ASX-listed Forrestania Resources has entered into a binding heads of agreement with a subsidiary of Beacon Minerals to acquire 100% of MacPhersons Reward in a transaction that advances its consolidation strategy in Western Australia’s Coolgardie gold district.

The acquisition comprises A$5-million in cash and 36-million fully paid ordinary shares in Forrestania at a deemed issue price of A$0.38 each.

The cash component includes a non-refundable A$500 000 deposit payable on execution of the agreement, with the remaining A$4.5-million due at completion. 

MacPhersons holds granted gold mining tenure within and adjacent to Forrestania’s existing Coolgardie Hub, including six mining leases and four miscellaneous licences.

The package includes approved and operating mining operations. Beacon intends to complete mining at MacPhersons by mid-February 2026 before shifting its focus to the Lady Ida–Iguana deposit.

Forrestania said the acquisition represents a strategic consolidation of mining tenure near existing processing infrastructure and supports its regional growth strategy and transition from explorer to near-term producer.

Last month, Forrestania signed an agreement to acquire tenements held by Christopher Alan De Courcy Ryder and Lloyd George Holdings Pty Ltd (Gibraltar), which include mining leases and prospecting licences. These tenements host approved and operating vat leaching infrastructure and are located within and adjacent to Forrestania’s existing Coolgardie Hub.

Executive chairperson David Geraghty said the latest acquisition continued Forrestania’s strategy of consolidating tenure around the Coolgardie Hub with specific focus of granted mining tenure.

"The Macphersons tenements allow us to utilise all the nearby processing options, and transition smoothly from explorer to producer. Importantly, the transaction structure preserves capital which can be assigned to advancing Forrestania’s production ambitions across our portfolio of West Australian gold assets.

The Coolgardie Hub is located on the western edge of the Coolgardie Domain of the Kalgoorlie Terrane within the Yilgarn Craton.

The Coolgardie Domain is bounded by the Zuleika Shear and the Ida Fault and comprises a greenstone sequence of basalt, ultramafic, felsic volcanic and sedimentary units intruded by granites. Regional-scale structures include the Kunanalling Shear Zone and numerous folds and thrusts that repeat the basalt-ultramafic stratigraphy.

The newly acquired tenement package lies to the south of Forrestania’s existing tenure within the hub area.

MacPhersons Reward produced a reported 60 000 oz at a grade of 2.94 g/t between 1897 and 1989 from a relatively shallow openpit and historic shafts, including several smaller high-grade lodes hosted within intrusive tonalite.

Limited mining records exist from that period. Since 1989, the ground has undergone several phases of exploration by smaller companies, targeting MacPhersons Reward, Tycho, Pumphreys and historic prospects including Franks Find and Bakers Find.

Several gold-in-soil anomalies and historic prospects, such as Queenslander, Quartzite, Carn Brea and Creswick, have seen limited to no modern exploration, highlighting additional exploration upside within the broader tenure package.