First Au Raises $1.5M, Starts Diamond Drilling at Nimba and Gains 100% Victorian Goldfields

Consolidating Victorian Goldfields Ownership

First Au Limited (ASX, FAU) has taken a decisive step by acquiring the remaining 20% interest in its Victorian Goldfields Project, securing full ownership of this flagship asset located in a prolific yet underexplored gold belt in eastern Victoria. This move follows encouraging maiden drilling results at the Haunted Stream prospect, which revealed high-grade near-surface gold mineralisation, including intercepts such as 13 meters at 3.57 grams per tonne and 8 meters at 3.45 grams per tonne of gold. The project spans an 8.5-kilometer strike with over 150 historical workings, most untested below 110 meters, highlighting significant upside potential.

Simultaneously, FAU has divested its non-core East Victoria Goldfields assets, generating net cash proceeds of $250,000. This divestment aligns with the company’s strategy to sharpen its focus on high-impact exploration targets while strengthening its balance sheet ahead of an expanded drilling campaign.

Strategic Entry into West Africa’s Nimba Gold Project

In a bold geographic and strategic expansion, First Au has entered into a binding term sheet to earn up to 70%, with an option to acquire 100%, of the Nimba Gold Project in northern Liberia. Covering an extensive 831 square kilometers, the project lies within the world-renowned West African Craton, adjacent to the Ity Gold Mine in Côte d’Ivoire, which boasts over 5.4 million ounces of measured and indicated gold resources.

FAU’s entry into Liberia marks the first diamond drilling by an ASX-listed company in this highly prospective region. The company has mobilised a brand-new diamond rig and secured ownership of one rig post-program, a strategic asset that promises to reduce future exploration costs and increase operational flexibility. Initial drilling aims to test structural controls beneath historical gold intersections and explore newly mapped oxide and sulphide zones, with a 3,000-meter program underway.

Capital Raising and Drilling Initiatives

To support these ambitious exploration activities, First Au successfully raised $1.5 million through a placement at $0.0035 per share, attracting strong interest from domestic and international sophisticated investors. The placement includes participation from Executive Director Lei Shi, who recently transitioned from a non-executive role to oversee African operations and exploration.

In Western Australia, FAU has also launched a drill-for-equity program at its Gimlet Gold Project near Kalgoorlie. This program, funded entirely through the issuance of shares at $0.005 per share, aims to upgrade the current inferred resource of 120,000 ounces and test extensions at depth and along strike. The project benefits from proximity to multiple processing plants and has demonstrated high gold recoveries in metallurgical testing.

Board Changes Reflect Strategic Focus

Reflecting its growing African focus, First Au appointed Lei Shi as Executive Director, entrusting him with direct responsibility for the Nimba project and broader African exploration portfolio. Additionally, the company welcomed Nicholas Karl Smithson, a UK-based executive with over 35 years of mining experience in Africa, to its board, while Non-Executive Director Quentin Charaud resigned. These changes underscore FAU’s commitment to strengthening governance and expertise as it advances its international projects.

Overall, First Au’s recent activities demonstrate a clear strategic pivot towards high-grade, high-potential gold projects both domestically and internationally, backed by a solid financial footing and operational momentum.