Forte Energy NL
AIM : FTE

March 26, 2015 05:41 ET

New Acquisition and New Funding Agreement

                                                                                           Forte Energy NL
                                                                                                          
                                                                                                          
                                                                                           ACN 009 087 852
                                                                                                          
                                                                                       ASX and AIM Release
                                                                                             26 March 2015

New Acquisition and New Funding Agreement
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Forte  Energy NL ("Forte" or "the Company") (ASX/AIM: FTE), the emerging international uranium  company  is
pleased  to advise that it has entered into a Share Sale Agreement to acquire a 75% interest in the Olympic
Domain  Project  in South Australia. The Company has also secured additional funding for  acquisitions  and
working  capital from Darwin Strategic Limited ("Darwin") in the form of a convertible loan instrument  for
£1,000,000.

Olympic Domain Acquisition

The  Company has entered into a binding Share Sale Agreement with Antares Mining Limited ("Antares")  (ASX:
AWW)  to acquire a 75% interest in the Olympic Domain Project in South Australia for cash consideration  of
A$300,000. The Olympic Domain Project comprises 9 exploration licences covering 2,162 km2 located in  South
Australia in proximity to the Olympic Dam and Carrapateena IOCG (iron-oxide copper-gold) deposits.  Olympic
Dam is currently the second largest uranium producing mine in the world.

Under  the  agreement, Forte will acquire 75% of the share capital of Copper Range Pty Ltd (currently  100%
owned  by  Antares),  with Antares to retain a 25% interest. Forte will provide 100%  of  funding  for  the
project until such time as a decision to mine is made.

Previous exploration conducted on the licences identified several targets for further surveys and drilling.
The  Company intends to put together a small drilling programme to test these targets and looks forward  to
providing  further information to shareholders in due course. In June 2012, Copper Range Limited  announced
an agreement to sell the tenements to BHP for A$3,000,000 however the deal did not complete.

To view a map showing the location of the licences, please open the following link in a new window:
http://media3.marketwire.com/docs/forte_0326_map.jpg

Darwin Funding

Forte  has  entered into a new funding agreement with Darwin whereby the Company will receive  £900,000  in
return  for  issuing  40 convertible loan notes each with a face value of £25,000. The  key  terms  of  the
Convertible Loan Notes are as follows:

* Principal amount: £1,000,000;
* Maturity date: 2 years from date of issue;
* Conversion price: subject to any necessary shareholder approvals, the lender may elect to convert
  all or part of the loan at the lower of 0.24 pence per share (being a 50% premium to yesterday's AIM
  closing Mid Price) or 90% of an average weighted market price calculated from selected trading days during
  the 15 trading days prior to conversion; and
* Subject to any necessary shareholder approvals, Forte will issue to Darwin 83,333,333 warrants on
  or about 29 May 2015 at an exercise price of 0.24 pence per share valid for five years and 7 days.

The  funds  will  be  used  to fund potential acquisitions including the Olympic Domain  project  in  South
Australia  and to provide working capital to progress the Company's suite of uranium development assets  in
Africa and Slovakia, including the Kuriskova joint venture in Slovakia.

For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                          Tel: +61 (0) 8 9322 4071

Oliver Morse
RFC Ambrian Ltd                          Tel: +61 (0) 8 9480 2500
(AIM Nominated Adviser to the Company)


Forte Energy NL

Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073
Email: info@forteenergy.com.au
Web: www.forteenergy.com.au

About Forte Energy NL

Forte  is  an  Australian-based minerals company focused on the exploration and development of uranium  and
associated bi-products in Mauritania and Guinea in West Africa and uranium projects in the Slovak  Republic
under a 50% Joint Venture with European Uranium Resources ("European Uranium").

Its  flagship  assets are the A238 prospect (23.4Mlbs U3O8) and the Bir En Nar project (2.06Mlbs  U3O8)  in
Mauritania,  and  the  Firawa Project in Guinea (19.5Mlb U3O8). It also holds a 50%  interest,  subject  to
meeting  expenditure commitments, in the Kuriskova (42.2Mlb U3O8) and Novoveska Huta (21.1Mlb U3O8) uranium
projects in the Slovak Republic.

Forte U3O8 JORC resources in West Africa (all at a 100ppm cut-off) (Forte holds 100% of these projects):

--------------------------------------------------------------------------------------------------------
Project              Resource Category         M tonnes         ppm U3O8           Contained U3O8 Mlbs
--------------------------------------------------------------------------------------------------------
A238*                         Inferred             45.2              235                          23.4
--------------------------------------------------------------------------------------------------------
Bir En Nar                   Indicated              0.5              886                           1.0
                   -------------------------------------------------------------------------------------
                              Inferred              0.8              575                           1.0
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Firawa                        Inferred             30.3              295                          19.5
--------------------------------------------------------------------------------------------------------
Total                        Indicated              0.5              886                           1.0
                   -------------------------------------------------------------------------------------
                              Inferred             76.3              262                          43.9
                   -------------------------------------------------------------------------------------
                                 Total             76.8              266                          44.9
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        * A238NW Anomaly included in the A238 Inferred Resources
    
The  Company is quoted on the Australian Securities Exchange (ASX: FTE) and AIM market of the London  Stock
Exchange (AIM: FTE). For more information, visit www.forteenergy.com.au

Slovak Republic Joint Venture

Forte  holds  a  50% interest with European Uranium in two project areas in Slovakia, namely Kuriskova  and
Novoveska Huta, of which Kuriskova is the most advanced. Forte's interest is held through ownership of  50%
of  the  shares in European Uranium's Slovak subsidiaries, Ludovika Energy and Ludovika Mining, which  hold
the  mineral licences comprising the Kuriskova and Novoveska Huta uranium projects. Forte must sole fund  a
minimum of CAD$350,000 a year on the Ludovika entities over the next ten years to maintain its 50% interest
with the first year's expenditure of CAD$350,000 being an obligation.

