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Forrestania Resources has commenced issuing shares to accepting Zenith Minerals shareholders, with its relevant interest climbing to 64.67 per cent as the company’s off-market takeover offer enters its final week.
The first tranche of Forrestania shares was issued on November 5 to Zenith shareholders who accepted the offer before October 22, with further issuances expected throughout November.
The development follows the conclusion of the withdrawal rights period, marking another milestone in the takeover process that commenced in June.
Forrestania has confirmed the offer will close at 5pm AWST on November 12, unless automatically extended under the Corporations Act.
Forrestania executive chair David Geraghty welcomed the latest development as the company progresses its Western Australian gold growth strategy.
“Following the ending of the withdrawal right period and commencement of the issuing of consideration to accepting Zenith shareholders, we are pleased to welcome former Zenith shareholders to the Forrestania register as we continue building to becoming Western Australia’s next gold producer,” Geraghty said.
The milestone follows Forrestania declaring its takeover offer unconditional on October 23, when the company held a 58.99 per cent relevant interest in Zenith.
The earlier announcement removed all remaining defeating conditions attached to the offer following months of complications involving the Takeovers Panel.
Forrestania extended the offer deadline for a tenth time in October, following regulatory scrutiny of disclosure matters associated with its acquisition of the Edna May gold project.
Under the all-scrip transaction, originally valued at approximately $93.5 million, Zenith shareholders receive one Forrestania share for every 4.3 Zenith shares held.
Zenith’s Consolidated Dulcie gold project, which hosts an inferred mineral resource of approximately 675,000 ounces, forms part of Forrestania’s regional consolidation strategy.
“The Offer now entering its final week and shareholders who have not yet accepted have a final opportunity to participate in Forrestania’s next phase of growth,” Geraghty said.
Meanwhile, Forrestania has commenced dry commissioning at its Edna May gold processing facility, with first ore processing targeted for December 2026.
The company completed its $300 million acquisition of Edna May from Ramelius Resources in September, establishing a second processing hub alongside Lake Johnston.
More recently, Forrestania has continued securing third-party ore supply agreements to support its processing operations, including a deal with High-Tech Metals covering up to 400,000 tonnes from the Mt Fisher project.
“With dry commissioning now underway at Edna May, we are on target to process first ore in December 2026, and we believe Forrestania is exceptionally well positioned to create long-term value for shareholders,” Geraghty said.
Forrestania has confirmed that Zenith shareholders who do not accept the offer will remain minority shareholders in the company, which is already controlled by Forrestania.
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