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2026-11-06
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Forrestania Resources Limited

PFS Developer · Gold · Australia Rating locked: sign in to view v8 · frs-20261009t134950-update
Last 2026-11-06
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19 newer ASX announcements not yet reflected in this valuation

People, delivery and responsibility

Management background checks

Evidence through 2026-10-31

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

Forrestania expanded its asset base through acquisitions and financing, but its Zenith takeover drew an affirmed Takeovers Panel declaration. The operations leader’s record includes both a mine suspension and employer-reported safety recognition. This is limited open-source screening, with substantial personal attribution and credential gaps.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

David Geraghty

Executive Chairman

Current
Full background report for David Geraghty
GovernanceDocumented · High materiality

Takeovers Panel found unacceptable circumstances in Zenith takeover

On 27 August 2026 the Panel declared unacceptable circumstances in Zenith’s affairs. It found Forrestania delayed notice of its substantial holding, omitted material Edna May sale-process information from its bidder statement, and used deal terms capable of influencing Zenith’s board. It ordered further disclosure, restricted certain voting rights and ordered costs; on 28 September a review Panel affirmed the declaration and orders after accepting further-disclosure undertakings. Geraghty signed Forrestania’s undertaking on the company’s behalf. A separate 23 October application about Zenith’s response to another proposal was declined; that later decision did not overturn the earlier declaration.

Role overlaps event; causation unproven · The company was the bidder under Geraghty’s executive chairmanship. The Panel findings concern company conduct; personal responsibility for each act is not determined. The undertaking bears his signature for Forrestania.

Zenith Minerals Limited 01 & 02 — declaration · Declaration paragraphs 18–28, 42–46
Zenith Minerals Limited 03R & 04R — review and undertakings · Review outcome and Annexure A signed undertaking
Zenith Minerals Limited 05 — Panel declines further application · 23 October decision on a distinct application
Company SuccessIssuer Reported · Medium materiality

Edna May acquisition completed; restart remained planned

Forrestania’s September-quarter report says the Edna May acquisition and approximately A$310 million institutional raising were completed in the quarter. It described restart in the December quarter and Lake Johnston production in early 2027 as targets, not completed operating output.

Role overlaps event; causation unproven · Geraghty was executive chair; source does not quantify individual contribution.

September 2026 quarterly activities and Appendix 5B · Page 1 highlights and page 2 Edna May operations
Evidence gaps · 4
  • Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
  • Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.
  • The Takeovers Panel ruling concerns corporate disclosures and the bid; it does not determine Geraghty personally breached the law or personally caused each matter.
  • Issuer records use different dates for the executive transition in 2025; the exact effective date is not reconciled.

Full background report

David Geraghty

Executive Chairman

Career chronology

  • since 2025: Forrestania Resources Limited — Executive Chairman. Half Yearly Report and Accounts (Corporate directory or key management personnel disclosure)

  • early career: Rio Tinto — Orebody evaluation. Corporate Profile (Issuer/corporate profile identifies early Rio Tinto career in orebody evaluation.)

  • 21 years: Mineral Resources Ltd — Senior management, mining/services. Corporate Profile (Issuer profile: 21 years, project development and operational growth; metallurgical engineer.)

Contributions and company outcomes

Edna May acquisition completed; restart remained planned

September–October 2026 · issuer reported · medium materiality

Forrestania’s September-quarter report says the Edna May acquisition and approximately A$310 million institutional raising were completed in the quarter. It described restart in the December quarter and Lake Johnston production in early 2027 as targets, not completed operating output.

Attribution: Role overlaps event; causation unproven. Geraghty was executive chair; source does not quantify individual contribution.

Relevance: Completed transaction and financing expand the operational portfolio, while start-up delivery remains to be demonstrated.

September 2026 quarterly activities and Appendix 5B (Page 1 highlights and page 2 Edna May operations)

Governance and interests

Takeovers Panel found unacceptable circumstances in Zenith takeover

April–October 2026 · documented · high materiality

On 27 August 2026 the Panel declared unacceptable circumstances in Zenith’s affairs. It found Forrestania delayed notice of its substantial holding, omitted material Edna May sale-process information from its bidder statement, and used deal terms capable of influencing Zenith’s board. It ordered further disclosure, restricted certain voting rights and ordered costs; on 28 September a review Panel affirmed the declaration and orders after accepting further-disclosure undertakings. Geraghty signed Forrestania’s undertaking on the company’s behalf. A separate 23 October application about Zenith’s response to another proposal was declined; that later decision did not overturn the earlier declaration.

