OREMAVEN
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$7.8M2025-06-30: 920,386 A$2026-06-30: 7,762,716 A$ Unknown
Debt A$0 Net cash A$7.8M
Basic shares 2.4B 2026-09-16
Runway Unknown A$7.763m FY2026 audited cash is a June checkpoint. The A$310m placement and A$210m Edna May cash purchase completed in September; A$22.822m June payables, A$4.914m deferred Hyden consideration and subsequent spending prevent a verified September cash balance.

Liquidity

Financial position

A$107.763m simple pro forma gross cash before share issue fees and subsequent investment, then A$22.822m June payables and A$4.914m deferred consideration; A$52.777m contracted capital expenditure is included in project economics where applicable, not added to cash.

Inventory composition1

Audited gold inventory on hand at 30 June 2026; quantity and form were not disclosed.

Gold inventory on hand
A$63.5K carrying

Capital structure

Ownership and dilution

Ordinary shares
2.4B
Fully diluted
2.5B

Latest identified 16 September Appendix 2A total supersedes 7 September bidder-statement 2,392,485,421 shares and 7 August local 1,613,943,440. Fully diluted assumes every listed option and performance right converts, including out-of-money instruments, with no exercise proceeds credited.

Security classes9
ClassTypeQuantityStrikeExpiry
FRS fully paid ordinary sharesOrdinary Share2.4B——
FRSAV optionOption5MA$0.42029-01-19
FRSAW optionOption5MA$0.62029-01-19
FRSAX optionOption5MA$0.92029-01-19
FRSAA optionOption41.6MA$0.242029-02-05
FRSAY optionOption10MA$0.412029-01-27
FRSAZ optionOption10MA$0.752029-01-27
FRSAT optionOption9.8MA$0.52028-11-05
Performance rightsPerformance Right14.5M——

KPI history

Operating metrics

Comparable series use a shared scale

Corporate cash balance · Company · Point In Time

AUD

2 periods
  1. 30 June 2025920,386 AUD
    Reported
  2. 30 June 20267,762,716 AUD
    Reported
Operating metric source table4
MetricProjectPeriodPeriod typeValueStatus
Corporate cash balanceCompany30 June 2025Point In Time920,386 AUDReported
Corporate cash balanceCompany30 June 2026Point In Time7,762,716 AUDReported
One-off gold inventory sales revenueCompanyFY2026Year613,726 AUDReported
Corporate operating cash flowCompanyFY2026Year-5,491,403 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Commissioninglake-johnstonDecember 2026 quarter—— date windowCurrent
First Productionedna-mayfirst half calendar 2027—— date windowCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-04Ann. 2026-07-01RaisingA$310M775M—Completed—
2026-09-04Ann. 2026-06-29RaisingA$90M225M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-29

Latest PFS royalty caveats and September commercial agreements reviewed; underlying royalty deeds and full commercial rates not available.

Caveat and royalty register item on M77/0124; governing deed, calculation basis and continuing status require confirmation.

Royalty · Unknown
Counterparties
Franco-Nevada Australia Pty Ltd
Applies to
Edna May Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Caveats and royalty scenarios against Edna May; precise area, rate and model treatment not public.

Royalty · Unknown
Counterparties
Evolution Mining Limited
Applies to
Edna May Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

FRS takes title to delivered Taipan ore and recovered gold; 50–150kt campaigns, maximum 2Mt over 24 months. The A$155/t payment baseline is disclosed but full margin and committed volume are not.

Offtake · Active
Counterparties
MEGA Resources Pty Ltd
Applies to
Edna May Gold Project · Gold
Economic direction
Mixed
Period
From 2026-09-14; no end date stated
Key terms
maximum ore: 2,000,000 tonnes
term: 24 months
baseline supplier payment: 155 AUD/t ore
How it affects our valuation

No valuation treatment is available for this arrangement.

Preferred framework for future open-pit mining services; work orders and rates govern actual cash cost.

Strategic Partnership · Active
Counterparties
MEGA Resources Pty Ltd
Applies to
Johnson Range Gold Project · Tycho Gold Deposit · Gold
Economic direction
Mixed
Period
From 2026-09-14; no end date stated
Key terms
framework term: 5 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Framework to purchase and process third-party ore; contracted grade and margins not fully disclosed.

Offtake · Active
Counterparties
First Au Limited
Applies to
Edna May Gold Project · Gold
Economic direction
Mixed
Period
From 2026-09-09; no end date stated
Key terms
maximum ore: 2,000,000 tonnes
term: 24 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Haulage framework supports hub feed, contract rate and firm volumes not public.

Tolling Or Processing · Active
Counterparties
Campbell Gold Haulage
Applies to
Edna May Gold Project · Lake Johnston Processing Hub · Gold
Economic direction
Burden
Period
From 2026-09-09; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Long-term cyanide supply agreement; pricing and take-or-pay details not fully public.

Strategic Partnership · Active
Counterparties
Orica
Applies to
Lake Johnston Processing Hub · Gold
Economic direction
Burden
Period
From 2026-09-09; no end date stated
Key terms
minimum contracted cyanide: 5,000 tonnes
forecast annual volume: 1,000 tonnes/year
How it affects our valuation

No valuation treatment is available for this arrangement.

Laboratory services framework; immaterial unit costs not independently valued.

Strategic Partnership · Active
Counterparties
SGS Australia
Applies to
Lake Johnston Processing Hub · Gold
Economic direction
Burden
Period
From 2026-09-09; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

One-off early 2026 ore stockpile sale; excluded from recurring revenue valuation.

Offtake · Terminated
Counterparties
Westgold Resources
Applies to
Other acquired gold tenements and investments · Gold
Economic direction
Benefit
Period
From 2026-02-19; no end date stated
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Continuing Hyden royalty burden is reflected in the regional portfolio option haircut; no separate cash deduction.

Royalty · Active
Counterparties
Hyden project vendors
Applies to
Other acquired gold tenements and investments · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
general net smelter royalty: 1 percent NSR
selected tenement royalty: 1.5 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional gross revenue royalty is captured in regional option haircut; threshold is not assumed reached.

Royalty · Active
Counterparties
Gibraltar gold tenement vendor
Applies to
Other acquired gold tenements and investments · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
gross revenue royalty: 1 percent gross revenue
How it affects our valuation

No valuation treatment is available for this arrangement.