FIRST AU LIMITED — Capital/Financing Update 2023

Jun 7, 2023

First Au Limited

(ASX: FAU)

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

8 June 2023

Successful Drilling Intersects Extensive Near Surface Gold Bearing System

Highlights

• Haunted Stream maiden drilling campaign successfully intersects extensive gold in all 5 holes.

• Results from holes 1 and 2 include:

• 12.9m @ 3.57g/t Au, including 7.3m @ 5.1 g/t Au and 0.2m @ 36.88 g/t Au from 38.3m (ERN001)

• 11.1m @ 2.65g/t Au, including 4.1m @ 4.1g/t Au and 0.25m @ 12.81 g/t Au from 51.5m (ERN002)

• A further 3 holes with assays pending have intersected similar significant veins down plunge

• Drilling is ongoing and will continue to target the down-plunge extent of the system

• The system is open at depth and along strike in both directions

First Au Limited (“First Au” or “the Company”) is very pleased to announce assay results from the successful maiden drilling campaign at Haunted Stream, Victoria. The drilling program has identified a shallow high-sulphidation gold system from 38m depth. The work focuses on the eastern limb of the Haunted Stream mineral field along the Ernestine – Hibernia corridor which extends approximately 500m in strike, with ~420m drilled over 5 diamond holes. The first two drillholes produced assay results of 12.9m @ 3.57g/t Au and 11.1m @2.65 g/t Au with evidence of higher-grade veins > 1oz Au. The drilling has provided great insight into the mechanisms of a potentially district scale system.

FAU is targeting gold mineralisation similar to the Central goldfields of Victoria, which includes Fosterville, Bendigo and Ballarat deposits. Earlier work by FAU geologists[1] identified that the Swifts Creek and Haunted Stream region has similar geological features, but has had no modern exploration resulting in the area being significantly underexplored. With the maiden program ongoing, FAU is only scratching the surface of the project area which has significant upside.

CEO & Managing Director Ryan Skeen said:

“Maiden drilling at Haunted Stream has potentially opened the door to a large mineral system with gold present at shallow depths. To see gold in the first two holes drilled by FAU and prospective sulphide-quartz veins in the next three holes is an outstanding start. The style of gold mineralisation at Haunted Stream may be similar to the Central Goldfields in Victoria and could be deep-rooted and has depth potential of hundreds of meters. The Company hopes now to build on the initial results by continuing with drilling at the Ernestine – Hibernia trend, and later to explore the 8.5km of strike, that makes up this prospective goldfield”.

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 -

==> picture [477 x 360] intentionally omitted <==

Figure 1: Cross section view Nort East with assay results from ERN001, ERN0002 and core images showing mineralization. All coordinates in MGA94 Zone 55.

==> picture [486 x 275] intentionally omitted <==

Figure 2: Plan view of drilling completed to date with assay results ERN0001 & ERN0002, over LIDAR topography. All coordinates in MGA94 Zone 55.

First Au Limited ACN 000 332 918

• 3 -

Drilling

The purpose of the drill program has been to test economic potential beneath historic workings as well as explore and test highly prospective structural target locations identified from previous works undertaken in the field and from review of historical data.

FAU has so far completed five holes of diamond drilling for 420m, of a planned 1,000m – 1,200m program. The first five holes have intersected extensive mineralised zone to >85m vertical depth. The drilling program to date has identified a shallow high-sulphidation gold system from 38m depth and has produced the following assay results from the first two holes:

• ERN0001: 12.9m @ 3.57g/t Au, including 7.3m @ 5.1 g/t Au and 0.2m @ 36.88 g/t Au from 38.3m

• ERN0002: 11.1m @ 2.65g/t Au, including 4.1m @ 4.1g/t Au and 0.25m @ 12.81 g/t Au from 51.5m

