Forsys Metals is an emerging uranium producer with 100% ownership of the Norasa Project in Namibia, a politically stable and mining friendly jurisdiction. In March 2015, Forsys completed a Definitive Feasibility Study (DFS) that confirmed the robustness of Norasa’s economics.
Highlights of the DFS include:
A material increase in Mineral Reserve estimates to 90.7 million lbs of U3O8, up 14.8% from 79.0 million lbs U3O8 as of October 2013.
The operating costs per pound are estimated to average $32.96/lb U3O8 over the first 5 years of production and $34.72/lb U3O8 over the life of the mine.
The economic analysis results in an estimated pre-tax net present value (NPV) at a discount rate of 8% of $622.6 million (post-tax NPV $383.4 million). Using the initial investment and operating cash flows from inception, the pre-tax internal rate of return is estimated to be 32%.
The Norasa production schedule includes a processing rate increase to 11.2 million tonnes per annum (Mtpa), up from 8.2 Mtpa in 2010. Estimated annual production over the 15 year life of mine (LoM) is approximately 5.2 million lbs of U3O8.
Forsys is well positioned to capitalize on attractive mid and long-term sector dynamics. Forsys anticipates completing mine construction late in 2016 with production expected to start early in 2017. |
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