Forgent PLC

FORG · AIM · Energy · mcap £5.6m · 0.0p 5 open situations →

EV: £6.7m
EV / EBIT: –
Net debt: £3.3m
FCF yield: -49.5%
Revenue: £499k
Share price 1y: −96%
Insiders 12m: no deals
Next report: around 15 Jun

Beta Briefing, track record and signals & risks are not ready for Forgent PLC yet.

We follow 960 UK small caps and every one of their announcements – often hundreds per company. 101 companies are already wired into a briefing: browse them.

Timeline · every situation

dots = announcements

202420252026 Placing of 33% of the market value Green Rock exploration programme Cost reset and leadership overhaul Funding facility and Rebel Ion option REBEL ION LIMITED towards control Placing of 177% of the market value Placing of 38% of the market value Placing of 38% of the market value 1 director buying

Open · 5

Dilutive fundraise

Placing of 33% of the market value

completed

Forgent completed a £1.3m placing at 0.015p in May 2026. On 28 Aug 2026 it announced a £0.8m placing at 0.009p with warrants, plus share issues for the Peak Hill consideration and fees. Shares in issue rise from 25.75bn to 44.42bn after Admission. On 1 Sep 2026 the two principal Peak Hill vendors agreed a three-month voluntary lock-in on 7.05bn of their new shares, easing near-term selling overhang from the consideration shares.

Size: £0.8m gross; 8,888,888,889 Placing Shares, about 20% of Enlarged Share Capital 1 Sep 2026 ↗
Price: 0.009p per share, with one warrant per two Placing Shares 1 Sep 2026 ↗
Warrants: One per two Placing Shares, 4,444,444,444 in total, exercisable at 0.012p to 27 August 2028 28 Aug 2026 ↗
Other issues: 7,440,168,111 Consideration, 1,777,777,778 Fee and 555,555,555 Creditor Shares at the Placing price 28 Aug 2026 ↗
Use of money: Peak Hill cash consideration, Phase 2 drilling, about 3 months' working capital 28 Aug 2026 ↗
Admission: On or around 4 September 2026; 44,416,018,333 shares in issue afterwards 1 Sep 2026 ↗

16 Oct 2026 announced · +0% on the day
30 Sep 2026 announced · +17% on the day
28 Aug 2026 completed · -10% on the day
28 Aug 2026 announced · -10% on the day

Open the full view – chart and every step →

Project milestones

Green Rock exploration programme

Phase II drilling under way; enlarged to ~142 holes

January 2026 binding deal gave Forgent 99% of Green Rock and an option on Peak Hill. It bought 51% of Peak Hill in May 2026 and exercised the option for the remaining 48% on 28 Aug 2026, taking it to 99%. Phase II drilling began 1 Sep 2026. On 8 Oct 2026 the programme was enlarged to about 142 holes and 9,400m, with 56 hole assays due by 25 Oct and completion by end November.

Targets: About 18 holes at Curley's; about 112 at Cathedral (surface gold up to 26g/t) 28 Aug 2026 ↗
Funding: £0.8m placing covers cash consideration, Phase 2 and about 3 months' working capital 28 Aug 2026 ↗
Programme size: About 142 holes, about 9,400m, up from about 130 holes and 8,700m 8 Oct 2026 ↗
Completion: Phase II drilling expected to conclude by end November 2026 8 Oct 2026 ↗
Flexibility: Remaining programme may change targeting and be enlarged further if results support 8 Oct 2026 ↗
Phase 1 best result: 2m at 3.68g/t Au from 50m at Curley's 8 Oct 2026 ↗

8 Oct 2026 Phase II drilling under way; enlarged to ~142 holes
28 Aug 2026 Peak Hill option exercised to 99%; Phase 2 drilling imminent
28 Aug 2026 Phase 2 drilling about to start
27 Jul 2026 Phase 1 gold assays in; Phase 2 planned

Open the full view – chart and every step →

Turnaround plan with targets

Cost reset and leadership overhaul

Australian strategy approved at AGM

Includes Discounted placing and share issues – Completed after EGM approval; Admission pending, closed 18 May 2026

Leadership and cost reset began in October 2025, with a cost base cut of about 53% reported on 16 Jun 2026. Shareholders approved the formal switch to an Australian-focused mining strategy at the AGM on 6 Aug 2026. Remaining gasification intangibles, including the patents, are now impaired, and legacy gasification continues under strategic review.

Cost reduction: Annualised corporate cost base down about 53% versus full year 2024 16 Jun 2026 ↗
Gasification: Remaining intangibles including technology patents impaired; legacy activities under strategic review 28 Aug 2026 ↗
Next milestone: AGM vote on formal transition to primarily Australian-focused mining and exploration strategy; notice to follow 16 Jun 2026 ↗
Leadership: Parsons CEO and Madden CFO since October 2025; Chair Palumbo leaves 30 June 2026 16 Jun 2026 ↗
AGM approval: 6 August 2026, strategy changed to critical and precious metals, primarily Australia 28 Aug 2026 ↗
Impairment: Net impairment of assets €814,306 in H1 2026 28 Aug 2026 ↗