Forrestania Resources – Company Snapshot

The Starting Point

FRS at June 2025

Leadership Reset · Strategy Pivot Underway

◆ JORC Resources

24koz Au

Lady Lila24,000 oz @ 1.38 g/t↗

Lady Lila inferred resource (13 May 2025)

24k oz

⚙ Plant & Facilities

No processing infrastructure or agreements

▲ Operations

Exploration Stage

Board reset underway — Geraghty appointed NED May 2025

Cash position: ~$920K (30 Jun 2025)

Net loss $1.4M for FY2025

Current State

FRS at 1 July 2026

Mill Owner · First Revenue Underway

◆ JORC Resources

2,627,800oz Au

77.70 Mt · ~1.05 g/t avg · 14 deposits · all-in

1,007,800 oz FRS confirmed + 945,000 oz Edna May^† + 675,000 oz Zenith^‡
^† subject to completion of acquisition · ^‡ subject to takeover offer

◆ Announced Acquisition

Edna May Gold ProjectBinding · Conditional

Binding agreement to acquire 100% from Ramelius (ASX: RMS), announced 29 Jun 2026

A$300M consideration (A$210M cash + A$90M FRS scrip, 225M shares @ A$0.40)

Funded by a A$310M institutional placement @ A$0.40/share (1 Jul 2026)

Would add 945,000 oz Au (30.7 Mt @ 1.0 g/t) and a 2.9 Mtpa CIL mill + 35 tenements

RMS to hold ~9.6% of FRS (18-mo escrow) · completion Q3 CY2026

Conditional on FRS shareholder & regulatory approvals · excluded from FRS confirmed totals above

See Edna May acquisition →

◆ Pending Acquisition

Zenith Minerals (ASX: ZNC)Announced · Offer Pending

Recommended off-market scrip takeover announced 9 Jun 2026

1 FRS : 4.3 ZNC · ~A$0.132/share · ~A$93.5M · 46.7% premium

Would add 675 koz Au (Consolidated Dulcie) and 36 tenements if completed

Conditional on min 50.1% acceptance · excluded from FRS confirmed totals above

See ZNC acquisition →

⚙ Plant & Facilities

Lake Johnston Processing Plant

1.5 Mtpa comminution & flotation circuit (operational)

CIL circuit upgrade to 3.2 Mtpa underway (Polaris Engineering, commissioning Nov 2026)

86 km² mining leases · Licensed to 2041

Acquired from Horizon Minerals for $35M

Completed 13 Feb 2026 · Funded via $37M capital raise completed Jan 2026

ECI partners engaged: Polaris Engineering, RG Mining, PwC, OTOC, MBS Environmental

Edna May Processing Plant Announced · Conditional

~2.9 Mtpa conventional CIL (hybrid CIP/CIL) gold plant

Flowsheet: single-stage crush → SAG/ball/pebble milling → gravity + intensive cyanidation → CIP/CIL leach → electrowinning & doré

Built by Catalpa Resources (GRES EPC); commissioned 2010

On care & maintenance since Apr 2025; restart targeted H1 CY2027 (~A$50M est. capex)

All 7 environmental & operating permits in place

~315 km E of Perth, ~1 km from Westonia · 185-room camp, airstrip, TSF, grid power

Acquired from Ramelius for A$300M · announced 29 Jun 2026 (conditional on FRS shareholder approval & customary conditions)

Combines with Lake Johnston for a >6 Mtpa two-mill platform by H1 CY2027 · Source: FRS Investor Presentation (1 Jul 2026) & Acquisition announcement (29 Jun 2026)

▲ Operations & Revenue

Toll Treatment Underway

First revenue: Westgold OPA executed 19 Feb 2026

Gibraltar ore → Westgold Higginsville @ $48/dt

$2M commencement payment received + $7.2M+ scheduled

Total contracted revenue up to ~$36M (if all parcels elected)

Gibraltar acquired for $2.5M in FRS shares

In-the-money options: (67,157,173 options unexercised and ~$21.2M) — as per Appendix 2A on 26-Jun-2026

