FIRST AU LIMITED — Capital/Financing Update 2020

Sep 24, 2020

First Au Limited (ASX: FAU)

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25 September 2020

Haunted Stream Victorian Gold Exploration Licence Granted

First Au Limited (“FAU” or “the Company”) announced today that Earth Resources Regulation Victoria has approved the granting of EL 006816 centered on the historic Haunted Stream gold workings. The grant of EL006816 forms the final condition to the Company’s acquisition of Victorian Goldfields Pty Ltd (“Vic Gold”). It is proposed that initial field work will commence next week

On 3 June, 2020 the Company announced that it had entered into a binding term sheet to acquire 80% of the issued share capital of VicGold which held applications making up the Victorian Goldfields Project (“the Project”).

Following completion of the acquisition of VicGold, the Company may acquire the remaining 20% of VicGold pursuant to an option upon a decision to mine at the Project (100% interest in total if the option is exercised).

The Project comprised 5 Exploration Licence Applications (EL 006975, EL 006976, EL 006977, EL 005422 and EL 006816) in East Gippsland Victoria, located around the towns of Bruthen, Swifts Creek and Dargo (Figures 1 and 2). The flagship Haunted Stream application area, EL 006816, now granted, shows potential for significant high-grade gold continuity, indicated from historical workings and rock chip sampling over an 8 km strike length. Historic mine records from the Victorian Government dating back as far as the 1880’s show ore being extracted at above 1 ounce per tonne (refer ASX release dated 3 June 2020).

The Haunted Stream area contains significant historic workings that have had limited to no drilling to effectively test their depth extents. In addition to the historic workings, there occur untested, prospective saddle-reef style zones and numerous under-explored Central Victoria-style orogenic targets, as well as Walhalla and Morning Star analogue exploration opportunities. The gold fertility of the tenement package is also further evident in the long history of alluvial mining in the area.

The VicGold exploration team identified the prospectivity of the region early in 2018 after academic studies presented by the Geological Survey of Victoria cited new geological evidence which supported new interpretation for the origin of the eastern arm of Ordovician Turbidites in East Gippsland as an equivalent and extension of the highly mineralized Bendigo-Fosterville terrane (i.e. Orocline model). Plotting the high-grade rock chip results from historic exploration work on new mapping and new geological interpretation by VicGold, indicates trends consistent with a series of structural controls on mineralisation not previously interpreted or reported by earlier explorers. This will be the initial focus for exploration for First Au, which in some cases are near drill ready targets.

First Au Limited ACN 000 332 918 Registered Office: Level 1 / 123 Whitehorse Road, Balwyn Vic. 3103 Australia. Telephone 03 9817 0700 Facsimile 03 9817 0799 Website: www.firstau.com Email: info@firstau.com

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Figure 1. Location map of the Victorian Goldfields Project, Gippsland Victoria

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Figure 2. Outline of the tenement applications, showing main project focus of Haunted Stream Au and Dogwood Cu-Au Porphyry, East Gippsland. Black dots indicate historic gold workings (Coordinates in MGA94 zone 55)

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Completion of VicGold Acquisition

First Au has now satisfied the necessary conditions to acquire its 80% interest in VicGold, of which the granting of EL 006816 was the final requirement and will now move towards completion. Completion will trigger the allotment of 20,000,000 fully paid ordinary shares at deemed issue price of $ 0.01 (1 cent) per share to the VicGold vendors.

Under the terms of the acquisition, it is proposed that the board of First Au will be strengthened, with Dr Gavin England taking up the position of Technical Director. Dr England is currently a geological consultant and the exploration manager for First Au. He is also a shareholder of VicGold and has assisted in the development of the Victorian Goldfields Project. Dr England has a Bachelor of Science (Geology) and PhD in gold-related economic geology. He has worked in research, exploration, and project development for the past ~ 20 years (including Royal Resources, EMA, Impact Minerals, Gold Fields, and Lion Ore). Dr England’s most recent focus as a consultant has been in the areas of project management, business development and in a technical advisory capacity for junior ASX and private unlisted companies. Recently, Dr England was involved in First Au’s Gimlet gold discovery near Kalgoorlie.

First Au is currently awaiting assay results from the recent diamond drilling program at Gimlet.

Authorised by:

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Bryan Frost Executive Chairman

About First Au: First Au is an advanced gold and base metals exploration company listed on the Australian Securities Exchange (ASX: FAU) and is pursuing a well-funded and aggressive exploration program at its 100% owned Gimlet Gold project near Kalgoorlie and its Talga Projects in the Eastern Pilbara region of Western Australia.

Enquiries in relation to this announcement please contact :

Richard Revelins: rrevelins@firstau.com +1-310-405-4475 Bryan Frost bfrost@firstau.com +61-418 898-885

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