Asarian Energy Limited · TSX:ARN
Asarian Energy — Forsys Metals — Investor Presentation (March 2025)
35 slides from Asarian Energy's investor presentation, March 2025
Slide 1: Advancing one of the largest permitted undeveloped uranium projects
Advancing one of the largest permitted undeveloped uranium projects in the world MARCH 2025 forsysmetals.com 1 TSX:FSY
Slide 2: Forward-Looking Statements
Forward-Looking Statements The data contained in this presentation is provided for information purposes only. Certain information has been compiled from sources believed to be reliable. No information in this presentation is to be construed as an offer to buy or sell securities. The reader agrees to
Slide 3: Forsys Metals: Flagship Norasa Project Overview
Forsys Metals: Flagship Norasa Project Overview ❖ One of the largest uranium deposits in Namibia, host to 3 tier 1 uranium mines Potentially One of World’s Largest Permitted Undeveloped Uranium Project ❖ 100% owned deposits at Valencia and Namibplaas (4.5km apart) ❖ Fully permitted – Valencia deposi
Slide 4: Namibia: Well-Established Mining-Friendly Jurisdiction
Namibia: Well-Established Mining-Friendly Jurisdiction Erongo Region ❖ 3rd largest global producer in 2022 ( 1. Kazakstan; 2. Canada) o 2nd largest producer cumulatively over last 45 years Trekkorie Mine Elevate Uranium Norasa Project o 5th largest uranium resource globally Project Namibplaas ❖ Stab
Slide 5: Norasa Comprises Valencia And Namibplaas Deposits
Norasa Comprises Valencia And Namibplaas Deposits ❖ ML 149 Valencia: 25 year licence to June 2033 ❖ EPL 3638 Namibplaas is valid until Nov 2026 ❖ Environmental Clearance Certificate o Valid to 23 May 2026 for mine development and accessory works on ML149 and prospecting activities on EPL 3638 ❖ Appl
Slide 6: Norasa Potentially one of the Largest Permitted Uranium Projects
Norasa Potentially one of the Largest Permitted Uranium Projects Potential Average Annual Production of Permitted Uranium Projects (in Mlbs U3O8) 4-5 3.5 -4.0 3.5 3.1 3.0 2.9 2.0 2.0 2.0 1.9 Norasa Etango Mulga Rock DASA Tumas TIRIS Honeymoon Lance Kayelekera Bannerman Deep Yellow Global Atomic Deep
Slide 7: Growing U3O8 Supply Gap Driving Need For New Projects
Growing U3O8 Supply Gap Driving Need For New Projects 80,000 76,838 supply gap of approx. 150 million lbs World Electricity Demand (Terawatt- 70,000 60,000 165% 50,000 40,000 29,033 hour – TWh) 30,000 20,000 10,000 2010 2021 2022 2030E 2040E 2050E 0 * WNA Electricity demand to increase by 165% (76.8
Slide 8: Forsys Positioned To Leverage Uranium Market
Forsys Positioned To Leverage Uranium Market Long term contract price 81.00 ❖ Exciting uranium market and nuclear take-off is incentivising Uranium explorers and investors Spot price 69.65 ❖ Namibia is a top uranium producing country and well-established mining friendly jurisdiction ❖ Specialist pro
Slide 9: Forsys Capital Structure
Forsys Capital Structure CAPITAL STRUCTURE SHARE PRICE SHARE OWNERSHIP MARKET CAP SHARE PRICE @ 5th March 2025 Institutional Retail /HNWI 28% 35% C$ 92.53m C$ 0.44 SHARES IN ISSUE 210.3m & 9.4m options 52-week Trading Range DEBT C$ 0.37 – C$ 1.13 C$ 0m Management 37% FORSYS 1 YR SHARE HISTORY U3O8 1
Slide 10: Namibia Project Team
Namibia Project Team Owners Team CEO Key Consultants Mark Frewin Contractors 01 Project Management Pine Pine van Wyk Willem Carren Exploration Specialist 12 Business Development Project Controls Dr. Rainer Elmies Pine van Wyk Willem Steyn 10 Legal & Land Access 11 Business Modelling ENSafrica: Wolf
