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Forrestania Resources Limited ( (AU:FRS) ) just unveiled an announcement.
Forrestania Resources has signed a Binding Heads of Agreement to acquire the rights, title and interest in the Gibraltar tenement package in Western Australia’s Coolgardie region from Christopher Alan De Courcy Ryder and Lloyd George Holdings for $2.5 million in Forrestania shares, valued using a five-day VWAP. The deal includes mining leases M15/60 and M15/193, which host approved and operating vat leaching infrastructure, and prospecting licence P15/6203, situated within and adjacent to Forrestania’s existing Coolgardie Hub; additional contingent payments of $40,000 per 1,000 ounces of JORC-compliant gold resources (up to 150,000 ounces) will be made half in cash and half in shares, and Gibraltar will receive a 1% gross revenue royalty on gold production after 150,000 ounces have been mined. Management positions the acquisition as a strategic consolidation of historically mined, stockpile-rich tenure that aligns consideration with exploration success while preserving capital, strengthening Forrestania’s regional growth strategy and potential pathway to production in a key Western Australian gold district.
The most recent analyst rating on (AU:FRS) stock is a Hold with a A$0.46 price target. To see the full list of analyst forecasts on Forrestania Resources Limited stock, see the AU:FRS Stock Forecast page.
More about Forrestania Resources Limited
Forrestania Resources Limited (ASX: FRS) is an Australian gold-focused exploration and development company with a portfolio of Western Australian gold assets, including its Coolgardie Hub in the Yilgarn Craton. The company is pursuing a strategy of consolidating prospective, granted mining tenure near existing processing infrastructure to support the advancement of its production ambitions in the region.
Average Trading Volume: 1,550,745
Technical Sentiment Signal: Buy
Current Market Cap: A$269.1M
See more data about FRS stock on TipRanks’ Stock Analysis page.