Minerals explorer and developer Forrestania Resources has moved to consolidate its Western Australian gold portfolio after entering into binding agreements to acquire full ownership of the Mt Palmer project and additional interests in the Johnson Range and Mt Dimer areas.

The company has signed binding heads of agreement with Newcam Minerals to acquire 100% of the shares in Aurumin Mt Palmer, Aurumin Johnson Range and Aurumin Mt Dimer, all wholly owned subsidiaries of Newcam.

The transaction will lift Forrestania’s ownership of the Mt Palmer project from 80% to 100%.

Forrestania will acquire Aurumin Mt Palmer for 37 894 737 fully paid ordinary shares, issued at a deemed price of A$0.475 a share, valuing the transaction at about A$18-million. The Johnson Range and Mt Dimer entities will be acquired for a further 12 968 422 shares at the same issue price, implying consideration of about A$6.16-million.

The acquisition also includes milestone-based share payments linked to future mineral resource estimate upgrades, aligning consideration with exploration success.

Technical director Brett Hodgins said in a statement on Monday that full ownership of Mt Palmer would enable Forrestania to fast-track development plans.

“This ability to acquire the remaining 20% interest in the Mt Palmer project allows FRS to expedite the project development, with shareholders now the sole beneficiaries,” he said.

He added that Mt Palmer was expected to become a key ore source as the company moves towards gold production using the Lake Johnston processing facility.

The transaction significantly expands Forrestania’s control over two core operating hubs in Western Australia.

At the Southern Cross hub, the company will now hold 100% of Mt Palmer, which includes mining lease M77/406 and several surrounding exploration licences.

At the Mt Dimer hub, Forrestania will consolidate the Johnson Range and Mt Dimer tenement packages, covering multiple mining leases, exploration licences, prospecting licences and miscellaneous licences. This expanded tenure strengthens the company’s regional footprint and supports longer-term development and exploration planning.