Capital raise completed: A$310M institutional placement @ A$0.40/share (firm commitments received, announced 1 Jul 2026) to fund the Edna May acquisition

Two tranches (~A$95M + ~A$215M) · ~775M new shares (~33% of pro-forma capital) · 5.9% discount to A$0.425 last close (26 Jun 2026) · cornerstone support from Wroxby Pty Ltd & Warburton Group (A$30M each)

Proposed debt facility: A$100M secured facility with tier-1 financiers (preliminary, terms TBA) for working capital & capex; drawdown targeted H2 2026 · not a completion condition

New Cornerstone Shareholders: Tim Roberts and Kerry Stokes

▲ Potential Divestments

Wozi Niobium Project (Malawi): Acquired via Kula Gold acquisition. Early assay results encouraging (13m @ 1.69% Nb₂O₅), but the project is non-core to FRS’s gold-focused strategy. FRS may look to divest this asset in future.

Production Pathway

How FRS resources connect to processing infrastructure · Ore feed strategy →

Resources

Infrastructure

Gibraltar Stockpile UNDERWAY

Ore haulage commenced Mar 2026
Gibraltar acquired for $2.5M in FRS shares

➔

Westgold Higginsville OPA EXECUTED

Toll treatment @ $48/dt
OPA executed 19 Feb 2026

Current JORC Resources EXISTING

1,007,800 oz

12 deposits · 25.70 Mt · 1.22 g/t avg
Excludes exploration upside from ~317 tenements & the CY2026 RC drilling program (VM Drilling)

➔

Lake Johnston Mill EXISTING

3.2 Mtpa

CIL circuit · Commissioning Nov 2026
Acquired $35M · Licensed to 2041

Edna May Resource ANNOUNCED · FUNDED^†

+945,000 oz

30.7 Mt @ 1.0 g/t Au JORC MRE (0.5 g/t cut-off)
Excluded from confirmed totals until completion

➔

Edna May Mill ANNOUNCED · FUNDED^†

2.9 Mtpa

Conventional CIL · C&M since Apr 2025
Restart targeted H1 CY2027

^† Edna May acquisition funding fully committed via the A$310M placement; completion remains conditional on FRS shareholder approval and customary conditions (targeted Q3 CY2026).

Pending Takeover · Under Offer

Zenith Resources (ZNC) UNDER OFFER

+675,000 oz

Consolidated Dulcie · 21.3 Mt @ 1.0 g/t Au · 36 tenements
Recommended takeover announced 9 Jun 2026

Pro-Forma on Completion

Pro-Forma Resource Base

~2.63 Moz

1,007,800 confirmed + 945,000 Edna May + 675,000 Zenith^‡ = 2,627,800 oz all-in
Includes Edna May (announced) & Zenith (JORC, pending); both conditional on completion; excludes exploration upside

Potential Processing

6.1 Mtpa

3.2 Lake Johnston + 2.9 Edna May · >6 Mtpa by H1 CY2027

^‡ The ~2.63 Moz all-in figure adds Edna May’s 945,000 oz (acquisition from Ramelius announced 29 Jun 2026) and Zenith’s 675,000 oz JORC resource (Consolidated Dulcie) to FRS’s 1,007,800 oz confirmed base. Both additions are conditional and assume the respective transactions proceed to completion.

Sources & Verification

Every numeric and factual claim above was audited as of 17 April 2026 against 584 ASX announcements (Oct 2021 – Apr 2026), the WA DMIRS tenement registry / MINEDEX, Beacon Minerals’ FY25 Annual Report, Ramelius Resources public disclosures, Kula Gold corporate disclosures, and independent industry coverage. Part 9 (Edna May) and the Announced Acquisition card reflect FRS ASX disclosures of 29 June 2026 (Acquisition of Edna May Gold Project) and 1 July 2026 (Investor Presentation & Capital Raising), which post-date the 17 April 2026 audit baseline.

