Option over Mount Sholl Nickel-Copper-PGE Deposit

FORGENT PLC

08 June 2026

 

08 June 2026

Forgent plc  
("Forgent" or the "Company")

Exclusive Option over Significant Mount Sholl Nickel-Copper-PGE Deposit

Forgent plc (AIM: FORG), the technology-led energy transition company, is pleased to announce it has entered into a binding Option agreement (the "Option") for the exclusive right to acquire 80% of the Mount Sholl Nickel-Copper-PGE project in the Pilbara region of Western Australia ("Mount Sholl" or the "Project"). 

Mount Sholl comprises four exploration and 10 prospecting licences and includes:

·    2023 calculated maiden JORC (2012) Mineral Resource Estimate ("MRE") of 23.4Mt @ 0.60% Ni_Eq¹ or 1.54% Cu_Eq¹

·      JORC exploration target of 80-150Mt is sought at a grade range of 0.45% - 0.75% Ni_Eq or 1.15% - 1.95% Cu_Eq

·  None of the defined resource areas are closed off by drilling

¹Ni_Eq & Cu_Eq = Nickel and Copper equivalent grades (formulas and assumptions can be found in the body of this announcement)

James Parsons, Chief Executive Officer, commented:

"The Mount Sholl option represents a compelling opportunity to acquire a substantial nickel, copper and PGE resource in one of Australia's most established and resource rich mining jurisdictions and, if exercised, would introduce JORC-compliant Mineral Resources to the Forgent portfolio for the first time.

"With the upcoming drill campaign at Peak Hills and expected initial results from Green Rocks, Forgent is building a portfolio with multiple near-term catalysts and significant exploration upside."

Mount Sholl - New Option Agreement

The Company has entered into a binding exclusive Option agreement with Raiden Resources Limited ("Raiden") (ASX: RDN) and Pilbara Gold Corporate PTY Ltd over Mount Sholl in the Pilbara region of Western Australia.

The Option provides the exclusive right, but not the obligation, for a period of five months to acquire 80% of the Project for A$2,700,000 (to be settled, if exercised, through A$1,350,000 in cash and A$1,350,000 in shares priced at the 10 days VWAP at the point of exercise).  The Option period enables completion of technical, legal and commercial due diligence by the Company.  The Option has been secured in exchange for a consideration of A$100,000 (£53,346), which shall be settled through the issue of 355,640,000 new ordinary shares ("Option Shares") which will remain locked in for a period of five months. 

Raiden will retain a 20% interest in Mount Sholl, free-carried through up to A$4 million gross (A$800,000 net for Raiden's share) in direct project expenditure, after which the interest will be subject to standard dilution formula under a Joint Operating Agreement.

Creditor Settlement

Separately, the Company will allot 26,666,667 new ordinary shares to a creditor ("Creditor Shares") in full settlement for services rendered to the Company.

Admission and Total Voting Rights

Application is being made to the London Stock Exchange for admission of the 355,640,000 Option Shares and the 26,666,667 Creditor Shares (together the "New Shares") to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the New Shares on AIM will commence at 8.00 a.m. on or around 12 June 2026.

The New Shares will rank pari passu in all respects with the Company's existing Ordinary Shares.

Following Admission, there will be 25,753,628,000 Ordinary Shares in issue. The Company holds no Ordinary Shares in Treasury. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Information on Mount Sholl

Mount Sholl comprises four exploration licences and 10 prospecting licences covering a land area of approximately 42km² and is 100% owned by Raiden's wholly-owned subsidiary Pilbara Gold Corporation.

The consolidated Mount Sholl tenements are located 22km south of the major regional city of Karratha and 10km northeast of the mothballed Radio Hill nickel mine in the Pilbara region of Western Australia. (see Figure 1) The Project is well positioned in respect to infrastructure with the Port of Dampier, Karratha Airport, and grid power, sealed highway and experienced mining support services all available within a 40km radius of the Project.

The Mount Sholl tenements contain a resource estimated of (refer Figure 2 and Tables 1-3): 23.4Mt @ 0.36% Ni, 0.40% Cu and 0.31 g/t 3E (Pd, Pt, Au) (0.60% Ni_Eq/1.54% Cu_Eq) for 83.9kt of contained Nickel, 93.7kt of contained Copper and 233,644oz of PGEs (platinum group elements), at a cut-off grade of 0.35% Ni_Eq cut-off for open pit resources and at 0.5% Ni_Eq for underground resources (JORC 2012).

The above reported resource sits within a much larger lower grade resource that at a 0.15% Ni_Eq cut-off contains: 40.4Mt @ 0.28% Ni, 0.28% Cu and 0.23 g/t 3E (0.45% Ni_Eq or 1.17% Cu_Eq) for 183.2kt of contained Nickel, 473kt of contained Copper and 300,972 oz of PGEs.

