FIRST AU LIMITED — Capital/Financing Update 2023

Nov 21, 2023

First Au Limited (ASX: FAU)

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22 November 2023

Extension of Snowstorm Option

First Au Limited (“FAU”, “First Au” or “the Company”) is pleased to announce that it has reached an agreement with Mines of Stirling (“MoS”) to extend the option agreement to acquire Prospecting Licence 007319, which forms part of the Snowstorm project, for a further 12-months.

Under the terms of the extension of the option, FAU will pay consideration comprising $20,000 in cash and 10,000,000 fully paid ordinary FAU shares to MoS (or its nominee). FAU can exercise the option to acquire PL 007319 at any time prior to expiry of the option agreement for a purchase price of $250,000 cash. Exercise of the option will result in FAU acquiring 100% of PL 007319 (previously 85%). As per the original option agreement, in the event that FAU exercises the option to acquire PL 007319, it will transfer 5% ownership of PL 007319 to Ian Neilson (or his nominees).

FAU has chosen to extend the option while it finalises the proposed work plan to undertake the proposed underground bulk sample (refer ASX announcement released 2 November 2023).

Released with the authority of the Board.

Enquiries in relation to this announcement please contact :

Ryan Skeen – Managing Director & CEO rskeen@firstau.com +61 409 000 679

About First Au Limited: FAU is an advanced gold and base metals exploration company listed on the Australian Securities Exchange (ASX:FAU) and is pursuing exploration programs at its Victorian Goldfields Project in East Gippsland and its 100% owned Gimlet Gold project near Kalgoorlie.

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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About the Snowstorm Gold Project

The Snowstorm project is located just outside the township of Swifts Creek in East Gippsland, Victoria (Figure 1). The area has a rich history of gold mining and has historically produced over 110,000oz Au . Compilation of historic exploration data from Snowstorm provided the Company with evidence of high-grade mineralisation with historic drill intersections of >1oz Au[1] and rock chip samples of up to 123 g/t Au[1] .

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Figure 1. Location of Snowstorm Gold Project.

FAU has further validated the historic results through high-grade rock chips of its own, as well as ~2,800m of diamond drilling to date. Rock chips taken by the Company have produced high-grade results such as 112 g/t Au[2] , 86.2 g/t Au[3] and 74.54 g/t Au[4] .

Drilling completed to date by the Company has also been very successful, producing multiple intersections >1oz Au . Intersections to date include[5,6,7,8] :

• 3.1m @ 11.6 g/t Au from 53m, including 0.8m @ 33.3 g/t Au from 54m

• 1.2m @ 8.5 g/t Au from 63.6m, including 0.2m @ 49.3 g/t Au

• 6.4m @ 4.1 g/t Au from 28.5m, including 0.2m @ 59.2 g/t Au from 29.3m

• 3.6m @ 5.3 g/t Au from 60.9m, including 0.4m @ 23.8 g/t Au from 63.15m

• 4.8m (true width) @ 5.8 g/t Au from 62.3m, including 0.5m @ 16.15 g/t Au from 56.7m

The Company is of the view that the Snowstorm Gold Project has significant upside and the Snowstorm project remains open at depth and along strike. In addition to this, FAU holds tenements immediately adjacent to Snowstorm with untested extensions, including an application over the historic and highly prospective King Cassilis mine.

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The information in this ASX Release that relates to Exploration Results is extracted from the following reports which are all available at www2.asx.com.au:

1. 30 October 2020, “First Au Accelerates Exploration at Victorian Gold Project”, Dr Gavin England, competent person.

2. 1 December 2020, “Mapping and Sampling at Snowstorm Project Produces Rock Chips up to 112 g/t Au”, Dr Gavin England, competent person.

3. 3 February 2021, “More High-Grade Rock Chip Results at VicGold Project, Drilling to Commence this month at Snowstorm”, Dr Gavin England, competent person.

4. 18 July 2022, “Drilling Completed at Dogwood, Face Samples at Haunted Stream up to 135 g/t Au”, Ian E Neilson, competent person.

5. 7 April 2021, “Early Drill Results Positive at Snowstorm”, Dr Gavin England, competent person.

6. 10 June 2021, “Snowstorm Drilling Intersects Mineralised Dyke Swarm”, Dr Gavin England, competent person.

7. 14 January 2022, “Further High-Grade Drilling Results at Snowstorm Project, Victoria”, Ian E Neilson, competent person.

8. 1 April 2022, “Successful Drilling Completed at Snowstorm Project, Victoria”, Ian E Neilson, competent person.

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. 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.

Swifts Creek/Cassilis region historical production of over 110,000oz Au sourced from C.E. Willman, V.J. Morand, M.A. Hendrickx, A.H.M. Vandenberg, S.J. Haydon and C. Carney 1999. 1:100,000 Map Area Geological Report; GSV Report 118 Omeo Geological Report. Geological Survey of Victoria.