Former Deep Yellow chief executive John Borshoff is set to join Forsys Metals as president, chief executive and executive director as the company positions itself to accelerate development of its Namibian uranium assets and pursue global expansion through acquisitions.
Forsys announced that Borshoff will formally assume the leadership role immediately after the company’s annual and special shareholders meeting scheduled for 31 July 2026, subject to shareholder and Toronto Stock Exchange approvals. Until then, he has already been appointed interim president and has started participating in the company’s day-to-day management and strategic planning.
The move places one of the uranium industry’s best-known executives back at the centre of Namibia’s uranium sector after decades of involvement in some of the country’s largest projects.
Borshoff founded Paladin in 1993 and later transformed the company from a junior explorer into a multi-mine uranium producer valued at approximately A$5 billion. He led the development of the Langer Heinrich uranium mine in Namibia and the Kayelekera mine in Malawi, which Forsys described as the first two conventional uranium mines developed globally in the past two decades.
After leaving Paladin, Borshoff joined Deep Yellow as managing director and chief executive in late 2016 and spent the next nine years expanding the company from a junior explorer valued at about A$10.7 million into a uranium development group valued at approximately A$2.3 billion.
Forsys said Borshoff’s appointment forms part of a broader strategic transformation aimed at repositioning the company as a global uranium enterprise amid strengthening nuclear energy demand and growing concerns about future uranium supply shortages.
Central to that strategy is advancing the company’s wholly owned Norasa Uranium Project in Namibia, which Forsys said requires additional targeted evaluation before becoming development-ready.
The Norasa Project, located in Namibia’s uranium-rich Erongo Region, combines the Valencia and Namibplaas deposits and has long been regarded as one of the country’s largest undeveloped uranium assets.
Forsys said the company also intends to pursue mergers and acquisitions across several jurisdictions as part of a strategy to build a diversified pipeline of uranium development and production assets.
Forsys chairman Martin Rowley described the appointment as a pivotal moment for the company.
“We are fortunate to have been able to secure the services of John Borshoff who brings significant experience and growth potential to our business,” Rowley said.
He said Borshoff’s experience, understanding of uranium markets and history of building uranium companies aligned with the board’s plans to reposition Forsys into a major global uranium player.
Borshoff said he believed Forsys remained undervalued relative to its peers and saw substantial upside potential in both the company’s Namibian asset base and future acquisition opportunities.
“There is a tremendous opportunity to build on Forsys’ existing asset base in Namibia and position the Company as a major, global developer and supplier of uranium in the modern nuclear era,” Borshoff said.
He also warned that the uranium industry was moving toward a widening structural supply deficit as global electricity demand accelerated and countries increasingly reassessed energy security and nuclear power generation.
As part of the restructuring, current chief executive Mark Frewin is expected to step down from the executive role at the July meeting but remain on the board as a non-executive director. Directors Stefano Roma and Jorge Estepa are also expected to retire from the board, while Estepa will continue as corporate secretary.
Forsys further announced plans to seek shareholder approval for a corporate name change as part of the company’s broader repositioning strategy.
