Breakeven Date Change • May 20
Forecast to breakeven in 2026 The analyst covering Forrestania Resources expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$12.3m in 2026. Earnings growth of 102% is required to achieve expected profit on schedule. Board Change • May 20
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Non Executive Director Daniel Raihani is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Duyuru • May 06
Forrestania Resources Limited (ASX:FRS) acquired Karonie and Lake Rebecca Projects of Goldtribe Corporation Pty Ltd. Forrestania Resources Limited (ASX:FRS) entered into a Binding Heads of Agreement to acquire Karonie and Lake Rebecca Projects of Goldtribe Corporation Pty Ltd for AUD 4.9 million on March 11, 2026. The consideration consists of 7.73 million common equity of Forrestania Resources Limited having a value of AUD 4.87 million to be issued for the Karonie and Lake Rebecca Projects of Goldtribe Corporation Pty Ltd. Alchemy Resources Limited will receive a 1% net smelter royalty on all minerals mined from the tenements. As part of consideration, AUD 4.87 million is paid towards the Karonie and Lake Rebecca Projects of Goldtribe Corporation Pty Ltd.
The transaction is subject to approval of offer by acquirer shareholders, approval by regulatory board / committee, consummation of due diligence investigation and third party approval needed.
Forrestania Resources Limited (ASX:FRS) completed the acquisition of Karonie and Lake Rebecca Projects of Goldtribe Corporation Pty Ltd. The transaction received approval from target board. Board Change • May 01
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Non Executive Director Daniel Raihani is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Breakeven Date Change • May 01
Forecast to breakeven in 2026 The analyst covering Forrestania Resources expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$12.3m in 2026. Earnings growth of 102% is required to achieve expected profit on schedule. Duyuru • Apr 03
Forrestania Resources Limited (ASX:FRS) completed the acquisition of Mt Dimer tenement package from Beacon Mining Pty Ltd. Forrestania Resources Limited (ASX:FRS) signed a heads of agreement to acquire Mt Dimer tenement package from Beacon Mining Pty Ltd for AUD 0.2 million on December 24, 2025. A cash consideration of AUD 0.15 million will be paid by Forrestania Resources Limited. As part of consideration, AUD 0.15 million is paid towards assets of Mt Dimer tenement.
The transaction is subject to approval by regulatory board / committee and third party approval needed.
Forrestania Resources Limited (ASX:FRS) completed the acquisition of Mt Dimer tenement package from Beacon Mining Pty Ltd on April 2, 2026. Duyuru • Mar 28
Forrestania Resources Limited (ASX:FRS) acquired Mantis Resources Pty Ltd. Forrestania Resources Limited (ASX:FRS) entered into a binding Heads of Agreement to acquire Mantis Resources Pty Ltd. for AUD 0.23 million on January 12, 2026. The consideration consists of common equity of Forrestania Resources Limited having a value of AUD 0.24 million to be issued for common equity of Mantis Resources Pty Ltd. As part of consideration, AUD 0.24 million is paid towards common equity of Mantis Resources Pty Ltd.
The transaction is subject to approval of offer by acquirer shareholders and consummation of due diligence investigation.