Attribution: Role overlaps event; causation unproven. The company was the bidder under Geraghty’s executive chairmanship. The Panel findings concern company conduct; personal responsibility for each act is not determined. The undertaking bears his signature for Forrestania.

Relevance: Material governance and execution evidence for a board leading a large acquisition.

Zenith Minerals Limited 01 & 02 — declaration (Declaration paragraphs 18–28, 42–46); Zenith Minerals Limited 01 & 02 — orders (Orders 1–20); Zenith Minerals Limited 03R & 04R — review and undertakings (Review outcome and Annexure A signed undertaking); Zenith Minerals Limited 05 — Panel declines further application (23 October decision on a distinct application)

Suitability for the current role

Limited public evidence for role fit

since 2025 · analyst inference · low materiality

The issuer identifies David Geraghty as Executive Chairman. The cited source establishes the disclosed role and any stated appointment date. This source alone does not establish attributable prior-employer outcomes, verified credentials or independently benchmarked delivery. This is an evidence limitation, not an adverse personal finding.

Attribution: Responsibility not applicable. No personal outcome responsibility is inferred from the title alone.

Relevance: The role is relevant to the company’s current leadership assessment; fuller role-fit comparison requires verified chronology and outcome evidence.

Half Yearly Report and Accounts (Corporate directory, key management personnel or appointment disclosure; role and date)

Evidence gaps

  • Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.

  • Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.

  • The Takeovers Panel ruling concerns corporate disclosures and the bid; it does not determine Geraghty personally breached the law or personally caused each matter.

  • Issuer records use different dates for the executive transition in 2025; the exact effective date is not reconciled.

Brett Hodgins

Technical Director

Current
Full background report for Brett Hodgins
GovernanceDocumented · Medium materiality

Central Iron Ore 2022 AGM did not re-elect Hodgins

A 5 December 2022 account of Central Iron Ore’s AGM reports that shareholders did not pass the resolution to re-elect Hodgins on 30 November 2022 and that he ceased to hold the director and president positions. It does not state the reason for the vote. The issuer’s later financial statements separately report a consulting company related to him settled its creditor claim in 2024.

Individual involvement documented · The cited report identifies Hodgins and the AGM outcome; neither a reason for the vote nor wrongdoing is established.

Central Iron Ore announces AGM voting outcome · 5 December report of AGM voting result and offices
Central Iron Ore 2024 Management Discussion and Analysis · Financial statements: related-party settlement and cessation of directorship
GovernanceIssuer Reported · Medium materiality

Former employer settled a claim from Hodgins-related consulting company after his director tenure

Central Iron Ore’s 2024 management discussion says Jaybre Geological Consulting Pty Ltd, identified as related to former director Brett Hodgins, was under administration and requested A$430,782.41 in August 2023. A deed was entered on 19 February 2024 for payment of A$125,000 to the deed administrators in full settlement. Hodgins ceased as CIO director on 30 November 2022. The source does not establish any personal wrongdoing.

Employer context; no individual link established · The report presents this as a company creditor claim by an entity related to the former director and records settlement; no personal fault finding is made.

Central Iron Ore 2024 Management Discussion and Analysis · Page 16 related-party transactions and Jaybre claim/settlement; page 15 former-director status
Evidence gaps · 2
  • Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
  • Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.

Full background report

Brett Hodgins

Technical Director

Career chronology

  • since 2025: Forrestania Resources Limited — Technical Director. Half Yearly Report and Accounts (Corporate directory or key management personnel disclosure)

  • over a decade: Central Iron Ore Ltd — President and CEO. Brett Hodgins Appointed Technical Director (2025 appointment announcement: >10 years as President/CEO, exploration, JV transactions and asset divestments.)

  • before 2010s: Rio Tinto; Iron Ore Holdings — Mine planning / project development roles. Brett Hodgins Appointed Technical Director (Appointment release: prior senior mine planning and development roles.)

Contributions and company outcomes

Resource definition and project consolidation continued during technical directorship

2025–2026 · issuer reported · medium materiality

Quarterly/activity and investor updates show continued exploration and project consolidation. His role overlaps; reports do not isolate his individual contribution.

Attribution: Role overlaps event; causation unproven. The source establishes the executive’s role during or around the event; individual causation is not inferred unless the cited record directly says so.

Relevance: Adds role-specific career, delivery or governance context; distinguish company-level outcomes from individual responsibility.

Quarterly Activities/Appendix 5B Cash Flow Report (Quarterly/activity and investor updates show continued exploration and project consolidation. His role overlaps; reports do not isolate his individual contribution.)

