Forrestania Resources (ASX:FRS) has completed its acquisition of the Edna May Gold Project from Ramelius Resources (ASX:RMS) for $300 million.
The deal establishes Forrestania as the owner of two processing hubs in Western Australia through the Lake Johnston and Edna May facilities.
Forrestania paid $210 million in cash and issued 225 million shares valued at $90 million to Ramelius, making Ramelius a significant shareholder in Forrestania.
The acquisition includes 100% of the Edna May Tampia operations, along with Ramelius’ interests in various exploration licences and associated contractual rights.
Forrestania also confirmed the completion of tranche two of its $310 million placement, raising approximately $215 million before costs. This follows shareholder approval at its general meeting on 28 August 2026.
Executive Chairman David Geraghty says the completion of the Edna May acquisition is a ‘transformational’ milestone for the company.
“The completion of the Edna May acquisition … delivers on the strategy we outlined to shareholders earlier this year,” Geraghty says.
“Edna May provides Forrestania with a second established processing hub and an established platform from which to accelerate our transition to becoming a significant Western Australian gold producer.
“Together with Lake Johnston, Forrestania is now uniquely positioned with a dual processing hub strategy capable of supporting a targeted combined milling capacity of more than 6 million tonnes per annum following refurbishment and recommissioning activities.”
The company has commenced equipment refurbishment mobilisation at Edna May as it positions itself for regional consolidation across the Southern Cross, Eastern Goldfields, and Forrestania regions.
Forrestania Resources is focused on building a Western Australian gold business through exploration and acquisitions.
Write to Paula Fabe at Mining.com.au
Images: Forrestania Resources