Forrestania Resources Limited (ASX:FRS) completed the acquisition of Mantis Resources Pty Ltd. on March 27, 2026. Duyuru • Mar 05
Forrestania Resources Limited (ASX:FRS) completed the acquisition of remaining 87.44% stake in Kula Gold Limited (ASX:KGD). Forrestania Resources Limited (ASX:FRS) entered into a Bid Implementation Deed to acquire remaining 87.44% stake in Kula Gold Limited (ASX:KGD) for AUD 44.1 million on October 14, 2025. Under the terms of the Offer, the Company will offer 1 fully paid ordinary shares in FRS for every 5.6 Kula Gold Limited shares held. The Agreement is subject to certain conditions such as FRS obtains a relevant interest in at least 50% of KGD’s shares, there are no “Prescribed Occurrences between the Announcement Date and the date 3 business days after the end of the Offer Period, there is no material adverse change in KGD, no governmental agency, court, or regulatory authority has taken (or is threatening to take) any action, investigation, or proceeding that would restrain, prohibit, or otherwise materially impede the making or completion of the Offer, or require divestiture of any KGD shares or material assets, The Offer does not trigger any changeof-control or similar rights under KGD’s material agreements. KGD’s Board has unanimously recommended that shareholders accept the Offer, in absence of a superior proposal, and that each director intends to accept the Offer in respect of the shares they hold or control. Offer period ends on December 1, 2025. As of November 21, 2025, Forrestania Resources Limited informed that the offer period ends on January 8, 2026. As of December 15, 2025, Forrestania Resources Limited holds 51.16% stake in Kula Gold Limited. As of December 23, 2025, Forrestania Resources Limited holds 76.07% stake in Kula Gold Limited, the transaction has become unconditional and the offer is extended to January 22, 2026. As of January 9, 2026, Forrestania Resources Limited holds 85.77% stake in Kula Gold Limited. As of January 13, 2026, Forrestania Resources holds 86.87% stake in Kula Gold Limited. As of January 21, 2026, Forrestania Resources holds 90% stake in Kula Gold and at least 75% (by number) of the Kula shares that Forrestania offered to acquire under the Offer. Accordingly, Forrestania has commenced the process to compulsorily acquire the remaining Kula shares that it does not have a relevant interest in under the compulsory acquisition provisions of the Corporations Act 2001 (Cth) (Corporations Act). The compulsory acquisition of the remaining Kula shares will be on the same terms as the Offer (as applicable).
Bell Potter Securities Ltd is acting as financial adviser and Steinepreis Paganin are acting as legal advisor to Forrestania Resources Limited. Hall Chadwick (WA) Pty Ltd and Automic Share Registry acted as an accountant and registrar respectively to Forrestania Resources Limited. PKF Perth acted as a tax consultant to Forrestania Resources Limited.
Forrestania Resources Limited (ASX:FRS) completed the acquisition of 87.44% stake in Kula Gold Limited (ASX:KGD) on March 5, 2026. Duyuru • Feb 25
Forrestania Resources Limited (ASX:FRS) entered into a Binding Heads of Agreement to acquire Lake Johnston Projects in Australia from Flynn Gold Limited (ASX:FG1) for AUD 0.35 million. Forrestania Resources Limited (ASX:FRS) entered into a Binding Heads of Agreement to acquire Lake Johnston Projects in Australia from Flynn Gold Limited (ASX:FG1) for AUD 0.35 million on February 25, 2026. Under the Agreement Acquisition consideration to be paid to Flynn at settlement is AUD 0.35 million via the issue to Flynn of a number of fully-paid ordinary shares in Forrestania equal to AUD 0.35 million.
Completion under the Agreement is conditional upon the satisfaction of the following conditions precedent: Completion of financial, legal and technical due diligence by the Forrestania Resources Limited on the tenements, to the absolute satisfaction of the Purchaser within a period of 10 business days from the date of the Agreement; the parties obtaining all necessary regulatory approvals or waivers pursuant to the ASX Listing Rules, Corporations Act or any other law to allow the parties to lawfully complete the matters set out in the Agreement; the parties obtaining all third-party approvals and consents, including the consent of the Minister responsible for the Mining Act, necessary to lawfully complete the matters set out in the Agreement; executing a deed of assignment and assumption in relation to each third-party agreement, and the Consideration Shares being issued by the Forrestania Resources Limited free from any escrow, holding lock, voluntary restriction agreement or other restriction on transfer under the Corporations Act or the ASX Listing. If the conditions precedent are not satisfied on or before 31 March 2026, then either Forrestania or the Flynn Gold may terminate the Agreement. Duyuru • Feb 16
Forrestania Resources Limited (ASX:FRS) entered into a binding Heads of Agreement to acquire MacPhersons Reward Proprietary Limited from Beacon Mining Pty Ltd for AUD 25.5 million. Forrestania Resources Limited (ASX:FRS) entered into a binding Heads of Agreement to acquire MacPhersons Reward Proprietary Limited from Beacon Mining Pty Ltd for AUD 25.5 million on February 16, 2026. A cash consideration of AUD 5 million will be paid by Forrestania Resources Limited. The consideration consists of 36 million common equity of Forrestania Resources Limited to be issued for common equity of MacPhersons Reward Proprietary Limited. Beacon intends to use the cash consideration received for the disposal towards general working capital and the expansion of the Jaurdi Plant.
