Forrestania Resources Limited · ASX:FRS
Forrestania Resources — Merger or Acquisition (July 2026)
74 slides from Forrestania Resources's merger presentation, Jul 1, 2026
Slide 1: Acquisition of Edna May & Capital Raising
Investor Presentation 1 July 2026 Not for distribution to US wire services or release in the United States Acquisition of Edna May & Capital Raising
Slide 2: Disclaimer
Disclaimer IMPORTANT INFORMATION These presentation materials and any accompanying verbal presentation (together, the Presentation Materials) have been prepared by Forrestania Resources Limited (ACN 647 899 698) (Company) as at 01 July 2026 and statements are current only as at that date. Informatio
Slide 3: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS Certain statements contained in the Presentation Materials, including information as to the future financial or operating performance of the Company and its projects, are forward looking statements. Such forward looking statements involve known and unknown risks
Slide 4: Table of Contents
Table of Contents Section Page 1. Transaction Overview 5 2. Transaction Funding 15 3. Edna May 20 4. Forrestania Resources 24 Appendix A: Foreign Jurisdiction & Risks 29 Appendix B: Supplementary Information 38 4
Slide 5: 1. Transaction Overview
1. Transaction Overview 5
Slide 6: Transaction & Funding Summary
Transaction & Funding Summary Forrestania Resources Limited (ASX:FRS) (“Forrestania” or “FRS”) has agreed to acquire Ramelius Resources Limited’s (“Ramelius” or “RMS”) 100% ownership in Tampia Operations Pty Ltd and Edna May Operations Pty Ltd (“Edna May”) plus 4 tenements between 75% and 100% own
Slide 7: Edna May – Asset Highlights
Edna May – Asset Highlights #1 Established 2.9Mtpa1 process plant & infrastructure connected to grid power Processing Hub Low-cost restart estimated at A$50m2 given plant has been on care & maintenance for less than 18 months #2 Fully Permitted Permits in place to support restart of the Edna M
Slide 8: An Acquisition Consistent with Forrestania's Growth Strategy
An Acquisition Consistent with Forrestania’s Growth Strategy • Edna May represents a strategic acquisition with total consideration of A$300 million consistent with the estimated replacement cost of the installed infrastructure, while also providing Forrestania with 945koz1 Au Edna May JORC Minera
Slide 9: Edna May Enhances Forrestania's Portfolio Optionality
Edna May Enhances Forrestania’s Portfolio Optionality • Dual Processing hub strategy with a targeted combined processing capacity of approximately 6.0Mtpa upon full commissioning, refurbishments and upgrades of the Edna May Mill and the Lake Johnston Mill • 2.9Mtpa1 Edna May Mill: targeting restar
Slide 10: Enhances Forrestania Portfolio and Fast Tracks Production Story
Enhances Forrestania Portfolio and Fast Tracks Forrestania Production Story WA Mid-Cap Producers Milling Capacity in Western Australia (Mtpa)1,5 Western Australian Gold Producers & Developers – Mineral Resources (Moz)1,3,4,5 Greatland (Telfer) 20.0 Genesis Minerals Limited 21.3 Regis (Duketon) 10.0
Slide 11: Acquisition of Established Infrastructure & Cheap Ounces
Acquisition of Established Infrastructure & Cheap Ounces • Headline EV/Resource multiple of ~A$317/oz, however, Forrestania also purchasing Edna May plant and infrastructure • Look-through multiple paid for existing 945koz2 Au Mineral Resource materially reduced after adjusting for value of Edna May
Slide 12: Forrestania's Milestones since May 2025
Forrestania’s Milestones since May 2025 Forrestania is rapidly delivering on its strategy May 2025 Aug 2025 Sep 2025 Nov 2025 Feb 2026 Mar 2026 June 2026 Leadership Hyden3 Burracoppin5 Lake Johnston7 MacPhersons Karonie11 Zenith Reset1 Reward9 Minerals13 New board Binding Option 83koz JORC Binding H
Slide 13: The Right Team to Deliver the Strategy
The Right Team to Deliver the Strategy Board of Directors Executive Team David Geraghty Daniel Raihani Adam Turnbull Brett Hodgins David Baumgartel Mark Di Silvio Chairman Non-Executive Director Non-Executive Director Technical Director General Manager Company Secretary • Metallurgical engineer • Ac
Slide 14: Forrestania Forward Milestones
