Forrestania Resources Limited (ASX: FRS), a gold exploration and development company focused on building a portfolio of high-quality projects across Western Australia’s premier mining districts, has announced a binding agreement to acquire 100% of Mantis Resources Pty Ltd. The acquisition, valued at $235,000, will be settled in Forrestania shares. Mantis holds two exploration licences (E63/2256 & E63/2244) and one application for an exploration licence (E63/2411) within the Forrestania Gold Hub near Lake Johnston.
The strategic move expands Forrestania’s existing footprint in the region. The acquired tenements are largely contiguous with Forrestania’s current holdings and are situated within a geologically prospective area, aligning with the company’s ongoing exploration strategy. Forrestania Resources has also applied for ELA63/2557 & ELA63/2558, further extending its regional presence.
Forrestania Resources’ Chairman David Geraghty stated that the acquisition and tenement applications reflect the company’s operational discipline and commitment to extending its footprint near the Lake Johnston processing facility. The Lake Johnston operation includes a 1.5Mtpa comminution & flotation processing circuit, large-scale workshops, laboratories & stores, an established airstrip & accommodation camp, and connection-ready infrastructure suitable for modification to high-grade gold flotation/gravity circuits.
The completion of the acquisition is subject to standard conditions, including Forrestania’s satisfactory due diligence, shareholder and ASX approvals, and the withdrawal of Poseidon Nickel from a farm-in agreement on the Lake Johnson Project with Mantis. The company believes this expansion will enhance its exploration potential and create shareholder value through a focused approach to growing its gold asset base in Western Australia.
