FIRST AU LIMITED — Capital/Financing Update 2022

Jan 31, 2022

First Au Limited (ASX: FAU)

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

Date: 1 February 2022

OTCQB Electronic Trading Secured with DTC Approval

Highlight

• First Au Limited (OTCQB: FRSAF) has achieved DTC approval to allow real time electronic clearing and settlement in USA.

Advanced gold and base metals exploration company, First Au Limited (“FAU”, “First Au” or “the Company”) (ASX: FAU, OTCQB: FRSAF) has secured Depository Trust Company (“DTC”) approval to allow real time electronic clearing and settlement in the USA for its OTCQB-traded common shares through the Depository Trust & Clearing Corporation (“DTCC”) in the United States.

As previously announced, First Au gained a secondary quotation on the OTCQB market with the ticker code FRSAF in April 2021, with B. Riley FBR as OTC Sponsor. Compliance requirements are essentially the same as the requirements on the ASX and the Company’s disclosures are automatically uploaded onto the OTC platform. The Company completed full-service eligibility from the DTCC in January 2022 and is now able to complete real time electronic clearing and settlement. DTCC is a subsidiary of the DTC, a U.S. company that manages the electronic clearing and settlement of publicly traded companies.

Online brokers such as Ameritrade, Fidelity, Charles Schwab and E-Trade all offer OTCQB trades. Investors should inquire of their respective brokers whether OTC shares are available.

Three key advantages of the OTC QB trading of FRSAF:

1. Trades and settlements in US Dollars (USD);

2. Trading in the North American time zone; and

3. FRSAF is the same class Ordinary Shares to ASX traded stock (ASX: FAU), registered in two different Registries.

First Au Director, Richard Revelins said: “We are excited that we have DTC electronic trading as First Au shares can now be traded in USD in North America. This should simplify trading and enhance liquidity with a wider pool of investors. We would like to thank our transfer agent Dynamic Stock Transfer, our OTC Sponsor B.Riley and our legal advisor Andrew Reilly from Rimon Law."

First Au is an emerging gold and base metals exploration company with high-grade gold projects in the East Gippsland region of the Eastern Victorian goldfields, 120,000 ounces Au of JORC Inferred resources at its Gimlet Gold Project near Kalgoorlie, Western Australia[1] and the Mabel Creek Project in South Australia’s Gawler Craton, prospective for an Iron Oxide Copper Gold (IOCG) deposit. The Company has an active ongoing drilling program underway at its Snowstorm Project in Victoria with assay results expected in the coming weeks.

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

-2-

Authorised by:

==> picture [60 x 108] intentionally omitted <==

Bryan Frost

Executive Chairman, Managing Director

About First Au: First Au is an advanced gold and base metals exploration company listed on the Australian Securities Exchange (ASX: FAU) and is trading on the OTCQB market in the USA (OTCQB: FRSAF) and is pursuing a well-funded and aggressive exploration program at its 100% owned Gimlet Gold project near Kalgoorlie, Victorian Goldfields Project in East Gippsland and Mabel Creek Project in South Australia.

For further information please contact :

Richard Revelins, Director rrevelins@firstau.com +1-310-405-4475 Ryan Skeen, CEO rskeen@firstau.com +61 409 000 679

Media and PR contacts:

Derek Gradwell

Integrous Communications +1-714-612-7676 gradwell@integcom.us

Rod North, Managing Director

Bourse Communications Pty Ltd

M: +61 408 670 706 rod@boursecommunications.com.au

1 The information in this ASX Release that relates to the Company’s Mineral Resource estimates is extracted from the following and was originally reported in the Company’s ASX announcement , “JORC Resource Increases at Gimlet to Inferred Resources or 120,000 Ounces Au” dated 23 June 2021 and available at www2.asx.com.au, the competent persons being Mr Andrew Bewsher and Dr Gavin England. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context of the respective competent persons’ findings in relation to those reports have not been materially modified from the original market announcement.