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Forsys Metals Corp Norasa Uranium Project Definitive Feasibility Study National Instrument 43-101 Technical Report Forsys Metals Corp. Date: 16 March 2015 Effective Date: 16 March 2015 (Rev 0) Qualified Persons: Peter Nofal (Amec Foster Wheeler) – FAusIMM, BSc (Eng), BCom (Hons) Business Economics Dag Kullmann (Forsys Metals) - M.Sc. Mining Engineering from the University of Alberta, Fellow of the Southern African Institute of Mining and Metallurgy (SAIMM) Martin Hirsch (Forsys Metals) - M.Sc in Geology and a member of the British IMMM Important Notice Parts of the Definitive Feasibility Study (Report) which has been utilised in various sections of Forsys Metals Corp’s National Instrument 43-101 Technical Report has been prepared for Forsys Metals Corp (Forsys Metal) by Amec Foster Wheeler Australia Pty Ltd (AMEC), based on assumptions as identified throughout the text and upon information and data supplied by others. The Report is to be read in the context of the methodology, procedures and techniques used, AMEC’s assumptions, and the circumstances and constraints under which the Report was written. The Report is to be read as a whole, and sections or parts thereof should therefore not be read or relied upon out of context. AMEC has, in preparing the Report, followed methodology and procedures, and exercised due care consistent with the intended level of accuracy, using its professional judgment and reasonable care. Parts of the Report have been prepared or arranged by Forsys or third party contributors, as detailed in the document. While the contents of those parts have been generally reviewed by AMEC for inclusion into the Report, they have not been fully audited or sought to be verified by AMEC. This (Report) is intended for use by Forsys Metals subject to the terms and conditions of its contract with AMEC. That contract permits Forsys Metals to file this report as a Technical Report with Canadian Securities Regulatory Authorities pursuant to provincial securities law. Except for the purposes legislated under provincial securities law, any other uses of this report by any third party is at that party’s sole risk. AMEC shall in no way be liable for any claim or action resulting from information or data supplied to AMEC by others. This notice is an integral component of this Report and should be read in its entirety and must accompany every copy made of the Report. Forward-looking Statements This technical report incorporates forward-looking statements and assumptions that are subject to numerous risks, uncertainties and other factors relating to the Norasa DFS that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production forecasts and estimated economic return; general market conditions; the uncertainty of future profitability; approval of licences by Government authorities; and the uncertainty of access to the required capital. Readers are cautioned not to place undue reliance on forward-looking statements. AMEC expressly disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Table of Contents 1. SUMMARY .................................................................................................................................... 12 1.1 PREAMBLE .............................................................................................................................................. 12 1.2 MINERAL RESOURCES AND RESERVES .......................................................................................................... 13 1.3 BACKGROUND ......................................................................................................................................... 14 1.4 GEOLOGY AND MINERALISATION ................................................................................................................ 15 1.5 MINING METHODS AND RESERVES .............................................................................................................. 16 1.6 METALLURGICAL TESTWORK ...................................................................................................................... 17 1.7 PROCESS DESIGN ..................................................................................................................................... 18 1.7.1 Processing ..................................................................................................................................... 18 1.8 INFRASTRUCTURE .................................................................................................................................... 19 1.9 CAPITAL COSTS ....................................................................................................................................... 20 1.9.1 Mining Capital Costs ..................................................................................................................... 20 1.9.2 Plant and Infrastructure Costs ...................................................................................................... 20 1.9.3 Owners and Other Capital Costs ................................................................................................... 20 1.9.4 Total Project Capital Costs ............................................................................................................ 21 1.10 OPERATING COSTS ................................................................................................................................ 21 1.10.1 Mine Operating Costs ................................................................................................................. 21 1.10.2 Process Operating Costs ............................................................................................................. 21 1.10.3 Owners and Other Operating Costs ............................................................................................ 22 1.10.4 Total Project Operating Costs ..................................................................................................... 22 1.11 PROJECT FINANCIAL MODELLING ............................................................................................................. 22 1.11.1 Base Case .................................................................................................................................... 22 1.11.2 Sensitivity Analysis ...................................................................................................................... 23 1.12 PROJECT DEVELOPMENT ......................................................................................................................... 24 1.13 PROJECT RISK ASSESSMENT ..................................................................................................................... 25 1.14 CONCLUSIONS....................................................................................................................................... 25 2. INTRODUCTION ............................................................................................................................. 27 2.1 REPORT RESPONSIBILITIES ......................................................................................................................... 27 2.2 PRINCIPLE SOURCES OF INFORMATION ......................................................................................................... 28 2.3 PARTICIPANTS ......................................................................................................................................... 28 2.4 QUALIFICATIONS AND EXPERIENCE .............................................................................................................. 28 2.5 INDEPENDENCE ....................................................................................................................................... 29 2.6 PROJECT BACKGROUND ............................................................................................................................ 30 2.7 ABBREVIATIONS ...................................................................................................................................... 31 3. RELIANCE ON OTHER EXPERTS ....................................................................................................... 33 3.1 OTHER EXPERTS ...................................................................................................................................... 33 4. PROPERTY DESCRIPTION AND LOCATION ....................................................................................... 34 4.1 NAMIBIA ................................................................................................................................................ 34 4.2 ERONGO REGION ..................................................................................................................................... 34 4.3 HISTORY................................................................................................................................................. 35 4.4 NATURAL
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