CAD Archives - MiningFeeds

The Canadian market remained flat over the last week but has shown a robust 21% increase over the past year, with earnings expected to grow by 16% annually. Investing in penny stocks—often associated with smaller or newer companies—can still offer intriguing growth opportunities, especially when these stocks are backed by strong financial health. Let’s take a closer look at several penny stocks that combine balance sheet strength with long-term potential, making them noteworthy options for investors seeking promising prospects.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Alvopetro Energy (TSXV:ALV)	CA$4.74	CA$173.17M	★★★★★★
Amerigo Resources (TSX:ARG)	CA$1.71	CA$275.23M	★★★★★☆
Pulse Seismic (TSX:PSD)	CA$2.30	CA$117.56M	★★★★★★
Findev (TSXV:FDI)	CA$0.42	CA$12.03M	★★★★★☆
Mandalay Resources (TSX:MND)	CA$3.39	CA$311.07M	★★★★★★
PetroTal (TSX:TAL)	CA$0.64	CA$584.03M	★★★★★★
Winshear Gold (TSXV:WINS)	CA$0.18	CA$5.66M	★★★★★★
Foraco International (TSX:FAR)	CA$2.17	CA$214.74M	★★★★★☆
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.62M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.07	CA$28.74M	★★★★★★

Click here to see the full list of 964 stocks from our TSX Penny Stocks screener.

Let’s dive into some prime choices out of the screener.

Avino Silver & Gold Mines

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Avino Silver & Gold Mines Ltd. focuses on the acquisition, exploration, and development of mineral properties in Canada, with a market cap of CA$204.54 million.

Operations: Avino Silver & Gold Mines Ltd. has not reported any specific revenue segments.

Market Cap: CA$204.54M

Avino Silver & Gold Mines Ltd., with a market cap of CA$204.54 million, has demonstrated strong financial health, as its operating cash flow significantly covers its debt, and it maintains more cash than total debt. The company reported substantial earnings growth of 180.1% over the past year, outpacing the industry average. Recent results show improved profitability with net income rising to US$1.17 million for Q3 2024 from a loss in the previous year, alongside increased production metrics in copper and silver output. However, shareholder dilution occurred recently with an increase in shares outstanding by 7.7%.

TSX:ASM Debt to Equity History and Analysis as at Nov 2024Dundee

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Dundee Corporation is a publicly owned investment manager with a market cap of CA$157.33 million.

Operations: The company has not reported any revenue segments.

Market Cap: CA$157.33M

Dundee Corporation, with a market cap of CA$157.33 million, has shown significant financial improvement. It recently became profitable, reporting net income of CA$7.25 million for Q3 2024 compared to a loss last year. Despite limited revenue (CA$1.72 million for the quarter), its return on equity is high at 22.2%, and it maintains more cash than total debt, indicating strong balance sheet management. The company completed preferred stock buybacks, reflecting strategic capital management without shareholder dilution over the past year. However, negative operating cash flow suggests challenges in covering debt through operations alone remain.

TSX:DC.A Financial Position Analysis as at Nov 2024Forsys Metals

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Forsys Metals Corp., with a market cap of CA$133.87 million, is involved in the acquisition, exploration, and development of mineral properties in Africa through its subsidiaries.

Operations: Forsys Metals Corp. currently does not report any revenue segments.

Market Cap: CA$133.87M

Forsys Metals Corp., with a market cap of CA$133.87 million, remains pre-revenue and unprofitable, with no significant revenue streams reported. The company has managed to reduce its net loss in recent quarters, reporting a net loss of CA$0.51 million for Q3 2024 compared to CA$2.76 million the previous year. Despite having no long-term liabilities and being debt-free, Forsys faces financial challenges with less than one year of cash runway based on current free cash flow trends. Recent insider selling over the past three months may indicate potential concerns among stakeholders regarding future prospects.

TSX:FSY Debt to Equity History and Analysis as at Nov 2024Seize The Opportunity

Embark on your investment journey to our 964 TSX Penny Stocks selection here.
Already own these companies? Link your portfolio to Simply Wall St and get alerts on any new warning signs to your stocks.
Discover a world of investment opportunities with Simply Wall St’s free app and access unparalleled stock analysis across all markets.

Ready To Venture Into Other Investment Styles?

Explore high-performing small cap companies that haven’t yet garnered significant analyst attention.
Jump on the AI train with fast growing tech companies forging a new era of innovation.
Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TSX:ASM TSX:DC.A and TSX:FSY.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

The Canadian market has seen a notable increase, climbing 1.4% over the last week and rising 28% over the past year, with earnings expected to grow by 16% annually. For those interested in investing in smaller or newer companies, penny stocks—despite their somewhat outdated name—can still offer surprising value when backed by strong financials. This article will explore several penny stocks that stand out for their financial strength and potential for long-term growth.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
PetroTal (TSX:TAL)	CA$0.68	CA$620.88M	★★★★★★
Findev (TSXV:FDI)	CA$0.41	CA$11.75M	★★★★★☆
Winshear Gold (TSXV:WINS)	CA$0.165	CA$4.4M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.24	CA$297.04M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.29	CA$119.71M	★★★★★★
Amerigo Resources (TSX:ARG)	CA$1.80	CA$303.72M	★★★★★☆
Foraco International (TSX:FAR)	CA$2.40	CA$221.84M	★★★★★☆
East West Petroleum (TSXV:EW)	CA$0.035	CA$3.17M	★★★★★★
Newport Exploration (TSXV:NWX)	CA$0.115	CA$12.14M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.11	CA$30.89M	★★★★★★

Click here to see the full list of 947 stocks from our TSX Penny Stocks screener.

Underneath we present a selection of stocks filtered out by our screen.

Dundee

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Dundee Corporation is a publicly owned investment manager with a market cap of CA$150.99 million.

Operations: The company’s revenue is primarily derived from its Mining Services segment, which generated CA$3.72 million, along with contributions from Corporate and Others amounting to CA$4.00 million.

Market Cap: CA$150.99M

Dundee Corporation, with a market cap of CA$150.99 million, primarily derives its revenue from its Mining Services segment. The company has recently completed the redemption of preferred shares, which may improve financial flexibility. Despite lacking significant revenue streams (CA$6 million), Dundee reported substantial net income gains due to large one-off items impacting results. While the company’s debt levels are satisfactory and short-term assets cover liabilities comfortably, operating cash flow remains negative. The management and board are experienced, but the Return on Equity is low at 9.3%. Its Price-To-Earnings ratio suggests it might be undervalued compared to the broader Canadian market.

TSX:DC.A Financial Position Analysis as at Oct 2024Eloro Resources

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Eloro Resources Ltd. is involved in the exploration and development of mineral properties in Bolivia and Peru, with a market cap of CA$93.14 million.

Operations: Eloro Resources Ltd. currently does not report any revenue segments.

Market Cap: CA$93.14M

Eloro Resources Ltd., with a market cap of CA$93.14 million, focuses on mineral exploration in Bolivia and Peru but remains pre-revenue. Recent developments include a private placement to raise CA$2.7 million, potentially extending its cash runway beyond the current seven months forecasted under free cash flow estimates. The company is debt-free and has sufficient short-term assets to cover liabilities, though it faces ongoing losses without profitability expected in the near term. Management changes aim to bolster strategic direction as Eloro advances its Iska Iska project, emphasizing increased drilling density for better resource definition and potential economic viability assessments.

TSX:ELO Debt to Equity History and Analysis as at Oct 2024Forsys Metals

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Forsys Metals Corp., with a market cap of CA$147.65 million, is involved in the acquisition, exploration, and development of mineral properties in Africa through its subsidiaries.

Operations: Forsys Metals Corp. currently does not have any reported revenue segments.

Market Cap: CA$147.65M

Forsys Metals Corp., with a market cap of CA$147.65 million, is pre-revenue and engaged in mineral exploration in Africa. The company recently reported significant interim drilling results from its Norasa Uranium project, indicating potential resource expansion at the Valencia site. Despite having no long-term liabilities and being debt-free, Forsys faces financial challenges with less than a year of cash runway based on current free cash flow trends. Additionally, there has been significant insider selling over the past three months. Recent management changes include the appointment of Pierfranco Malpenga to strengthen strategic oversight.

TSX:FSY Financial Position Analysis as at Oct 2024Make It Happen

Jump into our full catalog of 947 TSX Penny Stocks here.
Invested in any of these stocks? Simplify your portfolio management with Simply Wall St and stay ahead with our alerts for any critical updates on your stocks.
Take control of your financial future using Simply Wall St, offering free, in-depth knowledge of international markets to every investor.

Looking For Alternative Opportunities?

Explore high-performing small cap companies that haven’t yet garnered significant analyst attention.
Jump on the AI train with fast growing tech companies forging a new era of innovation.
Find companies with promising cash flow potential yet trading below their fair value.

Companies discussed in this article include TSX:DC.A TSX:ELO and TSX:FSY.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Key Insights

Significantly high institutional ownership implies Aura Energy's stock price is sensitive to their trading actions
The top 6 shareholders own 52% of the company
Using data from company's past performance alongside ownership research, one can better assess the future performance of a company

Every investor in Aura Energy Limited (ASX:AEE) should be aware of the most powerful shareholder groups. The group holding the most number of shares in the company, around 52% to be precise, is institutions. Put another way, the group faces the maximum upside potential (or downside risk).

Because institutional owners have a huge pool of resources and liquidity, their investing decisions tend to carry a great deal of weight, especially with individual investors. As a result, a sizeable amount of institutional money invested in a firm is generally viewed as a positive attribute.

Let's delve deeper into each type of owner of Aura Energy, beginning with the chart below.

View our latest analysis for Aura Energy

ownership-breakdownWhat Does The Institutional Ownership Tell Us About Aura Energy?

Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.

We can see that Aura Energy does have institutional investors; and they hold a good portion of the company's stock. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Aura Energy's historic earnings and revenue below, but keep in mind there's always more to the story.

earnings-and-revenue-growth

Investors should note that institutions actually own more than half the company, so they can collectively wield significant power. Aura Energy is not owned by hedge funds. Macquarie Group, Ltd., Banking & Securities Investments is currently the company's largest shareholder with 14% of shares outstanding. The Lind Partners, LLC is the second largest shareholder owning 8.4% of common stock, and Asean Investment Management holds about 8.1% of the company stock.

We did some more digging and found that 6 of the top shareholders account for roughly 52% of the register, implying that along with larger shareholders, there are a few smaller shareholders, thereby balancing out each others interests somewhat.

While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. While there is some analyst coverage, the company is probably not widely covered. So it could gain more attention, down the track.

Insider Ownership Of Aura Energy

The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.

Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.

Shareholders would probably be interested to learn that insiders own shares in Aura Energy Limited. As individuals, the insiders collectively own AU$14m worth of the AU$157m company. This shows at least some alignment, but we usually like to see larger insider holdings. You can click here to see if those insiders have been buying or selling.

General Public Ownership

The general public– including retail investors — own 32% stake in the company, and hence can't easily be ignored. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

Private Company Ownership

We can see that Private Companies own 7.1%, of the shares on issue. It's hard to draw any conclusions from this fact alone, so its worth looking into who owns those private companies. Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.

Next Steps:

It's always worth thinking about the different groups who own shares in a company. But to understand Aura Energy better, we need to consider many other factors. For example, we've discovered 3 warning signs for Aura Energy (2 don't sit too well with us!) that you should be aware of before investing here.

If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

As every investor would know, not every swing hits the sweet spot. But really bad investments should be rare. So consider, for a moment, the misfortune of Energy Resources of Australia Ltd (ASX:ERA) investors who have held the stock for three years as it declined a whopping 99%. That would certainly shake our confidence in the decision to own the stock. And the ride hasn't got any smoother in recent times over the last year, with the price 88% lower in that time. Shareholders have had an even rougher run lately, with the share price down 89% in the last 90 days. While a drop like that is definitely a body blow, money isn't as important as health and happiness.

Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.

Check out our latest analysis for Energy Resources of Australia

Because Energy Resources of Australia made a loss in the last twelve months, we think the market is probably more focussed on revenue and revenue growth, at least for now. When a company doesn't make profits, we'd generally hope to see good revenue growth. As you can imagine, fast revenue growth, when maintained, often leads to fast profit growth.

Over the last three years, Energy Resources of Australia's revenue dropped 65% per year. That's definitely a weaker result than most pre-profit companies report. The swift share price decline at an annual compound rate of 26%, reflects this weak fundamental performance. We prefer leave it to clowns to try to catch falling knives, like this stock. There is a good reason that investors often describe buying a sharply falling stock price as 'trying to catch a falling knife'. Think about it.

You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).

earnings-and-revenue-growth

This free interactive report on Energy Resources of Australia's balance sheet strength is a great place to start, if you want to investigate the stock further.

What About The Total Shareholder Return (TSR)?

Investors should note that there's a difference between Energy Resources of Australia's total shareholder return (TSR) and its share price change, which we've covered above. The TSR attempts to capture the value of dividends (as if they were reinvested) as well as any spin-offs or discounted capital raisings offered to shareholders. Energy Resources of Australia hasn't been paying dividends, but its TSR of -87% exceeds its share price return of -99%, implying it has either spun-off a business, or raised capital at a discount; thereby providing additional value to shareholders.

A Different Perspective

Investors in Energy Resources of Australia had a tough year, with a total loss of 56%, against a market gain of about 25%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 11% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Take risks, for example – Energy Resources of Australia has 4 warning signs (and 3 which are concerning) we think you should know about.

We will like Energy Resources of Australia better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges.

VANCOUVER, BC, Sept. 30, 2024 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:

The number of issued and outstanding shares of the Company has increased by 71,562 to 776,862,620 common shares with voting rights as of September 30, 2024. The increase in the number of issued and outstanding shares from September 1, 2024 to date is a result of the exercise of employee stock options or the vesting of employee share units.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on September 30, 2024 at 14:30 Pacific Time.

