Ramelius Resources sells Edna May Gold Hub to Forrestania for $300m
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The news: Gold miner Ramelius Resources has agreed to sell its Edna May Gold Hub in Western Australia to Forrestania Resources for $300 million.
The numbers: Under the share and asset purchase agreement, Ramelius will sell the asset for $200 million in upfront cash and $100 million in Forrestania shares.
The shares will be subject to 18 months escrow and a further six months orderly sale commitment.
The context: Ramelius said completion of the sale is expected to take place in the September 2026 quarter.
The miner is expected to become a substantial shareholder in ASX-listed Forrestania, providing continued exposure to Edna May.
Ramelius acquired Edna May from Evolution Mining in 2017. It produced 760,000 ounces of gold between 2018 and 2025, before being put on care and maintenance.
What they said: “This is a logical transaction for Ramelius and Forrestania, providing an excellent outcome for all stakeholders,” said Ramelius managing director Mark Zeptner.
“The transaction realises value for shareholders as we focus on the transformation of Mt Magnet and development of Rebecca-Roe. The combination of cash and Forrestania shares provides immediate value while retaining exposure to future success at Edna May.”
The source: ASX
