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• Forge announced that while driving the decline at the La Estrella project, a coal seam was encountered measuring 0.5-1.0m in thickness.
• The Company has taken channel samples for lab analysis to assess the coal’s quality and market suitability.
• We recently initiated coverage on FRG, read the report here.
This morning, Forge Resources Corp. (FRG:CSE, FRGGF:OTC) announced that it has encountered a coal seam while advancing the underground decline at its fully permitted flagship La Estrella coal project in Colombia. This provides meaningful data ahead of FRG’s bulk sample in Q4. We recently initiated coverage on Forge, read the report here. We are maintaining our BUY rating and a target price of $1.00/share on FRG.
Coal Seam
The exposed coal seam measured ~0.5-1.0m in thickness and is being safely extracted and separated, with channel samples being taken for lab analysis. Management stated that the results from these bulk samples will help better determine if this is a new unidentified seam, or part of the already known seams at La Estrella. This initial data is highly valuable and allows Forge to confidently move forward with its bulk sampling campaign, where the mining of a 20,000 ton bulk sample is expected to commence in Q4/25. FRG will also conduct laboratory testing to assess the coal's quality and market suitability. CEO PJ Murphy highlighted that the seam exposure shows near-term potential and underscores the efficiency of FRG’s decline strategy.
Strong Sector Performance
In the press release, FRG also highlighted the strong performance in the coal sector recently, with the VanEck Coal ETF up 30% over the last six months. Management attributes this to increasing global demand and tightening supply, driven by industrial activity in Asia, energy security concerns in Europe, and resilient thermal coal pricing. Metallurgical coal markets remain robust due to ongoing steel production and infrastructure investment. Capital is flowing into the high-quality projects, which we believe FRG will develop into.
FRG: Discovers Coal Seam While Driving Decline
What you need to know:• Forge announced that while driving the decline at the La Estrella project, a coal seam was encountered measuring 0.5-1.0m in thickness.
• The Company has taken channel samples for lab analysis to assess the coal’s quality and market suitability.
• We recently initiated coverage on FRG, read the report here.
This morning, Forge Resources Corp. (FRG:CSE, FRGGF:OTC) announced that it has encountered a coal seam while advancing the underground decline at its fully permitted flagship La Estrella coal project in Colombia. This provides meaningful data ahead of FRG’s bulk sample in Q4. We recently initiated coverage on Forge, read the report here. We are maintaining our BUY rating and a target price of $1.00/share on FRG.
Coal Seam
The exposed coal seam measured ~0.5-1.0m in thickness and is being safely extracted and separated, with channel samples being taken for lab analysis. Management stated that the results from these bulk samples will help better determine if this is a new unidentified seam, or part of the already known seams at La Estrella. This initial data is highly valuable and allows Forge to confidently move forward with its bulk sampling campaign, where the mining of a 20,000 ton bulk sample is expected to commence in Q4/25. FRG will also conduct laboratory testing to assess the coal's quality and market suitability. CEO PJ Murphy highlighted that the seam exposure shows near-term potential and underscores the efficiency of FRG’s decline strategy.
Strong Sector Performance
In the press release, FRG also highlighted the strong performance in the coal sector recently, with the VanEck Coal ETF up 30% over the last six months. Management attributes this to increasing global demand and tightening supply, driven by industrial activity in Asia, energy security concerns in Europe, and resilient thermal coal pricing. Metallurgical coal markets remain robust due to ongoing steel production and infrastructure investment. Capital is flowing into the high-quality projects, which we believe FRG will develop into.
Underlying
Forge Resources Corp.
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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