Forrestania Resources has announced an extension to its option agreement with Hyden Resources, providing the company with additional time to acquire 100% of Hyden Project Holdings.
The Hyden Project, located in Western Australia (WA), is held by Hyden Project Holdings.
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The project encompasses the Lady Ada and Lady Magdalene gold deposits and is a key part of Forrestania’s growth strategy in the region.
Under the revised agreement, Forrestania Resources may, at its sole discretion, extend the option by providing written notice at least five business days before the current option expiry date. Each extension will be for an additional one-month period.
For each month or part thereof, an option extension fee of $60,000 ($91,721) will be payable after 31 October 2025.
Half of any option extension fee paid prior to exercising the option will be deducted from the tranche one cash consideration payable upon completion.
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By GlobalDataAdditionally, Forrestania Resources will be responsible for the minimum expenditure commitments on the Hyden Project during the option period, with these costs also deductible from the tranche one cash consideration.
Forrestania Resources is a mining and exploration company focused on building a portfolio of high-quality gold projects across WA’s mining districts.
The company is also expanding its footprint in the Southern Cross, Eastern Goldfields and Forrestania regions through exploration, selective acquisitions and a commitment to unlocking the larger potential of these belts.
Last month, Forrestania Resources announced a conditional scrip takeover bid for all shares of Kula Gold.
The bid proposes an exchange of one Forrestania share for every 5.6 shares of Kula Gold, valuing Kula at a 41% premium to its ten-day volume-weighted average price through 10 October.
