Forsys Metals Corp. has bought farm Namibplaas No. 93 in the Erongo region for N$24 million from Namibplass Guestfarm and Tours.
The portion-1 of the farm Namibplaas No. 93 hosts Forsys Metals’ Namibplaas uranium deposit under EPL 3638.
The EPL covers a total surface area of 1,266 ha, with approximately 93% (1,179 ha) located on the property, which measures approximately 6,700 ha.
The company has also applied for EPL 10501, whose portion, which is about 237 ha (42%), and 239 ha (5%) of EPL 9865 are also on the property.
Forsys Metals’ 100% owned subsidiary, Valencia Uranium, finalised the agreement.
EPL 3638, about 3 km northeast of the Valencia deposit under mining licence 149, is accessed via a newly constructed industrial-grade road from the B2 highway to the Valencia project site.
An initial payment of N$7 million (approximately US$374k) will be made once all conditions have been met, with the remaining N$17 million (approximately US$908k) payable in monthly instalments over 10 years, accruing interest at Namibia’s prime lending rate plus 2% per annum from the date of title transfer following regulatory approval.
The signing of the agreement was on December 17, 2024.
The transaction remains subject to the receipt of all regulatory approvals, including, without limitation, the approval of the Ministry of Agriculture and the Ministry of Lands and Resettlement.
Forsys Metals CEO Mark Frewin said the acquisition of farm Namibplaas, Portion-1, means the company now has unfettered access to the Namibplaas licence area, adding significant value and flexibility to the mine’s development strategy.
“The plan is to prioritise a drill program on Namibplaas as soon as possible and continue to expand and upgrade the total uranium resources to support the overall Norasa mine development,” Frewin said.
The company plans to expand and upgrade the Namibplaas main deposit resource by conducting diamond and reverse circulation drilling.
Forsys Metals owns the Norasa Uranium Project through Valencia Uranium Pty. Ltd.
The Norasa Uranium Project comprises the Valencia uranium deposits held under licence 149 and the Namibplaas uranium deposits.
Forsys Metals has an agreement with farm Valencia No. 122 landowner to access the uranium deposit until 2033.
The agreement includes Forsys Metals’ planned access works area for the mine’s infrastructure, which is covered by an exclusive use contract over approximately 3,346 ha.
