Forrestania Resources Limited has released a pre-feasibility study and an initial ore reserve for the Johnson Range gold project in Western Australia, projecting an estimated pre-tax undiscounted free cash flow of A$60.1 million over a 12-month project life at a gold price of A$5,500 per ounce.

The pre-feasibility study outlines a short-life development opportunity with a production target of 308,000 tonnes at 2.88 grams per tonne gold for 28,500 ounces, entirely underpinned by probable ore reserves. Mining is scheduled across approximately 11 months, with processing spanning a three-month period at an average all-in sustaining cost of A$2,905 per ounce. Total project capital is estimated at approximately A$8.0 million, assuming a contractor-operated open pit fleet and an average metallurgical recovery of 92%.

The study follows the March 2026 mineral resource estimate of 1.43 million tonnes at 2.26 grams per tonne gold for 103,500 ounces, which fulfilled a key condition precedent for Forrestania to acquire the project under an acquisition agreement with Newcam Minerals Pty Ltd. The mineral resource estimate has since been updated to 2.04 million tonnes at 1.99 grams per tonne gold for 131,000 ounces, with approximately 25% of contained gold ounces classified as indicated. Inferred mineral resources are currently treated as waste and excluded from the production target, providing potential upside for future mine life extension.

Ore from the project is planned to be hauled approximately 236 kilometres by road for processing at Forrestania's Edna May facility.

Stage 1 pit development is advanced toward execution, with the mining proposal, mine closure plan and groundwater licence already in place, while the remaining native vegetation clearing permit is currently under assessment. Key operational contracts for mining, road haulage and the Edna May tailings storage facility lift have also been secured.

“Johnson Range benefits from granted mining tenure, access to established regional infrastructure and the existing Edna May processing facility, providing a clear and capital-efficient pathway toward development.” 

— David Geraghty, Chairman

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