Part 1 — Starting Point S1–S6

~67 licences (pre-acquisition baseline tenure across Forrestania & Eastern Goldfields, June 2025)

WA DMIRS / MINEDEX (authoritative)Annual Report (FY25) — idsId 03002818

Lady Lila inferred resource: 24,000 oz @ 1.38 g/t (13 May 2025 maiden MRE)

HotCopper thread Listcorp landing TipRanks coverage Mining Technology Upgraded MRE — idsId 02993900

No processing infrastructure or agreements (FY25 Annual Report PP&E note: total carrying value $3,043)

Annual Report (FY25) — idsId 03002818

David Geraghty appointed Non-Executive Director on 16 May 2025

Mining Executive Joins Board — idsId 02948887 Initial Director's Interest Notice — idsId 02949073

Cash and cash equivalents: $920,386 at 30 June 2025

Annual Report (FY25) — idsId 03002818

Net loss for FY2025: $1,419,856

Annual Report (FY25) — idsId 03002818

Part 2 — Current State C1, C3

~317 tenements in FRS's internal portfolio register (Jun 2026), incl. 10 Newington granted tenements acquired 25 May 2026. Broader than the 251 (183 granted + 68 pending) in the 30 Apr 2026 Quarterly Appendix 5B, as the register also captures contracted/beneficial tenure.

WA DMIRS / MINEDEX (authoritative)Quarterly Appendix 5B (30 Apr 2026) — 251 granted+pending — idsId 03087985

1,007,800 oz · 25,695,000 t · 1.22 g/t · 12 deposits · ~42× growth. FRS's "Table 3: Forrestania Global JORC MRE June 2026" (Measured 22,900 + Indicated 217,600 + Inferred 767,300) — the 21 deposit-class rows sum exactly to 1,007,800 oz / 25,695,000 t.

Primary: FRS "MacPhersons Delivers Strong Mineral Resource Estimate", 2 Jun 2026 (price-sensitive; Addendum 5 Jun 2026) — origin of the 1,007,800 oz consolidated total. · Identical table restated (clickable) in FRS Bidder's Statement (Zenith), idsId 03098544 · cross-checks to D1–D12 below, excluding D9 as superseded

Part 3 — JORC Resources by Deposit D1–D12

Lady Magdalene (FRS Owned) — 237,400 oz @ 1.32 g/t (5,600 kt)

Option for Major Gold Project Acquisition — idsId 02978776 Completion of Lady Ada / Lady Magdalene acquisition — idsId 03092911

Lady Ada (FRS Owned) — 60,100 oz @ 1.39 g/t (1,350 kt)

Option for Major Gold Project Acquisition — idsId 02978776 Completion of Lady Ada / Lady Magdalene acquisition — idsId 03092911

North IronCap (FRS Owned) — 106,000 oz @ 1.37 g/t (2,413 kt)

FRS Agrees to Acquire North IronCap — idsId 02980414

Karonie (FRS Owned) — 185,700 oz @ 0.90 g/t (6,502 kt)

Karonie updated MRE — idsId 03089717

Johnson Range (FRS Owned) — 130,730 oz @ 1.99 g/t (2,041 kt)

Johnson Range MRE — idsId 03093698

Burracoppin (FRS Owned) — 58,700 oz @ 0.91 g/t (2,015 kt)

Burracoppin updated MRE — idsId 03089377

British Hill (FRS Owned) — 54,600 oz @ 1.66 g/t (1,025 kt)

FRS Agree to Acquire British Hill — idsId 02975789

Lady Lila (FRS Owned) — 40,500 oz @ 1.03 g/t (1,222 kt)

Lady Lila Drilling Results & Upgraded MRE — idsId 02993900

D10

Ada Ann (FRS Owned) — 18,160 oz @ 2.76 g/t (204.5 kt)

Maiden Ada Ann MRE — idsId 02981276 Updated MRE — idsId 03089811

D11

Mt Palmer (FRS Owned) — 1,996 oz @ 0.63 g/t (99 kt)

Kula Gold maiden resource — ASX (28 Jul 2025)Mining Weekly (full ownership 2 Feb 2026)

D12

Tycho (FRS Owned) — 41,800 oz @ 0.99 g/t (1,321 kt). This is the Measured + Indicated portion used in FRS's consolidated 1,007,800 oz total; Tycho's standalone deposit MRE incl. Inferred is 45,500 oz @ 0.98 g/t (1,438 kt).

