First Au Limited Boosts Western Australia Gold Assets with Riverina East Acquisition and Gimlet Resource Upgrade

Acquisition of Riverina East Adds Historic High-Grade Gold Mine and Promising Bifrost Assets

First Au finalized a binding agreement to acquire the Riverina East Gold Project from Viking Mines Limited by purchasing 100% of Viking's subsidiary Red Dirt Mining Pty Ltd and associated tenements. The project covers 255 square kilometres, including two Mining Licences, five Prospecting Licences, three granted Exploration Licences, one Exploration Licence application, and one option agreement. Situated along the Ida and Zuleika Shear zones in Western Australia's Eastern Goldfields, it lies about 40 kilometres west of the Goldfields Highway near Menzies.

The centerpiece, First Hit Gold Mine, was operated by Barra Resources in 2002 and historically produced 30,000 ounces of gold at an average grade of 7.7 grams per tonne during a period of subdued gold prices. This high-grade production underscores the mineral potential of the 6.4 square kilometre contiguous tenement area. The project also includes the Bifrost Mineralisation site, which remains open in all directions without a declared mineral resource, offering significant exploration upside.

Strategic Proximity to Operating Riverina Gold Mine Enhances Exploration Potential

Riverina East lies directly east of the First Hit Project along geological structures hosting Ora Banda Mining's 724,000-ounce Riverina Gold Mine, approximately 8 kilometres away. This geological continuity suggests mineralisation controls extend onto First Au's new tenements, providing a strong basis for exploration along these shear zones. The nearby operating mill offers potential processing options for future ore.

The acquisition includes a $500,000 drilling commitment within 12 months, with penalties for non-compliance. This drilling aims to test Bifrost mineralisation and other targets, potentially contributing to future resource estimates and project evaluations.

Riverina East Acquisition Terms Include Cash Payment and Performance-Based Equity

The acquisition consideration consists of $1.2 million cash upfront and $1.0 million in shares issued to Viking Mines at the lower of the 15-day VWAP or AUD $0.01 per share. Additionally, $2.8 million in performance rights are contingent on mineral resource growth milestones, aligning vendor incentives with exploration success. The transaction concluded in the quarter ended 30 June 2026.

Gimlet Gold Project Resource Upgrade Advances Development Prospects

First Au updated the JORC Mineral Resource Estimate for its 100%-owned Gimlet Gold Project, located 15 kilometres northwest of Kalgoorlie. The resource now totals 1.58 million tonnes at 2.22 g/t Au for 112,900 ounces at a 0.5 g/t cut-off. Notably, 62% of the resource—70,400 ounces from 1.0 million tonnes at 2.12 g/t—is classified as Indicated, a significant confidence increase from the previous fully Inferred classification dated 23 June 2021.

This upgrade follows infill reverse circulation drilling in 2025 and 2026 on Mining Lease M26/849, enhancing geological continuity and resource definition. Drilling highlights include 5 metres at 16.68 g/t Au, 12 metres at 9.77 g/t Au, 14 metres at 5.57 g/t Au, and 4 metres at 7.70 g/t Au, confirming high-grade zones within the Gimlet system, moving the project closer to development decisions.

Environmental and Technical Studies Support Gimlet Project Development

First Au has committed to environmental baseline and scoping-level technical studies for Gimlet through a binding agreement with Newcam Minerals Pty Ltd. These studies advance the project from exploration toward prefeasibility, covering metallurgical, mining engineering, geotechnical, and environmental assessments. Concurrently, the company is evaluating third-party processing options in the Kalgoorlie region.

Gimlet's proximity to multiple operating mills offers potential low-capital development pathways via toll milling or processing agreements, reducing capital expenditure and accelerating cash flow generation. These scoping studies aim to define technical and economic parameters for future development decisions.

Ongoing Portfolio Consolidation in Kalgoorlie and Leonora Regions

In addition to Riverina East, First Au acquired 20 mineral licences across Kalgoorlie and Leonora during the quarter, reinforcing its strategy to build a dominant exploration and development platform in the Eastern Goldfields. The company also completed the Barlee Gold Project acquisition, further expanding its portfolio, although details on terms and location remain undisclosed.

These acquisitions demonstrate First Au's proactive consolidation of quality assets in a prolific gold province, aligned with its growth strategy based on geologically driven exploration.

Board Enhanced with Eastern Goldfields Geological Expertise

On 11 May 2026, First Au appointed Lachlan Kenna as Non-Executive Director, adding valuable Eastern Goldfields geological expertise to the board. This appointment supports the company's focus on building an Eastern Goldfields-centred gold portfolio and strengthens technical oversight amid expanding exploration and development activities.

The timing coincides with the Riverina East acquisition, indicating planned board enhancements to manage increased operational and portfolio demands.

Strong Cash Position Supports Project Advancement

As of 30 June 2026, First Au held $4.19 million in cash, providing liquidity to fund exploration, acquisitions, and technical studies. This balance accounts for the $1.2 million upfront cash paid for Riverina East and the $500,000 drilling commitment on the acquired tenure.

The cash reserves underpin ongoing Gimlet scoping studies and portfolio exploration, balancing near-term project advancement with capacity for further strategic acquisitions consistent with growth objectives.

Strategic Consolidation Positions First Au for Leadership in Eastern Goldfields

First Au's recent activities and strategic direction reflect a deliberate consolidation approach to establish a leading exploration and development presence across Western Australia's Eastern Goldfields. The combination of Riverina East and Barlee acquisitions, additional mineral licences, Gimlet resource upgrade, and board strengthening illustrate a systematic platform-building strategy focused on quality assets with infrastructure and processing access.

This strategy aims to create value through exploration success, resource growth, and potential development at Gimlet, positioning First Au to capitalize on industry consolidation trends and achieve scale through disciplined acquisitions in a competitive gold sector.