Forsys Metals Corp. reports developments tied to its role as an emerging uranium developer focused on the wholly owned Norasa Uranium Project in Namibia. Company updates center on the Valencia Uranium deposit under ML-149, the nearby Namibplaas Uranium deposit under EPL-3638, and technical work related to drilling, mineralized intercepts, resource definition, pit optimization, and mine planning.
Forsys news also includes corporate governance and reporting matters, including auditor changes approved by the board and audit committee and related Canadian continuous-disclosure requirements.
Asarian Energy (FOSYF) has commenced drilling at Namibia’s Namibplaas deposit as part of a planned 4,500-metre resource drilling program. The program comprises 17 reverse circulation holes at the deposit within the Norasa Project. It is designed to support an updated Mineral Resource Estimate and assess whether portions of Namibplaas can move from Inferred to the higher-confidence Indicated category.
The company expects new geochemical assays to supplement historical down-hole gamma measurements and improve evaluation of uranium grades, tonnage and mineralisation. Limited assayed samples relative to gamma data contributed to lower grade and tonnage in the May 2024 resource estimate; Namibplaas remains classified as Inferred. Any upgrade depends on drilling results and applicable resource classification criteria.
Asarian Energy (FOSYF) announced that Mark Frewin resigned as a director of the company, effective October 31, 2026.
Frewin joined the board in 2005 and also served as the company's chief executive officer. The board thanked him for his contributions and service. Chairman and director Martin Rowley, who served alongside Frewin for almost two decades, expressed appreciation for his commitment to shareholders.
Asarian Energy (FOSYF) has obtained renewal of the Environmental Clearance Certificate for its Norasa Uranium Project tenements in Namibia.
The approval from Namibia's Ministry of Environment, Forestry and Tourism lasts three years and is valid until August 11, 2029. The company said the renewal allows it to further advance Norasa's development plan while complying with environmental requirements.
The renewal process examined environmental management practices, including waste management, emissions controls, biodiversity protection and community engagement. Norasa comprises Valencia (ML149) and Namibplaas (EPL3638) in Namibia's Erongo region. The project is wholly owned by Asarian Energy's subsidiary, Valencia Uranium.
Asarian Energy (FOSYF) has approved an infill drilling program at its Namibplaas uranium deposit, part of the Norasa Project in Namibia. The planned program comprises approximately 4,500 metres across 17 holes, combining reverse circulation and diamond core drilling. The company expects drilling to start in late October or early November 2026 to support an updated Mineral Resource Estimate and assess whether portions can move from Inferred to Indicated, a higher-confidence resource category.
The historical dataset relies predominantly on down-hole gamma measurements, with limited supporting laboratory assays contributing to the current Inferred classification. An upgrade requires confirmation of the factors converting those measurements into equivalent uranium grades. Asarian expects the program to be the first phase of continued drilling in 2027, extending to parts of the Valencia deposit.
Asarian Energy (FOSYF) secured a two-year renewal of its Namibplaas exploration licence in Namibia, extending it through September 2028.
The licence covers the Namibplaas uranium deposit, part of the wholly owned Norasa Project alongside the adjacent Valencia deposit. Namibplaas had an Inferred Mineral Resource of 218.7 million tonnes averaging 85 parts per million U3O8 and containing 41.1 million pounds of U3O8 in the May 2024 estimate. Mineral resources are not reserves and have no demonstrated economic viability.
The company plans more drilling and a review of the data behind that estimate, with completion expected by the end of December 2026. The work is intended to support a possible upgrade of portions of the Namibplaas resource to the Indicated category. Any update to Norasa's 2015 feasibility study depends on the results; that historical study should not be relied on as a current indication of project economics.
Asarian Energy (OTC:FOSYF) granted 30,000,000 performance share units (PSUs) to Aylworth Holdings, the nominee entity through which President and CEO John Borshoff provides consultancy services, under an agreement dated August 13, 2026. The award comprises 2,500,000 sign‑on PSUs, 7,500,000 retention PSUs vesting over up to three years from June 14, 2026, and 20,000,000 incentive PSUs that vest upon achieving specified share price and market capitalization milestones within three years.
If all vesting conditions are met and PSUs are settled in Class A common shares, up to 30,000,000 shares would be issued, representing 10.92% of Asarian Energy on a partially diluted basis. Disinterested shareholder approval was obtained July 31, 2026, and Toronto Stock Exchange approval on August 13, 2026. An Early Warning Report has been filed on SEDAR+.
Forsys Metals (OTC: FOSYF), listed on the TSX as FSY, will change its corporate name to Asarian Energy Limited. The Toronto Stock Exchange has accepted notice of the change, and the company’s common shares will begin trading under the new name and ticker symbol “ARN” at the market open on August 12, 2026.
Shareholders approved the name change on July 31, 2026, and Articles of Amendment were certified effective August 6, 2026. All historical market data, filings, and order books are expected to transition seamlessly to ARN, reflecting strategic leadership changes and a focus on opportunities linked to global nuclear energy momentum.
Forsys Metals (OTCQB:FOSYF) reported that all resolutions at its July 31, 2026 virtual annual and special meeting were approved, with 129,286,158 common shares voted, representing 52.83% of outstanding shares. Shareholders elected five directors, including John Borshoff, who was also appointed President, CEO and Executive Director.
Director support ranged from 78.6% to 93.8% of votes cast. Shareholders approved appointing RSM Canada LLP as auditor, changing the company name to Asarian Energy Limited, granting additional Performance Share Units to Mr. Borshoff, re-approving the Omnibus Incentive Plan and amending unit restriction periods for PSUs and RSUs, all subject to final TSX approval where applicable. The company is proceeding with regulatory filings for the name change and expects to trade under the new symbol ARN. Two directors, Estepa and Roma, retired from the Board, with Estepa remaining Corporate Secretary.
Forsys Metals (OTCQB:FOSYF) announced a strategic leadership change and growth plan focused on uranium. Subject to shareholder and TSX approvals at the July 31, 2026 meeting, uranium veteran John Borshoff is expected to become President, CEO and Executive Director and is serving meanwhile as Interim President.
The strategy targets advancing the Norasa Uranium Project in Namibia toward development readiness, pursuing uranium-focused M&A, potential corporate name change, and reshaping the Board. An investor webinar on the transition is scheduled for June 16 at 8 a.m. EDT.
Forsys Metals (OTC: FOSYF) changed its auditor effective February 5, 2026, replacing BDO Audit Pty Ltd with RSM Canada LLP. The board and audit committee approved the resignation and appointment. There were no modified opinions or reportable events with the former auditor. The company will file the required NI 51-102 reporting package within the prescribed period.