First Au Limited Finalizes Acquisition of Riverina East Gold Project from Viking Mines Ltd

Riverina East Acquisition Completed, Bolstering First Au's Western Australian Gold Assets

First Au Limited has officially completed the acquisition of the Riverina East Gold Project, a pivotal move in the company’s ambition to become a geologically driven gold exploration and development entity focused on Western Australian assets. The transaction transferred 11 mineral licences from Viking Mines Ltd, as initially announced to the Australian Securities Exchange on 29 June 2026. With the acquisition finalized, First Au is positioned to commence evaluation and development of the asset within its broader gold exploration framework.

Executive Chairman Daniel Raihani emphasized the acquisition’s strategic importance, noting it aligns with First Au’s goal to establish itself as a geologically driven gold exploration and development company in Western Australia. This milestone follows prior company announcements and signifies tangible progress in building a diversified portfolio. Alongside the Barlee and Gimlet Gold Projects, Riverina East underscores First Au’s commitment to securing quality gold assets across multiple locations within well-established Western Australian mineral provinces known for their gold discovery and production history.

Strategic Location and Infrastructure Benefits Near Menzies

The Riverina East Gold Project is strategically located about 50 kilometres west of Menzies, Western Australia, offering significant operational advantages due to its proximity to existing infrastructure and active mining operations. Positioned immediately north of Ora Banda Mining's (ASX:OBM) Riverina Gold Mine, the project benefits from operational synergies and confirms the region’s ongoing gold production activity. This adjacency to a publicly listed operating gold mine indicates that essential infrastructure such as access roads, power supply, and mining services are already established and functional in the area.

Situated within the historically significant Western Australian goldfields near Menzies, the asset benefits from reduced development risks and potentially lower capital expenditure requirements due to existing mining infrastructure. Although specific details on road access, power arrangements, or processing facilities were not disclosed, the presence of the First Hit Gold Mine’s historical production and nearby operating mines strongly suggest that fundamental mining and processing infrastructure is accessible within reasonable proximity.

First Hit Gold Mine: Historical Production of 30,000 Ounces at 7.7 g/t

The Riverina East Gold Project encompasses the First Hit Gold Mine, a key asset with a documented historical production of 30,000 ounces of gold at an average grade of 7.7 grams per tonne. This record provides First Au with concrete evidence of the asset’s gold-bearing potential and establishes important baseline data regarding ore quality and mining capacity. The 7.7 grams per tonne grade is commercially significant in contemporary gold mining, indicating that the First Hit Gold Mine historically produced ore of notable quality.

These historical production figures offer investors a solid reference point for assessing the asset’s value and mineralization quality. While the announcement does not specify the production period, mining methods, or current resource assessments, the 30,000-ounce output at 7.7 g/t confirms the presence of economically viable gold mineralization. First Au’s acquisition suggests confidence in discovering additional mineralization, enhancing recovery rates, or applying modern extraction techniques unavailable during prior operations. No mineral resource estimates, reserve figures, or updated geological evaluations were disclosed in this announcement.

Bifrost Mineralisation Site: Exploration Potential and Prospectivity

The project also includes the Bifrost Mineralisation site, described by First Au as extensive and highly prospective for gold exploration. This secondary target within the project package indicates potential for further gold discovery and development beyond the First Hit Gold Mine. The classification of Bifrost as "highly prospective" reflects First Au’s geological assessment based on available geological, geochemical, and structural data. However, no detailed information on geological setting, mineralization style, historical exploration, or assay results was provided.

Bifrost represents exploration upside beyond the historical production at First Hit. Given the established mining history of the region, prospective mineral sites like Bifrost often attract investor interest due to their potential for new discoveries in underexplored zones. The company did not disclose the size, historical exploration data, surface sampling outcomes, or resource estimates for Bifrost. First Au likely plans further exploration and evaluation to define mineralization extent and economic viability. Investors should watch for updates on drilling campaigns, geological surveys, and exploration results at Bifrost.

