OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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
—
Fair value
Locked: sign in to view
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

The closest covered peers

Peer comparison

Evidence cutoff 2026-10-05

Why these peers

Same principal commodity and development stage, ranked by country risk and operating fit.

5 selected
MRT1

Maritana Minerals Limited

GoldDeveloperLower political risk

Australia

Same principal gold exposure, pre-production developer stage and exact lower-risk Australian country-band set.

SHN2

Sunshine Metals Limited

GoldDeveloperLower political risk

Australia

Same principal gold exposure, pre-production developer stage and exact lower-risk Australian country-band set.

BTR3

Brightstar Resources Limited

GoldDeveloperLower political risk

Australia

Same principal gold exposure, pre-production developer stage and exact lower-risk Australian country-band set.

AAR4

Astral Resources NL

GoldDeveloperLower political risk

Australia

Next closest unambiguously study-backed Australian gold developer after sourced readiness exclusions.

AUC5

Ausgold Limited

GoldDeveloperLower political risk

Australia

Next ranked unambiguously study-backed Australian gold developer after AAR, with same gold, developer stage, lower-risk Australian country set, 100% project ownership and partly-funded profile.

Country bands use historical World Bank political-stability observations from 2023.

Selected valuation and operating metrics

At a glance

MetricFRSYour stockMRTSHNBTRAARAUCPeer median
Price / base fair valueLocked: sign in to viewLocked: sign in to viewLocked: sign in to viewLocked: sign in to viewLocked: sign in to viewLocked: sign in to viewLocked: sign in to view
CashA$7.763m2026-06-30A$229.5m2026-06-30A$20.56m2026-06-30A$122m2026-06-30A$65.1m2026-06-30A$87.36m2026-06-30A$87.36m5 comparable peers
Enterprise value—Cash / net-debt bridge unresolved2026-09-25A$49.48m2026-09-25A$118.9m2026-09-25A$540m2026-09-25A$261m2026-09-25A$659.7m2026-09-25A$261m5 comparable peers
Gross dilution1.042×2026-09-161.01×2026-08-061.074×2026-07-301.033×2026-09-251.016×2026-09-011.036×2026-09-211.033×5 comparable peers
Study unit cost3,293 AUD/oz AISC2026-09-183,353 AUD/oz AISC2026-02-17—Input unavailableDate unavailable2,998 AUD/oz AISC2026-01-292,085 AUD/oz AISC2025-06-252,252 AUD/oz AISC2025-12-16—0 comparable peers

A dash means unavailable. Medians appear only with four compatible peers. Dates refer to each observation.

What the differences mean

The fair-value thesis

The fair-value thesis

What the peer differences mean for our fair value is available to subscribers.

Sign in or enter a guest code
Evidence and methodologySources, dates and calculations

Selected metrics: Five selected measures test model expectations, the capital bridge, disclosed dilution and project forecast costs. Price/base-model is method-specific context; cash is a dated checkpoint; EV availability makes the unresolved FRS bridge visible. Forecast AISC is shown with study bases, without pooled statistics. Earnings, FCF, EV/NPV and EV/inventory multiples lack supported compatible subject and peer denominators. Independent valuation conclusions remain unchanged.

Price / base fair value
FRS · Locked: sign in to view
MRT · Locked: sign in to view
SHN · Locked: sign in to view
BTR · Locked: sign in to view
AAR · Locked: sign in to view
AUC · Locked: sign in to view
Cash
FRS · A$7.763m

reported · 2026-06-30 32196

MRT · A$229.5m

reported · 2026-06-30 242322

SHN · A$20.56m

reported · 2026-06-30 403837

BTR · A$122m

reported · 2026-06-30 515456

AAR · A$65.1m

reported · 2026-06-30 6366

AUC · A$87.36m

reported · 2026-06-30 73777680

Enterprise value
FRS · —

Admitted enterprise value or its documented bridge is unresolved · 2026-09-25 2011887

MRT · A$49.48m

documented admitted EV bridge; capital inputs retain original dates · 2026-09-25 352625232134