Governance and interests

Former employer settled a claim from Hodgins-related consulting company after his director tenure

2023–2024; Hodgins director until 2022-11-30 · issuer reported · medium materiality

Central Iron Ore’s 2024 management discussion says Jaybre Geological Consulting Pty Ltd, identified as related to former director Brett Hodgins, was under administration and requested A$430,782.41 in August 2023. A deed was entered on 19 February 2024 for payment of A$125,000 to the deed administrators in full settlement. Hodgins ceased as CIO director on 30 November 2022. The source does not establish any personal wrongdoing.

Attribution: Employer context; no individual link established. The report presents this as a company creditor claim by an entity related to the former director and records settlement; no personal fault finding is made.

Relevance: Related-party and post-tenure dispute resolution is relevant to governance diligence, but it is not evidence of misconduct or a personal claim against Hodgins.

Central Iron Ore 2024 Management Discussion and Analysis (Page 16 related-party transactions and Jaybre claim/settlement; page 15 former-director status)

Central Iron Ore 2022 AGM did not re-elect Hodgins

November 2022–February 2024 · documented · medium materiality

A 5 December 2022 account of Central Iron Ore’s AGM reports that shareholders did not pass the resolution to re-elect Hodgins on 30 November 2022 and that he ceased to hold the director and president positions. It does not state the reason for the vote. The issuer’s later financial statements separately report a consulting company related to him settled its creditor claim in 2024.

Attribution: Individual involvement documented. The cited report identifies Hodgins and the AGM outcome; neither a reason for the vote nor wrongdoing is established.

Relevance: Provides a dated endpoint and governance context for a long prior leadership role.

Central Iron Ore announces AGM voting outcome (5 December report of AGM voting result and offices); Central Iron Ore 2024 Management Discussion and Analysis (Financial statements: related-party settlement and cessation of directorship)

Suitability for the current role

Limited public evidence for role fit

since 2025 · analyst inference · low materiality

The issuer identifies Brett Hodgins as Technical Director. The cited source establishes the disclosed role and any stated appointment date. This source alone does not establish attributable prior-employer outcomes, verified credentials or independently benchmarked delivery. This is an evidence limitation, not an adverse personal finding.

Attribution: Responsibility not applicable. No personal outcome responsibility is inferred from the title alone.

Relevance: The role is relevant to the company’s current leadership assessment; fuller role-fit comparison requires verified chronology and outcome evidence.

Half Yearly Report and Accounts (Corporate directory, key management personnel or appointment disclosure; role and date)

Evidence gaps

  • Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.

  • Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.

David Baumgartel

General Manager Operations

Current
Full background report for David Baumgartel
FailureDocumented · High materiality

Dalgaranga mining suspended during Gascoyne operations leadership

Gascoyne promoted Baumgartel to COO with responsibility for Dalgaranga by January 2022. Mining and processing were suspended in November 2022 and the operation transitioned to care and maintenance. Its January 2023 quarterly says the COO position became redundant and his employment ended; it thanked him for leading the site in challenging circumstances.

Role overlaps event; causation unproven · His operating role overlapped with the company decision and cessation; sources do not establish individual causation.

December 2021 quarterly activities report · Page 15 board and management changes
Dalgaranga operations update and trading suspension · Page 1 suspension and care-and-maintenance transition
December 2022 quarterly activities report · Page 12 management change
SafetyIssuer Reported · Medium materiality

Barrick credited prior Jabal Sayid safety leadership

In August 2017 Barrick reported Jabal Sayid recorded a year with zero fatalities, lost-time injuries and medical treatment injuries. Its successor general manager credited former GM Baumgartel with developing safety culture; Barrick said he had already moved to a supply-chain leadership role. This is employer-reported recognition, not an independent audit.

Individual involvement documented · Barrick’s statement directly reports the successor manager’s attribution; the entire 12-month metric cannot be assigned solely to one individual.

One year of triple zero at Jabal Sayid · Article title, milestone and successor GM’s statement
Evidence gaps · 3
  • Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
  • Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.
  • Full individual responsibility for the Dalgaranga suspension and personally attributable production outcomes were not established.

Full background report

David Baumgartel

General Manager Operations

Career chronology

Business failures and setbacks

Dalgaranga mining suspended during Gascoyne operations leadership

2022–January 2023 · documented · high materiality

Gascoyne promoted Baumgartel to COO with responsibility for Dalgaranga by January 2022. Mining and processing were suspended in November 2022 and the operation transitioned to care and maintenance. Its January 2023 quarterly says the COO position became redundant and his employment ended; it thanked him for leading the site in challenging circumstances.

