Forrestania Resources Limited
Update: Forrestania completed its A$300M acquisition of the Edna May Gold Project from Ramelius Resources on 4 Sep 2026 (100% of Edna May Operations Pty Ltd and Tampia Operations Pty Ltd; ~2.9 Mtpa CIL plant on care and maintenance since April 2025, plus the Tampia and Symes satellites). Its own "Mineral Resources Statement as at 7 September 2026" puts the company-wide resource at 58.6 Mt @ 1.1 g/t Au for 2,078,543 oz (Measured+Indicated 1,042,177 oz), across 13 deposits in five hubs: - Westonia: Edna May, Burracoppin. - Forrestania: British Hill, Lady Magdalene, Lady Ada, Lady Lila, Ada Ann, North Ironcap. - Coolgardie: Tycho, MacPhersons. - Mt Dimer: Johnson Range. - Eastern Goldfields: Karonie. British Hill was upgraded again on 24 Sep 2026 (212,400 oz). The "~907,000oz" global figure and the "not blended" caveat above are superseded: Johnson Range, Tycho and the Hyden deposits are now inside the company-wide figure and have Project rows. Forrestania released PFSs and maiden Ore Reserves for Edna May, British Hill, Tycho and Johnson Range on 18 Sep 2026, and is refurbishing the Lake Johnston and Edna May plants. No gold has been produced yet. The Zenith Minerals takeover (FRS as bidder) is still open. The 18 Sep 2026 studies put Edna May and British Hill at pre-feasibility. Tycho and Johnson Range are approved or awaiting a final clearing permit, with mining contracts awarded to mega Resources in Aug 2026, and mining is scheduled to start in Nov and Dec 2026. The Lake Johnston plant is being refurbished and rebuilt ahead of commissioning targeted for Nov-Dec 2026. No gold has been poured or sold. A one-off early-2026 sale of stockpiled ore to Westgold is not gold production.
Notable vs. Peers
- Financials score of 1.6/10 is weaker than the peer average of 5.3/10.
Lifecycle Milestones
Construction Milestones
0 of 5 reached- Not yet reached
- Not yet reached
- Not yet reached
- Not yet reached
- Not yet reached
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Combined view across 4 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 10 yrsEdna May Gold Project, Westonia, WA
- 1 yrsMt Dimer Hub (Johnson Range), WA
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Western Australia is a Tier-1 mining jurisdiction with stable, established mining law.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Edna May Gold Project, Westonia, WA.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Achilles (Southern Cross) (Minjar Gold Pty Ltd), 67 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
A disclosed corporate action (not an acquisition or merger)
A corporate action of this kind says nothing about takeover susceptibility, so it isn't scored.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:4.5/10
Nearest producing mine: Achilles (Southern Cross) (Minjar Gold Pty Ltd), 67 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:10/10
Stage: Permitting
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Executive Chairman of Forrestania Resources Limited; 30 years' industry experience including 21 years at Mineral Resources Ltd; qualified metallurgical engineer.
Company Secretary of Forrestania Resources Limited; qualified finance professional with 30+ years' experience including senior roles at Woodside Energy and Centamin Plc.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Non-Executive Chairman David Geraghty bought stock on the open market repeatedly through the year, the only insider activity found -- one distinct insider, not enough on its own for the higher band.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Forrestania Resources is a Western Australian gold company that completed its A$300M acquisition of the Edna May gold project from Ramelius Resources on 4 September 2026, adding a 2.9 Mtpa processing plant on care and maintenance at Westonia to its Forrestania, Coolgardie, Mt Dimer and Karonie hubs. Company-wide measured and indicated resources total 1,080,017 oz of gold (47,976 oz measured, 1,032,041 oz indicated) plus 1,035,236 oz inferred, with Edna May the largest component at 725,000 oz. On 18 September 2026 it released pre-feasibility studies and maiden probable reserves for Edna May (402.8 koz), British Hill, Tycho and Johnson Range, 517.9 koz in total, without disclosing NPV or IRR figures. Mining at Tycho and Johnson Range is scheduled to start in November and December 2026, the Lake Johnston and Edna May plants are being refurbished, and no gold has yet been produced.