralization within the current Valencia pit shell. Results indicate approximately 250 horizontal metres extent of south easterly-dipping uranium mineralization which is open ended at depth, at the present drilling stage. Highlights are as follows:Valencia MainPit: Drilling focused on Valencia Main, to potentially expand the Valencia Main resource and upgrade the resource through infill drilling. Infill drilling aims to convert 26Mt of the Indicated Resource to Measured status .Since February 2025, 5,787m have been completed in 74 drill holes. Highlights include 407 ppm eU308 over a 53m interval in drillhole VA25-229 and 364 ppm eU308 over a 55m interval in drillhole VA25-264. These new results continue to highlight the strong potential to enhance both tonnage and grade at Valencia.Valencia South: Follow-up drilling on previously reported high-grade intercepts tested the down-plunge extension to the south of the Valencia Main deposit. The additional drilling was conducted with the aim of increasing and upgrading the indicated resource in this area. Two boreholes totalling 180 metres have been completed since last reporting drilling results. Recent highlights include 338 ppm eU3O8 over a 13m interval and 282 ppm eU3O8 over a 54m interval in drillhole VA25-289.Valencia West: Results have been obtained at Valencia West where a total of 992m has been drilled in 7 boreholes since February 2025. Recent highlights include 271 ppm eU3O8 over a 9m interval in drillhole VA25-288. All holes intersected new uranium mineralization down dip, along strike and near surface, establishing a link with the Main resource. The drill spacing is believed to be sufficient for this zone to be classified within the Indicated Resource category, which can potentially extend the Valencia Main pit by approximately 150m to the west. Valencia East and Jolie Zone Exploration and Resource Definition DrillingDrilling tested mineralization extension and identified potential additional resource targets outside of the pit shell at the Jolie Zone and at Valencia East, respectively.Drilling at Valencia East (11 boreholes, totalling 1,574m since February 2025) included both infill and extension of the historical resource . Recent highlights include 184 ppm eU3O8 over a 25m interval in drillhole VA25-295 . Extension drilling is still in progress towards the south of the historic Valencia East resource, where additional mineralization has been established along strike and down dip. The aim of the infill drilling is potentially upgrade the Valencia East resource to Indicated status.At the Jolie Zone12 boreholes totalling 2,009m have been completed since the last drilling update. Located about 600m north of the Valencia Main deposit, drilling identified two sub-parallel mineralised intrusions, approximately 50m from each other. Recent results include 623 ppm eU3O8 over a 11m interval in drillhole VA25-273. Interpretation of these results indicate continuity of mineralization, which is significant since it enhances the potential to estimate additional mineral resources. Mineralization is indicated over a strike length of approximately 350 metres. Recent Insider Transactions Derivative • Aug 27
Chief Financial Officer exercised options to buy CA$128k worth of stock. On the 19th of August, Miles Nagamatsu exercised options to buy 250k shares at a strike price of around CA$0.45, costing a total of CA$113k. This transaction amounted to 39% of their direct individual holding at the time of the trade. Since December 2024, Miles' direct individual holding has increased from 545.00k shares to 639.79k. Company insiders have collectively bought CA$451k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • May 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$9.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$9.5m free cash flow). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$103.2m market cap, or US$73.8m). Announcement • May 06
Forsys Metals Corp., Annual General Meeting, Jun 30, 2025 Forsys Metals Corp., Annual General Meeting, Jun 30, 2025. Announcement • Apr 09
Forsys Metals Corp. Reports Positive Ore Sorting Testwork At Norasa Forsys Metals Corp. reported on ore-sorting testwork at its Norasa Uranium project (“Norasa”). Ore sorting is a process stage for separation and upgrading of run of mine ore based on its grade, composition and physical properties. Key benefits include delivering an upgraded material stream to the processing plant by rejecting waste and problematic lithologies, thereby enhancing processing efficiency and reducing operating costs. Improvements in metal recovery may also be achieved. Results from ore sorting trials done so far on Valencia samples indicate: Gamma sorting amenability work showed that uranium concentration is well correlated with sorting sensor detection peaks.XRF amenability testing demonstrated a strong calibration accuracy with uranium grades, suggesting that uranium upgrading is achievable with a decrease in mass pull. Given the positive outcome, a decision was made to conduct further confirmatory testwork, which is currently in progress and for which results are expected before end of second quarter 2025. This work includes: Detailed XRF testing with machine learning and fine calibration and scanning of variability samples over approximately 440m of drill core from the Valencia deposit. Scouting XRT ore sorting amenability testing on variability samples from Valencia deposit. The results will be used to determine the ongoing testwork and technology appraisal, including economic evaluation. New Risk • Mar 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 94% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$5.1b net loss next year). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (CA$105.2m market cap, or US$72.8m). Announcement • Mar 06