Lundin Mining Announces Updated Share Capital and Voting Rights (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2024/30/c1463.html

Key Insights

Given the large stake in the stock by institutions, Forsys Metals' stock price might be vulnerable to their trading decisions
A total of 3 investors have a majority stake in the company with 55% ownership
Ownership research, combined with past performance data can help provide a good understanding of opportunities in a stock

To get a sense of who is truly in control of Forsys Metals Corp. (TSE:FSY), it is important to understand the ownership structure of the business. With 48% stake, hedge funds possess the maximum shares in the company. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

And as as result, hedge funds investors reaped the most rewards after the company's stock price gained 19% last week. The gains from last week would have further boosted the one-year return to shareholders which currently stand at 19%.

Let's take a closer look to see what the different types of shareholders can tell us about Forsys Metals.

See our latest analysis for Forsys Metals

ownership-breakdownWhat Does The Institutional Ownership Tell Us About Forsys Metals?

As you can see, institutional investors have a fair amount of stake in Forsys Metals. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Forsys Metals, (below). Of course, keep in mind that there are other factors to consider, too.

earnings-and-revenue-growth

Our data indicates that hedge funds own 48% of Forsys Metals. That's interesting, because hedge funds can be quite active and activist. Many look for medium term catalysts that will drive the share price higher. Looking at our data, we can see that the largest shareholder is Leo Fund Managers Limited with 31% of shares outstanding. MM Asset Management Inc is the second largest shareholder owning 17% of common stock, and ALPS Advisors, Inc. holds about 7.3% of the company stock. Additionally, the company's CEO Mark Frewin directly holds 0.6% of the total shares outstanding.

To make our study more interesting, we found that the top 3 shareholders have a majority ownership in the company, meaning that they are powerful enough to influence the decisions of the company.

Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There is a little analyst coverage of the stock, but not much. So there is room for it to gain more coverage.

Insider Ownership Of Forsys Metals

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.

Our most recent data indicates that insiders own less than 1% of Forsys Metals Corp.. It has a market capitalization of just CA$148m, and the board has only CA$1.4m worth of shares in their own names. We generally like to see a board more invested. However it might be worth checking if those insiders have been buying.

General Public Ownership

The general public– including retail investors — own 37% stake in the company, and hence can't easily be ignored. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.

Next Steps:

While it is well worth considering the different groups that own a company, there are other factors that are even more important. To that end, you should learn about the 5 warning signs we've spotted with Forsys Metals (including 3 which are significant) .

If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.

Forsys Metals Corp

TORONTO, Sept. 04, 2024 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”) is pleased to announce the appointment of Pierfranco Malpenga as a member of the Board of Directors of the Company, effective immediately.

Pierfranco has over 25 years experience in finance, in particular as an Investment Manager and Advisor. He has held various roles as CIO and Member of the Investment Committee of asset management companies and family offices. He began his career at Mediobanca and worked for more than 8 years at Goldman Sachs in their equity division. Pierfranco graduated cum laude with a degree in Economics from Bocconi University in Milan.

’We are pleased to welcome Mr. Malpenga to our Board”, said Forsys Chairman Mr. Martin Rowley, “He brings valuable knowledge and experience in all aspects of the capital markets which will be beneficial to the Company as it continues to advance its Norasa Uranium Project.”

About Forsys Metals Corp.

Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is an emerging uranium developer focused on advancing its wholly owned Norasa Uranium Project, located in the politically and uranium friendly jurisdiction of Namibia, Africa. The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638). Further information is available at the Company website www.forsysmetals.com

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations. For additional information please contact:

Richard Parkhouse, Director, Investor Relationsemail: rparkhouse@forsysmetals.com email: info@forsysmetals.comphone : +44 7730493432

Nikolas Matysek, Communications Manager (Canada)email: nmatysek@forsysmetals.com

Forward Looking Statement

Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Provided further interim drilling results from its 2024 Resource Extension and Exploration drilling program from Valencia (ML 149), at the Company’s Norasa Uranium project. The ~10,000 m drilling program currently underway is designed to expand and upgrade the Valencia resources adjacent to the current main pit. Positive results, such as 210 ppm U3O8 over a 253 m interval, including 16m at 655 ppm U3O8 (VA24-022), indicated there is significant potential to further increase the resources and grades around the Valencia orebody. Forsys Metals Corp. shares T.FSY are trading unchanged at $0.51.

Read:

Forsys Metals Corp

TORONTO, Aug. 14, 2024 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”)

Forsys is pleased to provide further interim drilling results from its 2024 Resource Extension and Exploration drilling program from Valencia (ML 149), at the Company’s Norasa Uranium project (“Norasa1”). The ~10,000 m drilling program currently underway is designed to expand and upgrade the Valencia resources adjacent to the current main pit. Positive results, such as 210 ppm U3O8 over a 253 m interval, including 16m at 655 ppm U3O8 (VA24-022), indicated there is significant potential to further increase the resources and grades around the Valencia orebody.

Highlights

At Valencia South, resource drilling intersected the widest grade interval of the programme to date in drillhole VA24-022; returning an average of 210 ppm U3O8 over a 253 m interval, including 16m at 655 ppm U3O8. Additionally, VA24-022 intersected 363 ppm eU3O8 over 43m from 366 to 409 metres and VA24-023 intersected 213 ppm U3O8 over 53m from 179m depth to the end of the pre-collar at 232m;
At Valencia East, the best intersection was drillhole VA24-043 of 313 ppm U3O8 over 20 metres;
Exploration drilling at Valencia West intersected 222 ppm eU3O8 over 34 metres from 76m to 110m depth in drillhole VA24-052;
Exploration drillhole VA24-019 intersected 185 ppm U3O8 over 41 metres from 1m to 42m depth at the Jolie Zone;
At the Bundu Zone, the best intersection was in drillhole VA24-056 of 198 ppm eU3O8 over 28 metres from 1m to 29m depth.

Pine van Wyk, Forsys Country Director commented: “These high-grade intersections in the current drilling program demonstrate significant potential to further increase our resources and grades around the Valencia orebody. Multiple near-pit targets reported good grades that warrant follow-up work. The Valencia West extension in particular exhibits exciting potential to add substantial resource to the Valencia orebody and to enlarge the Valencia Main pit.”

The drilling program strategy is to expand and upgrade the Valencia resources adjacent to the current main pit. Drilling aims to assess mineralisation extension potential at two targets in the vicinity of the Valencia Main pit and to test the potential of four targets to the north and east of the pit (Figure 1).

A total of 71 drillholes for 9,637 metres of combined percussion and diamond drilling have been scheduled for the resource drilling program. At the time of reporting, and as detailed in Table 1, a total of 6,776.46 metres have been completed in 58 drillholes since the drilling program commenced in February 2024. To date, assays from 31 drillholes have been received and 6,332 down-hole metres have been surveyed with a gamma ray spectrometer. Assay results are quoted as U3O8, while calculated grades are denoted eU3O8.

Valencia Main Pit Extension and Resource Upgrade Drilling

The resource extension drill program tested potential targets adjacent to the main pit:

At the Valencia East deposit (located 500 m northeast of the main pit) seven holes were drilled to improve confidence within the existing resource. Scintillometer results have been received for all seven holes and assay results were obtained for VA24-043 with 313 ppm U3O8 over 20 metres from 70 m depth. These promising results suggest a potential increase in the resource grade and tonnage (Figure 3). A further nine drillholes were drilled into a newly identified extension at the northeast of the current deposit. Scintillometer results have been received for seven holes of these nine holes, with the best intersections in drillhole VA24-034 of 173 ppm eU3O8 over 47 metres from 10m depth, including 364 ppm eU3O8 over 13 metres from 11m to 24m depth.
Valencia West extension was tested with 27 drillholes. Initially 18 drillholes were drilled on 80m spaced sections over a 900m strike length. Nine infill holes were drilled immediately west of the Valencia Main pit (Figure 1 and cross-section in Figure 2). Downhole scintillometer survey results were received from all of these drillholes. XRF assay results have also been received for these 24 holes at Valencia West. All returned positive confirmation of uranium mineralisation. Drillhole VA24-052 intersected 222 ppm eU3O8 over 34 metres from 76m to 110m depth.
Valencia South is a down-plunge extension to the main deposit being tested with a grid of six planned drillholes, of which VA24-022 and VA24-024 have been completed. XRF assay results report 210 ppm U3O8 over 253m from surface to 253m depth in drillhole VA24-022. This intersection enhances the current resource (see Figure 2). From downhole scintillometer results, drillhole VA24-022 intersected 363 ppm eU3O8 over 43m from 366 to 409 metres. This intersection extends the resource at depth (Figure 2). VA24-023 intersected 213 ppm U3O8 over 53m from 179m depth to the end of the pre-collar at 232m.

Completed and planned collar locations are shown in Figure 1.

Valencia Exploration Drilling

The neighbouring exploration target drill program is planned to identify additional resource potential at the Jolie Zone, Bundu, and Valencia North (Figure 1).

The Jolie Zone occurs about 600 m north of the Valencia pit and to date three drillholes have been completed. Assay results from the initial three drillholes confirmed uranium mineralisation with the best intersection in VA24-019 of 185 ppm U3O8 over 41 metres from 1m to 42m depth.
Mineralised granite was discovered about 1 km northeast of the main pit in the area named the Bundu Zone. Initially four exploration drillholes were drilled and followed up with three more drillholes. To date scintillometer results of three of the drillholes have been received with the best intersection of 198 ppm eU3O8 over 28 metres from 1m to 29m in VA24-056.
The Valencia North prospect is located about 1 km north of the Valencia pit and was tested with three drillholes. Assay results from all three drillholes confirm wide zones of uranium mineralisation, with the best intersection of 117 ppm U3O8 over 98 metres in VN24-02.

Overview map of the 2024 drill program as at 7 August 2024

Figure 1: Overview map of the 2024 drill program as at 7 August 2024

Section 1 through the Valencia South and Valencia West targets. 2024 drillholes as at 7 August 2024 on a background of the May 2024 MRE block model.

Figure 2: Section 1 through the Valencia South and Valencia West targets. 2024 drillholes as at 7 August 2024 on a background of the May 2024 MRE block model.

Section 2 through the Valencia East target. 2024 drillholes as at 7 August 2024 on a background of the May 2024 MRE block model. Note higher grade (

Figure 3: Section 2 through the Valencia East target. 2024 drillholes as at 7 August 2024 on a background of the May 2024 MRE block model. Note higher grade (>400 ppm U3O8) in resource blocks that were previously modelled lower.

Table 1: 2024 drill campaign; reported from drillholes completed (as of 7 August, 2024); Widths are reported as drill hole lengths. Unless otherwise stated, true width is estimated to be approximately 75% of the downhole width.

Target	BHID	From (m)	To(m)	Width (m)	eU3O8(ppm)	U3O8(ppm)	Status
Valencia West	VA24-001	69	83	14		291	Complete
and:	VA24-001	92	98	6	218		Core sampling
and:	VA24-001	123	146	23	76		Core sampling
Valencia West	VA24-002	71	82	11		190	Complete
and:	VA24-002	107	123	16		222	Complete
Valencia West	VA24-003	52	59	7		110	Complete
Valencia West	VA24-004	102	113	11		100	Complete
Valencia West	VA24-005	80	96	16		104	Complete
Valencia West	VA24-006	33	35	2		216	Complete
Valencia West	VA24-007	61	75	14		161	Complete
Valencia West	VA24-008	49	56	7		142	Complete
and:	VA24-008	94	108	14		148	Complete
Valencia West	VA24-009	35	66	31		117	Complete
including:	VA24-009	44	48	4		200	Complete
Valencia West	VA24-010	37	52	15		89	Complete
Valencia West	VA24-011	9	56	47		123	Complete
Valencia West	VA24-012	39	56	17		170	Complete
Valencia West	VA24-013	103.57	118.1	14.53		126	Complete
Valencia West	VA24-014	14	25	11		128	Complete
Valencia West	VA24-015	55	90	35		96	Complete
Valencia West	VA24-016	9	17	8		89	Complete
Valencia West	VA24-017	17	22	5		95	Complete
Valencia West	VA24-018	15	42	27		107	Complete
Jolie	VA24-019	1	42	41		185	Complete
including:	VA24-019	6	18	12		336	Complete
Jolie	VA24-020	64	78	14		110	Complete
Jolie	VA24-021	22	71	49		137	Complete
and:	VA24-021	84	104	20		174	Complete
Valencia South	VA24-022	0	253	253		210	Complete
including:	VA24-022	189	207	18		655	Complete
and:	VA24-022	366	409	43	363		Assays awaited
Valencia South	VA24-023	179	232	53		213	In progress
Valencia South	VA24-024	110	123	13	206		Assays awaited
Valencia West and:	VA24-025VA24-025	4177	46106	529		460117	Complete
Valencia West	VA24-026	60	82	22		101	Complete
Valencia West	VA24-027	42	57	15		154	Complete
Valencia West	VA24-028	95	127	32		199	Complete
Valencia West	VA24-029	75	101	26		118	Complete
Valencia West	VA24-030	76	86	10		124	Complete
Valencia East	VA24-031	7	41	34	105		Assays awaited
Valencia East	VA24-032	0	20	20		165	Complete
Valencia East	VA24-033	7	14	7	204		Assays awaited
Valencia East	VA24-034	10	55	45	173		Assays awaited
including:	VA24-034	11	24	13	364
Bundu	VA24-038	19	39	20	157		Assays awaited
Bundu	VA24-039	50	71	21	94		Assays awaited
Bundu	VA24-040	19	60	41		124	In progress
Bundu	VA24-041	58	60	2	122		Assays awaited
Valencia East	VA24-042	36	40	4	104		Assays awaited
Valencia East	VA24-043	70	90	20		313	Complete
Valencia East	VA24-044	84	100	16	146		Assays awaited
Valencia East	VA24-045	16	45	29	145		Assays awaited
Valencia East	VA24-046	5	35	30	151		Assays awaited
Valencia East	VA24-047	124566	305271	1875	120498247		Assays awaited
Valencia East	VA24-048	92	118	26	262		Assays awaited
Valencia West	VA24-050	91	96	5	168		In progress
Valencia West	VA24-051	107	118	11	166		Assays awaited
Valencia West	VA24-052	76	110	34	222		Assays awaited
Bundu	VA24-054	18	20	2	144		Assays awaited
Bundu	VA24-055	65	67	2	625		Assays awaited
Bundu	VA24-056	1	29	28	198		Assays awaited
Valencia East	VA24-057	14	21	7	166		Assays awaited
Valencia East	VA24-058	11	55	44	84		Assays awaited

QAQCRecent (2023-2024) Sampling and Assays

Samples were taken from the diamond drill cores and RC chips for geochemical assay guided by the routine downhole radiometric probe results and sent to Trace Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) at Swakopmund, Namibia for sample preparation and analyses by XRF. For internal quality control purposes TEA Labs has weekly round robins with independent laboratories at Rosh Pinah, Swakop Uranium and Langer Heinrich mines.
Forsys employs a QAQC program with Certified Reference Materials (CRMs), blanks, coarse duplicates, and pulp duplicates inserted into each batch of samples. The QAQC insert rate comprises 4 % CRMs using three CRM types with different grades of U3O8; 4 % blanks and 8 % to 10 % duplicates. RC sample batches have three types of duplicates; a field duplicate split at the drill rig; a coarse duplicate split at prescribed intervals at the laboratory; and pulp duplicates, also split at the laboratory. Core samples only have coarse and pulp duplicates split at the laboratory.
Four-percent of the samples sent to TEA Labs are sent for check analyses at SGS Laboratories (SGS) in South Africa, which serves as the independent accredited laboratory. The sample results are further validated by comparison with the radiometric scans.