Calculation inputs
[
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "MRT:mrt_market_20260925"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 49481254.5
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "ordinary shares; capital as of 2026-08-06",
    "comparability_key": "AUD|None|company|ordinary shares; capital as of 2026-08-06",
    "formula": "multiply",
    "inputs": [
      {
        "as_of_date": "2026-09-25",
        "basis": "local daily_stock_prices close / 1000000",
        "comparability_key": "AUD/share|None|company|local daily_stock_prices close / 1000000",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "MRT:comparison-local-close-2026-09-25"
        ],
        "status": "available",
        "unit": "AUD/share",
        "value": 0.75
      },
      {
        "as_of_date": "2026-08-06",
        "basis": "reported",
        "comparability_key": "shares|None|company|reported",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "MRT:mrt_2924031096076a1333211",
          "MRT:mrt_2924031114096a1334020",
          "MRT:mrt_2924031129676a1334797",
          "MRT:mrt_2924031187606a1337657"
        ],
        "status": "available",
        "unit": "shares",
        "value": 371963006.0
      }
    ],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "MRT:comparison-local-close-2026-09-25",
      "MRT:mrt_2924031096076a1333211",
      "MRT:mrt_2924031114096a1334020",
      "MRT:mrt_2924031129676a1334797",
      "MRT:mrt_2924031187606a1337657"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 278972254.5
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "MRT:mrt_market_20260925"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 278972254.5
  }
]
SHN · A$118.9m

documented admitted EV bridge; capital inputs retain original dates · 2026-09-25 364946

Calculation inputs
[
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "SHN:market-shn-20260925"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 118895444.432
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "ordinary shares; capital as of 2026-07-30",
    "comparability_key": "AUD|None|company|ordinary shares; capital as of 2026-07-30",
    "formula": "multiply",
    "inputs": [
      {
        "as_of_date": "2026-09-25",
        "basis": "local daily_stock_prices close / 1000000",
        "comparability_key": "AUD/share|None|company|local daily_stock_prices close / 1000000",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "SHN:comparison-local-close-2026-09-25"
        ],
        "status": "available",
        "unit": "AUD/share",
        "value": 0.036
      },
      {
        "as_of_date": "2026-07-30",
        "basis": "reported",
        "comparability_key": "shares|None|company|reported",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "SHN:asx-6a1336372"
        ],
        "status": "available",
        "unit": "shares",
        "value": 3595929012.0
      }
    ],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "SHN:asx-6a1336372",
      "SHN:comparison-local-close-2026-09-25"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 129453444.432
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "SHN:market-shn-20260925"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 129453444.432
  }
]
BTR · A$540m

documented admitted EV bridge; capital inputs retain original dates · 2026-09-25 59606162

Calculation inputs
[
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "BTR:btr-market-2026-09-25"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 540004293.165
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "ordinary shares; capital as of 2026-09-25",
    "comparability_key": "AUD|None|company|ordinary shares; capital as of 2026-09-25",
    "formula": "multiply",
    "inputs": [
      {
        "as_of_date": "2026-09-25",
        "basis": "local daily_stock_prices close / 1000000",
        "comparability_key": "AUD/share|None|company|local daily_stock_prices close / 1000000",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "BTR:comparison-local-close-2026-09-25"
        ],
        "status": "available",
        "unit": "AUD/share",
        "value": 0.585
      },
      {
        "as_of_date": "2026-09-25",
        "basis": "reported",
        "comparability_key": "shares|None|company|reported",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "BTR:btr-2026-app2a-employee",
          "BTR:btr-2026-app2a-rights"
        ],
        "status": "available",
        "unit": "shares",
        "value": 1108063749.0
      }
    ],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "BTR:btr-2026-app2a-employee",
      "BTR:btr-2026-app2a-rights",
      "BTR:comparison-local-close-2026-09-25"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 648217293.165
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "BTR:btr-market-2026-09-25"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 648217293.165
  }
]
AAR · A$261m

documented admitted EV bridge; capital inputs retain original dates · 2026-09-25 6968667071

Calculation inputs
[
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AAR:aar-20260925-close"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 260978970.39999998
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "ordinary shares; capital as of 2026-09-01",
    "comparability_key": "AUD|None|company|ordinary shares; capital as of 2026-09-01",
    "formula": "multiply",
    "inputs": [
      {
        "as_of_date": "2026-09-25",
        "basis": "local daily_stock_prices close / 1000000",
        "comparability_key": "AUD/share|None|company|local daily_stock_prices close / 1000000",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "AAR:comparison-local-close-2026-09-25"
        ],
        "status": "available",
        "unit": "AUD/share",
        "value": 0.18
      },
      {
        "as_of_date": "2026-09-01",
        "basis": "reported",
        "comparability_key": "shares|None|company|reported",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "AAR:aar-20260826-cleansing",
          "AAR:aar-20260901-quotation",
          "AAR:aar-20260925-annual"
        ],
        "status": "available",
        "unit": "shares",
        "value": 1808809680.0
      }
    ],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AAR:aar-20260826-cleansing",
      "AAR:aar-20260901-quotation",
      "AAR:aar-20260925-annual",
      "AAR:comparison-local-close-2026-09-25"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 325585742.4
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AAR:aar-20260925-close"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 325585742.4
  }
]
AUC · A$659.7m

documented admitted EV bridge; capital inputs retain original dates · 2026-09-25 73727980788182

