Foresta Group Holdings Limited (ASX: $FGH) Correction Announcement

Foresta Group Holdings Limited (ASX: $FGH) has issued a correction to its Quarterly Activities Report and Appendix 4C released on 30 January 2024. The corrections include an explanation of payments to related parties and a hyperlink at page three of the Quarterly Activities Report that were omitted in the original report. Additionally, the table describing the financing facilities at 7.6 of the Appendix 4C was omitted in the original report. The revised Quarterly Activities Report and Appendix 4C have been attached to this announcement with no other changes.

Executive Commentary on Biomass Manufacturing and Supply Agreement

In October, Foresta successfully raised $2.33M from new and existing investors to accelerate the torrefied 'black' pellets and pine chemical manufacturing facility project in Rotorua, New Zealand. Additionally, the signing of a binding ten-year Supply Agreement between Foresta NZ and Tailored Energy Resources Limited (TERL) marks a significant milestone. This agreement will see Foresta NZ supplying up to 65,000 tonnes annually of torrefied wood pellets, aligning with New Zealand's targeted phasing out of coal boilers by 2037. The collaboration with TERL not only reflects our commitment to sustainable practices but also positions Foresta NZ as a key contributor to New Zealand's renewable energy landscape.

Summary of Foresta Group Holdings Announcement

Foresta Group Holdings Limited (ASX: $FGH) has issued a correction to its Quarterly Activities Report and Appendix 4C, rectifying the omission of payments to related parties and a hyperlink in the original report. The company successfully raised $2.33M to accelerate the torrefied 'black' pellets and pine chemical manufacturing facility project in Rotorua, New Zealand. The signing of a binding ten-year Supply Agreement with Tailored Energy Resources Limited (TERL) is a significant step towards establishing a mutually beneficial offtake agreement. Foresta's torrefied wood pellets will serve as a sustainable and low-carbon alternative to coal for TERL customers, aligning with New Zealand's ambitious goal of achieving net zero carbon emissions by 2050. Foresta's commitment to sustainable practices and renewable energy landscape positions the company as a leader in responsible forestry practices.