External Check Assay LaboratoryFour percent of the samples sent to TEA Labs are sent for check analyses to SGS Laboratories (SGS) in South Africa; SGS which serves as the independent accredited laboratory. The sample results are further validated by comparison with the downhole radiometric scans.

Qualified Persons Statement for Mineral Resource The information in this release that relates to the Interim Drilling Results for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., Johannesburg, South Africa. The MSA Group are independent consultants to the Norasa Project, Namibia. Dr Freemantle holds a Bachelor of Science in Geology (2006) and Doctor of Philosophy in Geology (2017) both at the University of the Witwatersrand. He is a member of the Society of Economic Geologists (892905); a Fellow of the Geological Society of South Africa (965392); and is registered with SACNASP (Registration 117527). Dr Freemantle has practiced his profession continuously for 14 years and has sufficient experience and knowledge that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaken to fulfil requirements of a Qualified Person as per NI 43-101. Dr Freemantle consents to this release in the form and context in which it appears.

About Forsys Metals Corp.Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is an emerging uranium developer focused on advancing its wholly owned Norasa Uranium Project, located in the politically and uranium friendly jurisdiction of Namibia, Africa. The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638). Further information is available at the Company website www.forsysmetals.com

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations. For additional information please contact:

Pine van Wyk, Country Director, Forsysemail: pine@forsysmetals.com

Richard Parkhouse, Director, Investor Relationsemail: rparkhouse@forsysmetals.com email: info@forsysmetals.comphone : +44 7730493432

Nikolas Matysek, Communications Manager (Canada)email: nmatysek@forsysmetals.com

Forward Looking Statement

_______________________________1 The Norasa Uranium Project (“Norasa“) is wholly owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises the Valencia uranium deposits (held under ML-149) ("Valencia”) and the Namibplaas uranium deposit (under EPL-3638, application for ML-251) (“Namibplaas”), located in the Erongo region of Namibia.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/3cd02e59-4ce1-4c3a-8999-8396f13a4a06

https://www.globenewswire.com/NewsRoom/AttachmentNg/d35291ab-ef79-47d6-8849-25e87e5ec06e

https://www.globenewswire.com/NewsRoom/AttachmentNg/b57e5095-6fd8-4cbe-9b7c-fbabc991e0f1

Wallbridge Mining Company Limited

TORONTO, June 27, 2024 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM, OTCQB:WLBMF) (“Wallbridge” or the “Company”) held its Annual Meeting of Shareholders (the “Meeting”) on June 26, 2024.

A total of 375,770,677 shares or 36.98% of the outstanding shares of the Company were represented at the Meeting. All of the matters submitted to the shareholders for approval as set out in the Company's notice of meeting and management information circular dated May 17, 2024 (“MIC”) were approved by the requisite majority of votes cast at the Meeting.

Voting on the following matters, as described in the MIC, were as follows:

To Set the Number of Directors at Seven (7)

Votes For		Votes Against
Number	Percent	Number	Percent
327,860,364	87.25%	47,910,313	12.75%

Election of Directors for the Ensuing Year

The following directors were elected until the next annual meeting of shareholders or until their successors are otherwise duly elected or appointed: Brian Penny, Janet Wilkinson, Michael Pesner, Anthony Makuch, Jeffery Snow, Danielle Giovenazzo and Brian Christie.

	Votes For		Votes Withheld
	Number	Percent	Number	Percent
Brian Penny	307,933,143	87.647%	43,398,663	12.353%
Janet Wilkinson	325,213,100	92.566%	26,118,706	7.434%
Michael Pesner	289,152,398	82.302%	62,179,408	17.698%
Anthony Makuch	343,276,508	97.707%	8,055,298	2.293%
Jeffery Snow	345,531,527	98.349%	5,800,279	1.651%
Danielle Giovenazzo	289,089,828	82.284%	62,241,978	17.716%
Brian Christie	344,870,421	98.161%	6,461,385	1.839%

Appointment of KPMG LLP as Auditor of the Corporation for the ensuing year and authorizing the Directors to fix their remuneration

Votes For		Votes Withheld
Number	Percent	Number	Percent
373,296,489	99.342%	2,474,188	0.658%

About Wallbridge Mining

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend in Québec’s Northern Abitibi region while respecting the environment and communities where it operates.

Wallbridge’s most advanced projects, Fenelon Gold (“Fenelon”) and Martiniere Gold (“Martiniere”) incorporate a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 square kilometre exploration land package controlled by Wallbridge.

Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) at Fenelon that estimates average annual gold production of 212,000 ounces over 12 years.

Wallbridge also holds a 15.79% interest in the common shares of NorthX Nickel Corp. (formerly “Archer Exploration”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec. For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:

Wallbridge Mining Company Limited

Brian Penny, CPA, CMAChief Executive OfficerEmail: bpenny@wallbridgemining.comM: +1 416 716 8346

Victoria Vargas, B.Sc. (Hon.) Economics, MBACapital Markets AdvisorEmail: vvargas@wallbridgemining.comM: +1 289 242 3599

Cautionary Note Regarding Forward-Looking InformationThe information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document.

All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”

FLI in this document may include, but is not limited to: statements regarding the results of the PEA; the potential future performance of the Common Shares; future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the MRE’s at Fenelon and Martiniere (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results.

FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs and in the PEA; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.

Cautionary Notes to United States InvestorsWallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

Forsys Metals Corp

TORONTO, June 18, 2024 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”)

Forsys is pleased to be able to release the results of its metallurgical column leaching test work for its Norasa Uranium project (“Norasa Project”1) together with details of its work plan for further optimising heap leach conditions and ore-sorting testwork.

Highlights

Completed metallurgical test work supports utilizing heap leaching to recover uranium at Norasa.
A total of 16 metallurgical column leach tests have been completed. Various test conditions were assessed, covering initial scouting tests aimed at evaluating the impact of binder addition, higher irrigation rates and grind size on recoveries, leach kinetics and acid consumption.
Uranium extraction rates of up to 87% (crushed with a conventional cone crusher, average of solids and solution based recovery) were achieved within a leach cycle time of 30 days or less. Sulphuric acid consumption ranged from 17 kg/t to 38 kg/t, depending on operational parameters. This recovery rate is on par with that achieved by other similar type operations with comparable ore type.

With the integration of higher irrigation rates, binder addition and grind size adjustments, there is an opportunity to optimise the baseline parameters, enhancing leach kinetics, reagent addition and recovery rates.

Extensive follow-up test work is planned. The primary areas of focus will include additional column tests aimed at assessing a high-pressure grinding rolls (“HPGR”) crushed product, acid consumption, irrigation rate and leach duration, with the objective of achieving an optimal uranium dissolution rate. Literature indicates between 4% to 6% increased metal extractions in heap leach operations with HPGR crushing.

As part of this follow-up test work, ore amenability for bulk ore sorting will be assessed, aimed at upgrading material prior to leaching to enhance recoveries and expedite cash flow and bolster project economics.

The Norasa Uranium Project (“Norasa Project“) is wholly-owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises the Valencia uranium deposits (held under ML-149) ("Valencia”) and the Namibplaas uranium deposit (under EPL-3638, application for ML-251) (“Nambiplaas”), located in the Erongo region of Namibia.

Sample selection for metallurgical test work

Based on the mineral exploration and resource definition, with close to 300,000 metres of drilling executed for the Norasa Project and resulting mineral resource estimate and block models for Valencia, bulk samples for metallurgical test work were composed to account for the composition and spatial variance within each of the deposits.

For the bulk samples from the Valencia ore-body which underwent leaching test work at an accredited laboratory, SGS Laboratories in South Africa (“SGS”), a mix of different lithologies was selected from drill cores of a number of diamond holes, with the objective of representing the overall run-of-mine ore composition from this deposit.

From lithology modelling, it is evident that the main uranium hosting ore is alaskite, which is a rock of granitic composition. Limited uranium mineralisation occurs at the contact zones to the country rock, i.e. in schists, marbles and gneisses by intruding alaskite veins.

The bulk samples comprise fresh rock material from diamond drill cores. The initial leach test sample for phase 1 of the column leach testing was composed of alaskite material only. The second sample for phase 2 of the column leach testing was made up of ore and country rock types in proportions of approximately 72% of alaskite / granite lithologies, 13% of marble and calc-silicate rock and the remaining 15 % of different types of unmineralised schists and gneisses.

Metallurgical column leach testwork results

To date, leaching testwork at SGS comprised of bottle roll testing and column leach testing.

Phase 1: Six column leach tests (including duplicates) were completed on predominantly alaskite samples (see Figure 1), yielding uranium extractions ranging from 77% to 87% (average of solids and solution based recovery) with acid consumption rates ranging from 17 kg/t up to 22 kg/t.
Phase 2: A further ten column leach tests (including duplicates) have been completed on samples sourced from various parts of the orebody, encompassing country rock and marbles. During these tests, uranium extractions ranged from 69% to 85% (average of solids and solution based recovery) dependant on leach operating conditions at a leach cycle duration of 30 days. Acid consumption ranged from 23 kg/t up to 38 kg/t.
Thirty-four bottle roll leach optimisation tests were completed to guide conditions for the column testing during Phase 1 and 2 of the programme.

Phase 1 of the programme focused on a composite sample comprising primarily alaskite material, with a head grade of approximately 187 ppm U3O8. Various crush sizes were examined after preparation in a laboratory-scale cone crusher to achieve a targeted particle size distribution (PSD). Testwork assessed crush sizes with a top size of 4.75 mm, 6.7 mm and 8 mm.

The programme's second phase evaluated three distinct ore samples sourced from different locations within the ore body, characterised by varying lithologies. These samples exhibited head grades ranging from 136 ppm to 201 ppm U3O8, with an increased presence of marbles, schists, and country rock lithologies. Crush sizes assessed ranged from a top size of approximately 6 mm to 8 mm.

SGS was chosen for its comprehensive laboratory services and global expertise. In addition to internal laboratory test procedures and quality control measures, numerous repeat assays and external laboratory assays were conducted throughout the programmes to interrogate the data set and critique accountabilities.

Leaching Columns at SGS South Africa

Figure 1: Leaching Columns at SGS South Africa

The current testwork programme has yielded the following observations and inferences:

Enhanced leach kinetics were noted in the latter part of the programme, attributed to the acid curing procedure conducted prior to sample introduction into the columns.
Comparative tests carried out at higher irrigation rates demonstrated improved leach kinetics and recoveries.
Preliminary evaluation of using flocculant as a binder warrants further investigation, potentially contributing to enhanced leach kinetics and recoveries.
The impact of crush size remains inconclusive at present. While some comparative tests indicate that finer crush sizes result in higher uranium extractions, others show no discernible effect. This aspect will be further investigated in the subsequent phase of the programme, with particular emphasis on the utilisation of HPGR crushing. Existing literature suggests a potential increase of between 4% to 6% in metal extractions in heap leach operations with HPGR crushing compared to conventional crushing methods.
The grade-recovery relationship remains partly defined, but preliminary observations suggest a correlation between grade and its subsequent impact on recovery. The precise extent of this relationship will also be further investigated in the subsequent phase of the programme
The acid consumption for the alaskite samples averaged approximately 17kg/ton for coarser crush sizes, with higher consumption observed for finer sizes. In the second part of the test programme, acid consumption increased up to 38kg/ton with the marble-containing samples. Optimisation of acid consumption, acid strength, irrigation rates, cycle duration and crush size are all planned for the next phase of the programme.

Grading analyses conducted on the alaskite sample leach residues revealed a higher proportion of uranium remaining in the coarser end of the size range, whereas the finer end of the size spectrum exhibited minimal uranium content. This suggests a potential liberation challenge, which will be investigated further in the next phase of the programme, particularly utilising an HPGR crushed product supported by further mineralogical analysis.

Workplan

Forsys is initiating the next phase of the test work programme along with ongoing optimisation efforts. The key workstreams will include two further phases of Column Leach tests at SGS with ongoing mineralogical analysis to complete the data evaluation.

These phases of follow up testing are aimed at enhancing the efficiency and effectiveness of extracting the uranium mineralisation from ore samples with a wider head grade range.

The programme is designed to test a range of leaching variables, including crushing by HPGR to assess the impact of the particle cracking effect to expose increased mineral surface area for improved leaching. Column work to date has shown higher uranium grades in coarser fractions of the residue, indicating the majority of mineralisation in the fines has been leached. Physical leaching variables will also be tested for optimising leach conditions.

As part of the programme a boxcut is planned which will enable access to adequate mass of bulk fresh ore material for large scale column leach testing to inform process design.

Qualified Persons Statement for Metallurgy Mr Aveshan Naidoo is a Specialist Engineer: Hydromet and Economics, for DRA South Africa Projects (Pty) Ltd of Building 33, Woodlands Office Park, 20 Woodlands Drive, Woodlands, Sandton, 2080. He holds a Bachelor of Science in Chemical Engineering from the University of KwaZulu-Natal and a Master of Business Administration from the University of Witwatersrand. He is a registered Professional Engineer with the Engineering Council of South Africa (Registration No. 20130523). Mr Naidoo has been practising his profession continuously since 2008 and has 16 years of experience across a range of African projects. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.