Calculation inputs
[
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AUC:auc20260925price"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 659717099.79
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "ordinary shares; capital as of 2026-09-21",
    "comparability_key": "AUD|None|company|ordinary shares; capital as of 2026-09-21",
    "formula": "multiply",
    "inputs": [
      {
        "as_of_date": "2026-09-25",
        "basis": "local daily_stock_prices close / 1000000",
        "comparability_key": "AUD/share|None|company|local daily_stock_prices close / 1000000",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "AUC:comparison-local-close-2026-09-25"
        ],
        "status": "available",
        "unit": "AUD/share",
        "value": 1.315
      },
      {
        "as_of_date": "2026-09-21",
        "basis": "reported",
        "comparability_key": "shares|None|company|reported",
        "formula": null,
        "inputs": [],
        "period": null,
        "reason": "",
        "scope": "company",
        "source_ids": [
          "AUC:asx20260713quarter",
          "AUC:asx20260805capital",
          "AUC:asx20260827capital",
          "AUC:asx20260921capital",
          "AUC:asx20260923waiver"
        ],
        "status": "available",
        "unit": "shares",
        "value": 551838466.0
      }
    ],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AUC:asx20260713quarter",
      "AUC:asx20260805capital",
      "AUC:asx20260827capital",
      "AUC:asx20260921capital",
      "AUC:asx20260923waiver",
      "AUC:comparison-local-close-2026-09-25"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 725667582.79
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "AUD|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AUC:auc20260925price"
    ],
    "status": "available",
    "unit": "AUD",
    "value": 725667582.79
  }
]
Gross dilution
FRS · 1.042×

fully diluted / ordinary shares · 2026-09-16 187

Calculation inputs
[
  {
    "as_of_date": "2026-09-16",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "FRS:l-2026-08-07-application-for-quotation-of-securities-frs",
      "FRS:r-cap-sep16",
      "FRS:r-third-bidder"
    ],
    "status": "available",
    "unit": "shares",
    "value": 2526315934.0
  },
  {
    "as_of_date": "2026-09-16",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "FRS:l-2026-08-07-application-for-quotation-of-securities-frs",
      "FRS:r-cap-sep16",
      "FRS:r-third-bidder"
    ],
    "status": "available",
    "unit": "shares",
    "value": 2425392127.0
  }
]
MRT · 1.01×

fully diluted / ordinary shares · 2026-08-06 26252321

Calculation inputs
[
  {
    "as_of_date": "2026-08-06",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "MRT:mrt_2924031096076a1333211",
      "MRT:mrt_2924031114096a1334020",
      "MRT:mrt_2924031129676a1334797",
      "MRT:mrt_2924031187606a1337657"
    ],
    "status": "available",
    "unit": "shares",
    "value": 375529869.0
  },
  {
    "as_of_date": "2026-08-06",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "MRT:mrt_2924031096076a1333211",
      "MRT:mrt_2924031114096a1334020",
      "MRT:mrt_2924031129676a1334797",
      "MRT:mrt_2924031187606a1337657"
    ],
    "status": "available",
    "unit": "shares",
    "value": 371963006.0
  }
]
SHN · 1.074×

fully diluted / ordinary shares · 2026-07-30 36

Calculation inputs
[
  {
    "as_of_date": "2026-07-30",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "SHN:asx-6a1336372"
    ],
    "status": "available",
    "unit": "shares",
    "value": 3861115056.0
  },
  {
    "as_of_date": "2026-07-30",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "SHN:asx-6a1336372"
    ],
    "status": "available",
    "unit": "shares",
    "value": 3595929012.0
  }
]
BTR · 1.033×

fully diluted / ordinary shares · 2026-09-25 5960

Calculation inputs
[
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "BTR:btr-2026-app2a-employee",
      "BTR:btr-2026-app2a-rights"
    ],
    "status": "available",
    "unit": "shares",
    "value": 1145018945.0
  },
  {
    "as_of_date": "2026-09-25",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "BTR:btr-2026-app2a-employee",
      "BTR:btr-2026-app2a-rights"
    ],
    "status": "available",
    "unit": "shares",
    "value": 1108063749.0
  }
]
AAR · 1.016×

