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Forrestania Resources Limited ( (AU:FRS) ) has issued an announcement.
OzAurum Resources has raised A$4.1 million through a strategic share placement to Forrestania Resources, which will become a 19.9% cornerstone shareholder, in a move that validates OzAurum’s development strategy and strengthens its register with additional mining and processing expertise. The funds will be used to advance heap leach feasibility and development at the James Stage 1 Open Pit at Mulgabbie North, support early mine development and ongoing exploration across the broader project area, and provide working capital, following recent high-grade grade-control drilling that has de-risked the project and underpinned plans for early production.
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
OzAurum Resources Ltd is a Western Australian exploration company with advanced gold projects located 130km northeast of Kalgoorlie and additional assets in Minas Gerais, Brazil, prospective for niobium and rare earth elements. The company is focused on making significant mineral discoveries that can be progressed into production, with a particular emphasis on gold development in the Eastern Goldfields region.
Average Trading Volume: 2,092,023
Technical Sentiment Signal: Buy
Current Market Cap: A$425.8M
For an in-depth examination of FRS stock, go to TipRanks’ Overview page.