Slide 11: 2024 Highlights
2024 Highlights ❖ Published updated NI 43-101 MRE ❖ Further de-risked project with wider drilling programs and excellent results ❖ Agreement reached on purchase of land around Namibplaas ❖ Applied for new EPL licence ❖ Formal agreements with Namwater and NamPower for water and power supply ❖ Alterna
Slide 12: Namibplaas: Land Acquisition
Namibplaas: Land Acquisition ❖ Acquired Namibplaas PTN-1 (6714 ha) on 17 Dec 2024 ❖ 93% of EPL 3638 located on property ❖ Enables unfettered access to licence area ❖ Resume drilling program around Namibplaas with key objective of expanding and upgrading total uranium resource forsysmetals.com 12 TSX
Slide 13: Summary of 2024 Mineral Resources Estimate
Summary of 2024 Mineral Resources Estimate Mass Average Grade Material Content Contained Metal U Class Deposit Mt eU3O8 U3O8 tonnes (metric) (ppm) Mlbs Valencia East Valencia Main 7.6 171 2.9 1,099 Measured Namibplaas Norasa 7.6 171 2.9 1,099 Valencia East Valencia Main 144.3 134 42.6 16,368 Indicat
Slide 14: Milestone Targets
Milestone Targets 2025 MILESTONES ESTIMATED TARGETS * Current 87Mlbs @ cutoff 40ppm MRE Estimated 125-150 Mlbs @ cutoff 40ppm STRIP RATIO < 1.2 vs (Bannerman 3.2) GRADE 150 -200 ppm (post sorting) RECOVERY RATE 85% - 87% (post sorting) ANNUAL PROD’N 4 Mlb – 5 Mlb pa LIFE OF MINE 20 years + * These a
Slide 15: Valencia Exploration Drilling Showing Significant Upside
Valencia Exploration Drilling Showing Significant Upside • Valencia South: resource drilling intersected returning average of 210 ppm U3O8 over a 253 m interval, including 16m at 655 ppm U3O8. Additionally, intersected 363 ppm eU3O8 over 43m from 366 to 409 metres and 213 ppm U3O8 over 53m from 179m
Slide 16: Uranium Resources – Valencia Resources
Uranium Resources – Valencia Resources forsysmetals.com 16 TSX:FSY
Slide 17: Cross-Sections Show Multiple Seams >400 ppm
Cross-Sections Show Multiple Seams >400 ppm Valencia South and Valencia West targets Valencia East Target forsysmetals.com 17 TSX:FSY
Slide 18: First Landmark Box Cut Blast At Valencia
First Landmark Box Cut Blast At Valencia ❖ Box cut to provide 20,000 tonnes of bulk sample material ❖ Material intended for bulk ore sorting testwork, heapleach testwork, and HPGR testwork ❖ Attended by high-ranking government officials and key local dignitaries & stakeholders forsysmetals.com 18 TS
Slide 19: Namibplaas 2025 Exploration Drill Plan
Namibplaas 2025 Exploration Drill Plan Namibplaas Main (Target 1) Namibplaas Area-A Target 2) 9,333m drilling, 44 boreholes • 1,000m drilling, 8 boreholes To upgrade bulk of 42Mlbs from inferred to indicated • Plan subject to land access • Improving drill spacing, and • Add boreholes for both gamma
Slide 20: Uranium Resources - Namibplaas
Uranium Resources - Namibplaas forsysmetals.com 20 TSX:FSY
Slide 21: Mine Process Overview
Mine Process Overview ❖ Overview of the processing stages ❖ Inputs: ▪ Mined ore (> cut off grade) ▪ Reagents & consumables ▪ Utilities ❖ Outputs: ▪ Waste rock dumps (< cut off grade) ▪ Ripios – leach residue on storage dump ▪ Drummed U3O8 product forsysmetals.com 21 TSX:FSY
Slide 22: Mine Layout Design
Mine Layout Design forsysmetals.com 22 TSX:FSY
Slide 23: New Technologies Can Reduce Capex/ Opex Spend
New Technologies Can Reduce Capex/ Opex Spend ▪ Process change from tank leach to heap leach with following advantages: ✓ Simpler flowsheet, more flexibility for complex ores ✓ Suitable for lower feed grades ✓ No milling, lower power demand ✓ Lower Capex and Opex ▪ HPGR Crushing technologies enable
