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2 clusters · 7 sources · 17 days · First seen · Last updated

Forrestania Resources gold asset expansion

Overview

Forrestania Resources has expanded its gold assets and resource estimates in Western Australia through strategic acquisitions and drilling.

In early September, the company completed a $300 million acquisition of the Edna May Gold Project from Ramelius Resources. This transaction, involving $210 million in cash and $90 million in shares, provided Forrestania with a second processing hub and increased its global mineral resource estimate to approximately 2.078 million ounces.

By late September, Forrestania reported a 21 per cent increase in its British Hill gold resource, bringing the total to 212,400 ounces. This growth was driven by an ongoing drilling campaign and includes a significant increase in the higher-confidence indicated resource category. A prefeasibility study for British Hill suggests the project could generate A$104.8 million in pre-tax free cash flow, supporting the company’s strategy to utilize the Edna May and Lake Johnston processing hubs as part of a two-hub gold production business.

Entities

David Geraghty · Forrestania Resources · Auric Mining · Aurum Resources · Ramelius Resources

Timeline

  1. [BUSINESS] 7 sources
    Gold exploration advances with high-grade hits in Australia and West Africa

    Mining companies report significant gold exploration successes, including high-grade drill hits in Western Australia and Côte d’Ivoire, and resource expansions at several key projects.

  2. [BUSINESS] 2 sources
    Forrestania completes $300 million Edna May gold project acquisition

    Forrestania Resources has acquired the Edna May Gold Project from Ramelius Resources for $300 million, pushing its global gold resource estimate above two million ounces.

Sources

australianmining.com.au · brisbanetimes.com.au · businessday.com.au · smh.com.au · stockhead.com.au · theage.com.au · thewest.com.au

This summary has been updated 1 time: see revision history