The transaction is subject to approval of offer by shareholders of Forrestania Resources Limited, approval by regulatory board / committee and third party approval needed. The expected completion of the transaction is March 31, 2026. Duyuru • Feb 02
Forrestania Resources Limited (ASX:FRS) signed a Binding Heads of Agreement to acquire Aurumin Mt Palmer Pty Ltd from Newcam Minerals Pty Ltd for AUD 18 million. Forrestania Resources Limited (ASX:FRS) signed a Binding Heads of Agreement to acquire Aurumin Mt Palmer Pty Ltd from Newcam Minerals Pty Ltd for AUD 18 million on February 2, 2026. The consideration consists of 37.89 million common equity of Forrestania Resources Limited having a value of AUD 18 million to be issued for common equity of Aurumin Mt Palmer Pty Ltd. As part of consideration, AUD 18 million is paid towards common equity of Aurumin Mt Palmer Pty Ltd.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, consummation of due diligence investigation and third-party approval needed. If the conditions precedent are not satisfied (or waived) on or before 31 March 2026 (unless extended by the written agreement), then either Forrestania or the vendors may terminate this Agreement. Aurumin Mt Palmer Pty Ltd. is the 20% owner of one Mining Lease (M77/406), three Exploration Licences (E77/2210, E77/2423 and E77/2668) in and around the Company’s Southern Cross Hub. Duyuru • Jan 16
Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 32 million. Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 32 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 75,633,200
Price\Range: AUD 0.175
Discount Per Security: AUD 0.0105
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 107,223,944
Price\Range: AUD 0.175
Discount Per Security: AUD 0.0105
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Duyuru • Jan 13
Forrestania Resources Limited (ASX:FRS) entered into a binding Heads of Agreement to acquire Mantis Resources Pty Ltd. for AUD 0.23 million. Forrestania Resources Limited (ASX:FRS) entered into a binding Heads of Agreement to acquire Mantis Resources Pty Ltd. for AUD 0.23 million on January 12, 2026. The consideration consists of common equity of Forrestania Resources Limited having a value of AUD 0.24 million to be issued for common equity of Mantis Resources Pty Ltd. As part of consideration, AUD 0.24 million is paid towards common equity of Mantis Resources Pty Ltd.
The transaction is subject to approval of offer by acquirer shareholders and consummation of due diligence investigation. Board Change • Dec 24
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Non Executive Director Daniel Raihani is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Duyuru • Nov 19
Forrestania Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million. Forrestania Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 11,428,572
Price\Range: AUD 0.175 Duyuru • Nov 18
Forrestania Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 32 million. Forrestania Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 32 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 75,633,200
Price\Range: AUD 0.175
Discount Per Security: AUD 0.0105
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 107,223,944
Price\Range: AUD 0.175
Discount Per Security: AUD 0.0105
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Duyuru • Oct 14
Forrestania Resources Limited (ASX:FRS) entered into a Bid Implementation Deed to acquire remaining 87.44% stake in Kula Gold Limited (ASX:KGD) for AUD 44.1 million. Forrestania Resources Limited (ASX:FRS) entered into a Bid Implementation Deed to acquire remaining 87.44% stake in Kula Gold Limited (ASX:KGD) for AUD 44.1 million on October 14, 2025. Under the terms of the Offer, the Company will offer 1 fully paid ordinary shares in FRS for every 5.6 Kula Gold Limited shares held. The Agreement is subject to certain conditions such as FRS obtains a relevant interest in at least 50% of KGD’s shares, there are no “Prescribed Occurrences between the Announcement Date and the date 3 business days after the end of the Offer Period, there is no material adverse change in KGD, no governmental agency, court, or regulatory authority has taken (or is threatening to take) any action, investigation, or proceeding that would restrain, prohibit, or otherwise materially impede the making or completion of the Offer, or require divestiture of any KGD shares or material assets, The Offer does not trigger any changeof-control or similar rights under KGD’s material agreements. KGD’s Board has unanimously recommended that shareholders accept the Offer, in absence of a superior proposal, and that each director intends to accept the Offer in respect of the shares they hold or control. Offer period ends on December 1, 2025.
