What you need to know: • FRG announced key infrastructure milestones for its fully permitted La Estrella Coal Project in Santander, Colombia. • Over the last few weeks, the Company has provided a series of updates at both its La Estrella Coal Project and its Alotta Gold Project. • The Company is approaching a news heavy period as the Alotta exploration campaign is about to kick off and the La Estrella Project nears first coal. • On May 7th, FRG closed on its $6.0M brokered private placement. This morning, Forge Resources Corp. (FRG:CSE, FRGGF:OTC) announced infrastructure milestones at its fully permitted La Estrella Coal Project in Santander, Colombia. A key update is that the Company has completed and fully paid for key surface facilities and supporting infrastructure at the project in preparation for operational readiness. Over the past few weeks, FRG has also provided a series of other updates including the discovery of additional coal while driving the ramp at La Estrella, the Company’s intention to apply for coal export permits, and a detailed overview of the 2026 exploration targets at Alotta (see below for more detail). On May 7th, FRG announced the closing of the second tranche of its previously announced brokered private placement. Together with the first tranche, the Company raised gross proceeds of $6.0M. We are maintaining our BUY rating and target price of $1.20/share on Forge Resources. Completion and Occupancy of Mining Camps FRG reported that Phase 1 construction of the initial mining camp at La Estrella has been completed, fully funded, and is now occupied by underground miners, engineering personnel, and support staff. The camp includes 12 rooms with capacity for more than 24 personnel, along with six sanitary units. The Phase 2 expansion is planned as underground development advances and workforce requirements increase. The infrastructure was designed to support a future second floor, allowing for efficient expansion as operations scale (Figure 1).