fully diluted / ordinary shares · 2026-09-01 696866

Calculation inputs
[
  {
    "as_of_date": "2026-09-01",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AAR:aar-20260826-cleansing",
      "AAR:aar-20260901-quotation",
      "AAR:aar-20260925-annual"
    ],
    "status": "available",
    "unit": "shares",
    "value": 1838417038.0
  },
  {
    "as_of_date": "2026-09-01",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AAR:aar-20260826-cleansing",
      "AAR:aar-20260901-quotation",
      "AAR:aar-20260925-annual"
    ],
    "status": "available",
    "unit": "shares",
    "value": 1808809680.0
  }
]
AUC · 1.036×

fully diluted / ordinary shares · 2026-09-21 7372798078

Calculation inputs
[
  {
    "as_of_date": "2026-09-21",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AUC:asx20260713quarter",
      "AUC:asx20260805capital",
      "AUC:asx20260827capital",
      "AUC:asx20260921capital",
      "AUC:asx20260923waiver"
    ],
    "status": "available",
    "unit": "shares",
    "value": 571878959.0
  },
  {
    "as_of_date": "2026-09-21",
    "basis": "reported",
    "comparability_key": "shares|None|company|reported",
    "formula": null,
    "inputs": [],
    "period": null,
    "reason": "",
    "scope": "company",
    "source_ids": [
      "AUC:asx20260713quarter",
      "AUC:asx20260805capital",
      "AUC:asx20260827capital",
      "AUC:asx20260921capital",
      "AUC:asx20260923waiver"
    ],
    "status": "available",
    "unit": "shares",
    "value": 551838466.0
  }
]
Study unit cost
FRS · 3,293 AUD/oz AISC

forecast study cost; September 2026 PFS at A$5,500/oz; pre-tax undiscounted free cash flow reported separately, no issuer NPV supplied. · 2026-09-18 9

MRT · 3,353 AUD/oz AISC

forecast study cost; Issuer project-level NPV excludes corporate costs and assumes A$5,500/oz gold; A$131m is maximum drawdown, not initial capex. · 2026-02-17 22

SHN · —

No supported comparable observation for this selected metric · Date unavailable

BTR · 2,998 AUD/oz AISC

forecast study cost; Pre-tax at A$6,000/oz gold, issued January 2026. · 2026-01-29 50

AAR · 2,085 AUD/oz AISC

forecast study cost; Post-tax NPV8 at FID at A$4,250/oz; includes Feysville feed, pre-production capex and WA gold royalty. · 2025-06-25 65

AUC · 2,252 AUD/oz AISC

forecast study cost; Reported real ungeared post-tax NPV5 at A$4,300/oz gold, 2.5% WA royalty and 30% company tax; no independent project finance terms secured. · 2025-12-16 74

Material gaps

  • FRS’s current cash, inherited acquisition liabilities and unallocated capital commitments prevent a supported current EV.
  • Peer independent models have different risk retention, tax, timing, option values and diluted share conventions; price/base-model comparisons are diagnostic context.
  • Study AISC values differ in date, commodity-price assumptions, life and project scope; no matched cost premium, quartile or pricing discount is asserted.
  • SHN’s numeric reported September cost and MRT’s reported NPV are source context where the contract does not admit them numerically; no upstream ledger override is made.
  • AUC’s pending control transaction means its quote reflects deal consideration and completion risk as well as standalone mine value.
  • Complete project funding gaps, dated construction cash schedules and realized supplier margins are unavailable.

Follow-up questions

  • Reconcile FRS September cash from placement, acquisition cash, fees, payables, inherited liabilities and subsequent commitments, avoiding double-counted project capital.
  • Obtain actual commissioning recovery and net purchased-ore margins, then retest independent execution-retention factors.
  • Obtain numeric annual project cash-flow schedules and supplier pricing terms before constructing a common developer valuation denominator.
  • Revisit excluded CGM and Central Tanami only after project-specific completed studies resolve their source-readiness ambiguity; retain the fixed operating anchors.

