FORRESTANIA RESOURCES

Forrestania Resources Ltd
Suite 1, 295 Rokeby Road
Subiaco WA 6008
Phone +61 8 6555 2950
[email protected]
ASX: FRS
ACN 647 899 698
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 Gold Hub from Ramelius Resources Limited, including the 2.9Mtpa¹ Edna May Mill, associated infrastructure and existing 945koz² Au JORC Mineral Resource
• Total acquisition consideration of A$300 million, comprising:
• A$200 million cash³; and
• A$100 million in Forrestania shares.
• Acquisition complements Forrestania's existing Lake Johnston processing hub which is currently undergoing refurbishment and advances its disciplined consolidation strategy focused on securing high-quality, advanced, permitted and synergistic gold assets
• Forrestania targeting restart of Edna May Mill in 1H 2027 with Forrestania to supply Edna May with ore from its existing proximate Mineral Resources prior to assessing any potential longer-term restart of mining operations at Edna May
• Capital raising underway to raise funds to complete the acquisition

Forrestania's Chairman David Geraghty commented:

"This transaction upholds Forrestania's strategy to consolidate the proven and prospective gold assets in the Forrestania region. Approximately 12 months ago, Forrestania embarked on an aggressive M&A strategy to consolidate stranded high-quality gold assets and underexplored tenure surrounding Edna May. This strategy has been incredibly successful and set Forrestania up for today's acquisition.

Forrestania believes it has the proven development and delivery team that is ready to refurbish, upgrade and commission the 2.9Mtpa Edna May Mill going forward. This work will be completed in conjunction with Forrestania's commissioning of Lake Johnston which is on-track for late 2026. Forrestania is at an exciting juncture as it now has the growing resource base and the processing infrastructure to deliver on its gold production strategy."

¹ Targeted capacity post refurbishment and upgrades and upon completion of the Transaction.
² See Appendix A and Ramelius' ASX release, "Resources & Reserves Statement 2025", 1 October 2025.
³ Comprising an A$20m deposit and A$180m payable on completion. Forrestania may elect to increase the cash component and reduce the shares issued following completion of the capital raising.

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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 “Transaction”) comprising:

• a minimum of A$200 million cash⁴; and
• up to A$100 million in Forrestania shares on completion⁵
• Upon completion, Ramelius to become a substantial shareholder in Forrestania (escrowed for 18 months)

Following completion of the current capital raising, Forrestania can elect to increase the cash component of the consideration and reduce the number of shares issued by notice to Ramelius.

The Transaction comprises Ramelius’ 100% owned Edna May Gold Mine, associated infrastructure including a 2.9Mtpa processing plant and associated tenements, 100% owned Tampia and Symes tenements, and 4 other tenements (3 of which are 75% owned, and 1 of which is 100% owned).

Completion is subject to the following conditions precedent:

a) Where the parties determine it is necessary, Forrestania obtaining the appropriate approval from the ACCC;
b) Assignment of relevant third party agreements required to transfer the assets, including the assignment of the Share Purchase Agreement between Ramelius Operation Pty Ltd and Evolution Mining Limited;
c) Forrestania completing an equity raising of not less than $200 million; and
d) Forrestania shareholder approval for the proposed equity raising and for the issuance of Forrestania shares to Ramelius.

The Company expects completion of the Transaction in Q3 CY2026.

Strategic Rationale

Forrestania has rapidly consolidated one of the most compelling tenement packages and gold processing portfolios in Western Australia, with a significant Mineral Resource base spread across granted mining leases in the Southern Cross, Westonia, Coolgardie and Eastern Goldfields regions.

⁴ Comprising an A$20m deposit and A$180m payable on completion.
⁵ Number of shares issued to Ramelius subject to outcome of the equity raising.

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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 hub, with the Company targeting over 6Mtpa of operating milling capacity in 1H CY2027

The Edna May Mill complements Forrestania’s Lake Johnston hub currently under construction. Lake Johnston remains on time and on budget with commissioning expected in Q4 CY2026

• Creates a dual hub-and-spoke processing network, increasing Forrestania’s operational flexibility

With Forrestania already holding significant tenure and JORC Resources surrounding Edna May, the acquisition builds-out its dual processing hub-and-spoke network, increasing Forrestania’s operational flexibility and ensuring the right ore goes to the right mill

• Unlocks a faster, lower-risk and more capital efficient pathway to production in the Southern Cross region

With a permitted and existing processing plant and associated infrastructure, Edna May presents a compelling near-term restart opportunity and allows Forrestania to avoid the approvals burden, development timeline and increased capital intensity associated with greenfield developments

Overview of Edna May

Edna May is located ~315km east of Perth within the Westonia Greenstone Belt of WA’s Archaean Yilgarn Craton, approximately 1km from the town of Westonia and ~10km north of the Great Eastern Highway. It sits within the prolific Yilgarn Craton greenstone belt which hosts several of Forrestania’s existing projects and is proximate to the Company’s growing regional Mineral Resource base.⁷

6 See Appendix A and Ramelius’ ASX release, “Resources & Reserves Statement 2025”, 1 October 2025

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-east of the town of Narembeen in the Western Australian wheatbelt, 148km by sealed road from Edna May. The Symes project is located 60km south of the township of Moorine Rock within the Holleton Greenstone Belt in the Southern Cross Province of the Eastern Goldfields, 120km by sealed road from Edna May.