Forsys Metals Corp. announced that it expects to receive CAD 2.84375 million in funding Forsys Metals Corp. announces acquisition of 5,687,500 units at a price of CAD 0.50 per unit for gross proceeds of CAD 2,843,750 with Stefano Roma on March 5, 2025. Each Unit consists of one Class A common share and one Common Share purchase warrant of the Issuer, with each Warrant entitling the holder to purchase one additional Common Share at a price of CAD 0.75 per Common Share for a period of 24 months from issuance. Announcement • Feb 26
Forsys Metals Corp. Reports Additional Interim Drilling Results from Norasa Forsys Metals Corp. announced further interim drilling results from its Resource Extension and Exploration drilling program on Valencia (ML 149), at the Company's Norasa Uranium project ("Norasa1"). The drilling program currently underway is designed to expand and upgrade Valencia's resources within and close to the current main pit. Positive results indicate good potential to increase the resource and grade level at Valencia. Highlights are as follows: 20,597 metres ("m") of drilling have been completed in 211 boreholes since February 2024; Drilling at the Jolie Zone includes an intercept of 308 ppm eU3O8 over 23m from 18m to 41m depth in drillhole VA24-061; Infill drilling at the Valencia main deposit intersected 481 ppm e U3O8 over a 63m interval in drillhole VA24-127 and 306 ppm eU3O8 Over a 91m interval in drillhole VA 24-175; Summary: A total of 20,597.08m of drilling has been completed in 211 bore holes since the drilling program commenced in February 2024. To date, assays from 70 drillholes have been received and 19,092 down-hole metres have been surveyed with a gamma ray spectrometer ("downhole gamma"). Assay results in Table 1 and in the text are denoted U3O8, while grades calculated from downhole gamma are represented by eU3O8. 12 drillholes at the Jolie Zone target in 2024 identified two zones of sub-parallel mineralised alaskite intrions (Zones 1 and 2), which are approximately 50m apart. All of the 37 drillholes completed in the area during 2024 intersected uranium mineralization. Current drilling aims to upgrade the Valencia Main resource through infill drilling and expand the Valencia Main resource to the west and also assess satellite mineralisation extension potential at the Jolie Zone target 600 m north of the Valencia Main pit. Seventy-one additional drillholes totaling 9,637 m of combined percussion, reverse circulation ("RC") and diamond drilling have been scheduled for the drilling program at Valencia. The drill program tests potential targets within and adjacent to the Valencia Main Pit: Valencia Main Infill drilling is aimed at converting an existing 22 Mt Indicated Resource into Measured category. To date, 10,836m (147 drillholes) of the planned 14,127m (189 drillholes) have been completed. Infill drilling is planned to test down to the 650m elevation, with several holes ending in high-grades of up to 712 ppm eU3O8, and many of which contain high grades from the collar to the end of hole. Once completed, the percussion drillholes will amount to a maximum of 37% of the Infill drilling and the downhole gamma results will be reconciled against all laboratory analyses in the programme. The Valencia satellite exploration drill program comprises several targets adjacent to or in the vicinity of the Valencia Main deposit. The programme aims to identify additional resource potential. Results of exploration drilling at the Jolie Zone; Drilling of 12 holes, all completed during 2024, identified a thicker and more continuous mineralised intrusion ("Jolie Zone-2"), about 50m to the SE, and sub-parallel to Zone-1. Overview map of the Valencia drill program as at 15 February 2025 where all collars are for the current programme Feb. 2024 to present. RC sample batches have three types of duplicates; a field duplicate split at the drill rig; a coarse duplicate split at the laboratory; and pulp duplicates, also split at the laboratory. Qualified Persons Statement for Mineral Resource Resource and Mineral Resource Resource Resource Resource Resource Exploration Drilling: The Valencia satellite exploration drill holes have been completed. New Risk • Nov 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$8.9m free cash flow). Earnings are forecast to decline by an average of 94% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$5.1b net loss next year). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Significant insider selling over the past 3 months (CA$181k sold). Recent Insider Transactions Derivative • Oct 15
