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.