Attribution: Role overlaps event; causation unproven. His operating role overlapped with the company decision and cessation; sources do not establish individual causation.

Relevance: Relevant context for assessing operating turnaround and cash-flow execution.

December 2021 quarterly activities report (Page 15 board and management changes); Dalgaranga operations update and trading suspension (Page 1 suspension and care-and-maintenance transition); December 2022 quarterly activities report (Page 12 management change)

Industrial safety

Barrick credited prior Jabal Sayid safety leadership

2016–2017 · issuer reported · medium materiality

In August 2017 Barrick reported Jabal Sayid recorded a year with zero fatalities, lost-time injuries and medical treatment injuries. Its successor general manager credited former GM Baumgartel with developing safety culture; Barrick said he had already moved to a supply-chain leadership role. This is employer-reported recognition, not an independent audit.

Attribution: Individual involvement documented. Barrick’s statement directly reports the successor manager’s attribution; the entire 12-month metric cannot be assigned solely to one individual.

Relevance: Provides specific prior safety leadership evidence relevant to an incoming mining operations role.

One year of triple zero at Jabal Sayid (Article title, milestone and successor GM’s statement)

Suitability for the current role

Limited public evidence for role fit

since 2026 · analyst inference · low materiality

The issuer identifies David Baumgartel as General Manager Operations. The cited source establishes the disclosed role and any stated appointment date. This source alone does not establish attributable prior-employer outcomes, verified credentials or independently benchmarked delivery. This is an evidence limitation, not an adverse personal finding.

Attribution: Responsibility not applicable. No personal outcome responsibility is inferred from the title alone.

Relevance: The role is relevant to the company’s current leadership assessment; fuller role-fit comparison requires verified chronology and outcome evidence.

Quarterly Activities/Appendix 5B Cash Flow Report (Corporate directory, key management personnel or appointment disclosure; role and date)

Appointed to lead operational establishment; mine start-up remained prospective

2026 · analyst inference · low materiality

Appointment release states plan to establish operations later in 2026; that is a target, not a delivered result as of appointment/cutoff.

Attribution: Responsibility not applicable. The source establishes the executive’s role during or around the event; individual causation is not inferred unless the cited record directly says so.

Relevance: Adds role-specific career, delivery or governance context; distinguish company-level outcomes from individual responsibility.

Appoints Highly Experienced GM Operations (Appointment release states plan to establish operations later in 2026; that is a target, not a delivered result as of appointment/cutoff.)

Evidence gaps

  • Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.

  • Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.

  • Full individual responsibility for the Dalgaranga suspension and personally attributable production outcomes were not established.

Mark Di Silvio

Company Secretary

Current
Full background report for Mark Di Silvio
Role FitAnalyst Inference · Medium materiality

Mining finance and company-secretary experience

Forrestania’s January 2026 appointment release states Di Silvio held senior finance roles at Centamin and served as Sheffield CFO and company secretary from February 2016. Centamin’s 2010 annual report independently lists him as CFO and reports accounting and MBA credentials. Qualifications were not independently verified with awarding bodies.

Responsibility not applicable · Issuer documents establish roles; no individual transaction outcome is inferred.

Appointment of Company Secretary · Page 1 appointment and prior roles
Annual report 2010 · Printed page 11 management biography
Evidence gaps · 3
  • Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
  • The documented name/employer searches are not an exhaustive court, ASIC, sanctions, safety or environmental registry check; no relevant adverse finding surfaced in the searches documented.
  • Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.

Full background report

Mark Di Silvio

Company Secretary

Career chronology

  • since 2026: Forrestania Resources Limited — Company Secretary. Half Yearly Report and Accounts (Corporate directory or key management personnel disclosure)

  • from 2026-03-01: Forrestania Resources Ltd — Company Secretary. 2026 Annual Report (2026 annual report: company secretary role and appointment date.)

  • appointed 25 July 2008; in role during 2010: Centamin Egypt Limited — Chief Financial Officer. Annual report 2010 (Printed page 11 management biography and CFO appointment)

  • from February 2016: Sheffield Resources Limited — Chief Financial Officer and Company Secretary. Appointment of Company Secretary (Page 1: prior Sheffield CFO and secretary role)

Governance and interests

Governance disclosures included in annual and interim reporting

2026 · issuer reported · medium materiality

Annual report includes required reporting and director changes. Role overlap only; no personal attribution to operating performance.

Attribution: Role overlaps event; causation unproven. The source establishes the executive’s role during or around the event; individual causation is not inferred unless the cited record directly says so.