The mineralised zones crosscut the Phyllic altered sandstones and black shales at a high-angle to bedding. The focus of gold mineralisation appears to be compartmentalised by ~WNW-ESE trending, bedding-parallel cross-course faults. Mineralised intersections are defined by a quartz-sulphide stockwork hangingwall, early laminated quartz-sulphide veins (LQV) occurring sub-parallel to layering which grades into angular quartz-sulphide breccias. A late quartz-carbonate series of conjugate veins hosting coarse arsenopyrite, pyrite, chalco-pyrite, galena and sphalerite veins overprint the early LQV’s and breccia zones suggesting a remobilisation of the early mineralisation. Figures 3 highlights some of the mineralogy and vein textures observed within the orezone from ERN0001 and Figure 4 reflects core breaks from within the orezone in ERN0005. Holes ERN003, ERN004B & ERN005 further intersected a broad mineralised zone complete with Arsenopyrite + Pyrite vein assemblages and is consistent with what was observed in up-plunge Holes ERN001 & ERN002 (Figure 5).

Results from the three holes currently being sampled for assaying will be released once results are received by the Company. FAU will provide further updates as the remainder of the drilling program progresses, with the planned drilling expected to be completed in the next month with final assays results to follow.

==> picture [456 x 233] intentionally omitted <==

Figure 3: ERN001 from 39m with laminated quartz-sulphide vein and brecciated sulphidic sandstone.

First Au Limited ACN 000 332 918

• 4 -

==> picture [439 x 338] intentionally omitted <==

Figure 4: Core breaks from holes 3 & 4 highlighting the strongly disseminated sulphides including Arsenopyrite, Pyrite and Chalcopyrite sulphides.

==> picture [355 x 319] intentionally omitted <==

Figure 5: Extensive quartz-sulphide breccia zone in ERN005 from 73.9m to 84.4m.

First Au Limited ACN 000 332 918

• 5 -

About the Haunted Stream Project

The Haunted Stream Project contains over 150 historical workings that produced gold from the 1860’s up until the early 1900’s, extends over 8.5km in strike length and has the potential to be of significant scale (Figure 6).

Historical mining at Haunted Stream was initially focused on alluvial gold prior to transitioning to hard rock reef mining in the 1880’s. Historical production results typically ran around 15-30 g/t Au, with some reefs producing over 150 g/t Au[2] . The proposed targets (see Figure 7) are hosted, but not limited to a >500m long corridor from the Ernestine to Hibernia historic workings. Ernestine historically produced 927oz’s @ 39 g/t Au and Hibernia historically produced 816oz’s @ 17 g/t Au[2] .

Across 2007 and 2008, Mantle Mining drilled eight holes comprising four RC drillholes followed by four diamond drillholes targeting around the historic workings of Ernestine and Quarry lodes. The Annual Reports cite Mantle was targeting intrusion related gold within the district and the drill targeting was designed to test for intrusions within the area. According to the logs, drilling intersected minor felsic intrusions in the Ernestine area however did not intersect any significant widths of mineralisation.

==> picture [460 x 340] intentionally omitted <==

Figure 6: FAU project area overview

First Au Limited ACN 000 332 918

• 6 -

==> picture [627 x 425] intentionally omitted <==

Figure 7: Geology of the Ernestine to Hibernia corridor showing historical working locations, including strike extent across the Ernestine – Hibernia Trend, where current drilling continues to progress.

First Au Limited ACN 000 332 918

• 7 -

Released with the authority of the Board.

Enquiries in relation to this announcement please contact :

Ryan Skeen – 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 trading on the OTC market in the USA (OTC: FRSAF) and is pursuing exploration programs at its 100% owned Gimlet Gold project near Kalgoorlie and Victorian Goldfields Project in East Gippsland.