Tycho MRE — idsId 03089904 · FRS Bidder's Statement consolidated table (M+I basis) — idsId 03098544

Part 4 — Plant & Facilities P1–P8

Lake Johnston Processing Plant acquisition completed

Executed Sale Agreement — idsId 03046405 HRZ: Divestment Completed — idsId 03060294

1.5 Mtpa comminution & flotation circuit (operational; pre-CIL)

Mining.com.au (16 Feb 2026)SmallCaps MiningDataOnline

CIL upgrade to ~3.2 Mtpa (Polaris Engineering, commissioning Nov 2026)

Polaris Appointed to Deliver CIL Plant — idsId 03076497 Polaris amendment — idsId 03076896

86 km² mining leases · Licensed to operate until 2041

Mining.com.au (16 Feb 2026)SmallCaps MiningDataOnline

Acquired from Horizon Minerals for $35M total ($30M cash + $5M FRS shares)

HRZ: Divest Lake Johnston for $35M — idsId 03025775

Acquisition completed 13 Feb 2026

HRZ: Lake Johnston Divestment Completed — idsId 03060294

$37M capital raise (Tranche 1 $14M + Tranche 2 $18M + SPP $5M, completed Jan 2026)

FRS – Placement Completed and SPP Upscaled — idsId 03050863

ECI partners engaged: Polaris Engineering, RG Mining, PwC, OTOC, MBS Environmental

Executed Sale Agreement — idsId 03046405

Part 5 — Operations & Revenue W1–W5

Westgold Ore Purchase Agreement executed 19 Feb 2026 (transition to gold producer)

Ore Purchase Agreement — idsId 03062336

Gibraltar ore → Westgold Higginsville Hub @ $48 per dry tonne

Ore Purchase Agreement — idsId 03062336

$2M commencement payment + $7.2M+ scheduled (release describes the $2M as payable on conditions; later release implies satisfied as ore moved)

Ore Purchase Agreement — idsId 03062336

Up to ~$36M total potential revenue (750 kdt total: 150 kdt + 3 × 200 kdt parcels × $48/dt)

Ore Purchase Agreement — idsId 03062336

Gibraltar acquired for $2.5M in FRS shares (5-day VWAP) plus up to $2.7M milestone

Notice of General Meeting (23 Feb 2026) — Res.4 $2.5M shares + Res.5 up to $2.7M milestone shares — idsId 03063630

Part 6 — Cash & Shareholder Structure O2–O3

Cornerstone shareholders: Tim Roberts and Kerry Stokes / Wroxby — both substantial shareholders as at 16 Jan 2026

Form 603 — Tim Roberts — idsId 03050603 Form 603 — Wroxby/Stokes — idsId 03050692

In-the-money options: 67,157,173 unexercised options in-the-money at ~$0.51 (FRSAA 42,357,173 @ $0.24; FRSAV 5,000,000 @ $0.40; FRSAY 10,000,000 @ $0.41; FRSAT 9,800,000 @ $0.50) → ~$21.2M potential exercise cash. Total options on issue 87,157,173 (~$36.2M if all exercised); excludes FRSAU 20,475,000 performance rights.

Appendix 2A — Application for quotation of securities, FRS, 26-Jun-2026 (latest released; Part 4.2 unquoted securities). FRS share price ~$0.51 (mid-Jun-2026, last verified close; in trading halt 28-Jun pending Edna May acquisition).

