Forrestania Resources Limited has released a pre-feasibility study for the Tycho gold deposit in Western Australia, establishing a maiden ore reserve of 418,000 tonnes at 1.10 g/t gold for 14,700 ounces.

Operational support at Edna May is scheduled to expand later this year, with the initial embankment section of the Stage 11 tailings storage facility raise targeted to become operational from mid-November 2026.

The study figures mark a shift from the previous mineral resource estimate for Tycho reported in May 2026, which outlined 1.44 million tonnes at 0.98 g/t gold for 45,500 ounces without an assigned reserve. The new reserve is classified entirely as probable and provides 100% of the production target for the pre-feasibility study.

The economic assessment estimates pre-tax undiscounted free cash flow of A$9.9 million over an eight-month project life at a gold price of A$5,500 per ounce. Mining is scheduled across approximately seven months, with processing taking place over four months at an average all-in sustaining cost of A$3,849 per ounce. Total project capital is estimated at approximately A$11.5 million.

Under the development plan, ore will be hauled approximately 278 kilometres by road to the Edna May processing facility, utilizing an average metallurgical recovery of 88%. Forrestania acquired 100% ownership of the MacPhersons project, which hosts Tycho, from Beacon Minerals Limited in March 2026 for $5.0 million in cash and 36 million ordinary shares.

“Tycho demonstrates the strength of Forrestania's hub-and-spoke development model, transforming a quality gold resource into a near-term production opportunity through the utilisation of existing processing infrastructure.

The maiden Ore Reserve and positive Pre-Feasibility Study provide confidence in the project's ability to generate meaningful cash flow while requiring relatively modest capital investment. Importantly, Tycho is expected to become one of several deposits contributing ore to the Edna May hub, supporting our vision of establishing a scalable and sustainable regional gold business.”

— David Geraghty, Chairman

The company also released a concurrent pre-feasibility study for its Johnston Range gold project, which plans to haul ore 236 kilometres to the Edna May facility.

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