FIRST AU LIMITED — Capital/Financing Update 2020

May 21, 2020

First Au Limited

(ASX: FAU)

22 May 2020

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First Au Commences new 3D IP Survey at Gimlet and Applies for Additional Tenements

First Au Limited (ASX: FAU; the “Company” or “First Au”) is pleased to announce the commencement of a 3D Induced Polarization (IP) Survey at the Gimlet gold Project, near Kalgoorlie. IP has been successfully used in exploration within the Yilgarn area and was applied at the Teal Deposit (Horizon Minerals) and within the Binduli mineralised system (e.g. Janet Ivey Deposit) to the south of Gimlet The objective of the survey is to map the Gimlet disseminated sulphide potentially associated gold mineralisation at depths > 200m . The ground geophysical survey area is shown in Figure 1., which includes the Gimlet Resource area and the Horan’s Dam Prospect.

The desired outcome would be –

1. IP anomalism evident down dip of the known mineralisation at Gimlet, which would assist in planning the government funded diamond drill hole ( announced to the ASX 27/11/2019 ) or any other future RC / diamond drilling within Gimlet

2. Along strike or parallel IP anomalism to Gimlet deposit, which would provide new drill targets which may represent new ore bodies

The results from this survey are anticipated in within the next month and the Company would then proceed with further drilling utilising the results of the IP Survey.

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. Approximate area of IP survey pink polygon at the Gimlet Project.

Tenement Application E16/542

FAU has recently expanded its footprint in the Kalgoorlie region with a recent tenement application located close to FAU’s White Flag Tenement E 24/215 (Figure 2. And 3.). Tenement Application E 16/542 (area of 9 km[2] ) is dominated by clastic sandstones and conglomerates of the Archean Kurrwang Formation. The contact between the underlying Black Flag Group and these overlying late basin sediments hosts several deposits in the Kalgoorlie Terrane, including the Invisible Deposit at St Ives, Kambalda. Tenement Application E 16/542 also runs parallel to the Zuleika shear zone, which contains the Kundana Gold camp of Northern Star Resources.

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Figure 2.

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Figure 3.

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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.

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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