Part 7 — Potential Divestments X1–X3

Wozi Niobium Project (Malawi) inherited via Kula Gold Ltd takeover

Kula Bid Implementation Deed — idsId 03009216 Completion of Kula Compulsory Acquisition — idsId 03068766 High-Grade Niobium Results at Wozi — idsId 03077026

Drillhole 25WZRC012: 13m @ 1.69% Nb₂O₅ from 16m (incl. 1m @ 5.26% Nb₂O₅)

High-Grade Niobium Results at Wozi — idsId 03077026

Wozi non-core to gold strategy; "may divest" wording (release uses "unlock value / specialist partner / corporate options")

High-Grade Niobium Results at Wozi — idsId 03077026

Part 8 — Resources & Drilling R1, R5

Gibraltar Stockpile — ore haulage commenced 16 Mar 2026 (FRS's transition from explorer to producer)

Forrestania Transitions to Gold Producer — idsId 03072372

CY2026 RC drilling programme awarded to VM Drilling, with the first 6 months paid in scrip (35M shares, ~A$13.8M). Note: the "90,000 m" program size is not stated in any located FRS ASX release and has been removed pending a primary source.

Appendix 3B – 35M shares for drilling — idsId 03075446 Cleansing Statement (1 Apr 2026) — idsId 03078714 Appendix 2A (2 Apr 2026) — idsId 03079193 Half Yearly Report (12 Mar 2026) — idsId 03071293 OPA release figure: VM Drilling on stockpiles — idsId 03062336

Part 9 — Edna May (Resources + Mill) E1–E2, E-D1–E-D2, M1, M2, M4

Edna May JORC 2012 Mineral Resource: 945,000 oz Au — 30.7 Mt @ 1.0 g/t (0.5 g/t cut-off). Measured 0.7 Mt @ 1.1 g/t (25 koz); Indicated 23 Mt @ 1.0 g/t (700 koz); Inferred 7 Mt @ 1.0 g/t (220 koz). CP Lynn Widenbar (Widenbar & Associates), effective 1 Oct 2025.

FRS — Acquisition of Edna May Gold Project (29 Jun 2026)FRS — Investor Presentation: Acquisition of Edna May & Capital Raising (1 Jul 2026)

No Ore Reserve is reproduced in the FRS announcement. Resource excluded from FRS’s confirmed 1,007,800 oz standalone total until completion (Q3 CY2026).

FRS — Acquisition of Edna May Gold Project (29 Jun 2026)

E-D1

Deal consideration: A$300M total, comprising A$210M cash (A$20M deposit + A$190M on completion) plus A$90M in FRS scrip (225M shares @ A$0.40), reflecting FRS’s election to increase the cash component and reduce shares issued. Ramelius to become a ~9.6% FRS shareholder (excl. any FRS shares under the Zenith offer), escrowed 18 months.

FRS — Acquisition of Edna May Gold Project (29 Jun 2026)Ramelius (RMS) — Sale of Edna May Gold Hub (29 Jun 2026)

E-D2

Funding: A$310M two-tranche institutional placement at A$0.40/share (Tranche 1 ~A$95M; Tranche 2 ~A$215M, subject to shareholder approval), a 5.9% discount to the A$0.425 last close (26 Jun 2026). Approximately 775M new shares, ~33% of pro-forma share capital. MST Financial acted as Co-Manager. Distinct from the A$300M consideration. Separately, a proposed A$100M secured debt facility with tier-1 financiers (preliminary; drawdown targeted H2 2026; not a completion condition).

FRS — Capital Raising / Placement (1 Jul 2026)FRS — Investor Presentation, Acquisition of Edna May & Capital Raising (1 Jul 2026)

Edna May mill: ~2.9 Mtpa conventional CIL plant, on care & maintenance since April 2025. Restart targeted H1 CY2027; restart capex ~A$50M (FRS management estimate); 7 of 7 permits approved.

FRS — Investor Presentation (1 Jul 2026)

Combined milling capacity targeted >6 Mtpa by H1 CY2027 (Edna May ~2.9 Mtpa + Lake Johnston 3.2 Mtpa), under a dual hub-and-spoke ore-feed strategy. Edna May acquisition adds 35 tenements (separate overlay; excluded from the confirmed 317).

