Forgent plc (LSE:FORG) has agreed revised terms with Raiden Resources Limited (ASX: RDN) and other relevant parties for its option to acquire an 80% interest in the Mount Sholl Nickel-Copper-PGE Project in Western Australia, reducing the initial payment requirement and extending the option deadline to 14 November 2026.
The total acquisition consideration remains A$2.7 million, comprising A$1.35 million in cash and A$1.35 million in Forgent ordinary shares.
Revised Payment Structure
Under the amended agreement, Forgent would pay A$975,000 upon exercising the option, comprising A$437,500 in cash and A$537,500 in shares.
The remaining A$1.725 million would be paid in three instalments of A$575,000, due three, six and nine months after exercise.
This arrangement reduces the initial consideration by approximately 64% compared with the original agreement announced in June 2026, under which the full amount was payable upon exercise.
Forgent would acquire the full 80% interest immediately upon exercising the option, subject to security arrangements over its interest in the project until the deferred payments are completed.
Share Issuance and Dilution Arrangements
Half of the share consideration in each instalment will be priced using the 10-day volume-weighted average price (VWAP) immediately preceding option exercise.
The remaining half will be priced using the 10-day VWAP before each relevant share issuance.
Additionally, 50% of shares issued under each instalment will be subject to a six-month contractual lock-in.
No additional consideration is payable for the revised terms, and the amendment does not constitute exercise of the option, which remains subject to Forgent’s decision.
Mount Sholl Mineral Resources
Mount Sholl is located approximately 22 kilometres south-east of Karratha in Western Australia’s Pilbara region.
The project contains an existing JORC (2012) Mineral Resource Estimate of 23.4 million tonnes grading 0.36% nickel, 0.40% copper and 0.31 grams per tonne of platinum group elements and gold.
Under the proposed ownership structure, Raiden would retain a 20% interest, free-carried through up to A$4 million in gross direct project expenditure. Its interest would subsequently become subject to dilution provisions under a Joint Operating Agreement.
Portfolio Developments and Next Steps
Forgent has until 14 November 2026 to exercise the revised option.
Separately, the company said initial assay results from its Phase II drilling programme at Peak Hill are expected shortly.
More About Forgent
Forgent plc is an Australian-focused mineral exploration company targeting critical and precious metals. Its activities include exploration projects in Western Australia, with the proposed Mount Sholl acquisition offering exposure to nickel, copper and platinum group element resources.
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