Bell Potter Securities Ltd is acting as financial adviser and Steinepreis Paganin are acting as legal advisor to FRS. Duyuru • Sep 24
Forrestania Resources Limited (ASX:FRS) entered into a sale and purchase agreement to acquire four granted exploration licences adjacent to the Edna May Gold Mine from Kula Gold Limited (ASX:KGD) for AUD 1.5 million. Forrestania Resources Limited (ASX:FRS) entered into a sale and purchase agreement to acquire four granted exploration licences adjacent to the Edna May Gold Mine from Kula Gold Limited (ASX:KGD) for AUD 1.5 million on September 23, 2025. A cash consideration of AUD 0.5 million will be paid by Forrestania Resources Limited within in 7 days of the agreement and an earnout payment of AUD 1 million cash once the reporting an Inferred Mineral Resource in accordance with the JORC of 100,000 ounces of gold or equivalent has been achieved.
The transaction is subject to approval by regulatory board / committee and consummation of due diligence investigation. Duyuru • Sep 13
Forrestania Resources Limited (ASX:FRS) signed Binding heads of agreement to acquire First Western Gold Pty. Ltd. from Askari Metals Limited (ASX:AS2) for AUD 0.7 million. Forrestania Resources Limited (ASX:FRS) signed Binding heads of agreement to acquire First Western Gold Pty. Ltd. from Askari Metals Limited (ASX:AS2) for AUD 0.7 million on September 12, 2025. The Total consideration of AUD 0.7 million, payable in cash and shares i.e., Pay to Askari the amount of AUD 0.25 million in cash and The Company will issue 2,223,321 Shares equal to AUD 0.45 million. Completion is subject to the following conditions precedent i.e., Completion of financial, legal and technical due diligence by FRS on FWG and the tenements, to the absolute discretion of FRS within 21 days of the Execution Date, Askari and FRS obtaining all necessary third-party approvals, waivers and/or consents required (to the extent required) to permit the transaction contemplated by the agreement; and All warranties being correct and not misleading or deceptive during the period between the execution of the agreement and settlement and Askari providing written confirmation of the same for the benefit of FRS. As part of the transaction, subject to Askari Metals shareholder approval. The agreement is otherwise on standard terms and conditions for a share sale agreement. The Company expects completion under the Agreement by no later than December 20, 2025. Duyuru • Aug 27
Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 8.61 million. Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 8.61 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,000,000
Price\Range: AUD 0.205
Discount Per Security: AUD 0.0123
Transaction Features: Subsequent Direct Listing Board Change • Aug 18
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Non Executive Director Daniel Raihani is the most experienced director on the board, commencing their role in 2025. Independent Chairman Dave Geraghty was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Duyuru • Aug 14
Forrestania Resources Limited (ASX:FRS) signed a binding heads of agreement to acquire North Iron Cap Pty Ltd from its shareholders for AUD 10.6 million. Forrestania Resources Limited (ASX:FRS) signed a binding heads of agreement to acquire North Iron Cap Pty Ltd from its shareholders for AUD 10.6 million on August 14, 2025. A cash consideration of AUD 2.78 million will be paid by Forrestania Resources Limited. The consideration consists of 42.14 million common equity of Forrestania Resources Limited to be issued for common equity of North Iron Cap Pty Ltd.