Qualified Persons Statement for Mining Mr Peter Christians is an Associate and Principal Mining Engineer with Qubeka Mining Consultants CC in Windhoek, Namibia. He holds a Bachelor of Science in Mining Engineering at Queen’s University in Kingston, Ontario, Canada. He is a registered Fellow Member of the Australian Institute of Mining and Metallurgy (FAusIMM, registration number 221754). Mr Christians has been practicing as a Mining Engineer continuously since 1985 in various roles and his ~40-years’ experience covers a range of projects across Africa, North America, Australia, and Russia. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.

Qualified Persons Statement for Geology The information in this release that relates to the Preliminary Leaching Test Work and Project Workplan at Norasa is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., Johannesburg, South Africa. The MSA Group are independent consultants to the Norasa Project, Namibia. Dr Freemantle holds a Bachelor of Science in Geology (2006) and Doctor of Philosophy in Geology (2017) both at the University of the Witwatersrand. He is a member of the Society of Economic Geologists (892905); a Fellow of the Geological Society of South Africa (965392); and is registered with SACNASP (Registration 117527). Dr Freemantle has practiced his profession continuously for 14 years and has sufficient experience and knowledge that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaken to fulfil requirements of a Qualified Person as per NI 43-101. Dr Freemantle consents to this release in the form and context in which it appears.

_________________________________________________________________________________________________________

About Forsys Metals Corp.

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations. For additional information please contact:

Pine van Wyk, Country Director, Forsysemail: pine@forsysmetals.com

Richard Parkhouse, Director, Investor Relationsemail: rparkhouse@forsysmetals.com email: info@forsysmetals.comphone : +44 7730493432

Nikolas Matysek, Communications Manager (Canada)email: nmatysek@forsysmetals.com

Forward Looking Statement

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/51ce7a8d-fb7b-44dd-8e37-5e39d326d157

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But the harsh reality is that very many loss making companies burn through all their cash and go bankrupt.

So, the natural question for Forsys Metals (TSE:FSY) shareholders is whether they should be concerned by its rate of cash burn. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.

View our latest analysis for Forsys Metals

How Long Is Forsys Metals' Cash Runway?

A company's cash runway is calculated by dividing its cash hoard by its cash burn. When Forsys Metals last reported its March 2024 balance sheet in May 2024, it had zero debt and cash worth CA$10m. Looking at the last year, the company burnt through CA$6.1m. So it had a cash runway of approximately 20 months from March 2024. That's not too bad, but it's fair to say the end of the cash runway is in sight, unless cash burn reduces drastically. The image below shows how its cash balance has been changing over the last few years.

debt-equity-history-analysisHow Is Forsys Metals' Cash Burn Changing Over Time?

Forsys Metals didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. Over the last year its cash burn actually increased by a very significant 78%. While this spending increase is no doubt intended to drive growth, if the trend continues the company's cash runway will shrink very quickly. Forsys Metals makes us a little nervous due to its lack of substantial operating revenue. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.

How Easily Can Forsys Metals Raise Cash?

While Forsys Metals does have a solid cash runway, its cash burn trajectory may have some shareholders thinking ahead to when the company may need to raise more cash. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.

Since it has a market capitalisation of CA$178m, Forsys Metals' CA$6.1m in cash burn equates to about 3.5% of its market value. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.

So, Should We Worry About Forsys Metals' Cash Burn?

Even though its increasing cash burn makes us a little nervous, we are compelled to mention that we thought Forsys Metals' cash burn relative to its market cap was relatively promising. Cash burning companies are always on the riskier side of things, but after considering all of the factors discussed in this short piece, we're not too worried about its rate of cash burn. Readers need to have a sound understanding of business risks before investing in a stock, and we've spotted 2 warning signs for Forsys Metals that potential shareholders should take into account before putting money into a stock.

Of course Forsys Metals may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

Forsys Metals Corp

TORONTO, May 14, 2024 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”)

Forsys is pleased to provide 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).

Highlights

Forsys has undertaken a comprehensive review and update of all of the parameters for a Mineral Resource Estimate (“MRE”) for the Norasa project using recent drill results together with the 2005-2011 previous MRE data. Confirmatory and geotechnical drilling, in conjunction with new survey information, including topographic surveys, down-the-hole optical televiewer surveys, trajectory surveys, and downhole gamma probe surveys, were used as inputs for mineral resource modelling. Re-interpretation of the previous database utilising all available data and modern estimation approaches has improved the definition of the MRE to more confidently support mine planning. This study, enhanced by an integrated and expanded drill program targeting existing and new areas together with a robust work plan of optimisation process testing and modelling, will help reinforce the upside potential of the Norasa project.

For the overall Norasa project, a conceptual pit constrained MRE for total deposits assessed from previous (2005-2011) and 2023 drilling results is estimated to be:
- Valencia Main Measured and Indicated Resource at 40 ppm U3O8 cutoff is estimated to be 152 Mt at 136 ppm eU3O8 (equivalent U3O8). Measured and Indicated contained metal is estimated at 45 Mlbs U3O8, at 40 ppm U3O8 cutoff.
- Valencia Main and East Inferred Resources are estimated at 5.7 Mt at 120 ppm eU3O8 with 1.3 Mlbs U3O8 contained metal oxide, at 40 ppm U3O8 cutoff.
- Namibplaas Inferred Resources are estimated to be 218.7 Mt at 85 ppm eU3O8 with 41.1 Mlbs U3O8 contained metal oxide, at 40 ppm U3O8 cutoff.

Pine van Wyk, Country Director for Forsys commented: “The comprehensive work done over the last twelve months on the Norasa Uranium Project has created a solid foundation to advance project development. The revised mineral resource model will help optimise the mine economics and process parameters. Results are expected soon from a column leaching test program currently being undertaken at SGS Laboratories in South Africa, which would establish the design basis of the planned heap leaching pads. With the existing ML149 permitted to commence mining, the large scale Norasa project is well advanced to take advantage of the strong uranium sector fundamentals.”

Mineral ResourcesResults are reported from recent remodelling of historical (2005-2011) drilling and recent 2023 drilling results. The Mineral Resources are reported within US$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 US$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 (refer to Table 1):

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.

Table 1: Mineral Resource Estimate for Norasa project as at 30 April 2024 at a 40 ppm U3O8 cut-off grade.

Class	Deposit	Mass Mt (metric)	Average Grade eU3O8 (ppm)	Material Content U3O8 Mlbs	Contained Metal U tonnes



Measured	Valencia East
	Valencia Main	7.6	171	2.9	1,099
	Namibplaas
	Norasa	7.6	171	2.9	1,099
Indicated	Valencia East
	Valencia Main	144.3	134	42.6	16,368
	Namibplaas
	Norasa	144.3	134	42.6	16,368
Measured & Indicated	Valencia East
	Valencia Main	151.9	136	45.4	17,467
	Namibplaas
	Norasa	151.9	136	45.4	17,467
Inferred	Valencia East	1.0	114	0.3	97
	Valencia Main	4.7	121	1.3	487
	Namibplaas	218.7	85	41.1	15,817
	Norasa	224.5	86	42.6	16,401

Notes:
1.	All tabulated data have been rounded and as a result minor computational errors may occur.
2.	Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3.	The Mineral Resource Statement for Norasa as at 30th April 2024 is reported at a cut-off grade of 40ppm U3O8 from within a conceptual pit-shell using the following assumed parameters: Base Uranium Price –USD/lb U3O8: $120 Average Mining Cost at reference elevation (AISC) USD/tonne: Valencia Main $2.38; Valencia East $2.13; Namibplaas $2.29” Average Processing Cost USD/tonne processed: $7.55 Average G&A Overheads USD/tonne processed: $1.04 Process Overall Recovery % U3O8 Recovery: 85.0 % Selling Cost Transport USD/lb U3O8: $1.29
4.	From the assumed parameters, a 40 ppm U3O8 cut-off grade was calculated, which together with the conceptual pit shell demonstrates reasonable prospects for eventual economic extraction (RPEEE) for the Mineral Resource. The assessment to satisfy the criteria of RPEEE is a high-level estimate and is not an attempt to estimate Mineral Reserves.

Mineral Resource Estimation Methodology

A summary of the Mineral Resource modelling methodology is as follows:

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 (Figure 1).
- 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 (Figure 2).
- 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 (see Figure 3).
- 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 (see Figure 4).
- 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.

30 April 2024 MRE block model and US$120/lb U3O8 pit shells at Valencia Main and Valencia East, ML 149.

Figure 1: 30 April 2024 MRE block model and US$120/lb U3O8 pit shells at Valencia Main and Valencia East, ML 149.

30 April 2024 MRE block model and US$120/lb U3O8 pit shells at Namibplaas, EPL 3638.

Figure 2: 30 April 2024 MRE block model and US$120/lb U3O8 pit shells at Namibplaas, EPL 3638.

Figure 3 part 1.

Figure 3 part 2

Figure 3: Shows the stacked concordant surfaces generated parallel to the 3 marble bands and orientation of mineralisation aligned with the strata and axial planar cleavages in the fold hinge (guiding surfaces hidden) at Valencia.

Shows alaskite midpoint strings (yellow) linked in parallel to the the NE-SW oriented strike of the deposit.

Figure 4: Shows alaskite midpoint strings (yellow) linked in parallel to the the NE-SW oriented strike of the deposit.

In accordance with National Instrument 43-101 (“NI 43-101”) a Technical Report outlining the mineral resource estimation will be filed under Forsys’ profile on SEDAR+ (www.sedarplus.ca) within 45 days of the date of this release.

Assaying and QAQC

Recent (2023) Sampling and Assays
- Samples were taken from the diamond drill cores and RC chips for geochemical assay guided by the routine downhole radiometric probe results, and sent to Trace Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) at Swakopmund for sample preparation and analyses by XRF. For internal quality control purposes TEA Labs has weekly round robins with independent laboratories at Rosh Pinah, Swakop Uranium and Langer Heinrich mines.
- Forsys employs a QAQC programme with Certified Reference Materials (CRMs), blanks, coarse duplicates and pulp duplicates inserted into each batch of samples. The QAQC insert rate comprises 4 % CRMs using three CRM types with different grades of U3O8; 4 % blanks and 8 % to 10 % duplicates. RC sample batches have three types of duplicates; a field duplicate split at the drill rig; a coarse duplicate split at prescribed intervals at the laboratory; and pulp duplicates, also split at the laboratory. Core samples only have coarse and pulp duplicates split at the laboratory.
- Four-percent of the samples sent to TEA Labs are sent for check analyses at SGS Laboratories (SGS) in South Africa, which serves as the independent accredited laboratory. The sample results are further validated by comparison with the radiometric scans.

Previous Sampling and Assays (2005-2011 Valencia Uranium Limited (VUL)):
- All diamond drill half core and RC samples collected by VUL were assayed at the Setpoint Technology (“Setpoint”) laboratory in Johannesburg, South Africa. Setpoint was accredited with the South African Accreditation System (SANAS), accreditation number T0223, and was also an ISO17025 accredited laboratory. Setpoint crushed and pulverised the samples for analysis of U3O8 using the XRF pressed pellet method.
- The VUL protocols for the QAQC were as follows:
  - CRMs inserted at a frequency of at least one per 20 samples.
  - Blanks inserted at a frequency of at least one per 50 samples.
  - Duplicates taken at a frequency of at least one per 20 samples.
- The Setpoint laboratory included appropriate quality assurance and quality control (QAQC) procedures during the analysis of the VUL samples by including its own certified reference standards (CRM), blanks and duplicates.
- VUL percussion holes were not physically sampled. Datasets were derived from two downhole probes that were calibrated against the XRF sample assays.
- Snowden reviewed the assay results from Setpoint for the Valencia deposits in 20092 for the purposes of resource estimation and considered the QAQC results to be of a high standard of precision, unbiased and accurate.
- Optiro reviewed the assay results from Setpoint for the Namibplaas deposit in 2011 and considered that the results of the QAQC indicate a high level of precision with no bias, no significant contamination and a high degree of accuracy (from Snowden 20092 and Optiro 20113)

Trekkopje Exploration (Goldfields 1974-1984):
- Exploration data derived from Trekkopje Exploration era, up to and including 1984, have not been verified by the QP and therefore were not utilised in this Mineral Resource Estimate.

Workplan

Forsys is undertaking an infill and extension drilling program and optimisation work with the aim of expanding and upgrading the Mineral Resource:

Resource Infill Drilling and Resource Extension DrillingTotal of 85 percussion drill holes for 7,520 metres have been laid out on a 25 x 25 metre grid. The objective is to more than double the quantity of the Measured Mineral Resource. The holes target the 660 m elevation with drill depths up to 100 m from surface and is comparable to the previous Measured Resource grid.A subsequent program for potential resource extension is planned for the areas adjacent to the Valencia Main deposit; along strike to the west, on the hinge zone to the south, and north of the Main deposit at the Jolie Zone.

Pit Design ModelingThe updated resource block model is used to assess open pit economic models. Pit slope design parameters are being reviewed to include lithological logging and geomechanical test work from additional drilling.

Column Leaching Process Optimization WorkColumn Leach tests are presently underway at SGS in South Africa where the columns have been emptied and final analyses and data is pending. The next phase of testing will assess systematic processes to enhance the efficiency and effectiveness of extracting the uranium mineralisation from the ore using sulphuric acid solutions.

Process DesignDRA Global were appointed as the study contractor to deliver engineering to support preliminary cost estimates for a heap leach process. Ongoing engineering and optimisation continues.

Bulk SamplingAfter site assessment and selection, a detailed plan is being drawn up to develop a box cut with the objective of retrieving approximately 20,000 tonnes of typical run-of-mine, fresh and representative sample material from the deposit.

