Highlights

  • A maiden JORC 2012 Mineral Resource of 803,600 tonnes at 1.00 grams per tonne gold for 25,800 ounces was declared at the Symes Find gold prospect within the Forrestania project area.
  • Forrestania signed a binding ore purchase agreement with Heron Resources (ASX:HTM) on 21 August 2026 to supply up to 400,000 dry metric tonnes from Mt Fisher for toll treatment at the Edna May mill.
  • First ore delivery from Mt Fisher to Edna May is targeted for December 2026, providing Forrestania's first pathway to gold revenue without requiring its own processing infrastructure.
  • Cash at 30 September 2026 was A$3.025 million, with an estimated 3.47 quarters of funding at current spending rates.

From exploration asset to binding supply agreement in a single quarter — Forrestania Resources (ASX:FRS) moved Mt Fisher along a faster path to revenue than most junior gold companies achieve. The September 2026 quarter delivered a maiden JORC gold resource at the Symes Find prospect and, more commercially significant, a binding deal with Heron Resources to toll-treat ore at the Edna May mill in Western Australia, with first ore delivery targeted for December 2026. The arrangement lets Forrestania generate gold revenue from an existing processing facility without bearing the capital cost or timeline of building its own infrastructure — a meaningful distinction for a company managing a A$3 million cash balance.

Symes Find Maiden Resource

The maiden JORC 2012 Mineral Resource for Symes Find, reported on 25 August 2026, is 803,600 tonnes at 1.00 grams per tonne gold for 25,800 contained ounces, estimated at a 0.5 grams per tonne gold cut-off. Symes Find was identified from soil sampling anomalies and follow-up RC drilling completed during the June quarter. A second RC programme conducted in August 2026 to test resource extensions and the down-dip plunge of mineralisation was awaiting assays at the time of the quarterly report.

The Forrestania project sits in a prospective greenstone belt in Western Australia. Symes Find is the first JORC resource declared anywhere in the project, establishing a foundation for future resource growth across what remains a largely underexplored tenement package. The company notes the resource is open in several directions and that Symes Find shares geological characteristics with the nearby Mt Jackson gold system. Follow-up drilling will depend on the August programme assay results, which will be released when available.

Mt Fisher Ore Purchase Agreement

On 21 August 2026, Forrestania signed a binding ore purchase agreement with Heron Resources (ASX:HTM) to purchase up to 400,000 dry metric tonnes of oxide ore from Heron's Mt Fisher gold project for toll treatment at the Edna May processing facility in Western Australia. First ore delivery is targeted for December 2026. Ore will be sourced from near-surface oxide mineralisation at Mt Fisher and processed using Edna May's established carbon-in-leach circuit.

Under the agreement's commercial terms, Forrestania pays Heron a price formula linked to recovered gold and prevailing gold prices, plus a toll processing fee for use of the Edna May infrastructure. No upfront capital for mill construction or refurbishment is required from Forrestania. The economics depend on actual ore grades, recovery rates and gold prices at the time of processing, which cannot be fixed in advance. No numerical production or revenue forecast has been provided. The deal represents the company's clearest near-term pathway to gold revenue since the project was acquired.

Cash and Outlook

Cash at 30 September 2026 was A$3.025 million, down from A$3.766 million at the start of the quarter. Net operating cash outflow was A$741,000, reflecting A$497,000 of exploration expenditure. The company estimates approximately 3.47 quarters of funding at the current spending rate, a figure that will compress as Mt Fisher production activities ramp toward December. No equity or debt was raised during the quarter.

The December quarter priorities are receiving assays from August Symes Find drilling and assessing resource extension potential, commencing pre-strip at Mt Fisher, delivering first ore to Edna May, and identifying additional resource growth targets within the broader Forrestania tenement package. No annual general meeting date was disclosed in the quarterly report.