Forge Resources Provides Progress Update in Decline Development at Fully-Permitted La Estrella Coal Project

Rhea-AI Summary

Forge Resources reports significant progress in the development of its La Estrella Coal Project. The company is advancing its decline development with a transition to a more mechanized approach, supported by newly arrived development machinery.

Key highlights:

• Enhanced equipment selection to improve development pace and operational efficiency
• Rock structure exceeding expectations in competency and stability
• Commitment to maintaining high safety and environmental standards

CEO PJ Murphy emphasized that the decline's steady progress reflects months of strategic planning. The mechanized approach, combined with new equipment, aims to accelerate development while prioritizing safety and environmental responsibility. The company trades on CSE: FRG, OTCQB: FRGGF, and FSE: 5YZ.

Positive

• Rock structure at La Estrella shows better than expected competency and stability, reducing geological risks
• Successfully transitioning to mechanized mining approach with new equipment deployment
• Decline development is progressing steadily, indicating operational execution

Negative

• No specific progress metrics or timeline provided for the decline development
• Absence of cost information for the new equipment and mechanization transition
• No production targets or economic parameters disclosed

News Market Reaction – FRGGF

-3.39%

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-3.39% News Effect

On the day this news was published, FRGGF declined 3.39%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - May 1, 2025) - Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) (FSE: 5YZ) ("FRG" or the "Company) is pleased to announce significant progress in its ongoing development initiatives, with noteworthy advancements in the decline at La Estrella.

Advancement of La Estrella Decline

The Company's decline is progressing swiftly, marking a significant step forward in its strategic development. This milestone is particularly encouraging as the Company transitions to a more mechanized approach, bolstered by the recent arrival of an enhanced selection of development machinery. The new equipment is expected to significantly improve the pace of progress, optimize operational efficiency, and ensure adherence to stringent safety and quality protocols.

Moreover, the Company is highly satisfied with the observed rock structure. The competency and stability of the rock have exceeded expectations, providing additional confidence in the project's feasibility and long-term success. Forge remains committed to leveraging these favorable conditions to further expedite development while maintaining the highest standards of environmental and operational responsibility.

PJ Murphy, CEO states: "The steady progress of our decline represents many months of strategic planning. The transition to a more mechanized approach, coupled with the arrival of additional equipment, is expected to accelerate development while upholding our commitment to safety, efficiency, and environmental responsibility."

Figure 1. Workers scale rock from development face

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Figure 2. Worker torques fasteners on steel arches

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Figure 3. Muck being transported to the dump staging area

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Figure 4. Arial view of development area of interest

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About Forge Resources Corp.

Forge Resources Corp. is a Canadian-listed junior exploration company. The Company holds a 60% interest with a with a formalized agreement in place to acquire 80% in Aion Mining Corp., a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. La Estrella contains eight known seams of metallurgical and thermal coal. The Company also holds an option on the Alotta project, a prospective porphyry copper-gold-molybdenum project located 50 km south-east of the Casino porphyry deposit in the unglaciated portion of the Dawson Range porphyry/epithermal belt in the Yukon Territory of Canada.

On behalf of the Board of Directors
"PJ Murphy", CEO, Forge Resources Corp.
info@forgeresources.com

Forward-Looking Statements
Certain of the statements made and information contained herein may contain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Aion Acquisition. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. In particular, there can be no assurance that the Proposed Transaction will be completed as described or at all. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250407

FAQ

What progress has Forge Resources (FRGGF) made at La Estrella coal project in 2025?

Forge Resources has made significant progress in decline development at La Estrella, implementing a more mechanized approach with new development machinery. The rock structure has exceeded stability expectations, and the company is advancing efficiently while maintaining safety standards.

How is Forge Resources (FRGGF) improving operational efficiency at La Estrella?

Forge Resources is improving efficiency through new development machinery and a transition to a more mechanized approach. This equipment upgrade is expected to accelerate development pace while maintaining safety and environmental protocols.

What are the geological conditions like at Forge Resources' (FRGGF) La Estrella project?

The rock structure at La Estrella has exceeded expectations, showing high competency and stability. These favorable geological conditions support the project's long-term feasibility and development potential.

What equipment upgrades has Forge Resources (FRGGF) implemented at La Estrella in 2025?

Forge Resources has recently added an enhanced selection of development machinery at La Estrella, focusing on mechanized mining approaches to improve operational efficiency and maintain safety standards.

How is Forge Resources (FRGGF) managing environmental responsibility at La Estrella?

Forge Resources maintains high standards of environmental responsibility while developing La Estrella, integrating environmental protocols alongside operational efficiency and safety measures in their development strategy.