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Forrestania Resources Limited (ASX:FRS)

ALERT: Price-sensitive ASX Announcement for FRS
Current share price for FRS : $0.380 -0.025 (-6.17%)+
Announcement
Release
7 Jul 2026 7:02PM
Price at Release
$0.405
Full Release
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Summary
Forrestania Resources Limited has announced a strategic acquisition of the Edna May Gold Project from Ramelius Resources Limited for A$300 million. This acquisition includes a significant processing plant with a JORC Mineral Resource and aligns with Forrestania's strategy to consolidate quality gold assets in Western Australia. To fund the acquisition, Forrestania is conducting a capital raising through a two-tranche share placement expected to raise A$310 million. The acquisition is subject to shareholder approval and other conditions. Offering 1 Forrestania Share per 4.3 Zenith Shares, the offer period has been extended to 31 July 2026.
Key Points
  • Forrestania Resources Limited (FRS) has announced a bid to acquire the Edna May Gold Project from Ramelius Resources Limited for A$300 million.
  • The transaction includes acquiring a 2.9Mtpa processing plant and associated infrastructure with a JORC Mineral Resource of 945koz Au.
  • Forrestania is undertaking a capital raising to fund the acquisition, planning a two-tranche share placement to raise A$310 million.
  • Completion of the acquisition is conditional upon shareholder approval and other regulatory conditions.
  • The acquisition supports Forrestania's strategy to consolidate high-quality gold assets in Western Australia.
  • Forrestania aims to restart the Edna May Mill in the first half of 2027.
  • The bid offers Zenith Minerals Limited shareholders 1 new Forrestania Share for every 4.3 Zenith Shares.
  • Forrestania has secured firm commitments for the capital raising and received strong support from institutional investors.
  • The offer period for the Zenith takeover has been extended to 31 July 2026.
  • The transaction is part of Forrestania's broader strategy to expand its processing capacity and resource base.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.