FIRST AU LIMITED — Capital/Financing Update 2020

Jun 10, 2020

(ASX: FAU)

First Au Limited

11 June 2020

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First Au Completes Placement and Announces SPP

• Funding to advance exploration and development at Gimlet Gold Project, meet costs of the proposed acquisition of VicGold and for working capital purposes

• Placement to existing and new sophisticated investors raising $747,000 at $0.01

• Share Purchase Plan (“SPP”) announced to raise up to $280,000 on same terms

• Eligible Directors combined to apply for a minimum of $100,000 in the SPP

First Au Limited (“FAU” or “the Company”) announced today that it had successfully received commitments to raise up to $747,000 via a share placement to existing and new sophisticated and professional investors (“Placement”).

The Placement is part of a capital initiative (which includes an SPP) to raise up to $1,027,000 to strengthen the Company’s balance sheet and cash reserves. The funds will be predominantly applied towards further exploration work at its flagship Gimlet Gold Project near Kalgoorlie, costs associated with the proposed acquisition of an 80% interest in Victorian Goldfields Pty Ltd (“VicGold”) which holds mining applications making up the Victorian Goldfields Project (refer ASX release dated 3 June, 2020) and for general working capital purposes.

New shares to be issued under the Placement represent approximately 25% of FAU’s existing issued capital. The issue price of the shares under the Placement represents a discount of 22.24% to the 5-day Volume Weighted Average Price (“VWAP”), of 1.28604 cents and a 17.81% discount to the 15-day VWAP of 1.178149 cents, immediately prior to the grant of the trading halt on Thursday 4 June, 2020.

The Placement is for 74,700,000 fully paid ordinary shares at a subscription price of $0.01 (1 cents) per share raising a total of $747,000 before costs, to new and existing unrelated sophisticated and professional investors. These investors are clients of stockbroking firms who have supported the Company’s activities or who the Company has identified as part of its investor relations initiatives. 44,818,000 Placement shares will be issued under Listing Rule 7.1 (15% capacity) and 29,882,000 Placement shares under Listing Rule 7.1A (10% capacity).

Share Purchase Plan (“SPP”):

In order to allow existing eligible shareholders (defined below) to participate in this capital raising round, the Company is undertaking a SPP raising up to $280,000 (being 28,000,000 shares). Under the SPP, eligible shareholders will be able to apply for up to $30,000 each of new fully paid ordinary shares in the Company at $0.01 (1 cent) per SPP share.

If there is a shortfall in acceptances under the SPP, the Company may make some or all of the shortfall shares (up to 28,000,000 shares totaling $280,000) available to sophisticated, professional or other exempt investors at the discretion of the Company. This is subject to the Company having refreshed

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

its capacity to do so after the Placement. Eligible investors who have a potential interest in an offer of shortfall shares (if any) should contact the Company Secretary, David McBain on dmcbain@firstau.com to register their interest.

Shareholders eligible to participate in the SPP are those shareholders whose registered addresses are within Australia or New Zealand as at 7.00pm (AEST) on 10 June, 2020 (Record Date), including Australian based Directors who have provided commitments to apply for a minimum of $100,000 in the SPP. Shareholders with registered addresses outside Australia or New Zealand at the Record Date (excluded shareholders) will not be eligible to participate in the SPP. The closing date for the SPP is 5.00pm Melbourne time on 13 July 2020 (which date may change). Further details will be included in the Offer Booklet which will be sent to eligible shareholders and released to ASX.

If applications are received from eligible shareholders for more than $280,000 in aggregate, the Company will scale back applications in the SPP Offer based on the number of SPP Shares each eligible shareholder applied for under the SPP Offer.

Appendix 3B’s containing further information in relation to the Placement and the SPP Offer will be released to ASX in conjunction with this announcement.

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 Project in the Eastern Pilbara region of Western Australia. The Company recently announced its intention, subject to certain conditions, to acquire an 80% interest in VicGold, the holder of mining applications in the Victorian Goldfields.

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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