FRS — Investor Presentation (1 Jul 2026)

FRS-held Westonia/Burracoppin tenure (E77/2756, E77/2766, E77/3234, E77/3237 + E77/3235) flanks Edna May on multiple sides.

FRS Acquires Westonia Gold Project — idsId 02998748 WA DMIRS / MINEDEX (authoritative tenure)

Appendix — Primary source PDF map 41 ASX announcements

Source title	idsId	Date
Annual Report (FY2025)	03002818	30 Sep 2025
Mining Executive Joins Board & Placement	02948887	16 May 2025
Initial Director's Interest Notice – Geraghty	02949073	16 May 2025
Q4 FY25 Quarterly Activities	02972371	24 Jul 2025
Half Yearly Report and Accounts	03071293	12 Mar 2026
Option for Major Gold Project Acquisition (Lady Magdalene + Lady Ada)	02978776	11 Aug 2025
FRS Agrees to Acquire North IronCap	02980414	14 Aug 2025
Forrestania Expands Eastern Goldfields Hub (Karonie)	03070645	11 Mar 2026
Forrestania Expands Eastern Goldfields Hub – replacement	03076463	26 Mar 2026
Johnson Range maiden MRE of 103,500 oz (superseded)	03075506	25 Mar 2026
Johnson Range MRE upgrade to 130,730 oz (+26%)	03093698	14 May 2026
FRS Acquires Burracoppin Gold Project	02994408	12 Sep 2025
Agree to Acquire British Hill Gold Project	02975789	1 Aug 2025
Lady Lila Drilling Results and Upgraded MRE	02993900	11 Sep 2025
Maiden Ada Ann MRE	02981276	18 Aug 2025
Maiden Ada Ann MRE – Updated	02981333	18 Aug 2025
BCN: Beacon Unlocks Value with Sale of MacPhersons	03060473	16 Feb 2026
BCN: Completion of Sale of MacPhersons Reward	03077172	30 Mar 2026
HRZ: Horizon to divest Lake Johnston for $35M	03025775	14 Nov 2025
Executed Sale Agreement of Lake Johnston Infrastructure	03046405	31 Dec 2025
HRZ: Lake Johnston Divestment for $35M Completed	03060294	13 Feb 2026
Forrestania Transitions to Gold Producer	03072372	16 Mar 2026
Polaris Appointed to Deliver Lake Johnston CIL Plant	03076497	27 Mar 2026
Polaris Appointed to Deliver Lake Johnston – amendment	03076896	27 Mar 2026
Engages Engineers for Gold Processing Infrastructure (Como)	03062785	20 Feb 2026
Ore Purchase Agreement Marks Transition to Gold Producer	03062336	19 Feb 2026
Placement Completed and SPP Upscaled	03050863	19 Jan 2026
Options Prospectus	03053672	29 Jan 2026
Becoming Substantial Holder – Tim Roberts	03050603	16 Jan 2026
Becoming Substantial Holder – Wroxby/ACE/Stokes	03050692	16 Jan 2026
Execution of Bid Implementation Deed to Acquire Kula Gold	03009216	14 Oct 2025
Completion of Kula Gold Compulsory Acquisition	03068766	5 Mar 2026
High-Grade Niobium Results at Wozi Project, Malawi	03077026	30 Mar 2026
Completion of Key Acquisitions & Results of General Meeting	03076898	27 Mar 2026
Appendix 3B – 35M shares for VM Drilling services	03075446	24 Mar 2026
Cleansing Statement (drilling shares)	03078714	1 Apr 2026
Appendix 2A — 1,171,002 shares quoted	03079193	2 Apr 2026
Cleansing Statement — earlier drilling tranche	03068965	5 Mar 2026
Proposed Issue — drilling services A$100k	03062447	19 Feb 2026
Acquires Westonia Gold Project (Edna May encirclement)	02998748	23 Sep 2025
Drilling Commenced at Ada Ann and Lady Lila	03012082	20 Oct 2025