The transaction is subject to approval of offer by acquirer shareholders, consummation of due diligence investigation and third party approval needed. The expected completion of the transaction is October 30, 2025. Duyuru • Aug 13
Forrestania Resources Limited (ASX:FRS) signed a binding agreement to acquire gold rights on prospecting license P15/6113 and mining lease application M15/1934 from Bradley John McGhie for AUD 0.12 million. Forrestania Resources Limited (ASX:FRS) signed a binding agreement to acquire gold rights on prospecting license P15/6113 and mining lease application M15/1934 from Bradley John McGhie for AUD 0.12 million on August 12, 2025. A cash consideration of AUD 0.12 million will be paid by Forrestania Resources Limited. As part of consideration, but separate to the consideration price, Forrestania Resources Limited has agreed to pay Bradley John McGhie a 2.5% net smelter return royalty.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, review of data already on the tenement and third party approval needed. The expected completion of the transaction is December 20, 2025. Duyuru • May 27
Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.5 million. Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: AUD 0.05
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Duyuru • May 16
Forrestania Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 0.5 million. Forrestania Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 0.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: AUD 0.05
Transaction Features: Subsequent Direct Listing Duyuru • Mar 12
Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.50091 million. Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.50091 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,036,411
Price\Range: AUD 0.025
Transaction Features: Subsequent Direct Listing Duyuru • Feb 18
Forrestania Resources Limited Announces Board Changes Forrestania Resources Limited announced that David Izzard has tendered his resignation as a Director to pursue other interests. Mr. Daniel Raihani, holding approximately an 8% interest in the Company through his company 7 Enterprises Pty Ltd, has agreed to join the board as a Non Executive Director. Mr. Raihani is an Accountant and Tax Professional with a wide range of experience at the executive level in the public, private and not-for-profit sectors. Mr. Raihani has controlling equity positions and directorships in private and public companies across various sectors. Mr. Raihani is currently the Managing Director of Aurumin Limited, Chairman of First Au Limited and Chairman of Voltaic Strategic Resources Limited. Mr. Raihani is a member of the Australian Institute of Company Directors (MAICD) and a Justice of the Peace. He holds a Bachelor of Business and Diploma of Financial Services. New Risk • Feb 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$3.37m market cap, or US$2.12m). Duyuru • Feb 12
Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.36 million. Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.36 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 18,490,000
Price\Range: AUD 0.01
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 17,510,000
Price\Range: AUD 0.01
Transaction Features: Subsequent Direct Listing Board Change • Feb 04
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director William Higgins was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 24
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director William Higgins was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Dec 24
Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.43889 million. Forrestania Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.43889 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 31,660,000
Price\Range: AUD 0.0125
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,451,163
Price\Range: AUD 0.0125 Duyuru • Oct 31
Forrestania Resources Limited, Annual General Meeting, Nov 29, 2024 Forrestania Resources Limited, Annual General Meeting, Nov 29, 2024. Location: at suite 2, 38 colin street, west perth, 6005, Australia New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$2.43m market cap, or US$1.68m). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Duyuru • Jun 26
Forrestania Resources Limited Announces Resignation of Scott Patrizi as Non Executive Director Forrestania Resources Limited announced Mr. Scott Patrizi has tendered his resignation as a Non Executive Director of the Board effective from 25 June 2024 to pursue other interests. New Risk • Apr 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 35% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.6m free cash flow). Share price has been highly volatile over the past 3 months (35% average weekly change). Shareholders have been substantially diluted in the past year (134% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$4.69m market cap, or US$3.11m). New Risk • Mar 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$4.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.6m free cash flow). Shareholders have been substantially diluted in the past year (134% increase in shares outstanding). Revenue is less than US$1m (AU$58k revenue, or US$38k). Market cap is less than US$10m (AU$3.24m market cap, or US$2.12m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Duyuru • Oct 05
