Forrestania raises $8.61m at a premium to accelerate gold programs

27 August 2025 | Subiaco, WA – Forrestania Resources (ASX:FRS) has secured firm commitments for $8.61 million via a placement of 42 million new shares at $0.205, struck at a 21.7% premium to the 10-day VWAP and 22.5% premium to the 5-day VWAP (as at 26 August 2025 close). The raise attracted strong support from existing holders alongside new institutional and sophisticated investors, with Bell Potter acting as Lead Manager.

Use of funds (key allocations):

• Hyden tenure: ~$1.33m for 15,000m drilling and metallurgical testwork

• British Hill: ~$1.20m to upgrade resource to Measured status

• Lady Lila: ~$585k for drilling and metallurgical testwork

• Bonnie Vale: ~$500k for drilling and metallurgical testwork

• Hyden & North Iron Cap acquisition + raising costs: ~$5.0m

New shares will be issued under Forrestania’s existing placement capacity (Listing Rule 7 and 7.1A). Proceeds will strengthen the balance sheet and fund resource growth, drilling and metallurgy across Forrestania’s recently expanded gold portfolio (Forrestania, Bonnie Vale, Southern Cross/Eastern Goldfields).

Chairman David Geraghty said the premium placement is a “strong endorsement of the Company’s gold projects at Forrestania and Bonnie Vale,” adding that the funds will ensure Forrestania is well-funded to undertake further gold exploration programmes at those areas.