Qualified Persons Statement for Metallurgy Mr Aveshan Naidoo is a Specialist Engineer: Hydromet and Economics, for DRA South Africa Projects (Pty) Ltd of Building 33, Woodlands Office Park, 20 Woodlands Drive, Woodlands, Sandton, 2080. He holds a Bachelor of Science in Chemical Engineering and a Master of Business Administration at the University of Witwatersrand. He is a registered Professional Engineer with the Engineering Council of South Africa (Registration No. 20130523). Mr Naidoo has been practising his profession continuously since 2008 and has 16 years of experience across a range of African projects. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.

Qualified Persons Statement for Mineral Resource The information in this release that relates to the updated Mineral Resource Estimate for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., Johannesburg, South Africa. The MSA Group are independent consultants to the Norasa Project, Namibia. Dr Freemantle holds a Bachelor of Science in Geology and a PhD in Geology, both at the University of the Witwatersrand. He is a member of the Society of Economic Geologists (892905); a Fellow of the Geological Society of South Africa (965392); and is registered with SACNASP (Registration 117527). Dr Freemantle has practiced his profession continuously for 14 years and has sufficient experience and knowledge that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaken to fulfil requirements of a Qualified Person as per NI 43-101. Dr Freemantle consents to this release in the form and context in which it appears.

About Forsys Metals Corp.

Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is an emerging uranium developer focused on advancing its wholly-owned Norasa Uranium Project, located in the politically friendly jurisdiction of Namibia, Africa. The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638). Further information is available at the Company website www.forsysmetals.com

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations. For additional information please contact:

Pine van Wyk, Country Director, Forsysemail: pine@forsysmetals.com

Richard Parkhouse, Director, Investor Relationsemail: rparkhouse@forsysmetals.com email: info@forsysmetals.comphone : +44 7730493432

Nikolas Matysek, Communications Manager (Canada)email: nmatysek@forsysmetals.com

Forward Looking Statement

Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar+.com. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

1 The Norasa Uranium Project (“Norasa”) is wholly-owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises the Valencia uranium deposits (held under ML-149) ("Valencia”) and the Namibplaas uranium deposit (under EPL-3638, application for ML-251) (“Nambiplaas”), located in the Erongo region of Namibia,2 Valencia Uranium (Pty) Ltd. Valencia Project Namibia Technical Report, Snowden, 2009.3 Forsys Metals Corp. Technical Report on the Namibplaas Deposit, Namibia, Optiro, 2011

Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/2016b8e9-e68f-483e-822b-1424733835e1 https://www.globenewswire.com/NewsRoom/AttachmentNg/f1685ef1-81f0-4936-a3e8-074025530934 https://www.globenewswire.com/NewsRoom/AttachmentNg/09bf2f9e-0ec3-4b95-ac2b-7d8c5269f43b https://www.globenewswire.com/NewsRoom/AttachmentNg/7103e818-7dd1-42aa-abe6-d85e3ff8d22b https://www.globenewswire.com/NewsRoom/AttachmentNg/97832d3f-51e4-413f-94c3-52d8e0b1d136

Forsys Metals Corp

Figure 1:

Recent boreholes drilled within the 2015 main pit outline on ML-149, Valencia West planned exploration drilling.

Figure 2:

Overview map of Norasa 2024 Q1 drill campaign on a radiometric background.

TORONTO, March 26, 2024 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”)

Forsys is pleased to provide assay results from the Valencia 2023 drilling programme, from Mining License (“ML)-149("Valencia”) in the Erongo region of Namibia, which forms part of the Company’s larger Norasa Uranium Project (“Norasa¹”).

Fifteen boreholes were drilled with a combined total of 2,684.44 metres ("m") (Figure 1). The objectives of the drill program were:

geotechnical drilling, and logging and sampling for geo-mechanical testing for pit slope stability assessment and optimizing pit designs;
testing the continuity of mineralization for resource modelling;
confirming Mineral Resource Estimation (MRE) parameters; and
sampling for metallurgical test work and processing design optimization

Drilling, geological and geotechnical logging, down-hole optical televiewer and radiometric scans have been completed on the 15 holes. Eight hundred and nineteen samples from ten of the boreholes underwent assay with established quality control protocol and procedures. The chemical results have been verified by an accredited lab and reviewed by a third party professional geologist. Highlights are as follows:

Multiple zones of massive alaskite intrusions were intersected. Chemical assays confirm uranium mineralization in all six of the confirmation boreholes.
Best mineralized borehole PQ-5 intersected 77.34 m of continuous mineralisation, averaging 439 ppm U3O8, including 41.9 m of 683 ppm U3O8.
2023 intersections of mineralization correlate with the neighbouring, historic drilling, intersections and down-hole gamma survey results.
No major zones of rock weakness, i.e. no concerning geological structures, have been intersected. This is a positive result for the ongoing geotechnical specialist work, as it indicates conducive conditions for pit slope optimization and overall mine design.

Table 1: Highlights reported from the completed 2023 drill campaign, minimum width of 5m and cutoff of 50 ppm U3O8

BHID	FROMm	TOm	LENGTHm	U3O8ppm		FROMm	TOm	LENGTHm	U3O8ppm
VA23GT001	23	29	6	108
VA23GT001	40	47	7	189
VA23GT001	77	82	5	66
VA23GT001	95	101	6	140
VA23GT002	38	77	39	106
VA23GT002	105.3	149	43.7	152	including	104	124.1	20.1	334
VA23GT004	1	103.2	102.2	164	including	73	103.2	30.2	216
VA23GT005	22	41	19	92
VA23GT005	51	63	12	218
VA23GT005	89	94	5	123
VA23GT005	101	106	5	114
VA23GT005	116.2	129	12.8	122
VA23GT005	141.8	147.11	5.31	241
VA23GT005	229.13	239	9.87	236
VA23GT005	244.77	272	27.23	184
VA23GT006	65	81	16	136
VA23GT006	100	105	5	143
VA23GT007	18	26	8	194
VA23GT007	33	38	5	194
VA23GT007	189	195	6	213
VA23PQ04	30	37.5	7.5	229
VA23PQ04	54	59	5	181
VA23PQ05	3.96	81.3	77.34	439	including	36	77.9	41.9	683
VA23RE001	50	100	50	90
VA23RE001	114	119	5	215
VA23RE001	128.73	178	49.27	201	including	142	169.05	27.05	275
VA23RE001	190	237	47	253	including	202.37	225	22.63	371
VA23RE001	302.75	414	111.25	134	including	322.88	345.24	22.36	331
VA23RE002	1	21	20	105
VA23RE002	95	124.1	29.1	271	including	104	124.1	20.1	334
VA23RE002	129.7	152	22.3	376	including	129.7	140.8	11.1	673
VA23RE002	160	180	20	162
VA23RE002	244	251.2	7.2	158
VA23RE002	258	268	10	171
VA23RE002	275	288	13	139

Geological context:

Boreholes GT-01 to GT-07 were drilled from within the planned Valencia Main mine pit, angled and directed away from the centre of the 2015 pit shell to investigate the ground conditions for the pit slope design.
Two boreholes, RE-01 and RE-02, were strategically positioned to confirm mineralization from the 2015 FS Mineral Resource Estimate at Valencia in a geologically unique zone.
Holes PQ-01 to PQ-05 were drilled at Valencia for a total of 285.31 m, providing approximately 3 tons of sample for metallurgical testing.

Recent boreholes drilled within the 2015 main pit outline on ML-149, Valencia West planned exploration drilling.

Figure 1: Recent boreholes drilled within the 2015 main pit outline on ML-149, Valencia West planned exploration drilling.https://www.globenewswire.com/NewsRoom/AttachmentNg/bdc97a7e-8ff7-4fa6-8c7e-6a71aa561a7d

Borehole samples were selected for geochemical assay from the routine downhole radiometric scanning results and sent to Trace Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) in Swakopmund for sample preparation and analyses by XRF. For internal quality control purposes TEA Labs has weekly round robins with independent laboratories at Rosh Pinah, Husab Uranium, and Langer Heinrich mine laboratories.

Forsys employs an industry standard QA/QC program with Standard Reference Materials, blanks, coarse duplicates and pulp duplicates inserted into each batch of samples analysed. 4% of the samples sent to TEA Labs were sent for check analyses to SGS Laboratories in South Africa, which is an independent accredited laboratory. The sample results are further validated by comparison with the downhole radiometric survey results.

Table-2 below lists borehole intersections with minimum intersections of 50ppm U3O8 over 5m:

Table 2: 2023 drill campaign: drill type, assay, composites, downhole gamma survey

BHID	X	Y	Z	FROM	TO	LENGTH	EOH	RC	CORE	Gamma	U	Th	U3O8
	UTM	UTM	m amsl	m	m	m	m	m	m	cps	ppm	ppm	ppm
VA23GT001	523609	7528504	716.505	0	23	23	222	–	222	–	–	–	0
VA23GT001	523602	7528501	703.981	23	29	6	222	–	222	722	92	–	108
VA23GT001	523598	7528499	696.608	29	40	11	222	–	222	308	–	–	0
VA23GT001	523594	7528498	688.796	40	47	7	222	–	222	702	160	–	189
VA23GT001	523586	7528494	672.673	47	77	30	222	–	222	235	–	–	0
VA23GT001	523578	7528490	657.402	77	82	5	222	–	222	761	55	–	66
VA23GT001	523574	7528489	649.543	82	95	13	222	–	222	204	–	–	0
VA23GT001	523570	7528487	641.25	95	101	6	222	–	222	–	119	–	140
VA23GT001	523541	7528475	585.825	101	222	121	222	–	222	–	–	–	0
VA23GT002	523526	7528889	697.146	0	38	38	203.8	102	100	108	–	–	0
VA23GT002	523518	7528896	660.245	38	77	39	203.8	102	100	495	90	–	106
VA23GT002	523510	7528904	628.372	77	105.3	28.3	203.8	102	100	201	–	–	2
VA23GT002	523502	7528914	594.818	105.3	149	43.7	203.8	102	100	744	129	36	152
VA23GT002	523496	7528926	561.152	149	177.95	28.95	203.8	102	100	214	–	–	1
VA23GT002	523491	7528936	533.545	184	202.8	18.8	203.8	102	100	216	–	–	0
VA23GT003	523841	7529328	692.427	0	102	102	102	102	–	–	–	–	0
VA23GT003	523861	7529274	633.213	0	227.28	227.28	227.28	–	225	186	–	–	0
VA23GT004	524440	7529153	734.567	0	1	1	152.26	50.26	102	–	–	–	0
VA23GT004	524467	7529148	690.761	1	103.2	102.2	152.26	50.26	102	1134	139	–	164
VA23GT004	524507	7529140	627.146	103.2	152.26	49.06	152.26	50.26	102	150	–	–	1
VA23GT005	524189	7528751	729.233	0	22	22	275.47	102	173	–	–	–	0
VA23GT005	524187	7528755	709.298	22	41	19	275.47	102	173	421	78	–	92
VA23GT005	524185	7528759	695.341	41	51	10	275.47	102	173	265	–	–	0
VA23GT005	524184	7528762	684.832	51	63	12	275.47	102	173	1185	185	–	218
VA23GT005	524181	7528767	667.017	63	89	26	275.47	102	173	252	–	–	0
VA23GT005	524178	7528773	652.66	89	94	5	275.47	102	173	496	104	–	123
VA23GT005	524177	7528775	647.267	94	101	7	275.47	102	173	178	–	–	0
VA23GT005	524176	7528777	641.914	101	106	5	275.47	102	173	574	–	–	114
VA23GT005	524174	7528781	635.168	106	116.2	10.2	275.47	102	173	162	–	–	0
VA23GT005	524172	7528786	624.989	116.2	129	12.8	275.47	102	173	653	–	–	122
VA23GT005	524170	7528791	613.699	129	141.8	12.8	275.47	102	173	277	–	–	9
VA23GT005	524168	7528795	605.732	141.8	147.11	5.31	275.47	102	173	1282	205	7	241
VA23GT005	524159	7528815	567.876	147.11	229.13	82.02	275.47	102	173	180	–	–	0
VA23GT005	524150	7528836	528.09	229.13	239	9.87	275.47	102	173	1394	200	25	236
VA23GT005	524148	7528840	521.336	239	244.77	5.77	275.47	102	173	142	–	–	0
VA23GT005	524145	7528847	507.084	244.77	272	27.23	275.47	102	173	977	156	51	184
VA23GT005	524142	7528854	493.825	272	275.47	3.47	275.47	102	173	–	–	–	0
VA23GT006	523928	7528337	693.644	0	65	65	225.14	100	125	251	–	–	0
VA23GT006	523936	7528330	654.546	65	81	16	225.14	100	125	504	115	–	136
VA23GT006	523940	7528328	637.595	81	100	19	225.14	100	125	312	–	–	0
VA23GT006	523943	7528327	625.965	100	105	5	225.14	100	125	734	121	28	143
VA23GT006	523957	7528323	566.26	105	223.14	118.14	225.14	100	125	242	–	–	0
VA23GT007	524262	7529312	734.236	0	18	18	275.35	102	168	–	–	–	0
VA23GT007	524257	7529316	723.059	18	26	8	275.35	102	168	1141	164	–	194
VA23GT007	524254	7529318	716.725	26	33	7	275.35	102	168	350	–	–	0
VA23GT007	524251	7529320	711.742	33	38	5	275.35	102	168	515	165	–	194
VA23GT007	524217	7529357	652.171	38	189	151	275.35	102	168	281	–	–	0
VA23GT007	524182	7529394	592.48	189	195	6	275.35	102	168	773	180	5	213
VA23GT007	524162	7529417	561.769	195	275.35	80.35	275.35	102	168	–	–	–	0
VA23PQ01	523762	7528744	688.025	0	59.95	59.95	60	–	59.95	892	–	–	0
VA23PQ02	523714	7529040	709.151	0	23.7	23.7	23.7	–	23.7	–	–	–	0
VA23PQ03	523869	7529019	702.407	0	61.27	61.27	60.27	–	60.27	–	–	–	0
VA23PQ04	523745	7529037	702.033	0	30	30	59	–	59	291	–	–	0
VA23PQ04	523744	7529037	683.329	30	37.5	7.5	59	–	59	1230	194	46	229
VA23PQ04	523743	7529038	671.361	37.5	54	16.5	59	–	59	258	–	–	0
VA23PQ04	523743	7529038	660.637	54	59	5	59	–	59	1019	–	–	181
VA23PQ05	523722	7528668	721.02	0	3.96	3.96	80	–	80	–	–	–	0
VA23PQ05	523722	7528668	680.372	3.96	81.3	77.34	80	–	80	3138	372	48	439
VA23RE001	524309	7528910	724.265	0	50	50	419.72	102	318	512	–	–	0
VA23RE001	524286	7528933	686.478	50	100	50	419.72	102	318	375	76	–	90
VA23RE001	524270	7528949	663.893	100	114	14	419.72	102	318	121	–	–	5
VA23RE001	524265	7528954	657.753	114	119	5	419.72	102	318	1319	190	–	215
VA23RE001	524261	7528958	653.019	119	128.73	9.73	419.72	102	318	85	–	–	0
VA23RE001	524244	7528974	634.211	128.73	178	49.27	419.72	102	318	1266	–	–	201
VA23RE001	524227	7528991	614.788	178	190	12	419.72	102	318	156	–	–	0
VA23RE001	524210	7529007	596.799	190	237	47	419.72	102	318	1892	215	–	253
VA23RE001	524178	7529038	563.102	237	302.75	65.75	419.72	102	318	83	–	–	1
VA23RE001	524127	7529089	511.66	302.75	414	111.25	419.72	102	318	–	–	–	134
VA23RE001	524093	7529123	478.027	414	419.72	5.72	419.72	102	318	2	39	–	47
VA23RE002	524153	7529118	748.623	0	1	1	296.21	102	153	–	–	–	0
VA23RE002	524159	7529114	740.728	1	21	20	296.21	102	153	671	89	–	105
VA23RE002	524186	7529096	706.86	21	95	74	296.21	102	153	107	15	–	18
VA23RE002	524217	7529075	670.879	95	124.1	29.1	296.21	102	153	1980	229	–	271
VA23RE002	524228	7529068	659.428	124.1	129.7	5.6	296.21	102	153	330	15	–	17
VA23RE002	524237	7529063	650.437	129.7	152	22.3	296.21	102	153	2767	318	–	376
VA23RE002	524247	7529057	640.726	152	160	8	296.21	102	153	200	–	–	0
VA23RE002	524256	7529051	631.919	160	180	20	296.21	102	153	1046	137	–	162
VA23RE002	524285	7529034	606.377	180	244	64	296.21	102	153	130	–	–	0
VA23RE002	524309	7529019	585.009	244	251.2	7.2	296.21	102	153	1021	134	–	158
VA23RE002	524314	7529016	580.956	251.2	258	6.8	296.21	102	153	613	–	–	12
VA23RE002	524319	7529012	576.141	258	268	10	296.21	102	153	1370	145	–	171
VA23RE002	524325	7529008	571.309	268	275	7	296.21	102	153	380	–	–	0
VA23RE002	524332	7529004	565.685	275	288	13	296.21	102	153	786	118	–	139
VA23RE002	524339	7528999	559.753	288	296.21	8.21	296.21	102	153	–	–	–	0