Forrestania Forward Milestones • Forrestania is simultaneously progressing the refurbishment and commissioning of the Lake Johnston Mill and the Edna May Mill FY2027 Timeline September Qtr 2026 December Qtr 2026 March Qtr 2027 June Qtr 2027 Completion of Transaction & Offer Refurbishment & Commissio
Slide 15: 2. Transaction Funding
2. Transaction Funding 15
Slide 16: Offer Overview
Offer Overview Forrestania has received firm commitments to raise A$310 million at A$0.40 per share (“Offer Price”) via a two-tranche placement to institutional and sophisticated investors (“Offer”) Tranche 1 placement to raise ~A$95 million under existing placement capacity pursuant to Listing
Slide 17: Offer & Transaction Timetable
Offer & Transaction Timetable Event1 Date / Time Trading Halt & Announcement of Transaction Monday, 29 June 2026 Announcement of Offer Wednesday, 1 July 2026 Settlement of Offer Shares (Tranche 1) Tuesday, 7 July 2026 Allotment of Offer Shares (Tranche 1) Wednesday, 8 July 2026 Forrestania General M
Slide 18: Pro Forma Capital Structure
Pro Forma Capital Structure Pro Forma Pro Forma the Proposed Capital Structure1,4,7 Units Current Forrestania1 Equity Raising3 Edna May Acquisition Proposed Debt Facility6 Forrestania5 Debt Facility Offer Price A$/sh 0.40 0.40 0.40 0.40 - 0.40 Shares on Issue / Shares Issued M 1,339 775 225 2,339 -
Slide 19: Transaction & Growth Funding
Transaction & Growth Funding Sources (A$m) Uses (A$m) Issue of FRS shares • 225m shares issued @ A$0.40 per share 90 Consideration to Ramelius 210 • Comprising an A$20m deposit and A$190m payable on completion to RMS • Implied 9.6%1 pro-forma RMS ownership (18 month escrow) • 225m shares issued @ A$
Slide 20: 3. Edna May
3. Edna May 20
Slide 21: Processing Plant
Processing Plant Forrestania targeting capacity post refurbishment and upgrades of 2.9Mtpa • Catalpa Resources commissioned GR Engineering Services in 2009 under an EPC design and construct contract to build the Edna May processing plant with the plant completed in 2010 • Blended ore processed via c
Slide 22: Permitting
Permitting Permits are in place to support restart of Edna May Mill with certain additional approvals required for the Stage 3 cut-back (expected timeline +6 months) Permits in Place for Restart of Edna May Mill Months 1 2 3 4 5 6 7 8 9 10 11 12 Groundwater abstraction licence - mine dewatering Appr
Slide 23: Edna May Deposit – Geology
Edna May Deposit – Geology • The Edna May deposit is primarily hosted within the east-west striking, north-dipping Edna May Gneiss (“EMG”), which has a defined strike length of ~1km, a width of ~140m and a drilled depth extent >700m • The EMG is a tonalitic quartz-feldspar-biotite gneiss, interprete
Slide 24: 4. Forrestania Resources
4. Forrestania Resources 24
Slide 25: Corporate Snapshot
Highlights & Corporate Overview Share Price FRS Share Price (since Jan-25) A$0.425/sh Corporate 80 70 Shares on Issue Snapshot ~1,339m 60 50 Market Capitalisation A$569m 40 All data at 26 June 2026 30 Cash & Listed Existing JORC Investments1 20 Resource Base* A$32m ˜1.0Moz 10 Debt 0 Notes: 1Unaudite
Slide 26: Zenith Minerals Recommended Takeover Offer
Zenith Minerals Recommended Takeover Offer (Announced 9 June 2026) On 9 June 2026, Forrestania announced it had executed a Binding Takeover Implementation Deed for a recommended off-market scrip takeover of Zenith Minerals Ltd (ASX:ZNC) (“Zenith”) (“Offer”) Overview Zenith shareholders to receiv
Slide 27: Existing Gold Projects – Mineral Resource Estimate
Other Projects Westonia Region Westonia Gold Project Existing Gold Projects – Mineral Resource Estimate Southern Cross Region Southern Cross Tenements (incl. recent acquisitions and projects under contract)2 Eastern Goldfields Region Breakaway Dam Measured Indicated Inferred Total Tonnes Grade g/t O
Slide 28: Edna May – Mineral Resource Estimate
Edna May – Mineral Resource Estimate As reported by Ramelius Resources at 30 June 2025 (inclusive of Reserves)2 Measured Indicated Inferred Total1 Tonnes Grade g/t Ounces Au Tonnes Grade g/t Ounces Au Tonnes Grade g/t Ounces Au Tonnes Grade g/t Ounces Au Total Edna May 720,000 1.08 25,000 23,000,000
Slide 29: Appendix A: International Offer Restrictions & Risks
Appendix A: International Offer Restrictions & Risks 29
Slide 30: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 31: International Offer Restrictions
International Offer Restrictions Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong
Slide 32: International Offer Restrictions
International Offer Restrictions United Kingdom This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations 2024 (“POATRs”)) has been publi
Slide 33: Key Risks
Key Risks • Forrestania is in active discussions for incremental funding with various debt financiers and targeting an A$100 million secured debt facility (Proposed Debt Facility). If successfully progressed to binding documentation and drawn, the Proposed Debt Facility will impose ongoing obligatio
Slide 34: Key Risks
Key Risks • To fund working capital and the refurbishment of the Edna May processing facility, the Company is considering debt financing which it reasonably expects will require the granting of security interests over certain assets of the Company and/or its subsidiaries. Investors should be aware o
Slide 35: Key Risks
Key Risks • The Zenith Offer is subject to a number of defeating conditions set out in section 12.10 of the Bidder’s Statement, including a minimum acceptance condition that Forrestania have a Relevant Interest in at least 50.1% of Zenith’s Shares (on a fully diluted basis), and conditions that, dur
Slide 36: Key Risks – Conditions of the Acquisition
Key Risks – Conditions of the Acquisition There is the potential that the Company will agree with Ramelius that notification to the ACCC is required, which would introduce the risk that ACCC may not approve the transaction. ACCC approval Third party agreements: In relation to each material contract
Slide 37: Key Risks
Key Risks • Capital Raising Commitments: Forrestania announcing to ASX that it has received binding commitments from investors the completion of a capital raising to raise not less than $200,000,000 (before costs) pursuant to the capital raising. Capital Raising Conditions • Capital Raising Approval
Slide 38: Appendix B: Supplementary Information
Appendix B: Supplementary Information 38
Slide 39: Peer Milling Capacity References
Peer Milling Capacity References Gold Project Company Installed Mill Capacity Source and Data (Mtpa) Telfer Greatland Resources 20.0 Greatland Resources website (accessed: 25 May 2026); two 10 Mtpa trains = 20 Mtpa total Duketon Regis Resources Limited 10.0 Regis Resources website (accessed: 25 May
Slide 40: Peer Mineral Resources References
Peer Mineral Resources References Company Mineral Resource Estimate Source and Data (Moz) Genesis Minerals Limited ASX release 06 May 2026; “Presentation - Growth AND Cash Flow” Genesis Minerals Limited 21.31 1 Includes A$639m “bolt-on” acquisition of Magnetic Resources with 2.4Moz Resources Westgol
Slide 41: Comparable Transaction Data
Comparable Transaction Data Enterprise Mineral Resource Target Acquiror Ann. Date Source Information Value1 Resource Multiple A$m koz Au. A$/oz Au Date ASX Release Tilte Spartan Resources Ramelius Resources Mar-25 2,094 3,152 664 Mar-25 Transformational Combination of Ramelius & Spartan Spectrum Met
Slide 42: Appendix C: ASX Announcement (Copy)
Appendix C: ASX Announcement (Copy) 42
Slide 43: ASX RELEASE Acquisition of Edna May Gold Project
Forrestania Resources Ltd Phone +61 8 6555 2950 Suite 1, 295 Rokeby Road info@forrestania.com.au Subiaco WA 6008 ACN 647 899 698 ASX: FRS forrestaniaresources.com.au 29 June 2026 ASX RELEASE Acquisition of Edna May Gold Project Highlights: • Forrestania has agreed to acquire 100% of the Edna May Gol
Slide 44: Forrestania Resources Limited (FRS:ASX) is pleased to announce
Forrestania Resources Limited (FRS:ASX) (“FRS” or “the Company”) is pleased to announce that it has entered into a binding agreement with Ramelius Resources Limited (“Ramelius” or “RMS”) to acquire its 100% interest in the Edna May Gold Hub (“Edna May”) for total consideration of A$300 million (the
Slide 45: The Transaction represents:
The Transaction represents: ✓ Strategic acquisition with total consideration of A$300 million consistent with the estimated replacement cost of the installed infrastructure, while also providing Forrestania with 945koz6 Au Edna May JORC Mineral Resource ✓ Establishes Forrestania’s second processing
Slide 46: Figure 1: The Edna May Project & Forrestania's Westonia Hub
Figure 1: The Edna May Project & Forrestania’s Westonia Hub The Edna May Gold Hub comprises the Edna May Gold Mine and associated processing infrastructure, together with the 100% owned Tampia and Symes satellite projects and regional exploration tenements. The Tampia project is located 12km south-e