Slide 24: Opportunity for Ore Sorting
Opportunity for Ore Sorting Bulk Ore Sorting: • Primary crushed RoM sorted into: • High U3O8 and low acid consuming ore • High U3O8 medium - high acid consuming ore • Medium - Low U3O8 and low acid consuming ore • Medium U3O8 high acid consuming ore Particle (Mini) Sorter: • Batch operated on “Off-g
Slide 25: Preliminary Sorter Flow Sheet
Preliminary Sorter Flow Sheet Bulk Ore Sorting Quaternary Crushing Secondary Crushing Particle Sorting forsysmetals.com 25 TSX:FSY
Slide 26: Norasa: Investment Credentials/Differentiators
Norasa: Investment Credentials/Differentiators KEY OBJECTIVES ❖ Norasa in mining friendly jurisdiction - 3rd largest producer in world UPDATED EXPANSION MRE ❖ Project driven by experienced local team with ample uranium execution OPTIMISE CAPEX/OPEX experience ❖ Valencia fully permitted with both Min
Slide 27: Compelling Value
Compelling Value $10.37 EV/Resource Multiples (US$/lb U 3O8) of Uranium Developers $8.17 Forsys is trading at only US$0.98/lb U3O8, an 68% discount to the average of global uranium developers $4.86 $3.46 Average EV/Resources = US$3.03 /lb $1.50 $1.43 $1.40 $1.36 $1.15 $1.03 $0.98 $0.88 $0.73 Company
Slide 28: Contact Information
NYSE AMERICAN & TSX:VGZ Contact Information www.vistagold.com Richard Parkhouse │ Investor Relations ▪ Email: info@forsysmetals.com ▪ Email: rparkhouse@forsysmetals.com forsysmetals.com 28 TSX:FSY
Slide 29: Board with over 180 years of mineral development & CM expertise
Board with over 180 years of mineral development & CM expertise Martin Rowley, Chairman (since 2007) Jorge Estepa, Director (since 2015) & Corp Sec. (since 2004) ▪ Over 40 years experience in mining projects globally ▪ Over 25 years experience with numerous Canadian publicly traded mineral resource
Slide 30: Appendix 1: Uranium Market
Appendix 1: Uranium Market forsysmetals.com 30 TSX:FSY
Slide 31: Significant Growth In Nuclear Plant Capacity by 2040
Significant Growth In Nuclear Plant Capacity by 2040 437 PLANTS OPERATING RUSSIA:46 CHINA: 221 USA:23 EUROPE:7 65 SAUDIA:16 INDIA:48 UNDER CONSTRUCTION 338 PROPOSED * ❖ Massive plans set for new reactors and SMR’s across the globe; ❖ China Russia, India are notable for large developments; * Highest
Slide 32: Global Net Zero Goals Align With Nuclear Growth
Global Net Zero Goals Align With Nuclear Growth COP28 Net Zero Nuclear pledges triples nuclear capacity by 2050 Largest Uranium Producing Nations China 3% Niger 4% United Kingdom Canada EU 2050 Russia 5% 2050 2050 14% Belgium Finland Japan 13% 46% 35% 2050 Uzbekistan 7% Spain Germany 6% 20% 6% Russi
Slide 33: Appendix 2: Namibia Project Team
Appendix 2: Namibia Project Team forsysmetals.com 33 TSX:FSY
Slide 34: Experienced Project Team in Namibia
Experienced Project Team in Namibia Pine van Wyk│ Project Leader- Norasa Uranium Barbara Mulcahy, Lead process Engineer, Owners Team ▪ Qualified Metallurgical Engineer with over 25 years project experience in African ▪ Process engineering consultant with over 27 years experience in multi- mining ind
Slide 35: Experienced Project Team in Namibia
Experienced Project Team in Namibia Carren van Wyk│ Finance Manager, Owners Team Renée van den Berg│ Project Controls & Financial Modelling, Owners Team ▪ Postgraduate Diploma in Management: Financial Accounting (UCT) ▪ Mechanical engineer (B.Eng, M.Eng, MBA) with over 17 years experience in ▪ Over