Asarian Energy Limited · TSX:ARN
Asarian Energy — Forsys Metals — Investor Presentation (January 2026)
33 slides from Asarian Energy's investor presentation, January 2026
Slide 1: Advancing one of the largest permitted undeveloped uranium projects in the world
Advancing one of the largest permitted undeveloped uranium projects in the world JANAUARY 2026 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 operating uranium mines One of World’s Largest Permitted ❖ 100% owned deposits at Valencia and Undeveloped Uranium Projects Namibplaas (±5km apart) ❖ Permitted to commence operations at Valenc
Slide 4: Namibia: Well-Established Mining-Friendly Jurisdiction
Namibia: Well-Established Mining-Friendly Jurisdiction ❖ 3rd largest global producer after Kazakstan & Canada o 2nd largest producer cumulatively over last 45 years o 5th largest uranium resource globally ❖ Stable and low risk jurisdiction with strong regulation: o focused on mining o fair tax and l
Slide 5: Norasa Comprises Valencia And Namibplaas Deposits
Norasa Comprises Valencia And Namibplaas Deposits ❖ ML 149 Valencia: o 25-year licence valid to June 2033 o Renewable in 15y increments ❖ EPL 3638 Namibplaas: o 2-year licence valid to February 2026 o Renewable in 2y increments (renewal application submitted) ❖ Environmental Clearance Certificate: o
Slide 6: Norasa one of the Largest Permitted Uranium Projects
Norasa one of the Largest Permitted Uranium Projects Potential Average Annual Production of Permitted Uranium Projects (in Mlbs U3O8) 3-4 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 Yellow Aura Energy B
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 85.00 ❖ Exciting uranium market and nuclear take-off is incentivising Uranium explorers and investors Spot price 83.10 ❖ Namibia is a top uranium producing country and well-established mining friendly jurisdiction ❖ Specialist pro
Slide 9: Forsys Share Price and Uranium Spot Price
Forsys Share Price and Uranium Spot Price forsysmetals.com 9 TSX:FSY
Slide 10: Forsys Capital Structure
Forsys Capital Structure CAPITAL STRUCTURE SHARE PRICE SHARE OWNERSHIP MARKET CAP Institutional Retail /HNWI SHARE PRICE @ 13th January 2026 C$ 105.2m 28% 35% C$ 0.43 SHARES IN ISSUE 244.7m & 10.1m options PSUs 52-week Trading Range DEBT C$ 0.28 – C$ 0.78 C$ 0m Management 37% FORSYS 1 YR SHARE HISTO
Slide 11: Project Organogram
Project Organogram Owners Team CEO Key Consultants Mark Frewin Contractors Project Management Pine Dave Pine van Wyk Barbara Jacques Business Development Exploration Specialist Pine van Wyk Dr. Rainer Ellmies Legal & Land Access Mining Project Specialist ENSafrica: Wolf Wohlers Dave Garrard Christia
Slide 12: Highlights – past 18 months
Highlights – past 18 months ❖ Published updated Mineral Resource Estimate (NI 43-101) in May 2024 ❖ First blast taken at Valencia in August 2024 (Box Cut for Bulk Sample) ❖ Lease with an option to purchase farm-land covering Namibplaas ❖ Ongoing Exploration Drilling to de-risk the project – Valencia
Slide 13: Namibplaas: Land Acquisition
Namibplaas: Land Acquisition ❖ Lease with an option to purchase Namibplaas PTN-1 (6714 ha) ❖ 93% of EPL 3638 located on property ❖ Enables unfettered access to licence area ❖ Resumed drilling program around Namibplaas with key objective of expanding and upgrading total uranium resource forsysmetals.
