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
S1
~67 licences (pre-acquisition baseline tenure across Forrestania & Eastern Goldfields, June 2025)
S2
Lady Lila inferred resource: 24,000 oz @ 1.38 g/t (13 May 2025 maiden MRE)
S3
No processing infrastructure or agreements (FY25 Annual Report PP&E note: total carrying value $3,043)
S4
David Geraghty appointed Non-Executive Director on 16 May 2025
S5
Cash and cash equivalents: $920,386 at 30 June 2025
S6
Net loss for FY2025: $1,419,856
Part 2 — Current State C1, C3
C1
~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.
C3
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
D1
Lady Magdalene (FRS Owned) — 237,400 oz @ 1.32 g/t (5,600 kt)
D2
Lady Ada (FRS Owned) — 60,100 oz @ 1.39 g/t (1,350 kt)
D3
North IronCap (FRS Owned) — 106,000 oz @ 1.37 g/t (2,413 kt)
D4
Karonie (FRS Owned) — 185,700 oz @ 0.90 g/t (6,502 kt)
D5
Johnson Range (FRS Owned) — 130,730 oz @ 1.99 g/t (2,041 kt)
D6
Burracoppin (FRS Owned) — 58,700 oz @ 0.91 g/t (2,015 kt)
D7
British Hill (FRS Owned) — 54,600 oz @ 1.66 g/t (1,025 kt)
D8
Lady Lila (FRS Owned) — 40,500 oz @ 1.03 g/t (1,222 kt)
D10
Ada Ann (FRS Owned) — 18,160 oz @ 2.76 g/t (204.5 kt)
D11
Mt Palmer (FRS Owned) — 1,996 oz @ 0.63 g/t (99 kt)
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).
Part 4 — Plant & Facilities P1–P8
P1
Lake Johnston Processing Plant acquisition completed
P2
1.5 Mtpa comminution & flotation circuit (operational; pre-CIL)
P3
CIL upgrade to ~3.2 Mtpa (Polaris Engineering, commissioning Nov 2026)
P4
86 km² mining leases · Licensed to operate until 2041
P5
Acquired from Horizon Minerals for $35M total ($30M cash + $5M FRS shares)
P6
Acquisition completed 13 Feb 2026
P7
$37M capital raise (Tranche 1 $14M + Tranche 2 $18M + SPP $5M, completed Jan 2026)
P8
ECI partners engaged: Polaris Engineering, RG Mining, PwC, OTOC, MBS Environmental
Part 5 — Operations & Revenue W1–W5
W1
Westgold Ore Purchase Agreement executed 19 Feb 2026 (transition to gold producer)
W2
Gibraltar ore → Westgold Higginsville Hub @ $48 per dry tonne
W3
$2M commencement payment + $7.2M+ scheduled (release describes the $2M as payable on conditions; later release implies satisfied as ore moved)
W4
Up to ~$36M total potential revenue (750 kdt total: 150 kdt + 3 × 200 kdt parcels × $48/dt)
W5
Gibraltar acquired for $2.5M in FRS shares (5-day VWAP) plus up to $2.7M milestone
Part 6 — Cash & Shareholder Structure O2–O3
O2
Cornerstone shareholders: Tim Roberts and Kerry Stokes / Wroxby — both substantial shareholders as at 16 Jan 2026
O3
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
X1
Wozi Niobium Project (Malawi) inherited via Kula Gold Ltd takeover
X2
Drillhole 25WZRC012: 13m @ 1.69% Nb₂O₅ from 16m (incl. 1m @ 5.26% Nb₂O₅)
X3
Wozi non-core to gold strategy; "may divest" wording (release uses "unlock value / specialist partner / corporate options")
Part 8 — Resources & Drilling R1, R5
R1
Gibraltar Stockpile — ore haulage commenced 16 Mar 2026 (FRS's transition from explorer to producer)
R5
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.
Part 9 — Edna May (Resources + Mill) E1–E2, E-D1–E-D2, M1, M2, M4
E1
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.
E2
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).
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.
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).
M1
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.
M2
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).
M4
FRS-held Westonia/Burracoppin tenure (E77/2756, E77/2766, E77/3234, E77/3237 + E77/3235) flanks Edna May on multiple sides.
Appendix — Primary source PDF map 41 ASX announcements
Source titleidsIdDate
Annual Report (FY2025)0300281830 Sep 2025
Mining Executive Joins Board & Placement0294888716 May 2025
Initial Director's Interest Notice – Geraghty0294907316 May 2025
Q4 FY25 Quarterly Activities0297237124 Jul 2025
Half Yearly Report and Accounts0307129312 Mar 2026
Option for Major Gold Project Acquisition (Lady Magdalene + Lady Ada)0297877611 Aug 2025
FRS Agrees to Acquire North IronCap0298041414 Aug 2025
Forrestania Expands Eastern Goldfields Hub (Karonie)0307064511 Mar 2026
Forrestania Expands Eastern Goldfields Hub – replacement0307646326 Mar 2026
Johnson Range maiden MRE of 103,500 oz (superseded)0307550625 Mar 2026
Johnson Range MRE upgrade to 130,730 oz (+26%)0309369814 May 2026
FRS Acquires Burracoppin Gold Project0299440812 Sep 2025
Agree to Acquire British Hill Gold Project029757891 Aug 2025
Lady Lila Drilling Results and Upgraded MRE0299390011 Sep 2025
Maiden Ada Ann MRE0298127618 Aug 2025
Maiden Ada Ann MRE – Updated0298133318 Aug 2025
BCN: Beacon Unlocks Value with Sale of MacPhersons0306047316 Feb 2026
BCN: Completion of Sale of MacPhersons Reward0307717230 Mar 2026
HRZ: Horizon to divest Lake Johnston for $35M0302577514 Nov 2025
Executed Sale Agreement of Lake Johnston Infrastructure0304640531 Dec 2025
HRZ: Lake Johnston Divestment for $35M Completed0306029413 Feb 2026
Forrestania Transitions to Gold Producer0307237216 Mar 2026
Polaris Appointed to Deliver Lake Johnston CIL Plant0307649727 Mar 2026
Polaris Appointed to Deliver Lake Johnston – amendment0307689627 Mar 2026
Engages Engineers for Gold Processing Infrastructure (Como)0306278520 Feb 2026
Ore Purchase Agreement Marks Transition to Gold Producer0306233619 Feb 2026
Placement Completed and SPP Upscaled0305086319 Jan 2026
Options Prospectus0305367229 Jan 2026
Becoming Substantial Holder – Tim Roberts0305060316 Jan 2026
Becoming Substantial Holder – Wroxby/ACE/Stokes0305069216 Jan 2026
Execution of Bid Implementation Deed to Acquire Kula Gold0300921614 Oct 2025
Completion of Kula Gold Compulsory Acquisition030687665 Mar 2026
High-Grade Niobium Results at Wozi Project, Malawi0307702630 Mar 2026
Completion of Key Acquisitions & Results of General Meeting0307689827 Mar 2026
Appendix 3B – 35M shares for VM Drilling services0307544624 Mar 2026
Cleansing Statement (drilling shares)030787141 Apr 2026
Appendix 2A — 1,171,002 shares quoted030791932 Apr 2026
Cleansing Statement — earlier drilling tranche030689655 Mar 2026
Proposed Issue — drilling services A$100k0306244719 Feb 2026
Acquires Westonia Gold Project (Edna May encirclement)0299874823 Sep 2025
Drilling Commenced at Ada Ann and Lady Lila0301208220 Oct 2025