First Au Limited (ASX:FAU) signs Farm-in and JV Agreement for Talga

  • November 20, 2020 12:52 PM AEDT
  • Team Kalkine

First Au Limited (ASX:FAU) announced entering into a conditional binding agreement with 8Au Pty Ltd in respect to a Farm-In and Joint Venture Agreement for the Talga gold and base metals project. As per the agreement, 8Au can earn up to 80% interest in the project upon completion of staged milestones which include-

Gold MTF non-AMP

  • Phase 1: Payment of $100,000 towards IP study at Razorback and an exploration expense of $300,000 on exploration in the next 12 months will earn 50.1% stake for 8Au
  • Phase 2: An exploration expenditure of $600,000 will earn another 19.9% for 8Au within 2 years
  • Phase 3: An exploration expenditure of $900,000 will earn another 10% for 8Au within 3 years

First Au traded at $0.024 a share on 20 November 2020 with a market capitalisation of $11.83 million.

 


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