High-Tech Metals finds a potential processing path for Mt Fisher gold

Forrestania agreement creates a potential Mt Fisher processing route

High-Tech Metals Limited (ASX:HTM) has secured a binding Ore Purchase Agreement with Forrestania Resources Limited (ASX:FRS), giving it a possible route to process eligible gold-bearing ore from the Mt Fisher Gold Project without building a standalone plant. The 24-month agreement covers up to 400,000 tonnes, although High-Tech stresses that figure is a contractual maximum, not a production target.

The arrangement arrives as High-Tech moves from resource growth toward development assessment. Its Mt Fisher resource stands at 51,000 ounces, while the broader Mt Fisher and Mt Eureka portfolio contains 202,000 ounces across a 1,150 square kilometre landholding. The company reported A$8.9 million in cash and an approximate A$26 million market capitalisation in the announcement. Earlier, the Mt Fisher resource increase had lifted the project resource by 47%.

Pricing depends on grade, recovery and gold prices

Under the OPA, Forrestania may purchase eligible ore for processing at a nominated gold facility. The purchase price is calculated using the ore grade, metallurgical recovery, a base processing cost, a base grade of 1.45 grams per tonne at a set gold price, adjustments for the prevailing gold price, a maximum recovery of 91% and a treatment charge.

High-Tech will arrange and pay for haulage from the Mt Fisher run-of-mine pad to the processing facility, and will pay a one-off A$50,000 plant access fee. That means the commercial value of any future campaign will depend not only on the ore’s grade and recovery performance, but also on haulage costs, processing charges and the timing and scale of deliveries. The company said it will now assess ore characteristics, metallurgical performance, logistics and campaign scheduling.

No mine decision and stockpile arrangement ends

The agreement does not establish an Ore Reserve or demonstrate economic viability. High-Tech has not decided to mine at Mt Fisher, and any mining or delivery remains subject to further technical and economic work, delivery schedules, regulatory approvals and the suitability of available material. The company’s earlier processing work had indicated amenability to conventional processing, but that does not remove the remaining development tests.

The OPA excludes Wagtail, which remains covered by a separate Mining and Profit Share Agreement under which SSH Mining is funding pre-feasibility work and drilling in return for a 25% share of net project profits if mining proceeds. High-Tech has also given notice to terminate its separate stockpiled ore joint venture with SSH Mining, effective 27 November 2026. Separately, the company retains a non-binding memorandum with Wiluna Mining Corporation to assess toll treatment of Wagtail ore.

Forrestania’s agreement includes a mechanism to redirect future deliveries to a closer facility if Forrestania or a related entity owns, operates, acquires or secures access to one. High-Tech can elect to keep using the existing facility within 10 business days of receiving notice. That flexibility could affect future haulage economics, but the immediate question is more basic: whether Mt Fisher material can be technically and economically prepared for delivery at all.