Independent Chairman of the Board exercised options to buy CA$488k worth of stock. On the 9th of October, Martin Rowley exercised options to buy 750k shares at a strike price of around CA$0.17, costing a total of CA$128k. This transaction amounted to 249% of their direct individual holding at the time of the trade. Since March 2024, Martin's direct individual holding has increased from 301.70k shares to 1.05m. Company insiders have collectively bought CA$320k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Oct 09
Corporate Secretary & Director recently sold CA$120k worth of stock On the 3rd of October, Jorge Estepa sold around 155k shares on-market at roughly CA$0.78 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Sep 05
Forsys Metals Corp. Appoints Pierfranco Malpenga as A Director Forsys Metals Corp. announced the appointment of Pierfranco Malpenga as a member of the Board of Directors of the Company, effective immediately. Pierfranco has over 25 years experience in finance, in particular as an Investment Manager and Advisor. He has held various roles as CIO and Member of the Investment Committee of asset management companies and family offices. He began his career at Mediobanca and worked for more than 8 years at Goldman Sachs in their equity division. Pierfranco graduated cum laude with a degree in Economics from Bocconi University in Milan. Announcement • Aug 15
Forsys Metals Corp. Provides Further Interim Drilling Results from its 2024 Resource Extension and Exploration Drilling Program from Valencia (ML 149), at its Norasa Uranium Project Forsys Metals Corp. provided further interim drilling results from its 2024 Resource Extension and Exploration drilling program from Valencia (ML 149), at the Company’s Norasa Uranium project (Norasa). The approx. 10,000 m drilling program currently underway is designed to expand and upgrade the Valencia resources adjacent to the current main pit. Positive results, such as 210 ppm U3O8 over a 253 m interval, including 16m at 655 ppm U3O8 (VA24-022), indicated there is significant potential to further increase the resources and grades around the Valencia orebody. Highlights: At Valencia South, resource drilling intersected the widest grade interval of the programme to date in drillhole VA24-022; returning an average of 210 ppm U3O8 over a 253 m interval, including 16m at 655 ppm U3O8. Additionally, VA24-022 intersected 363 ppm eU3O8 over 43m from 366 to 409 metres and VA24-023 intersected 213 ppm U3O8 over 53m from 179m depth to the end of the pre-collar at 232m; At Valencia East, the best intersection was drillhole VA24-043 of 313 ppm U3O8 over 20 metres; Exploration drilling at Valencia West intersected 222 ppm eU3O8 over 34 metres from 76m to 110m depth in drillhole VA24-052; Exploration drillhole VA24-019 intersected 185 ppm U3O8 over 41 metres from 1m to 42m depth at the Jolie Zone; At the Bundu Zone, the best intersection was in drillhole VA24-056 of 198 ppm eU3O8 over 28 metres from 1m to 29m depth. The drilling program strategy is to expand and upgrade the Valencia resources adjacent to the current main pit. Drilling aims to assess mineralisation extension potential at two targets in the vicinity of the Valencia Main pit and to test the potential of four targets to the north and east of the pit. A total of 71 drillholes for 9,637 metres of combined percussion and diamond drilling have been scheduled for the resource drilling program. At the time of reporting, and as detailed in Table 1, a total of 6,776.46 metres have been completed in 58 drillholes since the drilling program commenced in February 2024. To date, assays from 31 drillholes have been received and 6,332 down-hole metres have been surveyed with a gamma ray spectrometer. Assay results are quoted as U3O8, while calculated grades are denoted eU3O8. Valencia Main Pit Extension and Resource Upgrade Drilling: The resource extension drill program tested potential targets adjacent to the main pit: At the Valencia East deposit (located 500 m northeast of the main pit) seven holes were drilled to improve confidence within the existing resource. Scintillometer results have been received for all seven holes and assay results were obtained for VA24-043 with 313 ppm U3O8 over 20 metres from 70 m depth. These promising results suggest a potential increase in the resource grade and tonnage. A further nine drillholes were drilled into a newly identified extension at the northeast of the current deposit. Scintillometer results have been received for seven holes of these nine holes, with the best intersections in drillhole VA24-034 of 173 ppm eU3O8 over 47 metres from 10m depth, including 364 ppm eU3O8 over 13 metres from 11m to 24m depth. Valencia West extension was tested with 27 drillholes. Initially 18 drillholes were drilled on 80m spaced sections over a 900m strike length. Nine infill holes were drilled immediately west of the Valencia