The assets being acquired under the Transaction are as follows:

• $\sim 2.9$ Mtpa conventional CIL processing plant (placed on care & maintenance in April 2025)
• Established infrastructure (existing 185 room accommodation, airstrip, tailings storage facility and centralised administration facilities)
• Grid power connection
• Mining leases and portfolio tenements covering $\sim 1,000\mathrm{km}^2$

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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 circuits capable of processing at 3.4Mtpa. The plant has provision for a full expansion in processing capacity to 3.2Mtpa.

Mining

Under Ramelius' ownership, Edna May operated as an open-pit mine with incremental feed from the Edna May underground and satellite deposits including Symes, Marda and Tampia.

Equity Raising

Forrestania intends to fund the A$200m cash consideration to Ramelius via the proceeds of a two-tranche placement of approximately A$300m ("Offer") and existing cash reserves. Forrestania intends to emerge from a Trading Halt upon completion of the equity raising on Wednesday, 1 July 2026.

Bell Potter Securities Limited and Aitken Mount Capital Partners Pty Ltd are acting as Joint Lead Managers and Joint Book Runners to the Offer.

Forrestania's Advisers

Sternship Advisers is appointed as financial adviser to Forrestania with Steinepreis Paganin acting as legal adviser.

SUMMARY OF RESOURCE PARAMETERS

The information in this report that relates to the Edna May Mineral Resources (MRE) is based on information compiled by Ramelius Resources ASX release, "Resources & Reserves Statement 2025", 1 October 2025. Mr Lynn Widenbar, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy confirms that FRS was provided with sufficient information and has undertaken an independent overview of the Edna May MRE. The Edna May Mineral Resource estimate has been prepared in accordance with the JORC Code (2012 Edition). Forrestania confirms it is not aware of any new information or data that materially affects the information included in the original announcement. Mr Widenbar is a full-time employee of Widenbar and Associates Pty Ltd.

A summary of JORC Table 1 is provided below for compliance regarding the MRE reported within and in line with the requirements of ASX Listing Rule 5.8.1.

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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 contains 30.7 million tonnes at 1.0 g/t Au for 945,000 oz Au as shown in Table 1.

Table 1: Edna May JORC MRE 2025

Notes:
1. See Ramelius’ ASX release, “Resources & Reserves Statement 2025”, 1 October 2025
2. Figures rounded to 2 significant figures. Rounding errors may occur

Competent Person's Statement

The information in this report that relates to the Edna May Mineral Resources (MRE) is based on information compiled by Ramelius Resources ASX release, “Resources & Reserves Statement 2025”, 1 October 2025. Mr Lynn Widenbar, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy confirms that FRS was provided with sufficient information and has undertaken an independent overview of the Edna May MRE. Mr Widenbar is a full time employee of Widenbar and Associates Pty Ltd. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Widenbar consents to the inclusion in the report of the matters based on his review in the form and context that the information appears.

Regional Geology

The Edna May deposit is situated within the Westonia Greenstone belt in the Archean Yilgarn Craton. The greenstone belt strikes west-northwest and dips north-northeast at 50-60 degrees. The greenstone belt not only host the gold rich Edna May Gneiss but Greenfinch Gneiss (to the southwest) and Golden Point Gneiss (southeast) which also contain anomalous gold mineralisation and have a similar orientation to the Edna May Gneiss.

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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 is underlain by footwall amphibolite's. Both units are defined as the background waste units in the Resource Model (UMF).

The gneiss units are a tonalitic quartz-feldspar-biotite gneiss, interpreted to be a strongly metamorphosed granitoid intrusions. They strike east-west (100-120 degrees) and dip 50-60 degrees to the north. Contacts are somewhat irregular with the waste units. The deposit was intruded by late-stage pegmatite and leucogranite intrusions which stope out mineralisation. Continuity of the intrusions is poorly defined because of the irregular nature. Where possible pegmatite units have been modelled, including one large continuous unit and one smaller, shallowly dipping zone intersected in the underground mine, which stoped out 2-3 m of mineralisation.

