Forrestania Resources (ASX:FRS) executed a formal sale agreement with Poseidon Nickel, a Horizon Minerals (ASX:HRZ) subsidiary, to acquire the Lake Johnston project in Western Australia, according to a Wednesday Australian bourse filing.
The agreement includes the Lake Johnston tenements, processing plant, buildings, and other infrastructure on the tenements.
Forrestania completed an AU$8 million payment to Poseidon, with the remaining AU$20 million cash consideration and the AU$5 million in Forrestania shares to be paid at completion.
Completion is expected to occur after Forrestania's shareholder meeting on Jan. 12, 2026.
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