The current JORC compliant exploration target ("Exploration Target") is 80-150Mt at a grade range of 0.45% - 0.75% Ni_Eq or 1.15% - 1.95% Cu_Eq.*

*The potential quantity and grade of this Exploration Target is conceptual in nature, there is currently insufficient exploration completed to support a mineral resource of this size, and it is uncertain whether continued exploration will result in the estimation of a JORC resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).

Information, figures and tables in this announcement are extracted from the Mt Sholl Resource Report, 6 April 2023, prepared by BvB Consulting for Raiden Raiden Resources Limited.

The MRE is open across all four deposits along strike and at depth, the Exploration Target represents the potential extensions and repetition of these deposits. The Exploration Target is based on geological modelling of the host units, historical magnetic, Versatile Time Domain Electromagnetics (VTEM) and Electromagnetics (EM) surveys and defined geochemical anomalies across the project area.

Volumetrically, only a small portion of the modelled host unit / contact zone has been drill tested to date highlighting the potential for further mineralisation. Future exploration drilling with permitted access will enable a near-term extensional drill campaign to test these high priority targets.

Figure 1: Mount Sholl in relation to key infrastructure and other JORC (2012) Resources in the District

Geology And Geological Interpretation

The Mount Sholl geologic model, used to constrain Ni-Cu-Co-Pd-Pt-Au-Ag grades in the 2023 Mount Sholl maiden resource calculations, was interpreted from the combination of historic and 2022 Raiden Resources drilling, the geological interpretation from Terra Resources (https://www.terraresources.com.au) a geological and geophysical consulting company with extensive experience in Western Australia; ground Electro-magnetic data; classification of massive and disseminated tholeiitic nickel sulphide deposits, as well as, the Company's internal geological modelling.

The Type 2A classification model concept is a lopolith shaped ultramafic intrusion with NiCu-PGE mineralisation concentrated at the base of the mafic/ultramafic (dolerite/gabbro/pyroxenite) package contact. The Terra Resources geological interpretation outlines an ultramafic zone, displaced by late faulting, in the shape of a bathtub intruded into a basement of basalt unit. Historic and 2022 drilling confirms the model concept across the A1, B1, B2 and Kudos deposits. Higher grade Ni-Cu-PGE mineralisation is concentrated directly above the contact with the basement basalt in a 20-30 metre thick zone, which is overlain by a low-grade mineralisation zone of varying thickness and extent.

Reviewing the Mount Sholl drilling database, Ni-Cu grade zonation and logged lithology clearly distinguish the basement, basal unit and overlaying low-grade mineralisation zones. 3D solids for each of these zones at A1, B1, B2 and Kudos were generated to code geologic domains and constrain the Mount Sholl resource model estimation within.

Figure 2: Mount Sholl project area with mineral resource and pit (0.35% Ni_Eq cut-off) locations

Table 1: Mount Sholl Mineral Resource Estimate by classification reported above a 0.35% Ni_Eq cut-off for open pit resources and at 0.5% Ni_Eq for underground resources

Table 2: Mount Sholl Open Pit Grade Tonnage Table

Table 3:Mount Sholl Underground Grade Tonnage Table

 

By definition, a Mineral Resource must have reasonable prospects for eventual economic extraction. For the Mount Sholl project, in the opinion of BvB Consulting**, the requirements for reasonable extraction have been met by reporting blocks above the preliminary open pit mining surface that account for mining costs, processing costs, overhead costs and pit slope angles. The reported underground resource is those blocks adjacent to the pit shell, occurring in a mass considered potentially mineable and above the cut-off grade.

Further details will be announced if the option is exercised following completion of technical, legal and commercial due diligence by the Company.

For further information on Forgent plc, visit the Company's website www.forgentplc.com or contact:

ENQUIRIES

FORGENT plc
James Parsons
c/o Camarco

Strand Hanson - Nomad & Financial Adviser
James Harris / Richard Johnson
Tel: [phone]

Global Investment Strategy UK Ltd - Broker
Christopher Kipling / Samantha Esqulant
Tel: [phone]

Camarco - Financial PR
Billy Clegg / Georgia Edmonds / Fergus Young
Tel: [phone]
Email: [e-mail]

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

Competent Person's Statement

The information in this announcement that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mead is a consultant to the Company. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr Mead consents to the inclusion of this information in the form and context in which it appears in this announcement.

Sources and References

Raiden Resources (ASX:RDN) News Release dated 21 February 2024 "IP Survey indicates significant Ni-Cu-PGE upside potential"

Raiden Resources (ASX:RDN) News Release dated 13 December 2023 "Raiden enters strategic partnership with FQM at Mt Sholl"

Raiden Resources (ASX:RDN) News Release dated 3 April 2023 "Maiden Mineral Resource Estimate & JORC Exploration Target"

 

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