Forrestania lands Edna May in $300M WA gold hub coup
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Forrestania Resources has reached the ultimate engineering and corporate culmination of its rapid, small-capitalization evolution by signing a binding agreement to acquire 100 percent of Ramelius Resources’ highly developed Edna May gold center for $300 million.
The blockbuster transaction consists of a minimum of $200 million in cash and up to $100 million in Forrestia shares, which once completed will result in Ramelius emerging as a significant shareholder.
The company has already initiated a heavily supported corporate capital raise to raise at least $200 million to fund the cash component. The deal represents the biggest success of a 12-month rolling consolidation strategy led by experienced mining executive and chairman David Geraghty.
In an effort to clear the decks ahead of today’s blockbuster announcement, the company also completed the sale of the Breakaway Dam copper and lithium project to Catalina Resources, a deal announced in January of this year. Forrestania will be granted 13.831 million shares in Catalina, valued at approximately $600,000, and several options with various strike prices and expiration dates.
‘This transaction supports Forrestania’s strategy to consolidate proven and potential gold assets in the Forrestania region.’
David Geraghty, president of Forrestia Resources
Last year, Forrestania embarked on an acquisition drive, snapping up stranded gold assets as it transformed from a grassroots explorer into an emerging producer.
The company’s acquisition spree included the $58.9 million takeover of Kula Gold, the $24 million acquisition of Newcam Minerals Southern Cross assets and the $93.5 million merger with Zenith Minerals to secure the high-quality Mt Palmer project.
The company currently has a 3.2 million tonne per annum processing facility at Lake Johnston, soon to be renovated, and a resource inventory approaching 1.6 million ounces. Not wanting to waste a single moment, heavily loaded trucks have already begun moving across the Western Australian landscape, delivering the first gold ore from the company’s British Hill satellite deposit to its main stockpile.
But until now, the company has lacked the one component that would tie together the growing portfolio: a second-largest processing center at the heart of its expanding Westonia footprint.
The acquisition of Edna May changed this overnight, delivering a significant JORC gold resource of 945,000 ounces, as well as a 2.9 million tonnes per annum conventional leached carbon processing plant, which has been in maintenance and repair since April 2025. Forrestia aims for a rapid restart of operation in the first half of 2027.
The assets also come with a resource containing 30.7 million tonnes grading one gram per tonne (g/t) gold using a 0.5 g/t cutoff, including 25,000 ounces in the measured category, 700,000 ounces in the indicated category and an additional 220,000 ounces in inferred resources.
Beyond the mill, the acquisition also provides a ready-made operations centre, complete with a 185-room accommodation village, airstrip, tailings storage facility, central management complex and grid power, significantly reducing both the capital cost and the development timeline required to bring the operation back into production.
To close the transaction, Forrestania was granted a massive 1,000 square kilometer lease covering four regional exploration licences, as well as the 100 percent owned Tampia and Symes satellite projects.
Forrestia Resources chairman David Geraghty said: “Approximately 12 months ago, Forrestania embarked on an aggressive merger and acquisition strategy to consolidate its stranded high-grade gold assets and underexplored exploitation rights surrounding Edna May. This strategy has been incredibly successful and has prepared Forrestania for today’s acquisition.”
Operationally, deployment at Lake Johnston is on track for late 2026. When Edna May joins the group as the second engine room, the company will command a powerful dual centering and linked processing network that will be able to direct regional ore to the most profitable mill and increase total processing capacity to over six million tonnes per annum by early 2027.
Forrestania expects to exit its current trading halt on Wednesday, July 1, 2026, following completion of the equity placement. The company then announced that it would advance technical restart efforts, seek shareholder approval for an equity raise, and prepare to feed the starved Edna May facility with nearby regional ore resources.
With ore already in motion and two major regional processing centers now firmly under control, the company appears to have completed its transformation into a serious mid-tier WA gold powerhouse.
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