Forrestania completes $300 million Edna May gold project acquisition

Forrestania Resources has completed its $300 million acquisition of the Edna May Gold Project from Ramelius Resources. The transaction, consisting of $210 million in cash and $90 million in shares, establishes a second processing hub for Forrestania in Western Australia alongside its Lake Johnston facility.

The acquisition includes 100 per cent of the issued capital in Edna May Operations and Tampia Operations, as well as various exploration licences. The project features a 2.9-million-tonne-per-annum conventional carbon-in-leach processing plant, an accommodation village, an airstrip, and a tailings storage facility. Following refurbishment and recommissioning, Forrestania aims for a combined milling capacity exceeding six million tonnes per annum.

With the addition of Edna May’s 945,000 ounces of gold, Forrestania’s global mineral resource estimate has surpassed the two-million-ounce milestone, currently standing at approximately 2.078 million ounces. As part of the deal, Ramelius Resources retains a 9.4 per cent stake in Forrestania.