Forge Resources Intends to Apply for Export Permits to Ship Coal Samples to U.S. Laboratory for Metallurgical and Thermal Testing

Recent Operations Update (May 12, 2026)

• Forge Resources intends to apply for export permits to transport coal samples from its La Estrella project in Colombia to a U.S.-based laboratory (Matexcel).
• Testing objectives include evaluating coke strength, fluidity, ash composition, and sulfur content.
• The initiative leverages the U.S. Department of Energy's designation of metallurgical coal as a "critical material" and "critical mineral."

News Impact Analysis

• The export permit application is a procedural step required to validate coal quality for global market classification. It does not guarantee immediate revenue or production.
• While the "critical mineral" designation provides strategic context, it does not alter the company's financial position or operational timeline significantly in the short term.
• The financing closed on May 7 provided capital but introduced dilution (warrants at $0.70 vs current price of $0.48).

Corporate Structure

• Company: Forge Resources Corp.
• Flagship Assets:
  1. La Estrella Project (Colombia): Metallurgical and thermal coal project. Holds 80% interest in Aion Mining Corp.
  2. Alotta Project (Yukon, Canada): Porphyry copper-gold-molybdenum project under option (4,723 hectares).