Asarian Energy Limited · TSX:ARN
Asarian Energy — Forsys Metals — Investor Presentation (November 2023)
30 slides from Asarian Energy's investor presentation, November 2023
Slide 1: November 2023
NOVEMBER 2023 Transitioning to Producer of one of the largest permitted forsysmetals.com undeveloped uranium1 projects in the world 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: Overview
Forsys: Overview Transitioning from uranium developer to producer CREDENTIALS FLAGSHIP NORASA PROJECT (NAMIBIA) § Explorer / developer § Two sites (Valencia and Namibplaas) located 4.5 km from each other § TSX listed since 2007 § M&I resource of 115M lbs U3O8 § Well capitalized (app.C$13.5m and debt
Slide 4: Forsys: Great Positioning
Forsys: Great Positioning Nuclear power industry achieving increased recognition for clean energy Exciting Market: Nuclear taking off credentials among governments, environmentalists and public Perfect Timing: U3O8 price Uranium price has recovered to the levels pre-Fukushima and given the rapidly i
Slide 5: WNA Supply / Demand Reference Scenario
WNA Supply / Demand Reference Scenario 175,000 Reference Scenario for uranium supply and demand, tU 150,000 § In 2022, only 76% of world reactor 125,000 requirements were covered by primary uranium supply 100,000 § By mid-2020s, restart of idled capacity 75,000 expected, however decrease of supply f
Slide 6: Forsys Metals: Great Positioning
Forsys Metals: Great Positioning Nuclear power industry achieving increased recognition for clean energy Exciting Market: Nuclear taking off credentials among governments, environmentalists and public Perfect Timing: U3O8 price Uranium price has recovered to the levels pre-Fukushima and given the ra
Slide 7: Great Timing as U3O8 Enters Bull Market
Great Timing as U3O8 Enters Bull Market Fukushima event Care & Maintenance Period DFS Cash Cost $37.8/lb Covid driven curtailments add Russia invades to supply pressure March 2020 Ukraine - 24 February Awarded 25-year Mining Updated DFS 2015 (Spot US$24.75) 2022 (Spot US$45.00) License (ML 149) fors
Slide 8: Forsys Metals: Great Positioning
Forsys Metals: Great Positioning Nuclear power industry achieving increased recognition for clean energy Exciting Market: Nuclear taking off credentials among governments, environmentalists and public Perfect Timing: U3O8 price Uranium price has recovered to the levels pre-Fukushima and given the ra
Slide 9: Norasa is Located in Namibia’s Uranium District
Norasa is Located in Namibia’s Uranium District vNamibia is a well-established, mining friendly, Norasa is situated in the Erongo Region politically stable and low risk jurisdiction § Government regulation, fair tax & support to grow mining sector Marenica Project Norasa Project § Fraser 2021 Survey
Slide 10: Forsys Metals: Great Positioning
Forsys Metals: Great Positioning Nuclear power industry achieving increased recognition for clean energy Exciting Market: Nuclear taking off credentials among governments, environmentalists and public Perfect Timing: U3O8 price Uranium price has recovered to the levels pre-Fukushima and given the ra
Slide 11: Norasa Potentially the Largest Permitted Uranium Project
Norasa Potentially the Largest Permitted Uranium Project Uranium Projects in Development Uranium Projects in Development by Annual Production Mlbs U3O8 by Uranium Reserves Mlbs U3O8 5.2 90.7 67.3 3.7 3.6 3.5 3.5 59.9 57.1 2.7 47.2 2.4 2.4 42.3 Norasa DASA Tumas Etango Mulga Rock Madaouela Matanga Le
Slide 12: Potential to become 9th largest Uranium Mine
Potential to become 9th largest Uranium Mine 18.0 8.7 8.3 7.7 7.3 5.9 5.7 5.6 5.2 4.5 4.5 Cigar Lake Husab Inkai Central Mining Olympic Dam Rössing Katco Karatau Norasa Four Mile Somair Canada Namibia Kazakhstan District Australia Namibia Kazakhstan Kazakhstan Namibia Australia Niger Uzbekistan Larg
Slide 13: Forsys Metals: Great Positioning
Forsys Metals: Great Positioning Nuclear power industry achieving increased recognition for clean energy Exciting Market: Nuclear taking off credentials among governments, environmentalists and public Perfect Timing: U3O8 price Uranium price has recovered to the levels pre-Fukushima and given the ra
Slide 14: Experienced Management & Board
Experienced Management & Board Mark Frewin │ CEO (since 2019) and Director (since 2005) Martin Rowley │ Chairman (since 2007) § Over 40 years experience in mining projects globally • Over 35 years of legal experience (both in practice and corporate) with focus on mining sector transactions § Served
Slide 15: Forsys Metals: Great Positioning
Forsys Metals: Great Positioning Nuclear power industry achieving increased recognition for clean energy Exciting Market: Nuclear taking off credentials among governments, environmentalists and public Perfect Timing: U3O8 price Uranium price has recovered to the levels pre-Fukushima and given the ra
