FIRST AU LIMITED — Capital/Financing Update 2021

Apr 20, 2021

First Au Limited

(ASX: FAU)

==> picture [143 x 51] intentionally omitted <==

21 April 2021

RESULTS OF RIGHTS ISSUE

First Au Limited [ASX:FAU] ( FAU ) advises that the non-renounceable pro-rata rights issue of new options closed on Friday 16 April 2021. The offer was made on the basis of 4 new options (each with an exercise price of $0.02 (2 cents), expiry date of 1 July 2023 and which, upon exercise, entitles the holder to one fully paid ordinary share in FAU) for every 5 shares held at 7:00pm (AEDT) on 23 February 2021 at an issue price of $0.005 (0.5 cents) per new option .

FAU advises that it received acceptances (including shortfall applications) from eligible shareholders in respect of 305,657,262 new options, raising $1,528,286.31 before costs. The number of new options offered under the rights issue was 490,703,003, resulting in a shortfall of 185,045,741 new options ( Shortfall Options ).

The new options under the rights issue are expected to be issued on Friday, 23 April 2021.

Under its prospectus, FAU reserved the right to place any or all of the Shortfall Options at the discretion of the Board within three (3) months of the closing date of the Rights Issue. FAU proposes seeking shareholder approval at its annual general meeting for the Directors (and/or their nominee(s)) to have the right to collectively subscribe for up to $280,000 of Shortfall Options.

The Board thanks participants in the Rights Issue for their support of FAU.

Authorised by:

==> picture [56 x 98] intentionally omitted <==

Bryan Frost Executive Chairman, Managing Director

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