Forrestania Resources Limited (ASX:FRS), a company focused on the exploration and development of lithium, gold, and nickel projects in Western Australia, has announced an update on its off-market takeover bid for Kula Gold Limited (ASX:KGD). Forrestania’s offer, initially dated 8 December 2025, has now met all necessary conditions and is wholly unconditional.
According to the notice released on January 2, 2026, the minimum acceptance condition outlined in the Bid Implementation Agreement was satisfied, as previously announced on December 17, 2025. Furthermore, all other defeating conditions detailed in the Bidder’s Statement were removed as of December 23, 2025, as per the notice given by Forrestania under section 650F of the Corporations Act.
The announcement confirms that Forrestania Resources currently holds a voting power of 82.04% in Kula Gold as of the date of the notice. The initial offer was made via a replacement bidder’s statement dated 4 December 2025, which superseded the original statement from 24 November 2025. The offer is scheduled to close at 4:00pm (AWST) on 22 January 2026.
Steinepreis Paganin, acting for Forrestania Resources, has confirmed that the notice of status of defeating conditions has been served on both Kula Gold and the ASX, in compliance with the Corporations Act 2001. The release was authorised by the Board of Forrestania Resources.