Forrestania Resources Limited, Annual General Meeting, Nov 29, 2023 Forrestania Resources Limited, Annual General Meeting, Nov 29, 2023, at 10:30 W. Australia Standard Time. Location: Unit 2, 38 Colin Street, West Perth Western Australia Australia Agenda: To consider the election of Directors. New Risk • Sep 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.3m free cash flow). Share price has been highly volatile over the past 3 months (57% average weekly change). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$5.10m market cap, or US$3.28m). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). New Risk • Aug 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.3m free cash flow). Share price has been highly volatile over the past 3 months (59% average weekly change). Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.28m market cap, or US$4.07m). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). New Risk • Jul 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 83% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.3m free cash flow). Share price has been highly volatile over the past 3 months (73% average weekly change). Shareholders have been substantially diluted in the past year (83% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.21m market cap, or US$5.47m). Board Change • Apr 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director William Higgins was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Feb 18
Forrestania Resources Provides an Update on Exploration Activities from Its Leonora/Eastern Goldfields Project Area Forrestania Resources provided an update on exploration activities from its Leonora/Eastern Goldfields project area. The Company's Eastern Goldfields Project is located north of Kalgoorlie around the gold mining districts of Leonora and Menzies. The Eastern Goldfields project area comprises ten tenements that are strategically located over areas that the Company believes are highly prospective for large scale, multi commodity discoveries. The Melita 02 prospect (located within the Breakaway Well project - E29/1118) was identified by Company geologists from historic WAMEX reports. These reports detail diamond exploration in the region by Stockdale Prospecting Limited, who identified numerous kimberlite occurrences within the project area, in the 1990s. A heli-mag geophysical survey led Stockdale Prospecting Limited to target the Melita 02 anomaly1 and subsequently, in 1997 several AC and RAB drill holes were completed, along with two trenches/costeans. Several field trips have taken place to the Eastern Goldfields project area by FRS geologists. At the Melita 02 prospect, with no outcrop available, a total of 11 "grab" samples were taken from historic costeans as well as from historic drill cuttings. These samples have returned strong REE results, see table 1. The results are especially encouraging given that the location of some of the high REE results are over 800m apart. Additionally, elevated and anomalous results for niobium were also returned, including: FR000545 - 242ppm Nb, FR000546 - 220ppm Nb, FR000544 - 218ppm Nb, FR000550 also returned very high values for barium (5210ppm Ba), lead (648ppm Pb), strontium (1045ppm Sr) and zinc (1020ppm Zn), helping confirm the magmatic origin of the intrusive. In a regional context, Asra Minerals have recently raised funds to advance their Mt Stirling Project2 (a multi-commodity asset with a high ratio of "heavy" REEs), approximately 60km the north-east of the Melita 02 prospect. Marquee Resources' Redlings REE deposit, a mineralised system that is related to carbonatitic dykes and associated fenitic alteration3, is located approximately 35km north-north-west of the Melita 02 prospect. Stockdale Prospecting Limited also noted in WAMEX report A53618, the location of a number of other geophysical, magnetic anomalies that have the potential to be dykes; many of these are located throughout the Company's Eastern Goldfields project area. The Melita 03 prospect is one of those geophysical anomalies and is located 1.6km to the north, also on the Company's Breakaway Well project. A number of other Stockdale Prospecting's geophysical targets are located across Forrestania Resources' tenements. Duyuru • Feb 13
