Latest Forrestania Resources News

Zenith Minerals has rejected an unsolicited $5 million capital-raising proposal from Aurenne, saying it is incomplete, difficult to implement and offers shareholders no direct consideration. The board has kept its recommendation of Forrestania Resources’ takeover offer unchanged.

Zenith Minerals more than doubled its flagship Dulcie gold resource to 675,000 ounces in FY26, but the company’s next chapter is now tied to Forrestania Resources’ conditional takeover offer. The annual report also details Takeovers Panel intervention, ongoing drilling and a cash balance of $4.23 million.

Forrestania Resources has lifted the higher-confidence portion of its Lady Ada and Lady Magdalene gold resource by 43%, even as total contained ounces fall 4% to 285,700 ounces. The update strengthens the development case, but most of the resource remains Inferred and the tenements are subject to ongoing legal proceedings.

Beacon Minerals has reported a sharp FY2026 recovery, underpinned by higher gold revenue, Lady Ida production and a substantial increase in the Iguana Ore Reserve. The headline profit includes a sizeable asset-sale gain, leaving the next test focused on recurring mine performance.

Auravelle Metals has reported encouraging gold results at Sheoak and expanded its Crown project, but its FY2026 annual report flags a material uncertainty over its ability to continue as a going concern. The company lost A$3.98 million, used A$4.07 million in operating cash and held A$632,721 at year end before completing a further A$1.5 million placement.

The Takeovers Panel has upheld its finding of unacceptable circumstances in Forrestania Resources’ recommended takeover of Zenith Minerals, while requiring both companies to explain what happens if Forrestania falls short of full ownership. The extra disclosure puts listing status, processing access, governance and shareholder voting under sharper scrutiny.

Forrestania Resources has increased the British Hill JORC Mineral Resource Estimate by 21% to 212,400 ounces of gold, with higher-confidence Indicated ounces rising 37%. Drilling is continuing, but the project remains at the resource and study stage rather than production.

Katana Capital Limited (ASX:KAT) delivered a 17.98% gross investment return in FY2026, beating the All Ordinaries by 15.55 percentage points as its portfolio benefited from defence, infrastructure, resources and technology exposures. Net profit rose to $3.808 million, while the listed investment company entered FY2027 with elevated cash and a deliberately cautious stance on banks.

The Takeovers Panel has received a review application from Ida Metal Investments over orders made in the Zenith Minerals takeover matter. The application also seeks interim orders matching those imposed on 6 September, adding another procedural hurdle to the contested bid.

OzAurum Resources has shifted Mulgabbie North from feasibility work into early construction, backed by encouraging laboratory heap leach results and a $4.10 million placement. But the company remains loss-making, cash-burning and dependent on further funding, with its auditor flagging a material uncertainty over going concern.

Forrestania Resources has agreed to acquire four granted Western Australian exploration licences at Skeleton Rocks for a stated $250,000 consideration. The deal remains subject to due diligence, with the company yet to choose between cash and shares as payment.

Auravelle Metals has agreed to divest its Skeleton Rocks Project in Western Australia to Forrestania Resources for $250,000 in cash or shares. The deal remains subject to due diligence and other conditions, as Auravelle narrows its exploration focus to Nuckulla Hill and Crown.