2024 Drilling Program on ML-149, Valencia

The Company also announces that it has commenced a new drilling program at Valencia. Three zones of potential uranium mineralization situated outside of the existing resource block model are now being investigated.

The drilling program focusses on three target areas; refer to Table-3 and Figure-2 for individual drill hole locations:

A favourable horizon identified at the Jolie Zone (~ 1km north of Valencia pit)
Valencia West Extension
Valencia South

Twenty-nine boreholes are scheduled for a total of 5,236m of drilling to assess mineralization to depths of up to 380 m below collar.

The three areas of mineralization potential were delineated from historic exploration work that included; aerial photo interpretation, geological mapping, aeromagnetic surveys, airborne and ground scintillometer surveys and exploration drilling. Investigation by drilling is required to define the mine’s surface infrastructure development and also to explore for resource upside potential in these areas.

Table 3: Below lists the holes planned for RC drilling. A diamond drill rig is available for extension of the RC drill section, as required by the ground conditions.

BHID	Rig / Ranking	X COLLAR	Y COLLAR	Z COLLAR	EOH	BRG	DIP
		UTM	UTM	m	m	degree	degree
VA24-01	VA_West	523370	7528883	724	150	330	60
VA24-02	VA_West	523303	7528855	725	132	330	60
VA24-03	VA_West	523165	7528783	729	126	330	60
VA24-04	VA_West	523178	7528750	721	150	330	60
VA24-05	VA_West	523100	7528754	731	144	330	60
VA24-06	VA_West	523113	7528729	726	180	330	70
VA24-07	VA_West	522990	7528722	735	98	330	60
VA24-08	VA_West	523015	7528674	727	132	330	60
VA24-09	VA_West	522912	7528692	735	168	330	60
VA24-10	VA_West	522818	7528684	736	120	330	60
Exp13	VA_West	522738	7528660	741	98	330	60
Exp14	VA_West	522763	7528616	734	172	330	60
Exp15	VA_West	523439	7528939	730	138	340	60
Exp04	VA_West	523139	7528852	743	84	330	61
Exp07	VA_West	523066	7528822	743	72	330	60
Exp10	VA_West	522885	7528741	750	120	330	60
Exp08	VA_West	523411	7528974	724	78	330	60
Exp17	VA_West	523493	7528994	721	98	330	60
Jolie01	Jolie	523883	7529918	680	120	330	60
Jolie02	Jolie	523917	7530008	694	66	330	60
Jolie03	Jolie	524046	7529973	705	150	330	60
VA_S_1	VA_South	523716	7528300	725	260	270	60
VA_S_2	VA_South	523796	7528300	725	300	270	60
VA_S_3	VA_South	523876	7528300	725	360	270	60
VA_S_4	VA_South	523956	7528300	725	380	270	60
VA_S_5	VA_South	523723	7528500	725	260	270	60
VA_S_6	VA_South	523796	7528500	735	320	270	60
VA_S_7	VA_South	523876	7528489	725	380	270	60
VA_S_8	VA_South	523956	7528500	732	380	270	60
			Total metres:		5,236

Boreholes VA24-01 to VA10 are completed, awaiting down-hole surveys, detailed recording, and sampling for chemical assay. Additional drilling might be required to test at depth, dependent onthe results to be obtained from the campaign.

Overview map of Norasa 2024 Q1 drill campaign on a radiometric background.

Figure 2: Overview map of Norasa 2024 Q1 drill campaign on a radiometric background.https://www.globenewswire.com/NewsRoom/AttachmentNg/38b9bda9-00f8-4a9f-b9db-85c1beade129

Qualified Persons Statement

The information in this release that relates to “project update” for the Norasa Project is based on information compiled or reviewed by Dr Guy Freemantle of The MSA Group (Pty) Ltd., South Africa. Dr Freemantle is a consultant for Valencia Uranium (Pty) Ltd. and is a member of the SACNASP. Dr Freemantle has sufficient experience and knowledge that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaken to fulfill requirements of a Qualified Person as per NI 43-101. Dr Freemantle consents to this release in the form and context in which it appears.

About Forsys Metals Corp.

Further information is available at the Company website www.forsysmetals.com.

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations.

For additional information please contact:

Richard Parkhouse, Director, Investor Relationsemail: rparhkhouse@forsysmetals.com email: info@forsysmetals.com

Forward-Looking Statement

Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

_____________________________¹ The Norasa Uranium Project (“Norasa”) is wholly-owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises the Valencia uranium deposits (held under ML-149) ("Valencia”) and the Namibplaas uranium deposit (under EPL-3638, application for ML-251) (“Nambiplaas”).

Forsys Metals Corp

Figure 1

Permits obtained

TORONTO, March 07, 2024 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”) is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia (“Ministry”) has renewed the Company’s Namibplaas Exclusive Prospecting License (“EPL”)– 3638, that forms part of its Norasa Uranium Project (“Norasa1”).

This licence has been renewed for a further two years until February 2026. In September 2022 Forsys has also made an application to the Ministry to convert EPL-3638 to a full 25-year Mining Licence (“ML"), and this submission is pending as ML-251. EPL-3638 remains in good standing while the Ministry processes Forsys’ ML-251 submission.

“EPL-3638 covers a strategic land position with significant exploration upside,” commented Pine Van Wyk, Forsys’ In-Country Director. “We greatly appreciate the Ministry’s continued support as we accelerate development of the Norasa project and continue to work closely with the Ministry in obtaining the ML.”

Permits obtained

Figure 1: Permits obtained

_________________________________1 The Norasa Uranium Project (“Norasa“) is wholly-owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises the Valencia uranium deposits (held under ML-149) ("Valencia”) and the Namibplaas uranium deposit (under EPL-3638, application for ML-251) (“Nambiplaas”).

About Forsys Metals Corp.

Further information is available at the Company website www.forsysmetals.com

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations.

For additional information please contact: Richard Parkhouse, Director, Investor Relationsemail: rparkhouse@forsysmetals.com

Forward Looking Statement

Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar+.com. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9390ef6c-7a69-4f1a-9a4f-a91f49d22e5f

Key Insights

Institutions' substantial holdings in Forsys Metals implies that they have significant influence over the company's share price
55% of the business is held by the top 3 shareholders
Ownership research, combined with past performance data can help provide a good understanding of opportunities in a stock

A look at the shareholders of Forsys Metals Corp. (TSE:FSY) can tell us which group is most powerful. The group holding the most number of shares in the company, around 47% to be precise, is hedge funds. Put another way, the group faces the maximum upside potential (or downside risk).

Given the vast amount of money and research capacities at their disposal, hedge funds ownership tends to carry a lot of weight, especially with individual investors. Hence, having a considerable amount of institutional money invested in a company is often regarded as a desirable trait.

Let's take a closer look to see what the different types of shareholders can tell us about Forsys Metals.

Check out our latest analysis for Forsys Metals

ownership-breakdownWhat Does The Institutional Ownership Tell Us About Forsys Metals?

Forsys Metals already has institutions on the share registry. Indeed, they own a respectable stake in the company. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Forsys Metals' historic earnings and revenue below, but keep in mind there's always more to the story.

earnings-and-revenue-growth

It looks like hedge funds own 47% of Forsys Metals shares. That worth noting, since hedge funds are often quite active investors, who may try to influence management. Many want to see value creation (and a higher share price) in the short term or medium term. The company's largest shareholder is Leo Fund Managers Limited, with ownership of 30%. In comparison, the second and third largest shareholders hold about 17% and 8.1% of the stock. Additionally, the company's CEO Mark Frewin directly holds 0.6% of the total shares outstanding.

To make our study more interesting, we found that the top 3 shareholders have a majority ownership in the company, meaning that they are powerful enough to influence the decisions of the company.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. Our information suggests that there isn't any analyst coverage of the stock, so it is probably little known.

Insider Ownership Of Forsys Metals

Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

Shareholders would probably be interested to learn that insiders own shares in Forsys Metals Corp.. In their own names, insiders own CA$2.2m worth of stock in the CA$185m company. This shows at least some alignment, but we usually like to see larger insider holdings. You can click here to see if those insiders have been buying or selling.

General Public Ownership

The general public– including retail investors — own 38% stake in the company, and hence can't easily be ignored. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.

Next Steps:

I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. For example, we've discovered 1 warning sign for Forsys Metals that you should be aware of before investing here.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.

Melbourne, Victoria –News Direct– Aura Energy Ltd

Newly appointed Aura Energy Ltd (ASX:AEE) CEO Andrew Grove joins Jonathan Jackson in the Proactive studio to discuss the company’s uranium ambitions and its work at the Tiris Uranium Project in Mauritania, which is poised to become a leading global near-term uranium operation following the delivery of a positive Front End Engineering Design (FEED) study. Grove gives his insight into the FEED study and what the findings indicate about the project's potential. He also outlines the expansion plans for Tiris, highlighting the strategic direction and growth objectives. Further to this, Grove speaks about the Swedish Government’s potential reversal of its uranium mining ban and what this would mean for the company’s Haagan Project in Sweden, including a possible increase in Net Present Value and strategic positioning.

Grove said: "The FEED study clearly demonstrates that Tiris will be a low-cost, high value, near-term uranium producer with the ability to scale in a very strong uranium market. The market is in structural deficit and likely to continue that way for an extended period.

"The strong economics at Tiris are supported by the simple, low risk mining and beneficiation that delivers the high-grade, 1,750ppm to 2,000ppm U3O8, ore to the leach plant and there are no requirements for crushing or grinding the ore.

"These high grades are only matched by the deep underground mines in Canada and exceeding any current or proposed open pit uranium mines worldwide.”

Contact Details

Proactive Investors

Jonathan Jackson

+61 413 713 744

jonathan@proactiveinvestors.com

View source version on newsdirect.com: https://newsdirect.com/news/aura-energy-releases-positive-feed-study-at-tiris-548687729

CALGARY, AB, May 30, 2023 /CNW/ – Uravan Minerals Inc. ("Uravan" or the "Company") (TSXV: UVN) held its Annual General and Special Meeting of shareholders on May 23, 2023, for the financial year ended December 31, 2022 (the "Meeting"). At the Meeting the shareholders passed, among other things, an ordinary resolution approving the Company's acquisition of Nuclear Fuels Inc. ("Nuclear Fuels") (the "Transaction") as contemplated in the Business Combination Agreement dated April 19, 2023 (the "Definitive Agreement"), announced in a press release May 8, 2023.

Summary of the Transaction

The Transaction, as approved by the shareholders at the Company's Meeting, includes:

the acquisition of all of the outstanding shares of Nuclear Fuels in exchange for 41,750,225 post-consolidated common shares of the Company. It is expected that shareholders of Nuclear Fuels will hold an aggregate of approximately 90.4% of the Resulting Issuer's common shares, with current shareholders of the Company holding the remaining the remaining 9.6%.
a name change from Uravan Minerals Inc. to Nuclear Fuels Inc.,
a share consolidation of the Company's Common Shares on the basis of one existing common share for each eight-tenths (0.8) of one post-consolidation common share,
the continuation of the Company from Alberta to British Columbia, and
the listing of the common shares of the Company following completion of the Transaction (the "Resulting Issuer") on the Canadian Securities Exchange ("CSE"), and corresponding delisting from the TSX Venture Exchange ("TSXV").

