Key Highlights

  • Forrestania completed the acquisition of the Edna May Gold Project from Ramelius Resources, including a fully permitted 2.9Mtpa processing facility.
  • An institutional raising of approximately $310 million was completed, leaving cash of $71.1 million and listed investments of $18.0 million at 30 September 2026.
  • Four Pre-Feasibility Studies and maiden Ore Reserves were released for British Hill, Edna May, Johnson Range and Tycho.
  • Acceptances for the off-market takeover of Zenith Minerals passed 62% of its issued capital, and the offer was declared unconditional on 22 October 2026.

Forrestania Resources Ltd (ASX:FRS) completed the acquisition of the Edna May Gold Project from Ramelius Resources Ltd during the September 2026 quarter, giving it a second gold processing hub in Western Australia alongside its Lake Johnston facility. The deal was accompanied by an institutional equity raising of approximately $310 million, and the company ended the quarter with $71.1 million in cash.

Edna May and the Funding Behind It

The Edna May acquisition includes a fully permitted 2.9Mtpa processing facility, associated infrastructure and a regional landholding. Forrestania began integration, mine planning and operational readiness work after completion, with gold production scheduled to start in the December 2026 quarter. Payment for the project comprised $205.2 million in cash and a further $90.0 million paid through share-based payments.

At 30 September 2026 the company held $71.1 million in cash and $18.0 million in listed investments. Exploration and evaluation spending was $3.8 million, directed mainly at drilling, assaying and geological modelling at British Hill and Johnson Range, with another $0.9 million paid in shares. Development expenditure was $27.6 million, plus $13.9 million in shares, covering refurbishment of the CIL plant, elution circuit and site infrastructure, together with engineering, procurement and mine development. No commercial production took place in the quarter. Cash payments to related parties were $365,906, covering director fees and superannuation.

Studies, Reserves and Mining Arrangements

On 18 September 2026 Forrestania released four Pre-Feasibility Studies and maiden Ore Reserves covering the British Hill, Edna May, Johnson Range and Tycho deposits. The studies set out several development pathways and indicated how the Mineral Resource inventory could supply ore to both the Lake Johnston and Edna May plants, as well as the sequencing, capital requirements and project economics.

The company signed mining and mining services agreements with MEGA Resources for the Johnson Range and Tycho deposits, and entered Ore Purchase Agreements with MEGA and other parties that allow third-party gold ore to be processed at either facility, which the company said supports plant utilisation and gives it flexibility between internal and third-party feed. The MEGA agreements provide the mining capability needed at Johnson Range and Tycho, where mining is scheduled to begin. At Lake Johnston, refurbishment continued across plant civils, equipment procurement and installation and infrastructure, with commissioning activity progressing toward first production in early 2027. About 180,000 tonnes of ore had been stockpiled to feed the mill.

Resource Growth and the Zenith Offer

Forrestania's consolidated Mineral Resource inventory moved above two million ounces of gold, helped by the addition of Edna May and an increase at British Hill. The British Hill estimate now stands at 4.12Mt at 1.60 g/t Au for 212,400 oz at a 0.5 g/t Au cut-off, and resource drilling there is continuing.

The recommended off-market takeover offer for Zenith Minerals Ltd (ASX:ZNC) attracted acceptances above 62% of Zenith's issued capital. On 22 October 2026 Forrestania confirmed that the offer was free of all defeating conditions. Zenith's board has unanimously recommended acceptance in the absence of a superior proposal. Zenith's flagship Dulcie Gold Project in the Forrestania region carries an Inferred Mineral Resource of 21.3Mt at 1.0 g/t Au for 675,000 oz.

Leadership and Governance Changes

Mining finance executive Tom Plant was appointed Chief Financial Officer and will start in January 2027. The board also established an audit committee chaired by Daniel Raihani, with Adam Turnbull and Karen Wellman as members, and a Nomination and Remuneration Committee chaired by Karen Wellman with the same two directors. Executive Chairman David Geraghty said the quarter marked a step in the company's move toward becoming a Western Australian gold producer, with the Edna May completion and capital raising establishing a second processing hub and adding to the balance sheet.