Mount Sholl

Forgent has entered into a binding Option and Sale and Purchase Agreement with Raiden Resources Limited (RDN) for the potential purchase of an 80% interest in the Mt Sholl Ni-Cu-PGE Project. RDN will retain a 20% interest in Mt Sholl, free-carried through up to A$4 million in direct project expenditure, after which the interest will be subject to standard dilution formula under a Joint Operating Agreement, that will convert to a 1% Net Smelter Royalty if either Parties interest dilutes less than 10%

Mount Sholl differentiates itself from an earlier-stage exploration opportunity through the presence of an established JORC (2012) Mineral Resource Estimate.

A maiden Mineral Resource Estimate completed in 2023 defined 23.4Mt at 0.60% Ni_Eq, equivalent to 1.54% Cu_Eq. This provides Forgent with an existing mineral inventory from which to evaluate the potential for a substantially larger project.

Importantly, the existing Mineral Resource represents only part of the broader geological opportunity at Mount Sholl. An Exploration Target of 80–150Mt at a grade range of 0.45%–0.75% Ni_Eq, equivalent to 1.15%–1.95% Cu_Eq, highlights the potential scale of the mineralised system and provides a clear focus for future exploration.

Mount Sholl lies within the West Pilbara Granite-Greenstone Terrane and immediately south of the approximately 300km-long Sholl Shear Zone, a major crustal-scale structure with the potential to act as a conduit for mineralised fluids.

The project is centred on the Mount Sholl Complex, an elongated, differentiated mafic-ultramafic intrusive body approximately 5.6km long and 1.5km wide. The intrusion comprises ultramafic peridotites and pyroxenites together with gabbros and dolerites, with nickel-copper-PGE sulphide mineralisation concentrated principally towards the base of the intrusive sequence. The principal sulphide minerals include pyrrhotite, pentlandite and chalcopyrite.

The geological model is consistent with a massive and disseminated tholeiitic nickel sulphide system, characterised by a broadly bowl-shaped or lopolithic intrusion in which Ni-Cu-PGE mineralisation is concentrated around the basal contact. This geological setting hosts the four existing A1, B1, B2 and Kudos deposits.

Importantly, mineralisation remains open along strike and at depth across all four deposits, with existing resource boundaries largely reflecting the limits of historic drilling rather than identified geological closure. It also notes that the broader Mount Sholl intrusion remains relatively underexplored using modern exploration techniques, providing potential both to expand the existing Mineral Resource and identify additional mineralised zones.

The project’s location close to Karratha provides an important strategic advantage.

Mount Sholl is close to key infrastructure including the Port of Dampier, Karratha Airport, grid power, sealed highways and established mining support services. Its location within a major mining and industrial centre also provides access to an established skilled workforce and regional supply chain.

This existing infrastructure has the potential to reduce the logistical complexity associated with exploration and, subject to successful resource definition, future project development.

Forgent’s initial focus at Mount Sholl will be on evaluating opportunities to expand the existing Mineral Resource and systematically test the substantially larger Exploration Target.  A potential aerial electromagnetic survey is also under active consideration to enable a better understanding of the geological model.

Future drilling is expected to focus on extensions to known mineralisation and areas capable of adding scale to the existing resource base. This work will also provide additional geological information to support the Company’s assessment of the project’s longer-term development potential.

With an existing 23.4Mt JORC (2012) Mineral Resource, an Exploration Target extending to 80–150Mt and a location close to major mining infrastructure, Mount Sholl provides Forgent with an advanced project where future exploration is focused principally on establishing the ultimate scale of an already identified mineralised system.