Slide 47: Processing
Processing The Edna May Mill is a conventional ~2.9Mtpa CIL processing plant commissioned in 2010 under an EPC contract by GR Engineering Services, with a strong operational track record across multiple owners. The plant was designed to treat blended ore at 2.8Mtpa, with the grinding and wet plant c
Slide 48: Mineral Resource Estimate
Mineral Resource Estimate The MRE has been independently reviewed by suitably qualified consultants at Widenbar and associates Pty Ltd (Widenbar), a well-regarded Perth-based geological consultancy. Based on the estimate provided by Ramelius Resources using a 0.5g/t Au cut-off grade, Edna May contai
Slide 49: Local Geology and Mineralisation
Local Geology and Mineralisation The Edna May deposit is hosted within the mineralised Edna May Gneiss (EMG), which has a defined strike length of 1 km, width of 140 m and depth >700 m. The mine sequence includes magnesian mafic to ultramafic amphibolite’s, known as the hangingwall ultramafic, which
Slide 50: May Pit, surface, and underground diamond drilling
May Pit, surface, and underground diamond drilling. A total of 207 km of drilling was used in the estimation process (i.e. flagged within either of the gneiss units). Drill Methods and Sampling – Diamond Underground (UG) diamond drilling undertaken by RMS was completed by Australian Underground Dril
Slide 51: Edna May Au CRM Normalised Plot
50 Edna May Au CRM Normalised Plot 40 Percentage Difference from Expected Value (%)30 20 10 G913-9 0 G916-1 -10 G913-8 -20 G316-5 -30 G905-1 -40 -50 13/07/2021 12/08/2021 11/09/2021 Figure 2. Normalised plot of standards submitted to ALS Kalgoorlie, RMS August 2021 diamond drilling program. Density
Slide 52: Frequency
80% 70% 60% 50% Frequency 40% 30% 20% 10% 0% More 0 1 2 3 4 0.4 0.8 1.2 3.8 0.2 0.6 1.4 1.6 1.8 2.2 2.4 2.6 2.8 3.2 3.4 3.6 Sample Length (m) Figure 3. Sample length distribution. Top Cut Conservative topcuts were applied to the EMG and GPG domains. This reduced the CoV to within the 1-2 target for
Slide 53: Figure 4. Normal scores continuity analysis for EMG
Figure 4. Normal scores continuity analysis for EMG. Figure 5. Normal Scores variograms for EMG. Page 11
Slide 54: Figure 6. Normal Scores continuity models for Golden Point Gneiss
Figure 6. Normal Scores continuity models created by Supervisor for the Golden Point Gneiss. Figure 7. Normal Scores variograms for Golden Point Gneiss. Page 12
Slide 55: Figure 8 Normal Scores continuity model for the Jonathan Lode
Figure 8 Normal Scores continuity model for the Jonathan Lode. Figure 9. Normal Scores variogram models for the Jonathan Lode. Back transform variogram models were exported from Supervisor in Surpac zxy rotation in a .vgm format for use straight into the Surpac estimation process. Block Model Defini
Slide 56: Grade Estimation
Grade Estimation Estimations used the BM Fill OK function in Surpac. Estimations used the cut composite string file for each domain. A minimum of six samples were required for the estimation with a maximum of 12 composites used, and four samples coming from any one drillhole. Block resolution used f
Slide 57: Figure 11. Section through 12180mE (GPG). Mining Depletion
Figure 11. Section through 12180mE (GPG). Mining Depletion The stage two Edna May Pit was completed in 2018, the final pit surface, final_stage2_pit_no_rill_181108.dtm, was used to stamp the block model mined attribute as “1” and mined_type as “Pit”. Criteria used for classification Resource classif
Slide 58: Underground lodes had a 2.5m shell built around each main lode
Underground lodes had a 2.5m shell built around each main lode (i.e Jonathan, Fuji and Rockit). This represents the higher sample density of the EMG in development drives and from diamond drilling and is generally taken with stopes. Definitions for each resource category found in Table 5 and shown i
Slide 59: Current Resource Estimates
Current Resource Estimates Reasonable Prospects for Eventual Economic Extraction (RPEEE) have been addressed by carrying out Pit Optimisation using mining costs, processing costs and recoveries typical for Edna May and Ramelius deposits. A gold price of AUD 2,000/oz, with the base off the indicated
