Forgent (LON: FORG), the former EQTEC gasification group now pivoting to Australian gold and copper exploration, saw its shares fall to a fresh low on Friday after interim results and a placing were released alongside plans to lift its stake in the Peak Hill gold project to 99%.
Shares fell to a fresh low of 0.008p, down 15.8%, against a 52-week high of 0.512p, likely reflecting investor concern over fresh dilution. An intraday quote showed the stock down further, around 21%, to 0.0075p.
Forgent’s interim results, covering the six months to 30 June, showed current liabilities cut from roughly €5.21m to €0.86m and net liabilities down from €7.03m to €3.13m, after converting around £1.93m of debt into equity and raising £1.3m through a May placing. Shareholders approved the shift to Australian metals exploration on 6 August. Separately, Forgent said it is exercising its option to lift its Peak Hill interest from 51% to 99%, paying US$193,940 in cash plus new consideration shares, and will begin a roughly 8,700-metre Phase 2 drilling campaign on 1 September targeting the Curley’s and Cathedral prospects.
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The Phase 2 campaign follows a maiden 40-hole, 2,680-metre programme that confirmed shallow gold mineralisation, including 2 metres at 3.68 grams per tonne gold from 50 metres. That expansion and the drilling push were funded by an £0.8m placing at 0.009p, a discount to the prevailing price, taking the enlarged share count to 44,416,018,333 shares and further diluting existing holders, even as cash and bank balances rose to €550,590 from €16,355 at the end of 2025.
Chief executive James Parsons called the move “an important moment for Forgent,” saying the company is “increasing our ownership of Peak Hill to 99% and, at the same time, commencing a large drilling programme.”
Results from the Phase 2 drilling, expected over roughly 60 days from 1 September, are now the catalyst that will determine whether the additional dilution proves justified.
