Forrestania Resources Limited (ASX: FRS) has announced it has entered into a binding Heads of Agreement to acquire 100% of North Iron Cap Pty Ltd (NIC). Forrestania Resources is an Australian resources company exploring for gold, copper and lithium in the Forrestania, Southern Cross and Eastern Goldfields regions of Western Australia. This acquisition marks a significant step in expanding Forrestania’s gold assets within the region.
NIC holds the gold rights over tenement M77/544, encompassing the North Ironcap deposit, an advanced open-pit gold project situated on an approved mining lease. The project boasts a JORC-compliant Inferred Mineral Resource, near surface, measured at 2.412 million tonnes at 1.37g/t for 105,953 ounces of gold. A preliminary technical review by Forrestania Resources indicates high confidence in mining a substantial portion of the existing resource through low-cost open-pit methods.
The agreement details that Forrestania Resources will issue 42,140,398 fully paid ordinary shares at a deemed price of $0.11 per share, alongside a cash payment of $2,781,266 to NIC shareholders. Completion of the acquisition is subject to several conditions, including due diligence, shareholder approval, and necessary ASX confirmations. The company anticipates the agreement to be finalised by 30 October 2025.
Forrestania Resources’ Chairman David Geraghty commented on the strategic importance of the acquisition, highlighting the project’s existing JORC-compliant resource and strong geological potential. He stated that this transaction enhances the company’s gold portfolio and aligns with its strategy of building a pipeline of quality exploration and development opportunities.