Gold mineralisation is structurally controlled and is principally hosted within the EMG and associated quartz veining. Two types of veins are identified with the deposit: larger arcuate veins (reefs) representing the historic gold production, and thin sheeted quartz veins in either ladder or stockwork association. Larger vein reefs typically crosscut the gneiss with a northerly strike and westerly dip, they propagate from near the footwall contact of the EMG and dissipate in the core of the gneiss. The type two veining is typically parallel to the dominant gneissic fabric.

The larger stacked veins show a polymetallic sulphide assemblage of pyrrhotite, pyrite +/- chalcopyrite, galena, molybdenite and sphalerite. Sheeted veins typically only display pyrrhotite and pyrite mineralisation. Alteration consists of assemblages of diopside, calcic-amphibole, plagioclase, k-feldspar and biotite. Anomalous gold within the EMG is associated with high alteration intensity and ensuing proximity to veining with gold deposited through micro-fracturing of the gneiss and associated veinlet formation. Visible gold is frequently seen in drill core in close association with veining.

Continuous deformation of the EMG veining is observed by subsequent folding and faulting as noted by historic mining and mapping. This is highlighted by the anticlinal trend that plunges steeply to the north which is seen in current development. The intense deformation of the mine sequence does add geological and resource risk with continuity of currently mined veins.

Drilling and Sampling Techniques

The Edna May drill database has been passed on from each ownership change. It contains significant drilling from previous owners, completed by several companies over a number of campaigns. These include Homestake, Westonia Mines, Australian Consolidated Minerals, Catalpa Resources and Evolution Mining.

As of January 2022, 7,518 individual collars were recorded which includes face sampling from underground development, grade control (GC) Reverse Circulation (RC) drilling from the Edna

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 Drilling (AUD). Collars were positioned with a Gyro alignment tool. All holes were oriented and jigsawed, with any core loss fully accounted for. Voids relating to historic UG workings were logged as open or filled stope voids. A final down hole survey completed with the latest Reflex gyro tool. Collars were surveyed by mine surveyors on mine local grid.

Samples were either taken as half core for resource development drilling or whole core for grade control holes. Sample lengths ranged from 0.2 m to 1.2 m and sampled to geological contacts.

Drill Methods and Sampling – Reverse Circulation

RC drilling was completed by the RMS exploration department during H2 of 2021. RC holes were drilled from surface (including two from a ramp in the Edna May pit) by Strike Drilling. Holes were drilled with a face sampling 5¾ inch hammer. Approximately 3 kg sub-samples were collected on 1 m intervals via a rig mounted cone splitter.

Drill collars were picked up by the mine surveyors using Leica RTK GPS. Downhole surveys were completed using a Deviflex Gyro, with readings every three metres. Drilling (post 2009) uses GDA94 Zone 50 grid coordinates. Local grids have been used for the purpose of resource modelling. Drillhole samples were visually inspected by the supervising geologist to assess recovery and sample quality. Wet samples or zones of poor recovery were recorded in the database but recoveries were typically high.

All assaying by RMS was 50 g fire assay completed by commercial laboratories.

QAQC

Industry best practice quality assurance and quality control (QAQC) protocols were followed for RMS drill campaigns, including duplicates inserted at a rate of 4%, high- and low-grade standards inserted at a rate of 4%, and controlled blanks inserted at a rate of 1%. Field duplicate samples for diamond were quarter core and RC duplicates were collected at the same time as original 1 m splits via the rig-mounted cone splitter.

All standards and blanks were interrogated to ensure they were within acceptable tolerances. A QAQC summary was completed for the 2021 diamond programme showed a negative bias on results with >95% of standards passing. A normalised plot of standard samples is shown in Figure 2 below. Sample size, grind size and field duplicates were examined to ensure no bias to gold grades was present.

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Figure 2. Normalised plot of standards submitted to ALS Kalgoorlie, RMS August 2021 diamond drilling program.

Density

Density measurements were collected on core samples using the water immersion method. Measurements were collected mostly from fresh core, with limited measurements in the transitional or oxidised zones. Oxidised material was assumed based on previous mining data from recent cutbacks. A summary of the densities used for each domain and oxidation state is shown in Table 2 below.

Table 2. Summary of densities used for each domain and oxidation state

Resource Modelling and Estimation

Drill Data and Preparation

All drillhole data was exported from the main drillhole database to a local Access database for ease of use in Surpac. Domains were flagged using the macro 02_database_domains.tcl, which uses each .dtm to flag the domains onto drillholes sections.

Sample lengths for flagged samples were reviewed with mean sample length 1.05 metres, shown in Figure 3 below. Samples were composited to $2\mathrm{m}$ intervals in the gneiss and wash domains and $1\mathrm{m}$ in the lodes. This brings down the CoV for the gneiss units, however top cutting is still required to bring the CoV down further. Composite files were created using the composite downhole function in Surpac.

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 the EMG, however the CoV for GPG remains high. This is due to the broad estimation that is being used in this domain with no mineralised zone constraints. Table 3 below summarises the basic statistics for the main lodes and cutting effects on CoV.

