• Expanded engagement with Polaris and Mincore to include construction of a new CIL circuit and broader plant 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 entered into a Binding Agreement with Polaris Engineering Services ('Polaris') to advance the next stage of development of the Lake Johnston processing facility. The agreement includes leading design partner Mincore and represents the next stage in the staged refurbishment and recommissioning 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 with the balance of plant required to support operational readiness. 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. Together, these components are expected to establish a fully integrated gold processing facility, providing Forrestania with the core infrastructure required to transition into gold production. Staged payments under the Agreement will 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.

The Lake Johnston processing facility is expected to deliver throughput capacity of approximately 3.2 million tonnes per annum (Mtpa) upon completion of the CIL circuit.