Project Tenure: 11 Mineral Licences Covering 255 Square Kilometres

The Riverina East Gold Project comprises a substantial tenure package covering 255 square kilometres, including 11 mineral licences: 2 mining leases, 4 exploration licences, 5 prospecting licences, and 1 exploration licence application. This diverse licence portfolio provides First Au with exploration rights at various development stages. Mining leases typically indicate areas with current or planned mining activity; exploration licences cover larger areas for early-stage exploration; and prospecting licences grant limited exploration rights over smaller zones.

The tenure composition highlights Riverina East as a mature, multi-dimensional asset with immediate mining potential at First Hit Gold Mine and broader exploration opportunities. The inclusion of an exploration licence application suggests ongoing efforts to expand exploration rights, subject to regulatory approval. The announcement did not specify licence renewal dates, compliance obligations, or potential constraints affecting development timelines or commercial viability.

First Au's Comprehensive Gold Strategy Across Western Australian Assets

Acquiring Riverina East forms part of First Au’s broader strategic approach to building a diversified portfolio of gold projects across proven Western Australian mineral provinces. Executive Chairman Daniel Raihani referenced the Barlee and Gimlet Gold Projects as complementary assets, indicating a multi-project exploration and development strategy rather than reliance on a single flagship asset. This approach helps diversify geological risk across multiple assets and locations while leveraging Western Australia’s established mining infrastructure, regulatory environment, and gold production legacy.

First Au’s focus on being a "geologically driven" exploration and development company highlights its prioritization of asset quality, geological merit, and exploration upside over purely financial or scale-based acquisitions. By accumulating assets in proven mineral provinces, the company aims to benefit from regional exploration initiatives, infrastructure availability, and commodity price trends impacting the goldfields. Details regarding the Barlee and Gimlet Projects’ status, location, mineralization, exploration stage, or milestones were not disclosed. Investors should monitor future updates for progress on all three gold projects.

Viking Mines Divests Riverina East Under Previously Disclosed Terms

Viking Mines Ltd (ASX:VKA) has divested the Riverina East Gold Project through its sale to First Au Limited. The transaction followed terms initially disclosed to the Australian Securities Exchange on 29 June 2026, though this announcement does not reiterate those specifics. Viking Mines’ divestment likely reflects a strategic decision to focus resources elsewhere or to realize value from the asset. Completion confirms all conditions precedent were met and formal asset transfer occurred.

Details on consideration, payment structure, earn-out provisions, or other transaction terms are available in First Au’s and Viking Mines’ announcements dated 29 June 2026. The sale removes Riverina East from Viking Mines’ portfolio, transferring all mineral rights, any defined resources, and exploration obligations to First Au Limited.

First Au's Strategic Role in Western Australia’s Gold Sector

This acquisition positions First Au as an emerging gold exploration and development company focused on Western Australia’s goldfields, one of Australia’s leading mining jurisdictions. The company’s strategy emphasizes geological merit and asset quality within established mineral provinces, a model that has historically attracted investor interest. Its geologically driven approach prioritizes technical excellence and exploration success over alternative business models. Accumulating multiple gold projects enables First Au to pursue exploration and development opportunities across several assets simultaneously.

First Au’s proximity to established gold mining operations and infrastructure in Western Australia offers operational efficiencies, knowledge sharing, and potential partnership or acquisition opportunities with larger miners. The announcement did not disclose management experience, technical expertise, funding sources, capital availability, or strategic partnerships. Investors should evaluate these factors alongside the company’s strategic objectives.

Outlook: Exploration Plans and Next Steps for Riverina East

With the acquisition complete, First Au is set to initiate evaluation and exploration activities at Riverina East. While no immediate details on exploration programs, capital allocation, drilling, or development timelines were provided, investors can expect forthcoming announcements outlining exploration strategies, work programs, budgets, and milestones. Planned activities may include geological mapping, soil and rock sampling, geochemical surveys, and drilling to advance the asset and the Bifrost mineralisation zone.

The scope and timing of exploration will depend on First Au’s capital availability, strategic priorities, and assessment of high-value opportunities. The proximity to Ora Banda Mining’s operating Riverina Gold Mine may facilitate operational collaboration or geological knowledge exchange. No specifics on exploration budgets, personnel, or milestones were disclosed. Investors should follow First Au’s quarterly and annual reports and future updates for detailed information on exploration progress and results at Riverina East and other gold projects.