Forrestania Resources Limited (ASX:FRS) agreed to acquire Forrestania Gold Project from Firefly Resources Limited (ASX:FFR) for AUD 1.8 million on August 31, 2021. As reported, Forrestania Resources Limited exercised the option and will proceed with the acquisition of the Forrestania Gold Project for a consideration of AUD 1.25 million worth of shares in Forrestania Resources plus AUD 50,000 cash, with a further milestone consideration of AUD 0.5 million in shares payable on the definition of a JORC 2012 Resource of at least 250,000 oz of gold at over 2g/t Au. The consideration shares are escrowed for a period of 12 months from the date of issue.

All consideration received from the sale of the Forrestania Gold Project will be transferred or assigned to Firetail Resources Limited, a wholly-owned subsidiary of Firefly, in accordance with the demerger agreements executed by Firefly and Gascoyne Resources Limited.