Forrestania Resources (ASX:FRS) announced the strategic acquisition of MacPhersons Reward from Beacon Mining (ASX:BCN).
The binding agreement secures 100% ownership of high-value gold mining tenure within Western Australia’s prolific Coolgardie gold district, effectively consolidating the company’s regional "Coolgardie Hub."
The deal carries a total valuation exceeding $18.6 million.
Forrestania is set to provide a cash consideration of $5 million—beginning with a $500,000 non-refundable deposit—complemented by the issuance of 36 million fully paid ordinary shares at a deemed price of $0.38 per share.
The financial structure is designed to preserve operational capital while aligning the interests of both parties in the project's future success.
The acquired asset package is extensive, featuring several key mining leases, including M15/0040 and M15/0128, alongside various prospecting and miscellaneous licenses.
The tenements host approved and operating mining sites located adjacent to Forrestania’s existing infrastructure.
As Beacon Minerals shifts its focus toward the Lady Ida - Iguana deposit this month, Forrestania stands ready to integrate these active operations into its portfolio.
Executive Chairman David Geraghty emphasised that this "disciplined" consolidation allows the company to leverage nearby processing options and move rapidly toward near-term production.
At the time of reporting, Forrestania Resources' share price was $0.57.