Forgent (AIM:FORG), the technology‑led energy transition company, has secured an exclusive, binding Option to acquire 80% of the Mount Sholl project from Raiden Resources and Pilbara Gold Corporate Pty for A$2.7m, with the Option exercisable for five months and the exercise price split A$1.35m cash and A$1.35m in shares priced at the 10‑day VWAP at exercise.
The Option was paid for with A$100,000 consideration settled by the issue of 355.64m new shares locked for five months, Raiden will retain a 20% interest free‑carried through up to A$4m gross (A$800,000 net for Raiden) in direct project expenditure before standard dilution under a Joint Operating Agreement, and Forgent will also allot 26.67m shares to a creditor in settlement for services.
The Mount Sholl package comprises four exploration licences and ten prospecting licences over c.42 km2 in the Pilbara, and hosts a 2023 maiden JORC MRE of 23.4Mt at 0.36% Ni, 0.40% Cu and 0.31 g/t 3E (0.60% Ni_Eq / 1.54% Cu_Eq) containing 83.9kt Ni, 93.7kt Cu and 233,644oz PGEs, with a larger lower‑grade envelope of 40.4Mt at 0.28% Ni (0.45% Ni_Eq) and a JORC Exploration Target of 80-150Mt at 0.45-0.75% Ni_Eq.
The resource is open along strike and at depth, only a small portion of the modelled host unit has been drill tested to date, and the company notes the Exploration Target is conceptual in nature and insufficiently tested to be classified as a JORC resource.
"The Mount Sholl option represents a compelling opportunity to acquire a substantial nickel, copper and PGE resource in one of Australia's most established mining jurisdictions," James Parsons, CEO, said.
The five‑month Option period will allow Forgent to complete technical, legal and commercial due diligence before deciding whether to exercise.
