Forrestania Resources has agreed to acquire MacPhersons Reward, consolidating its Coolgardie gold tenure with a $5 million cash and share deal that supports its shift from explorer to near-term producer.
- Acquisition of 100% MacPhersons Reward Pty Ltd from Beacon Mining
- $5 million cash plus 36 million shares at $0.38 each as consideration
- Includes granted mining leases and licences within Coolgardie gold district
- Strategic consolidation near existing processing infrastructure
- Completion subject to shareholder and regulatory approvals by March 31, 2026
Strategic Acquisition in Coolgardie
Forrestania Resources has taken a decisive step to strengthen its foothold in Western Australia’s prolific Coolgardie gold district by entering into a binding agreement to acquire MacPhersons Reward Pty Ltd from Beacon Mining. This move brings a portfolio of granted mining leases and prospecting licences under Forrestania’s control, aligning with its broader strategy to consolidate tenure around its Coolgardie Hub.
The acquisition consideration comprises a $5 million cash payment, split between a $500,000 non-refundable deposit and a $4.5 million balance payable upon completion, alongside the issuance of 36 million fully paid ordinary shares at a deemed price of $0.38 each. This structure balances immediate cash outlay with equity, preserving capital for ongoing development.
Unlocking Near-Term Production Potential
MacPhersons Reward’s tenements include six mining leases and multiple prospecting and miscellaneous licences, some with historical production records dating back to the late 19th century. The area has seen limited modern exploration, presenting Forrestania with an opportunity to apply contemporary techniques to unlock value. The acquisition also includes approved and operating mining operations adjacent to Forrestania’s existing infrastructure, facilitating a smoother transition from exploration to production.
Executive Chairman David Geraghty emphasised the strategic nature of the deal, highlighting the importance of granted tenure near processing facilities. He noted that the transaction preserves capital, allowing Forrestania to focus resources on advancing production ambitions across its Western Australian gold assets.
Conditions and Next Steps
The acquisition is contingent upon several conditions precedent, including shareholder approval for the share issuance, regulatory clearances, and third-party consents. These approvals must be secured by 31 March 2026, or the agreement may be terminated. Beacon Mining plans to complete its current mining operations at MacPhersons by mid-February 2026 before shifting focus to other deposits.
Forrestania’s broader regional strategy involves expanding its portfolio across key gold districts such as Southern Cross and Eastern Goldfields, with the Coolgardie Hub acquisition marking a significant milestone in its evolution from explorer to producer. The company’s recent acquisition of the Lake Johnston processing facility further underscores its commitment to building integrated production capabilities.
As Forrestania consolidates its position, the market will be watching closely to see how effectively it can integrate MacPhersons Reward and accelerate its production timeline in one of Australia’s most promising gold provinces.
Bottom Line?
Forrestania’s Coolgardie consolidation signals a pivotal shift towards production, with approvals and integration the next hurdles.
Questions in the middle?
- How will Forrestania integrate MacPhersons Reward’s operations with existing infrastructure?
- What exploration plans will be prioritised to unlock value from underexplored prospects?
- Could the share issuance dilute existing shareholders or attract new strategic investors?