Main pit. Downhole scintillometer survey results were received from all of these drillholes. XRF assay results have also been received for these 24 holes at Valencia West. All returned positive confirmation of uranium mineralisation. Drillhole VA24-052 intersected222 ppm eU3O8 over 34 metres from 76m to 110m depth. Valencia South is a down-plunge extension to the main deposit being tested with a grid of six planned drillholes, of which VA24-022 and VA24-024 have been completed. XRF assay results report 210 ppm U3O8 over 253m from surface to 253m depth in drillhole VA24-022. This intersection enhances the current resource. From downhole scintillometer results, drillhole VA24-022 intersected 363 ppm eU3O8 over 43m from 366 to 409 metres. This intersection extends the resource at depth. VA24-023 intersected 213 ppm U3O8 over 53m from 179m depthto the end of the pre-collar at 232m. Valencia Exploration Drilling: The neighbouring exploration target drill program is planned to identify additional resource potential at the Jolie Zone, Bundu, and Valencia North. The Jolie Zone occurs about 600 m north of the Valencia pit and to date three drillholes have been completed. Assay results from the initial three drillholes confirmed uranium mineralisation with the best intersection in VA24-019 of 185 ppm U3O8 over 41 metres from 1m to 42m depth. Mineralised granite was discovered about 1 km northeast of the main pit in the area named the Bundu Zone. Initially four exploration drillholes were drilled and followed up with three more drillholes. To date scintillometer results of three of the drillholes have been received with the best intersection of 198 ppm eU3O8 over 28 metres from 1m to 29m in VA24-056. The Valencia North prospect is located about 1 km north of the Valencia pit and was tested with three drillholes. Assay results from all three drillholes confirm wide zones of uranium mineralisation, with the best intersection of 117 ppm U3O8 over 98 metres in VN24-02. QAQC: Recent (2023-2024) Sampling and Assays Samples were taken from the diamond drill cores and RC chips for geochemical assay guided by the routine downhole radiometric probe results and sent to Trace Elements Analysis Laboratories (Pty) Ltd. (TEA Labs) at Swakopmund, Namibia for sample preparation and analyses by XRF. For internal quality control purposes TEA Labs has weekly round robins with independent laboratories at Rosh Pinah, Swakop Uranium and Langer Heinrich mines. Forsys employs a QAQC program with Certified Reference Materials (CRMs), blanks, coarse duplicates, and pulp duplicates inserted into each batch of samples. The QAQC insert rate comprises 4 % CRMs using three CRM types with different grades of U3O8; 4% blanks and 8% to 10% duplicates. RC sample batches have three types of duplicates; a field duplicate split at the drill rig; a coarse duplicate split at prescribed intervals at the laboratory; and pulp duplicates, also split at the laboratory. Core samples only have coarse and pulp duplicates split at the laboratory. 4% of the samples sent to TEA Labs are sent for check analyses at SGS Laboratories (SGS) in South Africa, which serves as the independent accredited laboratory. The sample results are further validated by comparison with the radiometric scans. External Check Assay Laboratory: 4% of the samples sent to TEA Labs are sent for check analyses to SGS Laboratories (SGS) in South Africa; SGS which serves as the independent accredited laboratory. The sample results are further validated by comparison with the downhole radiometric scans. New Risk • Aug 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$7.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$7.9m free cash flow). Earnings have declined by 31% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (CA$90.8m market cap, or US$66.1m). New Risk • Jul 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (CA$107.3m market cap, or US$78.2m). Announcement • Jun 29
Forsys Metals Corp. Approves the Election of Knowledge Katti as Director Forsys Metals Corp. at the AGM held on June 28, 2024, approved the election of Knowledge Katti as director. Announcement • Jun 26
Forsys Metals Corp. Reports Retirement of Paul Matysek as Director Forsys Metals Corp. announced that in connection with the Company’s forthcoming Annual General Meeting (the “Meeting”) to be held virtually on June 28, 2024, Mr. Paul Matysek is withdrawing his nomination and will retire as a Non-Executive Director of the Company at the conclusion of the Meeting. Announcement • Jun 18
