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Last C$0.26 CAD
Change Today +0.04 / 18.18%
Volume 2.0K
FSY On Other Exchanges
As of 4:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

forsys metals corp (FSY) Snapshot

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forsys metals corp (FSY) Details

Forsys Metals Corp. is engaged in acquiring, exploring, and developing mineral properties in Namibia. The company primarily explores for uranium ores, as well as gold ores. Its primary project is Norasa uranium project, which comprises Valencia uranium project covering an area of 735.6 hectares; and the Namibplaas uranium project comprising 1,742 hectares located in the Republic of Namibia. The company was formerly known as Forsys Technologies Inc. and changed its name to Forsys Metals Corp. in June 2005. Forsys Metals Corp. was incorporated in 1985 and is headquartered in Toronto, Canada.

14 Employees
Last Reported Date: 03/20/15
Founded in 1985

forsys metals corp (FSY) Top Compensated Officers

Chief Executive Officer, Director and Member ...
Total Annual Compensation: C$255.0K
Chief Financial Officer
Total Annual Compensation: C$162.0K
Vice President of Legal Affairs, Executive Di...
Total Annual Compensation: C$120.0K
Compensation as of Fiscal Year 2014.

forsys metals corp (FSY) Key Developments

Forsys Metals Corp. Presents at Mines and Money Hong Kong, Mar-24-2015 04:10 PM

Forsys Metals Corp. Presents at Mines and Money Hong Kong, Mar-24-2015 04:10 PM. Venue: Hong Kong Convention and Exhibition Centre, 1 Expo Drive, Wanchai, Hong Kong, Hong Kong. Speakers: Marcel Hilmer, Chief Executive Officer, Director and Member of Health, Safety & Environmental Committee.

Forsys Metals Corp. Announces Results of Feasibility Study 1 for its Norasa Uranium Project Located in the Erongo Region of Namibia

Forsys Metals Corp. announced the results of a Feasibility Study 1 for its wholly-owned Norasa Uranium Project located in the Erongo region of Namibia. The FS completed by engineering consultants, Amec Foster Wheeler together with reliance on other experts in the fields of mining and environment and Company Qualified Persons, has confirmed the robustness and economics of Norasa. All amounts are in US currency The economic analysis results in an estimated pre-tax net present value (NPV) at a discount rate of 8% of $622.6 million. Using the initial investment and operating cash flows from inception, the pre-tax internal rate of return is estimated to be 32%. The Norasa production schedule has been modified to incorporate the updated Mineral Reserves and to include a processing rate increase to 11.2 million tonnes per annum (Mtpa), up from 8.2 Mtpa in 2010. Estimated annual production over the 15 year life of mine (LoM) is approximately 5.2 million lbs of U 3O 8. Norasa is one of the very few uranium projects in the world that is construction ready with a Mining Licence. The completion of the FS confirms the robustness of Norasa’s economics. The FS delivered a number of outstanding results, including increases in tonnage, annual and life of mine production whilst lowering operating costs. The company believe that the study results will attract strategic partners and investors, and provide with alternatives for the next phase of Norasa’s development. The Feasibility Study cannot be classified as a “definitive feasibility study under NI 43-101 disclosure standards, but represents the definitive basis by which Forsys intends to seek to develop the Norasa Project, and has been conducted to an accuracy of +/-15% for Class 3 Capital and Operating Cost estimates. Mineral Resources that are not Reserves either haven’t demonstrated economic viability or don’t meet the cut-off grade criteria. The Reserves come from three deposits, resulting in three distinct pits: the Valencia pit, a small satellite pit adjacent to Valencia and the Namibplaas pit. The financial sensitivity analysis further reflects the robustness of the project as detailed in Table 4. The project is most sensitive to changes in the uranium price. A decrease of 8% or more from the base case assumption of $65/lb U 3 O 8, results in a measurable decline in Pre and Post-tax NPV (DR 8%). Conversely, the Project would benefit greatly from increases in U 3 O 8 prices above the base case assumption. It is encouraging that break-even NPV is at or about $50/Lb U 3 O 8 for both pre and post- tax scenarios. The FS assumes a schedule of approximately 24 months from the start of detailed engineering to the commencement of plant production. While this timeline is predicated on confirmation of suitable financing for the Project, Forsys expects to optimize this timeframe during the detailed engineering phase. Namibia is a mining friendly jurisdiction that is consistently ranked highly for its investment attractiveness by the Fraser Institute; currently ranked first for mining in Africa. Namibia has a long history of uranium mining and ranks as the world’s fifth larger uranium producer. Norasa, Forsys’ uranium project, is located approximately 35km from the Rossing Mine, one of the larger uranium mines in the world.

Forsys Metals Corp. Provides Norasa Uranium Project Feasibility Study Update

Forsys Metals Corp. announced the completion of a metallurgical report by SGS South Africa (Pty) Ltd. This study is a major component of the company's Norasa Uranium Project Feasibility Study being prepared by AMEC Foster Wheeler and slated for completion in first quarter of 2015. Highlights of the Metallurgical Study compared with the 2013 Engineering Cost Study: overall uranium recovery increased to 91.3% from 85.0%; leach acid consumption decreased by 36.8%; 31.5% decrease in consumption of leach oxidant, as well as better utilization as a result of a change to the use of hydrogen peroxide from manganese dioxide; zero iron addition required in leach once steady state operation achieved due to iron in ore being sufficient a 36% reduction in the filtration area. Other benefits over the ECS include a three times higher loading of the IX resin resulting in a reduction in the size of the IX circuit and downstream SX circuit, a 22% reduction in the number of belt filters and a 20% reduction in the number of NIMCIX parallel trains. A primary objective achieved by the metallurgical test work carried out by SGS confirmed the leach reagent requirements, especially ferrous ion addition and the impact of barren liquor recycle, in a locked cycle pilot campaign. Other objectives achieved included a determination of leach extraction, leached slurry filtration performance, slurry settling performance, leach slurry viscosity and optimization of ion exchange performance. The locked cycle pilot test program has confirmed previous small-scale tests that high uranium recoveries could be obtained for the Norasa Uranium Project with an average plant recovery of 91.3%. The test work identified that considerable benefit could be achieved by the use of hydrogen peroxide as leach oxidant instead of pyrolusite. Not only did the tests show that less oxidant was required but that lower acid consumption could also be achieved. The overall acid demand for leaching and IX regeneration is now 37% lower at 12 kg/t ore for continuous operation conditions. The tests also confirmed that iron addition (usually in the form of ferrous ion) was not required as sufficient iron was present in the ore to provide the required levels for uranium leaching. A series of filtration tests confirmed that 36% less filter area was required for the horizontal belt filters to achieve final cake moisture content of 15% to 16%. The final metal recovery, from the filters, of nearly 100% was achieved with a wash ratio of 0.454 m(3)/t solids. Other test work completed as part of this program included the following: ion exchange breakthrough curve bulk leaches, slurry settling performance tests, leach slurry viscosity tests, near-term FS milestones include: updating the capital cost for the process plant to incorporate the positive results from optimization studies; and updating plant operating costs to reflect an optimized flow sheet that reduces production complexity and input costs.


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