Forrestania Resources Limited has released a pre-feasibility study for the Edna May gold project in Western Australia, establishing a maiden Probable Ore Reserve of 12.6 million tonnes at 0.99 grams per tonne gold for 402,800 ounces.

The study projects a 10-year life. Operating costs are estimated at an all-in sustaining cost of A$3,293 per ounce, with capital expenditure pegged at approximately A$98 million. Based on an assumed gold price of A$5,500 per ounce, the development generates pre-tax undiscounted free cash flow of A$728.7 million. At a gold price of A$6,140 per ounce, pre-tax free cash flow increases to A$961 million, with an AISC of A$3,313 per ounce.

The maiden reserve contrasts with the broader Edna May mineral resource estimate of 30.7 million tonnes at 1.0 gram per tonne gold for 945,000 ounces, acquired on September 4, 2026. Approximately 77 per cent of those ounces are classified within measured and indicated categories, yielding a resource-to-reserve conversion ratio of 43 per cent.

The Edna May asset features an approximately 2.9 million tonnes per annum hybrid carbon-in-leach and carbon-in-pulp processing plant placed on care and maintenance in April 2025. Site infrastructure includes an 185-room accommodation camp, an airstrip, tailings storage facilities, and a grid power connection.

The pre-feasibility study assumes contractor-operated open-pit mining using 90-tonne haul trucks and 120-tonne excavators, alongside a 93 per cent metallurgical recovery rate. While the reserve underpins 100 per cent of the production target, the proposed Stage 3 cutback is not currently approved, and Forrestania must secure additional statutory and environmental permits within the anticipated development timeframe.

David Geraghty noted that the study establishes a technical and economic basis for redevelopment, stating:

"The Edna May Ore Reserve and Pre-Feasibility Study provide a strong technical and economic basis for the redevelopment of this established gold operation. The study benefits from substantial existing infrastructure, a proven processing facility and a long operating history, while identifying a clear pathway to restart and future production."

— David Geraghty, Chairman

To support ongoing operational readiness, Forrestania awarded an approximately A$6 million contract to JWI Contractors for the Stage 11 raise of the tailings storage facility, with final completion scheduled for March 2027. Meanwhile, the company staked three new mineral tenements near the project and targets the restart of the Edna May mill in the first half of 2027.

Read the full announcement: Edna May Pre-Feasibility Study and Ore Reserve