Foresta Group Holdings (ASX: $FGH) Corrects Quarterly Activities Report

Foresta Group Holdings Limited (ASX: $FGH) has issued a correction to its previously released Appendix 4C for the quarter ending 31 March 2024. The correction addresses an administrative oversight in section 7 of the Appendix 4C, specifically at sections 7.1 and 7.4. The revised Quarterly Activities Report and Appendix 4C have been provided in this announcement, with no other changes reported.

Executive Commentary on Recent Activities

The sale of the chipper has allowed us to settle and be released from the Altor Finance borrowing facility, significantly reducing our monthly outgoings. The signing of the harvesting contract with Silvertree Biomass Solutions secures our raw material supply strategy, ensuring the continuous production of our manufacturing plant. Additionally, the long-term offtake purchase contract with AV Pound & Co marks a significant step towards a sustainable biobased future. We are also making progress on the development of our flagship manufacturing facility in New Zealand, with various applications and reports underway.

Summary of Foresta Group Holdings' Activities and Outlook

Foresta Group Holdings has corrected its Quarterly Activities Report for the quarter ending 31 March 2024, addressing an administrative oversight. The company has achieved a significant milestone by clearing its debt with Altor Finance through the sale of the chipper. The signing of the harvesting contract with Silvertree Biomass Solutions and the offtake purchase contract with AV Pound & Co demonstrates the company's commitment to securing raw material supply and advancing towards a sustainable future. The progress on the development of the flagship manufacturing facility in New Zealand indicates the company's dedication to its long-term goals. Foresta Group Holdings also provided insights into its financial position, reporting a cash balance of $557,000 as at 31 March 2024. The company expects to continue its operations and meet its business objectives through securing project funding, demonstrating confidence in its future endeavors.