Forrestania boasts groupwide two-million ounce resource portfolio

Of the two-million-ounce mineral resource portfolio, 1.03-million ounces are in the inferred category, 994000 oz are in the indicated category and 48000 oz are in the measured category.

The Edna May acquisition - comprising a A$200-million cash consideration and A$100-million in Forrestania shares issued to Ramelius Resources - includes associated processing infrastructure such as a 2.9-million-tonne-a-year carbon-in-leach processing plant and two satellite projects.

"The acquisition of Edna May has immediately elevated the company into a new category of gold company, with a global mineral resource exceeding two-million ounces and ownership of one of Western Australia's established gold processing hubs.

"Beyond the resource itself, Edna May provides us with the infrastructure platform required to accelerate our development strategy, creating opportunities to unlock value across both the existing resource base and our broader regional portfolio," says Forrestania chairperson David Geraghty.

He adds that with an experienced team, a growing resource inventory and clear development opportunities across its portfolio, Forrestania is positioned to become a meaningful Australian gold producer.

Meanwhile, in another transaction whereby Forrestania intends to take over Zenith Minerals in an off-market offer, the company is experiencing regulatory rebuke from Australia's Takeovers Panel, after Zenith shareholders Ida Metal and Harvest Lane Asset Management complained about "unacceptable circumstances".

These include Forrestania allegedly not having disclosed its accumulation of a 9% stake in Zenith between March and June this year and the fact that Forrestania's share price dropped after the purchase of the Edna May mine, thereby lowering the implied scrip value of the Zenith offer.

Forrestania has since been extending its offer period, currently set to September 14, owing to ongoing disputes about the takeover.