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The latest announcement is out from Forrestania Resources Limited ( (AU:FRS) ).
Forrestania Resources Limited has entered into a strategic investment agreement to acquire a 19.9% stake in OzAurum Resources via a share placement, subscribing for 56.9 million new shares at A$0.072 per share for a total of about A$4.1 million, priced in line with OzAurum’s recent 10-day VWAP. The move gives Forrestania meaningful exposure to OzAurum’s near-term heap leach development activities at the James Stage 1 Open Pit within the Mulgabbie North Project in the Eastern Goldfields, and is positioned as a disciplined, portfolio-building step that strengthens Forrestania’s foothold in an emerging Western Australian gold development story, potentially enhancing its growth profile and leverage to high-grade gold production for shareholders.
The most recent analyst rating on (AU:FRS) stock is a Hold with a A$0.54 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 is an ASX-listed exploration and development company focused on building a portfolio of high-quality gold assets and strategic positions across proven mineralised belts in Western Australia, with a particular emphasis on the Eastern Goldfields region.
Average Trading Volume: 2,092,023
Technical Sentiment Signal: Buy
Current Market Cap: A$425.8M
See more insights into FRS stock on TipRanks’ Stock Analysis page.