Forsys Metals Corp. Reports Results from Preliminary Leaching Test Work and Project Workplan At Norasa Forsys Metals Corp. announced the results of its metallurgical column leaching test work for its Norasa Uranium project together with details of its work plan for further optimising heap leach conditions and ore-sorting testwork. Completed metallurgical test work supports utilizing heap leaching to recover uranium at Norasa. A total of 16 metallurgical column leach tests have been completed. Various test conditions were assessed, covering initial scouting tests aimed at evaluating the impact of binder addition, higher irrigation rates and grind size on recoveries, leach kinetics and acid consumption. Uranium extraction rates of up to 87% (crushed with a conventional cone crusher, average of solids and solution based recovery) were achieved within a leach cycle time of 30 days or less. Sulphuric acid consumption ranged from 17 kg/t to 38 kg/t, depending on operational parameters. This recovery rate is onpar with that achieved by other similar type operations with comparable ore type. With the integration of higher irrigation rates, binder addition and grind size adjustments, there is an opportunity to optimise the baseline parameters, enhancing leach kinetics, reagent addition and recovery rates. Sample selection for metallurgical test work: Based on the mineral exploration and resource definition, with close to 300,000 metres of drilling executed for the Norasa Project and resulting mineral resource estimate and block models for Valencia, bulk samples for metallurgical test work were composed to account for the composition and spatial variance within each of the deposits. For the bulk samples from the Valencia ore-body which underwent leaching test work at an accredited laboratory, SGS Laboratories in South Africa ("SGS"), a mix of different lithologies was selected from drill cores of a number of diamond holes, with the objective of representing the overall run-of-mine ore composition from this deposit. From lithology modelling, it is evident that the main uranium hosting ore is alaskite, which is a rock of granitic composition. Limited uranium mineralisation occurs at the contact zones to the country rock, i.e. in schists, marbles and gneisses by intruding alaskite veins. The bulk samples comprise fresh rock material from diamond drill cores. The initial leach test sample for phase 1 of the column leach testing was composed of alaskite material only. The second sample for phase 2 of the column leaching testing was made up of ore and country rock types in proportions of approximately 72% of alaskite /granite lithologies, 13% of marble and calc-silicate rock and the remaining 15 % of different types of unmineralised schists and gneisses. Metallurgical column leach testwork results: To date, leaching testwork at SGS comprised of bottle roll testing and column leach testing. Phase 1: Six column leach tests (including duplicates) were completed on predominantly alaskite samples, yielding uranium extractions ranging from 77% to 87% (average of solids and solutionbased recovery) with acid consumption rates ranging from 17 kg/t up to 22 kg/t. Phase 2: A further ten column leach tests (including duplicateicates) have been completed on samples sourced from various parts of the orebody, encompassing country rock and marbles. These samples exhibited head grades ranging from 136 ppm to 201ppm U3O8, with an increased presence of marbles, schists, and country rock lithologies. Crush sizes assessed ranged from a top size of approximately 6 mm to 8 mm. SGS was chosen for its comprehensive laboratory services and global expertise. In addition to internal laboratory test procedures and quality control measures, numerous repeat assays and external laboratory assays were conducted throughout the programmes to interrogate the data set and critique accountabilities. Leaching Columns at SGS South Africa: The current testwork programme has yielded the following observations and inferences: Enhanced leach kinetics were noted in the latter part of the programme, attributed to the acid curing procedure conducted prior to sample introduction into the acid curing procedure conducted prior To sample introduction into the programme. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Director of Investor Relations & Independent Director Richard Parkhouse was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 15
Forsys Reports Updated Mineral Resource Estimate for Its Norasa Project in Namibia Forsys Metals Corp. provided an update for the Company’s Norasa Uranium project (“Norasa1”) which comprises the deposits of Valencia Main and East, (“Valencia”), under Mining Licence (ML-149) and Namibplaas (“Namibplaas”) under EPL-3638, (ML-251 pending). Results are reported from recent remodelling of historical (2005-2011) drilling and recent 2023 drilling results. The Mineral Resources are reported within USD 120/lb U3O8 pit shells, with a cut-off grade of 40 ppm U3O8 for each of the deposits at Valencia Main and East, (“Valencia”), under Mining Licence (ML-149) and USD 120/lb U3O8 at 40 ppm U3O8 cutoff at Namibplaas (“Namibplaas”) under EPL-3638. The MRE are summarised as follows: For the overall Norasa project, a conceptual open-pit shell constrained MRE for total deposits assessed from previous (2005-2011) and recent (2023) drilling results is estimated to be Measured and Indicated of 151.9 Mt at 136 ppm eU3O8, with contained metal oxide of 45.4 Mlbs U3O8 at Valencia Main. Inferred Resources for the Norasa project are estimated to be 224.5 Mt at 86 ppm eU3O8, with contained metal oxide of 42.6 Mlbs U3O8: Measured and Indicated: 151.9 