Details of the Transaction between Uravan and Nuclear Fuels are set forth in the Company's Management Information Circular, which can be viewed, along with the Definitive Agreement at the Company's website: www.uravanminerals.com and/or the Company's filings at www.sedar.com.

The Definitive Agreement provides that on closing of the Transaction the board of directors of the Resulting Issuer (Nuclear Fuels) will be comprised of Michael Collins, William Sheriff, David Miller, Eugene Spiering and Larry Lahusen. In addition, Monty Sutton and Jacqueline Collins have agreed to act as the Chief Financial Officer and the Corporate Secretary of the Resulting Issuer (Nuclear Fuels), respectively.

Following completion of the Transaction, enCore Energy US Corp, a wholly owned subsidiary of enCore Energy Corp. (NYSE:EU, TSXV:EU) will hold approximately 19.9% of the Resulting Issuer (Nuclear Fuels).

Trading in the Common Shares of Uravan were halted in connection with the announcement of the Transaction and will remain halted until completion of the Transaction and listing of the Resulting Issuer (Nuclear Fuels) on the CSE, or until termination of the Transaction. Closing of the Transaction is subject to the approval of the listing of the common shares of the Company on the CSE. There can be no assurance that the Transaction will be completed as proposed or at all. The Transaction between the Company and Nuclear Fuels was negotiated at arm's length.

Information Regarding Nuclear Fuels

Nuclear Fuels was incorporated on May 25, 2022, and is focused on the exploration for critical metals and natural uranium occurrences. Nuclear Fuels owns two wholly owned subsidiaries, being: Hydro Restoration Corporation incorporated in the State of Delaware, which holds the Kaycee uranium property in Johnson County, Wyoming and the Bootheel uranium project in Albany County, Wyoming; and Belt Line Resources, Inc. incorporated in the State of Texas, which holds the Moonshine Springs uranium property in Mohave County, Arizona. Nuclear Fuels also holds an option to acquire the following properties: LAB Critical Metals project in Newfoundland and Labrador and Hightest Bootheel uranium property in Albany County, Wyoming.

Nuclear Fuels is well funded with approximate cash holdings of $7 million (Canadian Dollars).

Following completion of the Transaction, the business of the Resulting Issuer (Nuclear Fuels) is anticipated to be focused on the advancement of the LAB Critical Metals Project and the Kaycee Property. The Resulting Issuer (Nuclear Fuels) intends to review potential exploration opportunities on its other properties and actively investigate other potential uranium acquisitions. Further information on Nuclear Fuels' current project holdings is available in the Company's Management Information Circular.

Completion of the Transaction is subject to a number of conditions, including but not limited to approval for listing of the resulting company on the CSE. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or listing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.

Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has approved or disapproved of the contents of this press release

SOURCE Uravan Minerals Inc.

Cision

View original content: http://www.newswire.ca/en/releases/archive/May2023/30/c6952.html

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:

Brighthouse Financial BHF is a holding company formed to own the legal entities that historically operated a substantial portion of the former Retail segment of MetLife, Inc.The Zacks Consensus Estimate for its current year earnings has been revised 30.3% downward over the last 60 days.

BHP Group Limited BHP is one of the world's largest diversified resource companies with operations across several continents with a market capitalization of around $183 billion. The Zacks Consensus Estimate for its current year earnings has been revised almost 21.1% downward over the last 60 days.

ASM International ASMIY is a leading supplier of equipment and solutions used to produce semiconductor devices, or integrated circuits, for both the front-end and back-end segments of the semiconductor market. The Zacks Consensus Estimate for its current year earnings has been revised 6.5% downward over the last 60 days.

View the entire Zacks Rank #5 List.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report Brighthouse Financial, Inc. (BHF) : Free Stock Analysis Report ASM International NV (ASMIY) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research

VANCOUVER, BC, April 21, 2022 /CNW/ – Trading resumes in:

Company: Uravan Minerals Inc.

TSX-Venture Symbol: UVN

All Issues: Yes

Resumption (ET): 9:30 AM 4/22/2022

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

Cision

View original content: http://www.newswire.ca/en/releases/archive/April2022/21/c2738.html

CALGARY, AB, March 29, 2022 /CNW/ – Uravan Minerals Inc. (TSXV: UVN) ("Uravan" or the "Company") announces that the letter of intent dated September 30, 2021, in respect of a proposed transaction ("Transaction") between Uravan and Empire Hydrogen Energy Systems Inc. has been terminated in accordance with the letter of intent, Uravan's expenses incurred in connection with the Transaction have been reimbursed.

Uravan will continue to pursue and evaluate other businesses and strategic opportunities and will make further announcements with respect to these efforts as soon as practically possible.

The TSX Venture Exchange (the "TSXV") is conducting a trading resumption review and the Company will provide an update as to the status of the review when available.

Cautionary Statement

This press release may contain forward looking statements including those describing Uravan's plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, much of which are beyond the control of Uravan and its management. This news release contains forward-looking statements pertaining the listing of the Company's shares. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Uravan Minerals Inc.

Cision

View original content: http://www.newswire.ca/en/releases/archive/March2022/29/c0184.html

CALGARY, AB, Jan. 21, 2022 /CNW/ – Uravan Minerals Inc. (TSXV: UVN) ("Uravan") announces the sale of Uravan's 100% interest in the Stewardson West property, located in the Athabasca Basin, northern Saskatchewan and Uravan's 1.0 % net smelter return royalty (the "NSR") on the "Royalty Properties" owned by Cameco Corporation ("Cameco") to International Prospect Ventures Ltd ("IZZ").

In consideration for the Stewardson West property and the NSR, IZZ paid Uravan cash consideration of $35,000 and 500,000 common shares of IZZ.

Cautionary StatementThis press release may contain forward looking statements including those describing Uravan's plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, much of which are beyond the control of Uravan and its management. This news release contains forward-looking statements pertaining. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

Uravan Minerals Inc. #1117-240, 70 Shawville Blvd. SE, Calgary, AB T2Y 2Z3 Phone: 403-607-5908

SOURCE Uravan Minerals Inc.

Cision

View original content: http://www.newswire.ca/en/releases/archive/January2022/21/c5346.html

CALGARY, AB, Jan. 17, 2022 /CNW/ – Uravan Minerals Inc. (TSXV: UVN) ("Uravan") announces the sale of Uravan's 2% net smelter return royalty (the "Albert Lake NSR") on the Albert Lake Saskatchewan Property, to Fathom Minerals Ltd., a whole owned subsidiary of Fathom Nickel Inc. ("Fathom"). Pursuant to a Royalty Purchase Agreement dated January 12, 2022, between Fathom and Uravan, Fathom paid cash consideration for the purchase of the Albert Lake NSR of $175,000.

The Albert Lake NSR was originally granted to Uravan in accordance with a Purchase and Sale Agreement dated April 15, 2015, whereby Fathom purchased Uravan's 100% interest the Albert Lake property (previously Rottenstone) located in northern Saskatchewan.

SOURCE Uravan Minerals Inc.

Cision

View original content: http://www.newswire.ca/en/releases/archive/January2022/17/c6728.html

CCJ earnings call for the period ending September 30, 2021.

Energy Fuels Inc. UUUU is anticipated to report a loss when it reports third-quarter 2021 results later this week.

Q3 Estimates

The Zacks Consensus Estimate for third-quarter revenues is currently pegged at $10.5 million, indicating growth of 2,049% from the prior-year quarter. The consensus mark for earnings stands at a loss of 3 cents per share, compared with a loss of 8 cents per share in the year-ago quarter. The estimates have remained stable over the past 30 days.

Q2 Results

In the last reported quarter, Energy Fuels reported revenues of $0.46 million, which improved 15% year over year but missed the Zacks Consensus Estimate. The company reported a second-quarter 2021 loss per share of 7 cents, wider than the Zacks Consensus Estimate of a loss per share of 4 cents. The uranium mining company had reported a loss of 8 cents in the second quarter of 2020.

The company has a trailing four-quarter negative earnings surprise of 43.7%, on average.

Energy Fuels Inc Price and EPS Surprise

Energy Fuels Inc price-eps-surprise | Energy Fuels Inc Quote

Factors to Note

Energy Fuels has strategically opted not to enter into any uranium sales commitments in 2021. Consequently, its uranium production is expected to be added to existing inventories, which were anticipated to total around 691,000 pounds at 2021-end. The company intends to hold this inventory until prices for uranium go up significantly. It is also holding on to its vanadium until spot prices spike from current levels. It expects to sell finished vanadium products when justified to the metallurgical industry, and other markets that demand a higher-purity product, including the aerospace, chemical, and potentially the vanadium battery industries.

Meanwhile, the company has been pursuing new sources of revenues, including its emerging REE business, and new sources of alternate feed materials and alternative fee processing opportunities at the White Mesa Mill that can be processed under existing market conditions (i.e., without reliance on current uranium sales prices). It has also been seeking new sources of natural monazite sands for its emerging rare earth business, and continues to support the U.S. governmental activities to assist the U.S. uranium mining industry, including the proposed establishment of a U.S. Uranium Reserve.

In September, the company announced that approximately 15 containers of RE (rare earth) Carbonate (300 ton of product) produced at the White Mesa Mill are being shipped to Europe where it will be processed into separated rare earth oxides and other value-added RE compounds. This creates a new U.S. to Europe RE supply chain along with new opportunities and financial benefits. Energy Fuels is the first U.S. company to produce a marketable mixed REE concentrate ready for separation on a commercial scale.

Energy Fuel’s revenues for the quarter to be reported are likely to reflect fees for ore received from a third-party uranium mine. On Oct 6, 2020, the company announced that it has repaid all of its debt — achieving debt free status for the first time since 2012. This is likely to have reduced interest expenses and thereby, might have favored margins in the third quarter. The company’s ongoing efforts to lower costs are likely to get reflected in the third-quarter bottom line.

What the Zacks Model Unveils

Our proven model does not conclusively predict an earnings beat for Energy Fuels this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here as you will see below.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Earnings ESP: The Earnings ESP for Energy Fuels is 0.00%.

Zacks Rank: The company currently carries a Zacks Rank #3.

Price Performance

Image Source: Zacks Investment Research

Energy Fuel’s shares have soared 444.8% in the past year compared with the industry’s rally of 64.4%.

Stocks Poised to Beat Estimates

Here are some Basic Materials stocks, which you may consider as our model shows that these have the right combination of elements to post an earnings beat in their upcoming releases.

Teck Resources Ltd TECK has an Earnings ESP of +9.68% and a Zacks Rank of 1, currently. You can see the complete list of today’s Zacks #1 Rank stocks here.

Olin Corporation OLN, a Zacks #1 Ranked stock, has an Earnings ESP of +5.79%.

Celanese Corporation CE has a Zacks Rank #2 and an Earnings ESP of +3.14%, at present.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Energy Fuels Inc (UUUU) : Free Stock Analysis Report

Celanese Corporation (CE) : Free Stock Analysis Report

Olin Corporation (OLN) : Free Stock Analysis Report

Teck Resources Ltd (TECK) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Individual and institutional investors as well as advisors are invited to log-on to VirtualInvestorConferences.com to view presentations

NEW YORK, Oct. 25, 2021 /PRNewswire/ — Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Uranium, Strategic and Precious Metals Investor Conference are now available for on-demand viewing.

(PRNewsfoto/VirtualInvestorConferences.com)

REGISTER OR LOGIN NOW TO VIEW THE PRESENTATIONS: https://bit.ly/3m221x1

The company presentations will be available 24/7 for 90 days. Investors, advisors and analysts may download shareholder materials from the "virtual trade booth" for the next three weeks.

Presentation	Ticker(s)
Keynote Presentation Guy Keller, Commodities Analyst at Tribeca Investment Partners Moderator: David Batista, Senior Managing Director at Viriathus
Boss Energy Ltd.	(OTCQB: BQSSF \| ASX: BOE)
Elevate Uranium Ltd.	(Pink: ELVUF \| ASX: EL8)
Lotus Resources Ltd.	(OTCQB: LTSRF \| ASX: LOT)
Bannerman Energy Ltd.	(OTCQB: BNNLF \| ASX: BMN)
Consolidated Uranium Inc.	(OTCQB: CURUF \| TSX-V: CUR)
UEX Corp.	(OTCQB: UEXCF \| TSX: UEX)
Blue Sky Uranium Corp.	(OTCQB: BKUCF \| TSX-V: BSK)
Peninsula Energy Ltd.	(OTCQB: PENMF \| ASX: PEN)
Global Atomic Corp.	(OTCQX: GLATF \| TSX: GLO)
Baselode Energy Corp.	(OTCQB: BSENF \| TSX-V: FIND)
enCore Energy Corp.	(OTCQB: ENCUF \| TSX-V: EU)
Paladin Energy Ltd.	(OTCQX: PALAF \| ASX: PDN)
Adriatic Metals plc	(OTCQX: ADMLF \| ASX: ADT)
Heliostar Metals Ltd.	(OTCQX: HSTXF \| TSX-V: HSTR)
Steppe Gold Ltd.	(OTCQX: STPGF \| TSX: STGO)
Newcore Gold Ltd.	(OTCQX: NCAUF \| TSX-V: NCAU)
Giga Metals Corp.	(OTCQX: HNCKF \| TSX-V: GIGA)
Barksdale Resources Corp.	(OTCQX: BRKCF \| TSX-V: BRO)
Liberty Gold Corp.	(OTCQX: LGDTF \| TSX: LGD)
TriStar Gold, Inc.	(OTCQX: TSGZF \| TSX-V: TSG)
Nevgold Corp.	(OTCQB: NAUFF \| TSX-V: NAU)
Adyton Resources Corp.	(OTCQB: ADYRF \| TSX-V: ADY)
Pacific Ridge Exploration Ltd.	(OTCQB: PEXZF \| TSX-V: PEX)
First Mining Gold Corp.	(OTCQX: FFMGF \| TSX: FF)
Blue Thunder Mining Inc.	(OTCQB: BLTMF \| TSX-V: BLUE)
Pampa Metals Corp.	(OTCQX: PMMCF \| CSE: PM)
Blackstone Minerals Ltd.	(OTCQX: BLSTF \| ASX: BSX)
Frontier Lithium Inc.	(OTCQX: LITOF \| TSX-V: FL)
Tinka Resources Ltd.	(OTCQB: TKRFF \| TSX-V: TK)
Bear Creek Mining Corp.	(OTCQX: BCEKF \| TSX-V: BCM)
C2C Gold Corp.	(OTCQB: CTCGF \| CSE: CTOC)
Salazar Resources Ltd.	(OTCQX: SRLZF \| TSX-V: SRL)
Troilus Gold Corp.	(OTCQX: CHXMF \| TSX: TLG)
Cypress Development Corp.	(OTCQB: CYDVF \| TSX-V: CYP)
Galantas Gold Corp.	(OTCQX GALKF \| TSX-V: GAL)
Nova Royalty Corp.	(OTCQB: NOVRF \| TSX-V: NOVR)
O3 Mining Inc.	(OTCQX: OIIIF \| TSX.V: OIII)
White Gold Corp.	(OTCQX: WHGOF \| TSX-V: WGO)
Nighthawk Gold Corp.	(OTCQX: MIMZF \| TSX: NHK)
Labrador Gold Corp.	(OTCQX: NKOSF \| TSX-V: LAB)

To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

About Virtual Investor Conferences^®Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly-traded companies to meet and present directly with investors.