Table 3: Summary of statistics and effect of top cuts added to the datasets.

Variography Analysis

The resource update included a review and update of estimation variography for the two gneiss units, Fuji, Jonathan and Rockit lodes. Models were used using a nested spherical model with three structures. Variances from previous models are generally small, with a broader search ellipse in the z domain and range was identified for the EMG. Example continuity models and variograms for the EMG, GPG and Jonathan Lode are shown below in Figure 4 to Figure 9.

Figure 4. Normal scores continuity analysis for EMG.

Figure 5. Normal Scores variograms for EMG.

Figure 6. Normal Scores continuity models created by Supervisor for the Golden Point Gneiss.

Figure 7. Normal Scores variograms for Golden Point Gneiss.

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 Definition and Size

Through the construction of the empty model, sub-blocking occurred along the boundary of all domains, including along the wash boundary. Minimum blocks size is $1.25\mathrm{m}$ in all directions.

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 for the estimation are outlined in Table 4 below.

Table 4. Estimation resolution for domains.

Estimation ellipse rotations were manually entered, and the nested spherical models were imported using the .vgm files created from Supervisor.

Second pass estimations were used for the Edna May Gneiss and Braeburn Lode. The second pass helped estimated the skinnier offshoots of both the lode and the gneiss however remain in the inferred resource domain and was flagged as '2' in the pass domain.

Grade Estimation Validation

The completed block model was validated by visual inspection. Comparisons to previous models were also completed. Figure 10 and Figure 11 show grade distribution through the EMG and GPG.

Figure 10. Section through 11670mE (EMG).

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 classifications was treated in a similar way to the previous resource release. Based on:

• Drillhole spacing;
  Estimation search pass;
• Interpreted geological/grade continuity; and,
  Potential for economic extraction

Indicated and inferred boundary wireframes were created in section to delineate resource classes. These categories were based off a $2000/oz$ optimisation shell, with the base off the indicated resource representing the shell limits and inferred adding 40-70m. Alterations for the 2022 model include extension/expansion of the indicated shell around the Golden Point Gneiss after the Resource Development drilling in 2021.

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 in Figure 12 below.

Table 5. Summary of reserve category definitions for the underground resource.

Figure 12. Resource category summary through 12700mE. Drill traces plotted, mined = 0, domain > 0.

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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 resource representing the shell limits and inferred adding 40-70 metres.

This announcement has been authorised for release by the Board of Forrestania Resources Limited.

For further information please contact:

David Geraghty
Executive Chairman
Phone +61 8 6555 2950
[email protected]

Investor Relations

Lucas Robinson
Investor Relations
Phone +61(0) 408 228 889
[email protected]

Paul Benson
Investor Relations
Phone +61(0) 421 647 445
[email protected]

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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 that all material assumptions and technical parameters underpinning the relevant ASX announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are represented have not been materially modified from the original ASX announcements.

Cautionary statement regarding values & forward-looking information

The figures, valuations, forecasts, estimates, opinions and projections contained herein involve elements of subjective judgment and analysis and assumption. Forrestania Resources does not accept any liability in relation to any such matters, or to inform the Recipient of any matter arising or coming to the company's notice after the date of this document which may affect any matter referred to herein. Any opinions expressed in this material are subject to change without notice, including as a result of using different assumptions and criteria. This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "expect", and "intend" and statements than an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. Forrestania Resources undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. The Recipient should not place undue reliance upon forward-looking statements. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are based upon the best judgment of Forrestania Resources from information available as of the date of this document. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Forrestania Resources, its affiliates, directors, employees and/or agents expressly disclaim any and all liability relating or resulting from the use of all or any part of this document or any of the information contained herein. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. If any geochemical sampling data is reported in this announcement, it is not intended to support a mineral resources estimation. Any drilling widths given in this announcement are down-hole widths and do not represent true widths.

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, Forrestania is strategically expanding its footprint across the Southern Cross, Eastern Goldfields and Forrestania regions through disciplined exploration, selective acquisitions and a commitment to unlocking the broader potential of these highly prospective belts.

In the Southern Cross district, the Company is advancing a strategy to define significant gold resources that can support long-term development opportunities.

The Forrestania Project, from which the Company takes its name, lies within a world-class mineral province adjacent to the historic Bounty gold mine (~1Moz historic production) and in proximity to major mining operations, underscoring the region's exceptional prospectivity.

Further north, Forrestania's projects near Coolgardie and Menzies provide additional exposure to gold and base metals within proven mineralised corridors of the Eastern Goldfields.

Forrestania Resources is dedicated to creating shareholder value through systematic exploration, strong technical execution and a focused approach to growing its gold asset base across Western Australia.

Figure 13. Forrestania Resources - Regional Hubs

Appendix A: Edna May Gold Project (Table 1)

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

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Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

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