Mt at 136ppm eU3O8, with contained metal oxide of 45.4 Mlbs for Valencia Main. Inferred Resource for Valencia Main is estimated to be 4.7 Mt at 121 ppm eU3O8 and 1.3 Mlbs eU3O8 contained metal oxide. Inferred Resource for Valencia East is estimated to be 1.0 Mt at 114 ppm eU3O8 and 0.3 Mlbs U3O8 contained metal oxide; and Inferred Resource for Namibplaas is estimated to be 218.7 Mt at 85 ppm eU3O8 and 41.1 Mlbs U3O8 contained metal oxide. The Mineral Resource was modelled using a combination of Leapfrog Geo® and Datamine Studio RM® software. Valencia Main and East data: Comprise a combined dataset of 141 diamond (DD), 148 reverse circulation (RC) and 446 percussion (PC) type drill holes. Borehole data from Valencia Main and East with XRF assay and calculated equivalent grades (eU3O8) from gamma-probing for each of the deposits have been used to estimate the Mineral Resource. Equivalent uranium grades have been factored to correlate practically well with the XRF data, which constitutes 25 % of the grade data. Where XRF data are available these supercede the corresponding probe equivalent grade in the estimation data. Namibplaas data Comprise a dataset of 530 percussion holes and 40 diamond drill holes. Borehole data from Namibplaas XRF assay and calculated equivalent grades (eU3O8) have been used to estimate the Inferred Mineral Resource. Equivalent uranium grades constitute the majority of the grade data and where XRF data are available, ~3.5 % of all grade data, these supercede the probe derived values. Wireframe interpretations of the logged lithologies were used to define the various geological units. Mineralisation is strongly associated with alaskite intrusions, that are in turn controlled by a structural architecture that comprises folded and planar strata surfaces, and fold-associated shears and cleavages. Importantly, the orientation of marble strata is a major control on the distribution of uranium mineralisation for REDOX chemistry reasons, at Valencia and the Erongo region alaskite deposits as whole. The alaskite orientations are therefore strataform, except where they have invaded sheared and strongly cleaved antiformal hinge zones, as at Valencia Main. In order to honour the geological controls in the estimates various surfaces were modelled: String interpretations of the “stratiform” intrusions were digitised in cross-section and were used to create median surfaces for each of the intrusions. The resulting mineralised zone wireframes align with the lithological strata while also cross-cutting the strata in places to accommodate axial-planar mineralisation orientations. The surfaces were then used to guide the orientation of the grade estimate through interpolation of individual dip and dip directions for each model block. The geometry of the Namibplaas deposit comprises stratiform lithologies that dip toward the southwest. The alaskite intrusives have intruded in a strataform manner and have exploited disruptions in the overall fabric, such as local fold flexures and dilation zones associated with the NE-SW regional extensional setting. In order to honour the geological controls at Namibplaas in the estimates various surfaces were modelled with guidance from the directions of greatest structural continuity to guide implicit modelling: Along the strike and dip direction of the host metasediments, and Along a shallow-plunging hinge structure that is oriented to the NE, parallel to the regional extension regime. Considering that mineralization at Namibplaas is strongly associated with the granitic intrusions, string interpretations of the mid-points of these “stratiform” intrusions were digitized in cross-section, thereafter linked to create median surfaces of each of the alaskite intrusions. The surfaces of the intrusions were then used to guide the orientation of the grade estimate through interpolation of individual dip and dip directions for each model block. Grade shells using a 40 ppm U3O8 threshold were constructed using Leapfrog® implicit modelling with directional control surfaces from the geological model. The model volumes were divided into four domains at Valencia Main and two domains at Namibplaas. Each domain is distinct in terms of its geographic/geometric position as well as statistical /geostatistical parameters. Ordinary kriging estimation used three-dimensional directional variograms to estimate U3O8 grades within the mineralised zones for Valencia Main and Namibplaas. Inverse distance squared interpolation was used for Valancia East. The models underwent validation by comparison of estimated grade values against input sample grades, both visually and statistically. Volumes covered by 30 m drill-spacing were classified as Indicated Mineral Resources at Valencia. All blocks outside of these volumes within the grade shells that received a grade estimate during the interpolation runs were considered Inferred. At Namibplaas, although the tight drill spacing of approximately 30 m provides dense coverage of the deposit, the predominance of probe-derived eU3O8 assays warrants a confidence level for an Inferred Resource. Announcement • May 03