The  Kuriskova  project consists of 32 square kilometres of mineral licences situated approximately  10  km
northwest of the city of Kosice, a regional industrial centre in East-Central Slovakia.

The  Novoveska Huta uranium deposit is located at the western end of the Carpathian uranium belt, about  50
kilometres northwest of Kuriskova and near the town of Spisska Nova Ves. The deposit consists of  a  mining
licence over one square kilometre and a surrounding fifteen square kilometre exploration licence.

                          KURISKOVA - 100% Gross JORC Compliant Mineral Resource

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MINERAL RESOURCE SUMMARY AT @ 0.03 U% CUT OFF, KURISKOVA DEPOSIT
------------------------------------------------------------------------------------------------------------
  U%      Tonnes       % U3O8       U3O8 lbs      Metal U     Metal U3O8     Mo Tonnes     % Mo      Mo lbs
                                                 (Tonnes)      (Tonnes)
------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------
                                                  Indicated
------------------------------------------------------------------------------------------------------------
0.445    2,475,849      0.525      28,637,284     11,015        12,990       2,448,087    0.062     3,322,512
------------------------------------------------------------------------------------------------------------

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     Inferred                                                                                           
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0.130    4,010,815      0.153      13,545,690      5,210        6,144        3,779,214    0.024     2,036,120
------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------
                                             Indicated + Inferred
------------------------------------------------------------------------------------------------------------
0.250    6,486,664      0.295      42,182,974     16,226        19,134       6,227,301    0.039     5,358,632
------------------------------------------------------------------------------------------------------------
     * To convert %U to %U3O8, a conversion factor of 1.17924 was used.

As noted, Forte holds a 50% interest in this deposit, subject to meeting expenditure commitments.

                        NOVOVESKA HUTA - 100% Gross JORC Compliant Mineral Resource

----------------------------------------------------------------------------------------------------------------
MINERAL RESOURCE SUMMARY AT @ 0.03 U% CUT OFF, NOVOVESKA HUTA DEPOSIT
----------------------------------------------------------------------------------------------------------------
 U %       Tonnes        % U3O8      U3O8 lbs       Metal U      Metal U3O8      Mo Tonnes      % Mo      Mo lbs
                                                   (Tonnes)       (Tonnes)
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
                                                     Measured
----------------------------------------------------------------------------------------------------------------
0.055     2,973,287      0.065       4,254,594       1,637          1,930                                       
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
                                                     Indicated
----------------------------------------------------------------------------------------------------------------
0.053     2,774,792      0.063       3,842,852       1,478          1,743                                        
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
                                                     Inferred
----------------------------------------------------------------------------------------------------------------
0.102     4,902,082      0.121      13,043,317       5,017          5,916       10,423,317     0.016     3,770,800
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
                                          Measured + Indicated + Inferred
----------------------------------------------------------------------------------------------------------------
0.076    10,650,161      0.090      21,140,763       8,132          9,589       10,423,317     0.016     3,770,800
----------------------------------------------------------------------------------------------------------------
       * To convert %U to %U3O8, a conversion factor of 1.17924 was used.

All at 0.03% U cut off; molybdenum included only when within blocks above U% cut off.

As noted, Forte holds a 50% interest in this deposit, subject to meeting expenditure commitments.

        
Note:
The  information in this report that relates to the reporting of Mineral Resources in Mauritania and Guinea
is  based  on  information  compiled or reviewed by Mr. Galen White, who is a Fellow  of  the  Australasian
Institute  of Mining and Metallurgy (FAusIMM). Mr White is the Principal Geologist of CSA Global (UK)  Ltd.
CSA  Global  have an on-going role as geological consultants to Forte Energy NL. Mr. White  has  sufficient
experience which is relevant to the style of mineralisation and type of deposit under consideration and  to
the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian  Code  for  Reporting  of Exploration Results, Mineral  Resources  and  Ore  Reserves'.  This
information  was  prepared and first disclosed under the JORC Code 2004. It has not been updated  since  to
comply  with the JORC Code 2012 on the basis that the information has not materially changed since  it  was
last  reported. Mr. White consents to the inclusion in this report of the matters based on his  information
in the form and context in which it appears.

The information in this report that relates to the reporting of Mineral Resources in the Slovak Republic is
based on information compiled or reviewed by Ing. Boris Bartalsky, PhD. who is a Member of the Australasian
Institute of Mining and Metallurgy (AusIMM) and the Society of Mining, Metallurgy and Exploration (SME). Mr
Bartalsky  is  the  Director of Ludovika Energy, and country manager for the Slovakian Joint  Venture.  Mr.
Bartalsky  has sufficient experience which is relevant to the style of mineralisation and type  of  deposit
under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined
in  the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources  and
Ore  Reserves'.  Mr.  Bartalsky  consents to the inclusion in this report  of  the  matters  based  on  his
information  in  the form and context in which it appears. JORC Table 1 disclosures are  available  in  ASX
release dated 28 January 2015 and continue to apply.

Contact Information

  • Forte Energy NL