Relevance: Adds role-specific career, delivery or governance context; distinguish company-level outcomes from individual responsibility.

2026 Annual Report (Annual report includes required reporting and director changes. Role overlap only; no personal attribution to operating performance.)

Suitability for the current role

Limited public evidence for role fit

since 2026 · analyst inference · low materiality

The issuer identifies Mark Di Silvio as Company Secretary. The cited source establishes the disclosed role and any stated appointment date. This source alone does not establish attributable prior-employer outcomes, verified credentials or independently benchmarked delivery. This is an evidence limitation, not an adverse personal finding.

Attribution: Responsibility not applicable. No personal outcome responsibility is inferred from the title alone.

Relevance: The role is relevant to the company’s current leadership assessment; fuller role-fit comparison requires verified chronology and outcome evidence.

Half Yearly Report and Accounts (Corporate directory, key management personnel or appointment disclosure; role and date)

Mining finance and company-secretary experience

2008–2026 · analyst inference · medium materiality

Forrestania’s January 2026 appointment release states Di Silvio held senior finance roles at Centamin and served as Sheffield CFO and company secretary from February 2016. Centamin’s 2010 annual report independently lists him as CFO and reports accounting and MBA credentials. Qualifications were not independently verified with awarding bodies.

Attribution: Responsibility not applicable. Issuer documents establish roles; no individual transaction outcome is inferred.

Relevance: Relevant finance and governance experience as Forrestania adds assets and complex transactions.

Appointment of Company Secretary (Page 1 appointment and prior roles); Annual report 2010 (Printed page 11 management biography)

Evidence gaps

  • Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.

  • The documented name/employer searches are not an exhaustive court, ASIC, sanctions, safety or environmental registry check; no relevant adverse finding surfaced in the searches documented.

  • Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.

Tom Plant

Incoming Chief Financial Officer

Incoming
Full background report for Tom Plant
Role FitAnalyst Inference · Medium materiality

Mining finance executive appointed as incoming CFO

Forrestania announced on 14 September 2026 that Tom Plant would commence as CFO on 5 January 2027. The appointment release describes an experienced mining finance executive with around 30 years across resources, banking and professional services and expertise in project finance, capital markets, treasury and corporate transactions. This role is announced but had not commenced by the 31 October 2026 cutoff.

Responsibility not applicable · Incoming appointment only; no Forrestania performance is attributed to him before commencement.

CFO Appointment · CFO Appointment release: date, commencement and experience
Evidence gaps · 4
  • The incoming CFO has not yet commenced; no Forrestania delivery record exists by the evidence cutoff.
  • Full employer-by-employer career and credential verification was not possible from the reviewed public material.
  • Name-based open-web searches are not exhaustive court, regulator, sanctions, safety or environmental checks.
  • The announced December 2026 departure from Australian Vanadium and January 2027 Forrestania start were future events at the cutoff.

Full background report

Tom Plant

Incoming Chief Financial Officer

Career chronology

  • 2023–2026; departure announced for December 2026: Australian Vanadium Ltd — Chief Financial Officer. CFO Appointment (Prior CFO appointment and transition biography; ended before Forrestania commencement)

  • from 2027-01-05: Forrestania Resources Ltd — Incoming Chief Financial Officer. CFO Appointment (CFO Appointment release: commencement date)

Suitability for the current role

Mining finance executive appointed as incoming CFO

announced 2026-09-14; starts 2027-01-05 · analyst inference · medium materiality

Forrestania announced on 14 September 2026 that Tom Plant would commence as CFO on 5 January 2027. The appointment release describes an experienced mining finance executive with around 30 years across resources, banking and professional services and expertise in project finance, capital markets, treasury and corporate transactions. This role is announced but had not commenced by the 31 October 2026 cutoff.

Attribution: Responsibility not applicable. Incoming appointment only; no Forrestania performance is attributed to him before commencement.

Relevance: Relevant finance and capital-markets experience for an expanding development portfolio; role-fit remains provisional until tenure and delivery evidence exist.

CFO Appointment (CFO Appointment release: date, commencement and experience)

Evidence gaps

  • The incoming CFO has not yet commenced; no Forrestania delivery record exists by the evidence cutoff.

  • Full employer-by-employer career and credential verification was not possible from the reviewed public material.

  • Name-based open-web searches are not exhaustive court, regulator, sanctions, safety or environmental checks.

  • The announced December 2026 departure from Australian Vanadium and January 2027 Forrestania start were future events at the cutoff.