A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group's suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/uranium-strategic-and-precious-metals-investor-presentations-now-available-for-on-demand-viewing-301407431.html

SOURCE VirtualInvestorConferences.com

Q3 2021 Trading Update – Record quarterly portfolio contribution

LONDON, UK / ACCESSWIRE / October 25, 2021 / Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE:APF, TSX:APY), issues the following trading update for the period 1 July to 25 October 2021. Unless otherwise stated, all unaudited financial information is for the quarter ended 30 September 2021.

Highlights

	Q3 2021		Q2 2021	9M 2021		9M 2020
	$m	QoQ%	$m	$m	YoY%	$m
Kestrel	11.70	139%	4.90	21.47	19%	18.12
Voisey's Bay	6.81	119%	3.12	9.93	–	–
Narrabri	0.52	34%	0.39	1.67	(45%)	3.05
Mantos Blancos	1.57	11%	1.41	4.32	83%	2.36
Maracás Menchen	0.90	8%	0.83	2.33		(0.13)
Four Mile	0.10	(1%)	0.10	0.21	(37%)	0.33
Royalty and stream income	21.60		10.75	39.93		23.73

Dividends – LIORC & Flowstream	1.80	(9%)	1.98	4.67	6%	4.40
Interest – McClean Lake	0.61	(2%)	0.62	1.84	10%	1.67

Royalty and stream related revenue	24.01	80%	13.35	46.43	56%	29.80

EVBC*	0.74	(25%)	0.99	2.33	8%	2.17
Principal repayment – McClean Lake	0.51		–	0.51	2%	0.50

Less:
Metal streams cost of sales	(1.65)	116%	(0.77)	(2.42)	–	–

Total portfolio contribution	23.61	74%	13.57	46.85	44%	32.47

* Following the application of IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than recorded as royalty income.

Portfolio contribution of $23.6m in Q3 2021 – the highest individual quarter in the Company's history
Portfolio contribution in the quarter was 180% higher than Q3 20 and also ahead of that generated in the first six months of 2021
Results benefitted from very high coking coal prices being captured at Kestrel during the third quarter, resulting in revenue of $11.7m
Current coking coal spot prices are ~US$390/t, significantly ahead of the average for Q3 21, suggesting an even stronger quarter to come in Q4
Cobalt prices were also higher during the third quarter, resulting in a net contribution of $5.2m from Voisey's Bay – and with spot prices in excess of US$27/lbs, the outlook for the remainder of the year looks promising
Solid performance from the Group's Maracás Menchen, Mantos Blancos and EVBC royalties in the third quarter – with possible volume upside to come in the final quarter
Further well documented production and quality issues at Narrabri, impacting revenue in the third quarter
Strength of portfolio contribution generated in Q3 21 resulted in the Group's leverage ratio dropping below 2x at the end of the third quarter

Julian Treger, Chief Executive Officer of the Company, commented:

"We are delighted to announce a record quarter of portfolio contribution from our royalty and streaming assets.

Having lagged the broader commodity basket, coking coal prices began to rebound significantly at the beginning of the third quarter, averaging around $210/t for the period in which our Q3 royalty was payable. Prices have continued to increase since and are now at ~$390/t which suggests that the fourth quarter could provide a very strong finish to the year for the Group.

Elsewhere, we were pleased with the performance from Voisey's Bay, which has also benefitted from a higher cobalt price environment than what we anticipated for H2 21 at the time of the acquisition. Overall cobalt prices have increased by 13% since we acquired the stream.

The portfolio contribution from the third quarter has enabled the Group to meaningfully de-lever during the fourth quarter, with our leverage ratio now under 2x. The Group has ~$36m available under its existing credit facility and ~$9m of shares held in treasury, along with our remaining stake in LIORC valued at ~$30m providing ~$75m in financing flexibility, not including the ~$13m to be received in instalments over the next 18 months following the sale of the Narrabri royalty.

Following the recent announcement of the sale of our thermal coal royalty, we continue to pursue our strategy of increasing our exposure to commodities that support a more sustainable world and expect the contribution from coking coal related assets to reduce to ~8% of Group's total portfolio contribution by 2025. To this end we are actively evaluating opportunities and are confident in our pipeline and ability to further diversify the business. We remain positive going into Q4 with the strong commodity fundamentals seen recently, looking broadly sustainable as well as strong volume performance expected from the portfolio."

For further information:

Anglo Pacific Group PLC	+44 (0) 20 3435 7400
Julian Treger – Chief Executive Officer Kevin Flynn – Chief Financial Officer Marc Bishop Lafleche – Chief Investment Officer

Website:	www.anglopacificgroup.com

Berenberg	+44 (0) 20 3207 7800
Matthew Armitt / Jennifer Wyllie / Varun Talwar / Detlir Elezi

Peel Hunt LLP	+44 (0) 20 7418 8900
Ross Allister / Alexander Allen / David McKeown
RBC Capital Markets Farid Dadashev / Marcus Jackson / Jamil Miah	+44 (0) 20 7653 4000

Camarco	+44 (0) 20 3757 4997
Gordon Poole / Owen Roberts / Charlotte Hollinshead

Notes to Editors
About Anglo Pacific
Anglo Pacific Group PLC is a global natural resources royalty and streaming company. The Company's strategy is to become a leading natural resources company through investing in high quality projects in preferred jurisdictions with trusted counterparties, underpinned by strong ESG principles. It is a continuing policy of the Company to pay a substantial portion of these royalties and streams to shareholders as dividends.

Cautionary statement on forward-looking statements and related information
Certain statements in this announcement, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Group's expectations and views of future events. Forward-looking statements (which include the phrase 'forward-looking information' within the meaning of Canadian securities legislation) are provided for the purposes of assisting readers in understanding the Group's financial position and results of operations as at and for the periods ended on certain dates, and of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such forward-looking statements may not be appropriate other than for purposes outlined in this announcement. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, cash flow, requirement for and terms of additional financing, performance, prospects, opportunities, priorities, targets, goals, objectives, strategies, growth and outlook of the Group including the outlook for the markets and economies in which the Group operates, costs and timing of acquiring new royalties and making new investments, mineral reserve and resources estimates, estimates of future production, production costs and revenue, future demand for and prices of precious and base metals and other commodities, for the current fiscal year and subsequent periods.

Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects', 'anticipates', 'plans', 'believes', 'estimates', 'seeks', 'intends', 'targets', 'projects', 'forecasts', or negative versions thereof and other similar expressions, or future or conditional verbs such as 'may', 'will', 'should', 'would' and 'could'. Forward-looking statements are based upon certain material factors that were applied in drawing a conclusion or making a forecast or projection, including assumptions and analyses made by the Group in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. The material factors and assumptions upon which such forward-looking statements are based include: the stability of the global economy; the stability of local governments and legislative background; the relative stability of interest rates; the equity and debt markets continuing to provide access to capital; the continuing of ongoing operations of the properties underlying the Group's portfolio of royalties, streams and investments by the owners or operators of such properties in a manner consistent with past practice; no material adverse impact on the underlying operations of the Group's portfolio of royalties, steams and investments from a global pandemic; the accuracy of public statements and disclosures (including feasibility studies, estimates of reserve, resource, production, grades, mine life and cash cost) made by the owners or operators of such underlying properties; the accuracy of the information provided to the Group by the owners and operators of such underlying properties; no material adverse change in the price of the commodities produced from the properties underlying the Group's portfolio of royalties, streams and investments; no material adverse change in foreign exchange exposure; no adverse development in respect of any significant property in which the Group holds a royalty or other interest, including but not limited to unusual or unexpected geological formations and natural disasters; successful completion of new development projects; planned expansions or additional projects being within the timelines anticipated and at anticipated production levels; and maintenance of mining title.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which could cause actual results to differ materially from those anticipated, estimated or intended in the forward-looking statements. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. No statement in this communication is intended to be, nor should it be construed as, a profit forecast or a profit estimate.

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved.

A variety of material factors, many of which are beyond the Group's control, affect the operations, performance and results of the Group, its businesses and investments, and could cause actual results to differ materially from those suggested by any forward-looking information. Such risks and uncertainties include, but are not limited to current global financial conditions, royalty, stream and investment portfolio and associated risk, adverse development risk, financial viability and operational effectiveness of owners and operators of the relevant properties underlying the Group's portfolio of royalties, streams and investments; royalties, steams and investments subject to other rights, and contractual terms not being honoured, together with those risks identified in the 'Principal Risks and Uncertainties' section of our most recent Annual Report, which is available on our website. If any such risks actually occur, they could materially adversely affect the Group's business, financial condition or results of operations. Readers are cautioned that the list of factors noted in the section herein entitled 'Risk' is not exhaustive of the factors that may affect the Group's forward-looking statements. Readers are also cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.

This announcement also contains forward-looking information contained and derived from publicly available information regarding properties and mining operations owned by third parties. This announcement contains information and statements relating to the Kestrel mine that are based on certain estimates and forecasts that have been provided to the Group by Kestrel Coal Pty Ltd ("KCPL"), the accuracy of which KCPL does not warrant and on which readers may not rely.

The Group's management relies upon this forward-looking information in its estimates, projections, plans and analysis. Although the forward-looking statements contained in this announcement are based upon what the Group believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements made in this announcement relate only to events or information as of the date on which the statements are made and, except as specifically required by applicable laws, listing rules and other regulations, the Group undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Anglo Pacific Group PLC

View source version on accesswire.com:
https://www.accesswire.com/669429/Anglo-Pacific-Group-PLC-Announces-Q3-2021-Trading-Update

The stock is benefiting from the rising price of uranium, which inched closer to its multiyear high.

The market expects Energy Fuels (UUUU) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2021. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus Estimate

This uranium and vanadium miner and developer is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +62.5%.

Revenues are expected to be $10.53 million, up 2049% from the year-ago quarter.

Estimate Revisions Trend

The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings Whisper

Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model — the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Energy Fuels?

For Energy Fuels, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Energy Fuels will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?

Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Energy Fuels would post a loss of $0.04 per share when it actually produced a loss of $0.07, delivering a surprise of -75%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom Line

An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Energy Fuels doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Energy Fuels Inc (UUUU) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Mosaic (MOS) closed at $42.17 in the latest trading session, marking a -0.71% move from the prior day. This change lagged the S&P 500's daily gain of 0.3%.

Prior to today's trading, shares of the fertilizer maker had gained 28% over the past month. This has outpaced the Basic Materials sector's gain of 7.79% and the S&P 500's gain of 4.28% in that time.

MOS will be looking to display strength as it nears its next earnings release, which is expected to be November 1, 2021. The company is expected to report EPS of $1.63, up 608.7% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $3.83 billion, up 60.82% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $5.02 per share and revenue of $12.48 billion, which would represent changes of +490.59% and +43.77%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for MOS. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 3.14% higher within the past month. MOS is currently a Zacks Rank #2 (Buy).

In terms of valuation, MOS is currently trading at a Forward P/E ratio of 8.47. This represents a discount compared to its industry's average Forward P/E of 14.81.

It is also worth noting that MOS currently has a PEG ratio of 1.21. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Fertilizers stocks are, on average, holding a PEG ratio of 1.53 based on yesterday's closing prices.

The Fertilizers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 3, putting it in the top 2% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

The Mosaic Company (MOS) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

CONNECT WITH US

Tweets

Tweet with hash tag #miningfeeds or @miningfeeds and your tweets will be displayed across this site.

Tweets by MiningFeeds

MOST ACTIVE MINING STOCKS

Daily Gainers


Ratel Group Ltd.	RTG.TO	+60.00%
Empire Resources Limited	ERL.AX	+50.00%
MRG Metals Limited	MRQ.AX	+50.00%
African Metals Corp.	AFR.V	+33.33%
Carbine Resources Limited	CRB.AX	+33.33%
Granite Creek Gold Ltd.	GCX.V	+33.33%
Rugby Mining Limited	RUG.V	+33.33%
Casa Minerals Inc.	CASA.V	+30.00%
Blue Sky Uranium Corp.	BSK.V	+25.00%
Plato Gold Corp.	PGC.V	+25.00%

Q3 Estimates

Q2 Results

Factors to Note

What the Zacks Model Unveils

Price Performance

Stocks Poised to Beat Estimates

CONNECT WITH US

Tweets

MOST ACTIVE MINING STOCKS

Daily Gainers

Articles

FOUND POSTS

Arizona Gold & Silver (TSXV:AZS)(OTCQB:AZASF) Provides Exploration Update for Philadelphia Project in Arizona

Arras Minerals (TSXV:ARK) Updates on Elemes Drill Program in Kazakhstan

Barksdale Resources (TSXV:BRO) Intercepts Copper-Rich CRD Sulfide Mineralization

Potential Trump Tariffs Could Reshape Copper Market Dynamics in 2025

Solaris Resources (TSX:SLS) in 2024: A Look Back at a Year of Transformation and Strategic Realignment