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.