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2026-11-06
◂ Monitor FRS ASX

Forrestania Resources Limited

PFS Developer · Gold · Australia Rating locked: sign in to view v8 · frs-20261009t134950-update
Last 2026-11-06
A$0.32
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$776.1M
EV
—
Cash
A$7.8M
Debt
A$0
19 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

6 assets

Core asset

Edna May Gold Project

Australia

PFS Developer100% ownedGold

100% held through Edna May Operations Pty Ltd; processing plant on care and maintenance since April 2025; Stage 3 cutback not approved.

Developer · PFS developer
Study
PFS
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
A$98.0ms
Capital intensity
A$2,616/(oz/yr)d
LoM AISC
A$3,293/ozs
Mine life
10.0 yrss

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
Initial capexA$98MPublished capital estimate
Operating cost3,293AUD/oz AISC

September 2026 PFS at A$5,500/oz; pre-tax undiscounted free cash flow reported separately, no issuer NPV supplied.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal945K oz gold1.0 g/t Au MRE; 0.99 g/t Au reserveGold2026-09-18
Ore Reserveprobable402.8K oz gold1.0 g/t Au MRE; 0.99 g/t Au reserveGold2026-09-18
Tenements3
edna-m7788Granted— None · 2029-01-27
edna-m77110Granted— None · 2029-05-13
edna-m77124Granted— None · 2029-07-20
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Stage 3 pit cutback approvalsWestern AustraliaRequired—Yes
Economic studies1
StudyStageStatusDateSummary
Edna May Gold Project September 2026 Pre-Feasibility StudyPFSCurrent2026-09-18Issuer PFS uses A$5,500/oz gold and reports pre-tax, undiscounted cash flow; estimates are not realized production.

Material

British Hill Gold Project

Australia

PFS Developer100% ownedGold

100% acquired; September 2026 MRE exceeds the resource vintage used for the PFS reserve and has not been converted into a larger reserve.

Developer · PFS developer
Study
PFS
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
A$16.1ms
Capital intensity
A$504/(oz/yr)d
LoM AISC
A$3,609/ozs
Mine life
2.0 yrss

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
Initial capexA$16.1MPublished capital estimate
Operating cost3,609AUD/oz AISC

September 2026 PFS at A$5,500/oz; pre-tax undiscounted free cash flow reported separately, no issuer NPV supplied.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal212.4K oz gold1.60 g/t Au MRE; 1.43 g/t Au reserveGold2026-09-24
Ore Reserveprobable71.9K oz gold1.60 g/t Au MRE; 1.43 g/t Au reserveGold2026-09-18
Economic studies1
StudyStageStatusDateSummary
British Hill Gold Project September 2026 Pre-Feasibility StudyPFSCurrent2026-09-18Issuer PFS uses A$5,500/oz gold and reports pre-tax, undiscounted cash flow; estimates are not realized production.

Material

Johnson Range Gold Project

Australia

PFS Developer100% ownedGold

100% acquired; proposed haulage 236 km to Edna May, with clearing approval pending.

Developer · PFS developer
Study
PFS
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
A$8.0ms
Capital intensity
A$304/(oz/yr)d
LoM AISC
A$2,905/ozs
Mine life
1.0 yrss

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
Initial capexA$8MPublished capital estimate
Operating cost2,905AUD/oz AISC

September 2026 PFS at A$5,500/oz; pre-tax undiscounted free cash flow reported separately, no issuer NPV supplied.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal131K oz gold1.99 g/t Au MRE; 2.88 g/t Au reserveGold2026-09-18
Ore Reserveprobable28.5K oz gold1.99 g/t Au MRE; 2.88 g/t Au reserveGold2026-09-18
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Native vegetation clearing permitWestern AustraliaPending—Yes
Economic studies1
StudyStageStatusDateSummary
Johnson Range Gold Project September 2026 Pre-Feasibility StudyPFSCurrent2026-09-18Issuer PFS uses A$5,500/oz gold and reports pre-tax, undiscounted cash flow; estimates are not realized production.

Material

Tycho Gold Deposit

Australia

PFS Developer100% ownedGold

100% held via MacPhersons Reward; planned haulage 278 km to Edna May, key mining approvals granted.

Developer · PFS developer
Study
PFS
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
A$11.5ms
Capital intensity
A$590/(oz/yr)d
LoM AISC
A$3,849/ozs
Mine life
0.7 yrss

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
Initial capexA$11.5MPublished capital estimate
Operating cost3,849AUD/oz AISC

September 2026 PFS at A$5,500/oz; pre-tax undiscounted free cash flow reported separately, no issuer NPV supplied.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal45.5K oz gold0.98 g/t Au MRE; 1.10 g/t Au reserveGold2026-09-18
Ore Reserveprobable14.7K oz gold0.98 g/t Au MRE; 1.10 g/t Au reserveGold2026-09-18
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Key mining approvalsWestern AustraliaGranted—Yes
Economic studies1
StudyStageStatusDateSummary
Tycho Gold Deposit September 2026 Pre-Feasibility StudyPFSCurrent2026-09-18Issuer PFS uses A$5,500/oz gold and reports pre-tax, undiscounted cash flow; estimates are not realized production.

Material

Lake Johnston Processing Hub

Australia

Construction100% ownedGold

Acquired processing infrastructure; refurbishment targets commissioning and gold processing in the December 2026 quarter; feed schedule and contract margins not fully disclosed.

Processing plant / refinery · Construction
Product and spec
Gold (new CIL circuit and elution)
Nameplate capacity
3.2m t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Gibraltar deposit and FRS mineral leases
Offtake contracted
—

Other

Other acquired gold tenements and investments

Australia

Resource Stage100% ownedGold

Includes acquired WA district positions beyond separately valued PFS deposits; individual resource data are not uniformly restated here and no unsupported operating forecast is assumed. FY2026 audited notes disclose Hyden and Gibraltar royalty burdens and A$4.914m outstanding Hyden consideration.

Resource / scoping · Resource stage
Contained metal (attributable)
993.1k ozd
Resource grade
1.31 g/td
% Measured + Indicated
29.3%d
Resource tonnes
23.55 Mtd
Our value per attrib. contained unit
Locked
Mining method
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Edna May processing plant · Processing plant / refinery · Care and maintenance
Product and spec
Gold (CIL)
Nameplate capacity
2.9m t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
OzAurum Resources Ltd shares (ASX: OZM) · Equity investment · Held
Investee
OzAurum Resources Ltd (ASX: OZM)
Holding
19.9%
Shares held
56.90m
Market value
A$3.8mm
% of holder's market cap
0.5%m
Cost basis
A$4.1m
Zenith Minerals Ltd shares (ASX: ZNC) · Equity investment · Held
Investee
Zenith Minerals Ltd (ASX: ZNC)
Holding
—
Shares held
11.83m
Market value
A$816.3km
% of holder's market cap
0.1%m
Cost basis
A$5.9m