Highlights

• Forrestania Resources has entered a binding Ore Purchase Agreement (OPA) with High-Tech Metals Limited for gold-bearing ore from.

• Forrestania said pricing is set on commercial terms linked to ore grade, metallurgical recovery, prevailing gold prices and.

• HTM's own announcement of the same agreement describes the 400,000 tonne figure as a contractual maximum rather than.

• On 28 October 2026 Forrestania reported an updated JORC Mineral Resource Estimate for the Symes Find gold deposit.

Forrestania Resources (ASX:FRS) — has entered a binding Ore Purchase Agreement (OPA) with High-Tech Metals Limited for gold-bearing ore from HTM's Mt Fisher Gold Project in Western Australia. The company said the agreement covers potential supply of up to 400,000 tonnes through processing campaigns over a term of up to 24 months.

What the agreement provides

Forrestania said pricing is set on commercial terms linked to ore grade, metallurgical recovery, prevailing gold prices and agreed treatment and processing charges, although no specific figures were disclosed. Delivery schedules and processing campaigns are to be agreed between the two companies during the term, and Forrestania receives preferential access to Mt Fisher ore for that period.

The announcement gave no dollar value or revenue estimate. The benefits Forrestania cited were better utilisation of its processing infrastructure and a more diversified ore pipeline. It mentioned its Edna May and Lake Johnston processing hubs, but did not say which facility would treat the Mt Fisher ore or what capacity would be used. No security, collateral or guarantee arrangements were mentioned, and the announcement did not discuss risks.

HTM's own announcement of the same agreement describes the 400,000 tonne figure as a contractual maximum rather than a production target, and says deliveries remain subject to further technical and economic assessment, agreed schedules and regulatory approvals. HTM also said no Ore Reserve has been estimated at Mt Fisher and it has not decided to mine, so the volume that actually reaches Forrestania is not yet certain.

The Symes Find resource update

On 28 October 2026 Forrestania reported an updated JORC Mineral Resource Estimate for the Symes Find gold deposit, located in the Wheatbelt about 58km south of Moorine Rock. At a 0.5 g/t cut-off, the resource is 803,600 tonnes at 1.00 g/t gold for 25,800 ounces. That comprises 220,000 tonnes at 0.83 g/t for 5,800 ounces Measured, 406,900 tonnes at 1.07 g/t for 13,900 ounces Indicated and 176,700 tonnes at 1.07 g/t for 6,100 ounces Inferred.

The new figure is well below the 1.4 million tonnes at 1.7 g/t for 75,000 ounces reported by previous owner Ramelius Resources when mining began in 2023, which used a 0.6 g/t cut-off. Ramelius subsequently mined about 0.5 million tonnes at 2.41 g/t, or roughly 42,000 ounces, in 2024. Because the cut-off grades differ, the two estimates are not directly comparable. Forrestania acquired the project in September 2026, and ore from Symes Find is trucked about 121km to the Edna May processing plant.

The estimate draws on 1,918 holes, mostly reverse circulation and aircore, and uses a main drilling pattern of 20m by 20m. The Competent Person is Mark Carder of Mega Resources Pty Ltd.

Caveats and next steps

Forrestania identified depletion from historic and recent mining as the key risk and said it is not known whether the shallow Pit D North was backfilled to surface. Pre-2019 sampling and quality control records are poorly documented and are still being validated, and the resource has been reviewed internally but not externally audited. The company said further technical, environmental and statutory assessment is needed before any mining. The announcement also contains inconsistent drilling totals, with 68,277m and 1,918 holes in the text against 68,899m and 1,937 holes in a table.

Forrestania said next steps at Symes Find include staged development, infill drilling to convert Inferred material to Indicated, and drilling to support metallurgical and geotechnical studies. The company is also targeting first gold from Edna May in December 2026. Neither announcement set out how the HTM ore would be scheduled alongside Forrestania's own feed.