Slide 16: Summary of 2015 Definitive Feasibility Study (DFS)
Summary of 2015 Definitive Feasibility Study (DFS) Total Reserves 90.7M lbs U3O8 Average Annual Production 5.2M lbs U3O8 OPEX US$34.72/lb U308 (2022: US$41/lb) Uranium Price US$65/lb U3O8 Net Revenue US$5.057 billion Operating Cash Flow US$1.751 billion Pre-Tax NPV8% US$623M Pre-Tax IRR 32% Norasa P
Slide 17: Capital Markets Profile
Capital Markets Profile Capital Structure Share Ownership Tickers TSX: FSY, FSE: F2T, NSX: FSY Share Price (October 31, 2023) C$0.68 52-Week Trading Range C$0.30 – C$0.75 Retail Institutions Basic Shares Outstanding 195.2M 44.6% 54.3% Options 7.7M1 Warrants Nil FD Shares Outstanding 202.9M1 Market C
Slide 18: Significant work since end of C&M
Significant work since end of C&M Low uranium price Rising uranium price Re-establish Board aqree Pilot Completed Sold Gold Appoint Submit ECC Norasa DFS strategy and to Heap EPL Valencia Updated C$13M EPL Project team Released enhance Board N’Plaas Approval leaching bought deal Cad$8m in Namibia Re
Slide 19: Overall Project Team
Overall Project Team 01 Project Management Pine van Wyk 12 Business Development Project Controls Pine van Wyk Renee van den Berg 10 Legal & Land Access Wolf Wohlers 02 Finance & Admin 03 Geology & Mineral Resources 04 Mining 05 Process Engineering 08 EIA & Permitting 11 Business Modelling Carren van
Slide 20: Experienced Project Team in Namibia
Experienced Project Team in Namibia Barbara Mulcahy, Lead process Engineer, Owners Team Pine van Wyk│ Project Leader- Norasa Uranium § Process engineering consultant with over 26 years experience in the metallurgical • Qualified Metallurgical Engineer with over 25 years project experience in consult
Slide 21: 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 • Ov
Slide 22: Geotechnical & Resource Upside Drilling
Geotechnical & Resource Upside Drilling § Commenced 4,100 metres Geotechnical and resource ü Resource modelling estimation drilling program to depths of up to 420 m ü Process design § Drill plan will bore holes to intersect with 2015 planned pits and ü Pit design sample ore for optimizing forsysmeta
Slide 23: Geology Workstreams
Geology Workstreams § Geotechnical drilling, logging, sampling, downhole survey (projectory, gamma, OTV) ongoing but Completed interrupted by breakdowns § Resource and reserve technical team working on mineral resource computation, QC procedures and requirements § Drilling commenced on March 31st. B
Slide 24: Potential Heap Leach Operation and Pilot Plant
Potential Heap Leach Operation and Pilot Plant Heap leaching offers compelling advantages over the 2015 DFS tank leaching option by reducing CAPEX by est. 30% and decreasing annual OPEX by an estimated 10% v Present trend to develop Heap Leach Projects for Uranium in Namibia - Bannerman; Husab Mine
Slide 25: Key Infrastructure Plan
Key Infrastructure Plan WATER SUPPLY § Engaged with Namwater for review, update and detail design work to connect to grid (25km) § Engaged with Nampower for review, update and detail design work to grid connection (20Km) POWER SUPPLY § Evaluate addition of Solar PV plant to reduce grid cost. § 26 km
Slide 26: Project Licences /Permits Plan
Project Licences /Permits Plan Norasa Major Permits § Valencia issued with Mining Licence valid until June 2033 Permit Issued By Date Received Action Required Mining Licence Ministry of Mines and 23-Jun-08 No action (Valencia) Energy § Namibplaas application submitted to MME for a 25-year Mining Acc
Slide 27: Forsys Metals: Investment Rationale
Forsys Metals: Investment Rationale § Valencia deposits are fully permitted and renewal of Namibplaas EPL to convert to mining license Permitted with Strong § Strongly supported by the Namibian Government as the next big project Government Support § Transitioning from explorer to producer with near-
Slide 28: Compelling Value
Compelling Value EV/Resource Multiples (US$/lb U3O8) of Uranium Developers Developers with flagship assets in Africa $12.32 Forsys is trading at only US$0.67/lb U3O8, an 80% $8.26 discount to the average of global uranium developers $5.59 $5.32 $4.37 Average = US$ 3.37 / lb $3.26 $2.37 $2.03 $1.47 $
Slide 29: Tremendous Leverage to Rising Uranium Prices
Tremendous Leverage to Rising Uranium Prices Pre-Tax NPV8% (US$ million) 89% increase in NPV at $1,175.0 US$15/lb higher price $990.9 $806.7 $622.6 $438.4 $60 $65 $70 $75 $80 Uranium Price (US$/lb U3O8) Tremendous leverage to rising long-term uranium contract prices (no adjustment to DFS mine plan)
Slide 30: Contact Information
NYSE AMERICAN & TSX:VGZ Contact Information www.vistagold.com Richard Parkhouse │ Director of Investor Relations § Email: info@forsysmetals.com § Email: rparkhouse@forsysmetals.com § Telephone: +44 (0) 1252 781 030 forsysmetals.com 30 § Mobile: +44 7730493432 TSX:FSY
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