Forrestania Resources Limited Announces Successful Completion of Reverse Circulation Drilling Programme At Forrestania Lithium Project Forrestania Resources Limited announced successful completion of its second lithium-focussed reverse circulation (RC) drilling programme at its Forrestania lithium project, in WA's southern Yilgarn region. The company drilled 25 RC holes across four key prospects for 3,983m to test geochemical lithium and pathfinder anomalies, pegmatite surface exposures and the extension of pegmatites intersected in historic drilling. 25 RC holes for 3,983m were completed as part of the Company's lithium-focussed drilling programme. Nine holes were drilled at the South Iron Cap East prospect, five holes at the Giant prospect, seven holes at the Gem prospect and four holes at the Bounty East prospect. Drill holes were completed to a minimum depth of 102m and a maximum of 246m. The programme was curtailed from the planned 5,000m programme due to access approvals negating 3 holes at South Iron Cap East and other holes not drilled to target depth due to water issues. A very significant result from the South Iron Cap East drilling was the intersection of 32m of highly weathered felsic material from 10m in FSIR0003. The interval consisted of weathered material that included quartz, white clay and also included muscovite and tourmaline which are encouraging indicators for fractionated pegmatites. Follow up drilling will aim to target the fresh rock component of this pegmatite. Drill hole FGIR0004, located 20m to the north of the historic intercept, returned 11m of pegmatite from 73m depth. Additionally, drill hole FGIR0005, located 20m to the south of the historic intercept returned 10m of quartz and muscovite rich pegmatite from 110m depth. Very fine, white, elongate crystals were observed within some of the coarse quartz crystals, interpreted as possible spodumene. Drilling at Gem targeted extensions at depth to the historically mined Gem pegmatite. Of the six holes drilled at Gem, four holes intersected pegmatite. Drill hole FGER0006 returned 5m of lepidolite, cookeite and rubellite bearing, weathered pegmatite from 41m depth. Single metre pegmatite intersections were returned from FGER0005 at 99m, FGER0007 at 59m and FGER0010 at 88m. All intersections hosted lepidolite and/or rubellite, clearly demonstrating that the pegmatite is highly fractionated. The new data will be built into the company's geological model to incorporate into further drill planning where it will be used to target potential zones of pegmatite accumulation. What was more significant, however, was the felsic material intercepted near surface in all of the drill holes (up to 14m thick, see table 2), interpreted to correlate with the tantalum soil anomaly. The felsic material hosted quartz, trace muscovite and occasional pink crystals of possible weathered rubellite. The unit was interpreted as a highly weathered pegmatite which opens up the potential for further down dip, drill hole targeting. Samples have been collected and will be delivered to ALS for lithium and gold analysis with results expected within the next six weeks. Pending assay results, XRD or other spectral analysis will be completed on select mineralised samples to confirm mineralogy. Duyuru • Jan 26
Forrestania Resources Limited Provides Drilling Update for the Forrestania Project -Prospective for Significant Lithium, Gold, and Nickel Discoveries Forrestania Resources Limited provided a drilling update for the Forrestania Project -prospective for significant lithium, gold, and nickel discoveries. Topdrill has successfully mobilised its Reverse Circulation (RC) drill rig to site and commenced the first of several RC drill holes at the high priority South Iron Cap East lithium prospect. This prospect is located in the southern portion of the Forrestania project area, 1km to the east of IGO's high grade lithium intercept of 50.6m @ 0.95% Li2O1. After the South Iron Cap East prospect, the rig will move to the Gemcutter and Giant Pegmatite prospects before finishing at the Bounty East prospect. Further details of the targets are set out in ASX release dated 20 December 2022. The Company will provide regular updates as drilling continues. Duyuru • Jan 18
Forrestania Resources Limited Announces Execution of Drilling Contract for its Second Lithium-Focussed Drill Program at the Forrestania Project Forrestania Resources Limited announced it has executed a drilling contract for its second lithium-focussed drill program at the Forrestania Project. Topdrill Pty Ltd. has been engaged and will mobilise an RC rig for the programme to commence in the fourth week of January 2023. The RC drill programme for up to 5,000m will test targets at four of the Company's lithium prospects: Giant Pegmatite, targeting extensions of a previous discovery of 34m @ 3.1% Li2O1 from 68m. South Iron Cap East, testing the prospect identified in April 2022, which includes an anomalous tantalum in soil zone of over 2.5km in length with a pegmatite outcrop. This prospect is located less than 1km to the east of IGO's South Iron Cap drill intercept where 50.6m @ 0.95% Li2O2 was recorded from a nickel focussed drill hole. Gemcutter, targeting extensions to historic pegmatite and lithium intercepts, beneath the Gem Mine. Bounty East, drilling across the major tantalum anomaly zone, targeting deeper mineralisation on a drill line which has not previously been drilled, located only 6km east of the world class Mt Holland/Earl Grey lithium mine. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director William Higgins was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 22
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director William Higgins was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
