Toronto- and New York-listed Forsys Metals has announced proposed changes to its board and executive leadership team, with John Borshoff to join Forsys with a strategy focused on growing the company into a global uranium enterprise.

Borshoff will join Forsys as CEO, president and executive director immediately following the company’s forthcoming yearly and special shareholders meeting to be held on July 31, if elected by shareholders at the meeting and subject to the shareholder approvals and TSX approval.

Until then, he will act as interim president and will be involved in the day-to-day management of the company, including starting the implementation of the company’s new strategic plan.

Forsys describes Borshoff as a highly regarded leader in the global uranium industry, with an “unrivalled record” of creating exceptional shareholder value, exemplified by his leadership at Paladin Energy and Deep Yellow.

The company adds that, as one of the world’s most experienced uranium mining executives, he has spent more than 50 years building uranium companies from exploration through development to production, creating successful mining operations and earning global recognition for achievements that have helped shape the modern uranium industry.

Forsys says it is adopting a value creation strategy to deliver the company’s new growth objectives and enhance shareholder value, benefitting from Borshoff’s past successes in the uranium sector.

The company’s focus includes advancing its wholly-owned Norasa uranium project, in Namibia, toward development readiness; starting concurrent evaluation for strategic mergers and acquisitions to build a diverse project pipeline of development and production options in a resource-constrained uranium market experiencing rising global energy demand and future uranium supply shortage; and building a team to successfully deliver the company’s vision.

If shareholder approvals and TSX approval are obtained and Borshoff is elected as a director at the meeting and begins on a permanent basis as the company’s president and CEO and executive director, Mark Frewin has agreed to step down as CEO at the meeting but will remain a nonexecutive director.

Additionally, Stefano Roma and Jorge Estepa have agreed to retire from the board at the meeting. Estepa will remain corporate secretary, while Martin Rowley will remain chairperson and Pierfranco Malpenga and Knowledge Katti as directors.

Forsys says it intends to evaluate a range of opportunities across several jurisdictions to identify undervalued, high-potential uranium resources that could enhance the company’s exposure to a strengthening uranium market and build a more diverse portfolio with growth opportunities.

Meanwhile, as part of the reinvigoration of the company, a name change for Forsys will be presented to shareholders for approval at the meeting.

The company explains that the implementation of any name change, and any related change to the company’s trading symbols or security identifiers, will be subject to receipt of any required TSX and other regulatory approvals.

“Today’s announcement is a pivotal moment for our 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.

“His refreshed strategic direction offers a clear vision for growth that we know John and the team have the ability to translate into disciplined execution,” says Rowley.

Rowley adds that Forsys has been endeavouring to strengthen the company and its direction for some time in anticipation of benefiting its shareholders and stakeholders from the upsurge in nuclear energy demand that is currently taking place.

He says this move to secure the services of Borshoff, who has accomplished such notable achievements with the other uranium companies in which he has been involved, fits in perfectly with the board’s objectives for a repositioning of the company.

“This appointment reflects the board’s strong belief that a renewed strategic direction is essential for us to capitalise on the opportunities available for uranium, drive improved business performance and position the company to become a significant player within the global uranium sector.

“Mr Borshoff’s reputation and experience will play a key role in attracting the talent needed to build the company into a significant player in the global uranium industry.”

Subject to Borshoff’s appointment becoming formalised and continuing, Rowley says Forsys can move forward with strong and experienced leadership, well-defined goals and a clear point of differentiation, positioning the company to stand apart from its peers.

“I strongly encourage shareholders to support all the resolutions to be considered at the upcoming meeting. These approvals are required to implement this key appointment and to align Mr Borshoff’s package with shareholder outcomes.

“All directors of the company intend to vote shares held or controlled by them in favour of all resolutions they are entitled to vote on.”

“I am delighted to be given the opportunity to lead another uranium company that I believe has significant unrealised potential.

“Forsys is undervalued compared to its peers and, having spent time evaluating opportunities, I see potential upside in both developing the company’s existing asset base and introducing other disciplined growth strategies through mergers and acquisitions,” adds Borshoff.

Reflecting on the global energy transition, Borshoff says increased focus on energy security, reliability and affordability are needed.

He says the recent geopolitical instability, including disruption in oil and gas markets, has further exposed the energy vulnerability that exists.

“In my view, the asymmetric focus on renewables has exacerbated the energy problem. In terms of being able to satisfy the larger global energy equation, renewable energy has been oversold.

“As a consequence, the world is reassessing what it means . . . to have a secure, reliable energy system, contributing to the renewed interest in nuclear energy and strengthening long-term fundamentals for uranium demand,” he says.

“My ambition is to position Forsys at the forefront by establishing a multiple-project portfolio to meet the demands of a sector that is facing anticipated supply challenges.

“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.

“I am excited and energised by the opportunity the chairperson has entrusted to me, and I look forward to working closely with the company and stakeholders to realise this ambition.”