B2Gold Namibia Exercises Call Option to Acquire Balance of Razorback Shares

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TORONTO, Jan. 25, 2022 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys“or the”Society”) is pleased to announce that B2Gold Mining Investments Limited and B2Gold Namibia (Proprietary) Limited (together “B2Gold”) have exercised their call option to increase their existing stake in Razorback Gold Mining Company (Pty) Limited (“Razorback “) at 100% (the “call option”). Pending the end of the financial year, Forsys currently holds a 51% stake in Razorback.

Razorback holds the exclusive Ondundu prospecting license (“EPL 3195”) for the exploration of base, rare and precious metals.

The consideration for exercising the call option is a net amount of US$7,716,118. being the option price of $8,500,000 minus the fees paid by B2Gold for the extension of the option period of $250,000 and minus other payments made by B2Gold for redemption interest in EPL 3195 s’ amounting to 533,882 USD.

About Forsys Metals Corp.

Forsys Metals Corp. is a uranium-focused development company that owns 100% of the Norasa Project which includes the Valencia and Namibplaas uranium projects in Namibia, Africa, a politically stable and mining-friendly jurisdiction. Information regarding resources and reserves currently compliant with National Instrument 43-101 at Valencia and Namibplaas is available on the company’s website forsysmetals.com and in the company’s filings on SEDAR.

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations.

For more information, please contact:

Richard Parkhouse Director, Investor Relations
Email: [email protected] Email: [email protected]
Telephone: +44 (0) 7730 493432

Forward-looking information

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. This forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and are not guarantees of the Company’s future performance. The following are important factors that could cause Forsys’ actual results to differ materially from those expressed or implied by such forward-looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties related to interpretation of drill results and geology; continuity and grade of mineral deposits; the uncertainty of capital and operating cost estimates; recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. A full description of these risks can be found in Forsys’ Annual Information Form available on the Company’s profile on the SEDAR website at www.sedar.com. These risks and uncertainties could cause the actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in this information. This information and all subsequent written and oral forward-looking information is based on management’s estimates and opinions as of the dates it is made and is qualified in its entirety by this notice. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions change. The Toronto Stock Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.

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