What you need to know: • FRG released a project update on La Estrella, noting that the underground ramp continues to advance and coal seams have been intersected. • Additional ground support measures, including resin injection, self-drilling bolts, and counter-lock supports, have been deployed to manage ground challenges ahead of the planned horizontal crosscut. • Lab results confirm premium coal quality with calorific value of up to 13,846 BTU/lb, sulphur as low as 0.82%, and FSI up to 8. • FRG closed on the first tranche its financing of ~$3.3M and pursuing a second closing of up to $4.0M (see details below). This morning, Forge Resources Corp. (FRG:CSE, FRGGF:OTC) provided a comprehensive update on its fully permitted La Estrella coal project located in Santander, Colombia. The update highlighted the re-intersection of coal seams during ramp advancement, the implementation of additional ground support measures to combat unique underground conditions, and confirmation of premium coal quality from previously submitted lab samples. The Company also announced it is moving toward a second closing of a brokered flow-through private placement for proceeds up to $4.0M (~$3.3M already closed). We are maintaining our BUY rating and target price of $1.20/share on Forge Resources. After some delays in ramp development due to poor and unique underground conditions, the development activities are now running smoothly and approaching the planned horizontal crosscut that will connect to the coal seams. While this development delay pushed the production timelines back, we are pleased that the Company was able to understand the complex ground conditions and come up with a solution. This solution includes the use of resin injection and self-drilling bolts to strengthen and reinforce the main access ramp, plus the integration of counter-lock supports within a steel arch system (Figures 2 & 3). Going forward, the Company continues to implement additional measures to support long-term safety and performance of the ramp and other development. FRG also disclosed in this release that previous lab results confirmed that La Estrella can produce a truly premium coal (very high BTU, low sulphur, and low ash), making it attractive for both coking coal producers as a vital component for the steel industry, and for top-tier thermal coal buyers. We remind investors that this dual market versatility enhances the project’s value and reduces demand risk.