Slide 60: Disclosure
Disclosure The information in this announcement is based on publicly available ASX announcement, which are available from: www2.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements and
Slide 61: About Forrestania Resources Limited
About Forrestania Resources Limited Forrestania Resources Limited (ASX: FRS) is a rapidly growing gold exploration and development company focused on building a portfolio of high-quality projects across Western Australia’s premier mining districts. Led by a refreshed and experienced board, Forrestan
Slide 62: Appendix A: Edna May Gold Project (Table 1)
Appendix A: Edna May Gold Project (Table 1) Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut • All drilling and sampling data presented pre-dates
Slide 63: JORC Table 1 – Drill sample recovery
Criteria JORC Code explanation Commentary core is oriented and if so, by what method, etc). Drill sample recovery • Method of recording and assessing • All DD core was jigsawed to ensure any core loss, if present was fully accounted for core and chip sample recoveries and • Voids relating to histori
Slide 64: JORC Table 1 – Quality of assay data and laboratory tests
Criteria JORC Code explanation Commentary • Whether sample sizes are appropriate • Majority of historic sub-sampling details are unknown. Detailed information is often incomplete and/or lacking for the to the grain size of the material being majority of older data sets or exists in hardcopy formats
Slide 65: JORC Table 1 – Criteria
Criteria JORC Code explanation Commentary • Specification of the grid system used. • Most new drilling (post 2009) uses GDA94 Zone 50 grid coordinates. Local grids have been used for the purpose of • Quality and adequacy of topographic resource modelling control. • DGPS RL measurements were captured
Slide 66: Section 2 Reporting of Exploration Results
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land • Type, reference name/number, location • Edna May is located within the Westonia project hub comprising of granted mi
Slide 67: JORC Table 1 – Criteria
Criteria JORC Code explanation Commentary • Gold mineralisation consists of high-grade reef structures and associated stock-work veining hosted within three structurally controlled, en echelon tonalitic gneiss intrusions • Larger cross-cutting veins form the basis of the historical underground “reef
Slide 68: JORC Table 1 – Criteria
Criteria JORC Code explanation Commentary Relationship between • These relationships are particularly • For the purpose of reporting Mineral Resources only, this section is not applicable mineralisation widths and important in the reporting of Exploration • No new exploration results are reported. A
Slide 69: Section 3 Estimation and Reporting of Mineral Resources
Section 3 Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Criteria JORC Code explanation Commentary Database • Measures taken to ensure that data • Data is stored in Datashed, a recognised commercial informati
Slide 70: JORC Table 1 – Estimation and modelling techniques
Criteria JORC Code explanation Commentary Estimation and • The nature and appropriateness of • The Edna May Gneiss unit forms the main mineralised domain and grades were generated within it using anisotropic Ordinary modelling the estimation technique(s) applied Kriging techniques and key assumption
Slide 71: JORC Table 1 – Cut-off parameters
Criteria JORC Code explanation Commentary moisture, and the method of determination of the moisture content. Cut-off • The basis of the adopted cut-off • The resource was reported using nominal cutoff of 0.5 g/t parameters grade(s) or quality parameters • These were selected as they encapsulate the
Slide 72: JORC Table 1 – Bulk density
Criteria JORC Code explanation Commentary consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consid
Slide 73: JORC Table 1 – Audits or reviews
Criteria JORC Code explanation Commentary view of the deposit. Audits or • The results of any audits or reviews • RMS commissioned an audit of the Edna May resource by an external consultant. While a number of minor changes and reviews of Mineral Resource estimates. enhancements were recommended, no
Slide 74: Thank you.
Investor Presentation 1 July 2026 Thank you.
Forrestania Resources — Merger or Acquisition (July 2026) on 6ix