Sources

  1. Application for quotation of securities - FRS2026-08-07
  2. Quarterly Activities/Appendix 5B Cash Flow Report2026-07-28
  3. Forrestania Secures A$310M for Edna May Acquisition2026-07-01
  4. Lake Johnston Processing Infra. Acquisition Completes2026-02-13
  5. Executed Sale Agreement of Lake Johnston Infrastructure2025-12-31
  6. Completion of Edna May Gold Project Acquisition2026-09-04
  7. Third Supplementary Bidder Statement2026-09-07
  8. Application for quotation of securities2026-09-16
  9. Edna May Pre-Feasibility Study and Ore Reserve2026-09-18
  10. British Hill Pre-Feasibility Study and Ore Reserve2026-09-18
  11. Tycho Pre-Feasibility Study and Ore Reserve2026-09-18
  12. Johnson Range Pre-Feasibility Study and Ore Reserve2026-09-18
  13. British Hill MRE Continues Solid Growth2026-09-24
  14. Forrestania Executes Strategic Agreements2026-09-14
  15. Forrestania Advances Agreements and Restart Readiness2026-09-09
  16. Lake Johnston Construction Momentum Continues2026-09-18
  17. Total Mineral Resource Estimate Surpasses 2Moz Au2026-09-07
  18. FRS ordinary share ASX close 25 September 20262026-09-25
  19. 2026 Annual Report2026-09-14
  20. Local eligible daily stock close2026-09-25
  21. Application for quotation of securities - MRT2026-08-06
  22. Diggers & Dealers Mining Forum Presentation2026-08-03
  23. Quarterly Activities Report 30 June 20262026-07-22
  24. Quarterly Cash Flow Report 30 June 20262026-07-22
  25. Application for quotation of securities - MRT2026-07-15
  26. Application for quotation of securities - MRT2026-07-09
  27. Kanowna East Project Acquired in Strategic Tenement Swap2026-05-19
  28. Additional Consolidation of Strategic Tenements around BSPH2026-05-11
  29. Gold Ore Reserve Update2026-02-17
  30. Gold Mineral Resources Update2026-02-13
  31. Feasibility Study Update2025-12-24
  32. Annual Report to shareholders2025-10-20
  33. High-Grade Burbanks Deposit Increases 62% to 750koz2026-09-11
  34. MRT ASX ordinary share close2026-09-25
  35. Local eligible daily stock close2026-09-25
  36. Application for quotation of securities - SHN2026-07-30
  37. Appendix 5B Cash Flow Report2026-07-30
  38. Quarterly Activities Report2026-07-30
  39. Mt Moss Acquisition Completed & Production Pathway Advanced2026-07-02
  40. Mt Moss Acquisition and Successful Capital Raising2026-04-30
  41. Full Year Statutory Accounts2025-09-03
  42. Early Exercise of Sybil Option to Expedite Drilling2025-06-23
  43. Robust Mining Study for Liontown Gold Operation2026-02-16
  44. Significant Upgrade to Liontown Resource2026-07-15
  45. RC Drilling Commenced at Sybil Epithermal Gold Project2026-08-03
  46. SHN verified ordinary-share close on 25 September 20262026-09-25
  47. Refurbishment on Track - Mt Moss2026-09-08
  48. Updated Mining Study for Liontown Gold Operation2026-09-21
  49. Local eligible daily stock close2026-09-25
  50. Updated Goldfields Feasibility Study2026-01-29
  51. BTR Approves Final Investment Decision at Goldfields Project2026-05-26
  52. Goldfields Project Development Update2026-07-02
  53. Sandstone Mineral Resource Grows to 2.9Moz2026-07-15
  54. Quarterly Activities/Appendix 5B Cash Flow Report2026-07-30
  55. Diggers and Dealers Presentation2026-08-05
  56. Annual Report to Shareholders 20262026-09-04
  57. Goldfields construction update2026-09-09
  58. Sandstone metallurgy update2026-09-24
  59. Appendix 2A employee shares2026-09-25
  60. Appendix 2A rights conversion2026-09-25
  61. BTR.AX ordinary share close, 25 September 20262026-09-25
  62. Local eligible daily stock close2026-09-25
  63. Quarterly Activities & Cashflow Report2026-07-27
  64. Mineral Resource Increased to 2.07 Million Ounces2026-04-21
  65. Mandilla Project Pre-Feasibility Study - Maiden Ore Reserve2025-06-25
  66. Annual Report for year ended 30 June 20262026-09-25
  67. Theia Deeps assay results continue to strengthen case2026-09-15
  68. Application for quotation of securities2026-09-01
  69. Cleansing notice for equity issues2026-08-26
  70. AAR ordinary share local closing observation2026-09-25
  71. Local eligible daily stock close2026-09-25
  72. Application for quotation of securities - AUC2026-08-05
  73. Quarterly Activities/Appendix 5B Cash Flow Report2026-07-13
  74. Updated Definitive Feasibility Study2025-12-16
  75. 2025 Annual Report2025-08-26
  76. Ausgold 2026 Annual Report2026-09-01
  77. OceanaGold proposed acquisition of Ausgold2026-08-17
  78. ASX waiver for scheme warrant cancellation2026-09-23
  79. Application for quotation of securities, 27 August 20262026-08-27
  80. Application for quotation of securities, 21 September 20262026-09-21
  81. AUC ASX ordinary-share close 25 September 20262026-09-25
  82. Local eligible daily stock close2026-09-25
  83. World Bank Worldwide Governance Indicators — Political Stability, archived 2024 edition2024-11-05
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