Forrestania Resources has rapidly expanded its gold portfolio across Western Australia, boosting its resource base from 24koz to over 593koz in just 14 weeks, backed by a strategic $8.61 million capital raise.
- Acquisition of British Hill, North Ironcap, Burracoppin projects
- Option secured for Hyden Project including Lady Ada and Lady Magdalene
- JORC-compliant gold resources surged from ~24koz to 593koz
- Raised $8.61 million via premium placement
- Leadership refreshed with new Chairman and Non-executive Director appointments
Strategic Expansion Across Western Australia
Forrestania Resources Limited (ASX, FRS) has delivered a transformative quarter ending September 30, 2025, marked by a series of strategic acquisitions and resource upgrades that significantly reposition the company within Western Australia's prolific gold mining districts. The company’s aggressive growth charter has seen its JORC-compliant gold resource base balloon from a modest 24,000 ounces to over 593,000 ounces in just 14 weeks, underscoring a rapid and disciplined expansion strategy.
Key acquisitions during the quarter include the British Hill Gold Project, an advanced open pit asset with over 54,000 ounces of gold resources, and the North Ironcap Gold Project, boasting nearly 106,000 ounces in inferred resources. Forrestania also secured the Burracoppin Gold Project through the acquisition of First Western Gold Pty Ltd, adding another 82,700 ounces to its portfolio. Additionally, the company holds an option to acquire the Hyden Project, which encompasses the Lady Ada and Lady Magdalene gold deposits, collectively hosting nearly 300,000 ounces of gold resources.
Resource Upgrades and Exploration Success
Beyond acquisitions, Forrestania announced encouraging drilling results at its Lady Lila prospect, part of the Forrestania Project, with a phase 2 drilling campaign yielding significant intercepts and an upgraded mineral resource estimate of over 40,000 ounces at a grade of 1.03 grams per tonne. Meanwhile, the maiden inferred resource estimate at the Ada Ann prospect within the Bonnie Vale project added over 12,000 ounces at a higher grade of 1.67 grams per tonne, highlighting the quality of the company’s exploration pipeline.
Capital and Leadership Reinforcement
Supporting this growth, Forrestania successfully completed a strategic placement raising $8.61 million at a 21.7% premium to the 10-day volume weighted average price, providing the financial firepower to advance exploration and development activities. The company’s cash reserves stood at nearly $5 million at quarter-end, with ongoing exploration expenditure and corporate costs managed prudently.
Leadership changes have also been a notable feature, with David Geraghty appointed as Chairman and Adam Turnbull joining as a Non-executive Director. Turnbull, a seasoned entrepreneur with over two decades of leadership experience across multiple sectors, has also been granted an option package subject to shareholder approval, aligning his interests with Forrestania’s growth ambitions.
Broader Market Engagement and Tenure Expansion
Forrestania has further diversified its exposure by investing in other listed gold companies, including a significant stake in Kula Gold Limited and a near 10% holding in TG Metals Limited. The company also expanded its tenure through multiple agreements, including acquiring exploration licenses adjacent to its existing projects, reinforcing its footprint in key gold belts.
While no substantive mining production occurred during the quarter, Forrestania’s focused approach on acquiring granted mining leases and projects with near-term development potential signals a clear pathway toward production and profitability. The company’s disciplined execution and strategic positioning in Western Australia’s premier gold districts position it well to capitalize on future opportunities.
Bottom Line?
Forrestania’s rapid resource growth and strategic acquisitions set the stage for a pivotal phase of development and value creation.
Questions in the middle?
- When will Forrestania exercise its option to acquire the Hyden Project and what impact will this have on its resource base?
- How will the company prioritize development among its newly acquired projects to advance toward production?
- What are the potential risks related to the remaining incomplete acquisitions and royalty obligations?