Ramelius hands Edna May to Forrestania in $300m deal
The Edna May Gold Hub is entering a new chapter after Ramelius Resources has entered a binding agreement to sell the Western Australian operation to Forrestania Resources in a $300 million deal while retaining exposure through a shareholding.
“This is a logical transaction for Ramelius and Forrestania,” Ramelius managing director Mark Zeptner said.
The deal includes $200 million in upfront cash and $100 million in Forrestania shares, leaving Ramelius as a substantial shareholder with ongoing exposure to future value created through Forrestania’s planned restart of the operation. The shares will be subject to an 18-month escrow period and a further six-month orderly sale commitment, with completion expected in the September quarter, subject to customary conditions.
“The combination of cash and Forrestania shares provides immediate value while retaining exposure to future success at Edna May,” Zeptner said.
Ramelius acquired Edna May from Evolution Mining in 2017, with the operation producing 760,000 ounces of gold between 2018 and 2025 before entering care and maintenance in April 2025. The sale allows the company to unlock value from the non-core asset while directing capital towards its core growth projects.
“We look forward to becoming a Forrestania shareholder and retaining exposure to execution of their re-start strategy at Edna May,” Zeptner said.
The acquisition gives Forrestania the Edna May mine, a 2.9 million tonne-per-annum processing plant, and the Tampia, Symes and regional exploration tenements, supporting its strategy to restart the operation and build a multi-asset gold producer through further regional consolidation.