• Expanded engagement with Polaris to include construction of a new carbon-in-leach (CIL) circuit and broader plant scope refurbishment
• Total potential contract value of up to A$58.5 million
• CIL Commissioning to commence during November 2026
• Flexible payment structure via Forrestania scrip with optional cash substitution

Forrestania Resources Limited (ASX: FRS) has announced that it has entered into a Head of Agreement (HOA) with Polaris Engineering Services ('Polaris') to advance the next stage of development of the Lake Johnston processing facility. The scope of works includes the design, supply and installation of a carbon-in-leach (CIL) processing circuit, together with associated plant infrastructure and integration works. Upon completion of the CIL circuit, the Lake Johnston processing facility is expected to deliver throughput capacity of approximately 3.2 million tonnes per annum (Mtpa). This builds on the previously announced crushing circuit refurbishment and reflects Forrestania's strategy of awarding discrete development packages in a structured and capital-efficient manner. The total potential contract value of the agreement is up to A$58.5 million, with staged payments to be based upon the issue of FRS shares priced at a 10-day volume weighted average price (VWAP) at the end of each relevant month, at a 12% premium. The Company retains the sole discretion to settle any payment, in whole or in part, in cash in lieu of scrip. Polaris is contractually required to progress works in line with the Company's development schedule, with commissioning to commence prior to the end of November 2026.

Forrestania is rapidly assembling the core infrastructure required to transition into production, with the scale and design of the plant providing a long-life processing solution capable of supporting both internal resources and potential third-party ore sources.