Forge Resources finds coal seam again at La Estrella

Executive Summary

• Forge Resources Corp. provided an operational update on its La Estrella coal project in Colombia, confirming the re-encounter of a coal seam at the underground ramp face and the completion of resin injection enhancements to support tunnel stability.
• The company highlighted a surge in global coal prices driven by increased demand in the US, China, and India, positioning La Estrella favorably within the current market environment.
• Current market data indicates a blended FOB price of $177 USD per metric tonne, with metallurgical coal prices showing significant improvement since September 2025.

Key Details

• Coal Seam Re-encounter: A coal seam was re-encountered at the development face of the underground ramp with a width of 1.1 metres.
• Geological Context: This seam was first encountered in July 2025 (reported July 24 and Aug 13, 2025); the re-encounter confirms the continuity and geological potential of the La Estrella coal system.
• Assay Status: No additional assays are planned as the seam corresponds to previously identified and characterized coal horizons with completed laboratory analysis.
• Infrastructure Enhancements: Implementation of resin injection and self-drilling bolts in collaboration with Grupo A and Webber Mining & Tunneling to strengthen the main access tunnel.
• Support Systems: The enhancement complements the primary support system consisting of TH25 and TH29 steel arches, timber lagging, and electro-welded mesh.
• Market Conditions:
  • US domestic coal consumption spiked 7-8% over the past year to record levels.
  • China is commissioning new coal-fired plants; India's infrastructure expansion keeps global demand near 8.8 billion tonnes.
  • Tight inventories and robust power-sector demand are driving price increases.
• Pricing Data:
  • Blended FOB price: $177 USD ($246 CAD) per metric tonne.
  • Metallurgical coal prices surged from September 2025.
  • Thermal coal prices remain steady at $120 USD to $95 USD per metric tonne.

Notable Quotes

• "Underground development at La Estrella continues to progress steadily, and the re-encounter of a coal seam at the underground ramp face further strengthens our confidence in the coal deposit and the continuity of the coal system at the project." — P.J. Murphy, CEO