Namibia’s Norasa uranium project—combining the Valencia and Namibplaas deposits near Swakopmund in the Erongo Region—has evolved from a 1970s discovery into a fully permitted, near-development asset undergoing fresh technical optimisation.
Norasa is 100% owned by Forsys Metals Corp. through its Namibian subsidiary, Valencia Uranium (Pty) Ltd. Both assets—Valencia (ML 149) and Namibplaas (EPL 3638; application to convert to ML 251 pending)—are registered in the name of Valencia Uranium (Pty) Ltd. Forsys is listed in Canada (TSX: FSY) and on the Namibian Stock Exchange (NSX: FSY).
Valencia’s origins are well documented.
After a broad prospecting grant was issued to Gold Fields in 1972, its subsidiary Trekkopje Exploration intensively explored the area between 1973 and 1977, conducting geophysics, mapping, and roughly 22.6 km of diamond-core drilling.
A small infill programme followed in 1981. At the time, feasibility work did not support development at prevailing uranium prices, and the ground remained dormant or under limited work for years. Forsys Metals entered the mid-2000s, acquiring Valencia and later consolidating the adjacent Namibplaas discovery, seven kilometres away, into a single project—Norasa—in 2013.
Licensing is split across the two deposits. Valencia is covered by a 25-year Mining Licence ML 149, valid until June 2033 and renewable; Namibplaas sits on EPL 3638, while Forsys’ application to convert it to a full mining licence (ML 251) remains before the Ministry. The company’s Environmental Clearance for project advancement has been renewed, keeping development studies active under current permits.
Forsys owns Norasa 100% through Valencia Uranium (Pty) Ltd and has steadily advanced the technical case. A bankable study completed in 2015 outlined Proven and Probable open-pit reserves of 206 Mt at 200 ppm U₃O₈ for 90.7 Mlb, with a planned 11.2 Mtpa operation producing about 5.2 Mlb U₃O₈ per year over 15 years. On the base case of US$65/lb U₃O₈, the FS returned a pre-tax NPV(8%) of US$622.6 million and a 32% IRR, providing a reference framework for project economics.
Since then, Forsys has refreshed the geological model and begun re-optimising the flowsheet. On 14 May 2024, the company reported an updated mineral resource estimate: at Valencia, 45.4 Mlb U₃O₈ in Measured and Indicated categories (151.9 Mt at 136 ppm eU₃O₈ at a 40-ppm cut-off), with a further 1.3 Mlb Inferred; at Namibplaas, 41.1 Mlb U₃O₈ in the Inferred category (218.7 Mt at 85 ppm).
These resources inform a development approach that is being re-assessed for capital and operating efficiency.
The current workstream is aimed at lowering unit costs and firming recoveries ahead of any construction decision.
In December 2023, Forsys launched a broad reassessment of the 2015 study, including mine design trade-offs and the potential to incorporate heap leaching.
During 2025, the company reported positive exploratory ore-sorting results for Valencia ore and initiated proof-of-concept testing of XRF and XRT sorting technologies, alongside renewed drilling at Valencia and a separate expansion programme at Namibplaas.
Column leach, ore-sorting and geomechanical programmes feed into options ranging from ~7.5 to 15 Mtpa, with a pilot-scale test facility envisaged to lock down parameters.
Forsys has also strengthened its control over the surface footprint.
In December 2024, the company agreed to acquire Farm Namibplaas Portion-1, covering the majority of EPL 3638’s area, for N$24 million on staged terms—giving “unfettered access” to Namibplaas and flexibility for siting future infrastructure. Local trade press and industry magazines reported the transaction in early 2025.
Where the project stands today is clear. Valencia’s mining licence is in force to 2033; Namibplaas remains under EPL 3638 pending conversion to ML 251; the resource base was updated in May 2024; and flowsheet optimisation, including ore sorting and heap-leach evaluation, is progressing with fresh drilling results through 2025.
What is not yet defined is a public start date for construction or first production. Company materials describe Valencia as “construction-ready” once financing and final design choices are made.
The 2015 study suggested roughly two years from detailed engineering to first production once a build is sanctioned. However, as of 16 October 2025, Forsys has not announced a final investment decision or a firm commissioning timeline.
In summary, Norasa has the key elements of a large, conventional Erongo alaskite project—long-life reserves from the 2015 FS, a refreshed 2024 resource, an active optimisation programme targeting lower costs, and principal permits in place on Valencia with the Namibplaas licence conversion pending.
The near-term milestones to watch are the process-route decision (heap leach versus tank leach or a hybrid), completion of pilot-scale testwork, the outcome of the ML 251 application for Namibplaas, and any financing and offtake steps that would precede a construction decision.