Forsys Metals Corp., Annual General Meeting, Jun 28, 2024 Forsys Metals Corp., Annual General Meeting, Jun 28, 2024. New Risk • Apr 01
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m. Announcement • Mar 26
Forsys Metals Corp. Commences 2024 Program At Valencia and Reports Results from the 2023 Drilling Program Forsys Metals Corp. provided assay results from the Valencia 2023 drilling programme, from Mining License (“ML)-149("Valencia”) in the Erongo region of Namibia, which forms part of the Company’s larger Norasa Uranium Project (“Norasa”). Fifteen boreholes were drilled with a combined total of 2,684.44 metres ("m"). The objectives of the drill program were: geotechnical drilling, and logging and sampling for geo-mechanical testing for pit slope stability assessment and optimizing pit designs; testing the continuity of mineralization for resource modelling; confirming Mineral Resource Estimation (MRE) parameters; and sampling for metallurgical test work and processing design optimization. Drilling, geological and geotechnical logging, down-hole optical televiewer and radiometric scans have been completed on the 15 holes. Eight hundred and nineteen samples from ten of the boreholes underwent 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 m of continuous mineralisation, averaging 439 ppm U3O8, including 41.9 m of 683 ppm U3O8. 2023 intersections of mineralization correlate with the neighbouring, historic drilling, intersections and down-hole gamma survey results. No major zones of rock weakness, i.e. no concerning geological structures, have been intersected. This is a positive result for the ongoing 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 m, providing approximately 3 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. (“TEA Labs”) in Swakopmund for sample preparation and analyses by XRF. 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 QA/QC program with Standard Reference Materials, blanks, coarse duplicates and pulp duplicates inserted into each batch of samples analysed. 4% 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. 2024 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 focusses on three target areas; for individual drill hole locations: A favourable horizon identified at the Jolie Zone (~ 1km north of Valencia pit), Valencia West Extension, and Valencia South. Twenty-nine boreholes are scheduled for a total of 5,236m 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 down-hole 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. Announcement • Dec 05
Forsys Metals Corp. Provides 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 ("m") 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; 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 geo-mechanical 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; Additional drill locations are planned for further in-depth studies and for geotechnical assessments. 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 ongoing and the majority of the programme is targeted for completion by year end 2023. 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. 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. In addition, the 2015 FS demonstrated Measured and Indicated resource of 115Mlb and Inferred resource of 11Mlb. Forsys are currently engaged in re-evaluating the 2015 FS and multiple workstreams are underway to re-analyze geology data as well as establishing a new drilling program to retrieve fresh samples from both site deposits and improve on process and pit designs. As a part of this study, Forsys are exploring new technologies to understand how these can enhance recovery rates, optimise tailings and improve project economics. Announcement • May 06
Forsys Metals Corp., Annual General Meeting, Jun 30, 2023 Forsys Metals Corp., Annual General Meeting, Jun 30, 2023. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Paul Matysek was the last independent director to join the board, commencing their role in 2007. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 11
Independent Chairman of the Board recently sold CA$81k worth of stock On the 3rd of March, Martin Rowley sold around 92k shares on-market at roughly CA$0.88 per share. This was the largest sale by an insider in the last 3 months. This was Martin's only on-market trade for the last 12 months. Executive Departure • May 27
Independent Director has left the company On the 20th of May, Elia Shikongo's tenure as Independent Director ended after 1.9 years in the role. We don't have any record of a personal shareholding under Elia's name. Elia is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Feb 09
New 90-day high: CA$0.38 The company is up 188% from its price of CA$0.13 on 10 November 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: CA$0.32 The company is up 88% from its price of CA$0.17 on 28 September 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: CA$0.26 The company is up 73% from its price of CA$0.15 on 04 September 2020. The Canadian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 5.0% over the same period. 