Slide 14: Mineral Resources Estimate – May 2024
Mineral Resources Estimate – May 2024 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 Indicated Na
Slide 15: Milestone targets – 2025/26
Milestone targets – 2025/26 Dec'25 26 Feb'25 2 Sep'25 Dec'25 Apr'26 Interim Nov'26 Interim Further Interim Valencia Namib- Namib- Drilling Drilling Valencia MRE plaas plaas Results Results Drilling Update Drilling MRE Results Results Update 8 Apr'25 Jan'26 Mar’26 Jun’26 Q1/27 Positive HME Ore Sortin
Slide 16: 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 eU 3O8 over 43m from 366 to 409 metres and 213 ppm U3O8 over 53m from 179
Slide 17: Uranium Resources – Valencia Resources
Uranium Resources – Valencia Resources forsysmetals.com 17 TSX:FSY
Slide 18: 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 18 TSX:FSY
Slide 19: First Blast (Box Cut) At Valencia – 1st August 2024
First Blast (Box Cut) At Valencia – 1st August 2024 ❖ Attended by high-ranking government officials; local dignitaries & key stakeholders ❖ Plans to deepen the Box cut in 2026 to provide ±20,000 tonnes of fresh ore as a bulk sample ❖ The bulk sample will be used to confirm the results from bench-sca
Slide 20: Namibplaas 2025 Exploration Drill Plan
Namibplaas 2025 Exploration Drill Plan Namibplaas Area-A (Target 2) Namibplaas Main (Target 1) • 2 boreholes planned initially to confirm potential • 44 boreholes (9,333m) to upgrade bulk of 42Mlbs from before committing to more drilling Inferred to Indicated 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: Technology to Reduce Capex/ Opex
Technology to Reduce Capex/ Opex Namibplaas North Waste Dump ▪ Electric HME (Heavy Mining Equipment) to reduce energy costs (including Battery Trucks) Namibplaas Pit ▪ Conveying over long distances to reduce hauling costs Namibplaas South Current Haul Road Waste Dump Design 5.5km ▪ Truck Scanning to
Slide 23: Norasa: Investment Credentials/Differentiators
Norasa: Investment Credentials/Differentiators KEY OBJECTIVES ❖ Norasa in mining friendly jurisdiction - 3rd largest producer in world UPDATED MRE WITH ±100 MLB INDICATED ❖ Project driven by experienced local team with ample uranium execution OPTIMISED CAPEX/OPEX experience ❖ Valencia fully permitte
Slide 24: Compelling Value
Compelling Value $10.37 EV/Resource Multiples (US$/lb U3O8) of Uranium Developers $8.17 Forsys is trading at only US$0.83/lb U3O8, a 73% 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 $0.83 $0.98 $0.88 $0.73 Com
Slide 25: 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 25 TSX:FSY
Slide 26: 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 27: Appendix 1: Uranium Market
Appendix 1: Uranium Market forsysmetals.com 27 TSX:FSY
Slide 28: 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 29: 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 Rus sia 5% 2050 2050 13% 14% Belgium Finland Japan 46% 35% 2050 Uzbekistan 7% Spain Germany 6% 20% 6% Russ
Slide 30: Appendix 2: Namibia Project Team
Appendix 2: Namibia Project Team forsysmetals.com 30 TSX:FSY
Slide 31: Experienced Project Owners Team in Namibia
Experienced Project Owners Team in Namibia Pine van Wyk, Project Leader Barbara Mulcahy, Lead process Engineer ▪ Qualified Metallurgical Engineer with over 25 years project experience in African ▪ Process engineering consultant with over 27 years experience in multi- mining industry in Senior Operat
Slide 32: Experienced Project Owners Team in Namibia
Experienced Project Owners Team in Namibia Christian Knobloch, Finance and Administration Manager Hafeni Hiveluah, EPL/ ML Administrator ▪ B Comm (Hons) Management Accounting ▪ Geoscientist with over 21 years of experience in multiple leading mining companies in SA & Nambia, Ongopolo Mining and Proc
Slide 33: Experienced Project Owners Team in Namibia
Experienced Project Owners Team in Namibia Dave Garrard, Mining Consultant ▪ Mining consultant with over 30 years of operational, technical, and managerial experience in Uranium (Rio Tinto/CNNC), Copper and Gold (Anglo American) plus project evaluation experience in Iron Ore, Coal and Base Metals (R