Competent Person’s Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Ian E Neilson MSc, a Competent Person who is a Registered Professional Geologist #10222 and member of the Australian Institute of Geoscientists and Society of Economic Geologists. Mr Neilson is a consultant to First Au Limited (“FAU”). Mr Neilson declares in accordance with the transparency principles of the JORC Code that he has a personal financial interest in the transaction referred to in this Public Report in that he controls Mylonite Pty Ltd an entity which owns 10% of the issued shares of Victorian Goldfields Pty Ltd. Mr Neilson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Neilson has consented to the inclusion in this Public Report of the matters based on his information in the form and context in which it appears.

1. 3 June 2020, “FAU to Acquire Victorian Gold Exploration Project.

2. Historic production information extracted from Willman, C.E., Morang V.J., Hendrickx, M.A., VandenBerg, A.H.M., Haydon, S.J., Carney, C., Omeo 1:100 000 map area geological report. Geological Survey of Victoria 118.

First Au Limited ACN 000 332 918

• 8 -

Table 1: Drilling & Results

Collar Locations

HOLEID	EASTING	NORTHING	Z	EOH
ERN001	567744	5854613	293.7895	68.7
ERN002	567744	5854613	293.7895	68.4

Drilling Results

HOLEID	FROM	TO	**Au-PA01_ppm **
ERN001	21.8	22.2	0.96
ERN001	22.2	22.5	0.3
ERN001	22.5	23	0.08
ERN001	37.7	38.3	<0.05
ERN001	38.3	38.6	0.91
ERN001	38.6	38.85	6.85
ERN001	38.85	39.3	4.67
ERN001	39.3	39.55	4.85
ERN001	39.55	40.1	2.07
ERN001	40.1	40.3	36.88
ERN001	40.3	40.7	2.49
ERN001	40.7	41.2	3.22
ERN001	41.2	41.6	5.62
ERN001	41.6	42	4.57
ERN001	42	42.45	4.8
ERN001	42.45	42.9	9.62
ERN001	42.9	43.5	1.08
ERN001	43.5	44	7.34
ERN001	44	44.6	2.13
ERN001	44.7	45.2	3.66
ERN001	45.2	45.7	1.39
ERN001	45.7	45.9	10.57
ERN001	45.9	46	0.36
ERN001	46	46.5	0.52
ERN001	46.5	47	3.21
ERN001	47	47.4	1.17
ERN001	47.4	47.7	1.39
ERN001	47.7	48.2	1.63
ERN001	48.2	48.8	1.28
ERN001	48.8	49	0.69
ERN001	49	49.5	1.37
ERN001	49.5	50	3.18
ERN001	50	50.4	2.65
ERN001	50.4	51	0.47

First Au Limited ACN 000 332 918

• 9 -

ERN001	51	51.5	1.2
ERN001	51.5	52	0.42
ERN002	51.5	51.85	0.21
ERN002	51.85	52.3	0.91
ERN002	52.3	52.8	0.65
ERN002	52.8	53.1	1.99
ERN002	53.1	53.5	5.17
ERN002	53.5	53.85	3.24
ERN002	53.85	54.35	0.69
ERN002	54.35	54.7	1.79
ERN002	54.7	55	0.56
ERN002	55	55.3	7.09
ERN002	55.3	55.8	2.88
ERN002	55.8	56.2	4.73
ERN002	56.2	56.55	3.16
ERN002	56.55	57	1.59
ERN002	57	57.35	6.02
ERN002	57.35	57.6	12.81
ERN002	57.6	57.9	4.51
ERN002	57.9	58.2	PENDING
ERN002	58.2	58.7	3.25
ERN002	58.7	59.1	3.14
ERN002	59.1	59.4	0.93
ERN002	59.4	59.75	2.3
ERN002	59.75	60.3	1.53
ERN002	60.3	60.75	0.79
ERN002	60.75	61.25	0.29
ERN002	61.25	61.6	0.42
ERN002	61.6	62.15	3.65
ERN002	62.15	62.95	2.98

First Au Limited ACN 000 332 918

-10-

Appendix 1 - JORC Code, 2012 Edition – Table 1 report – Ernestine Drilling project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should _not be taken as limiting the broad meaning of sampling. _	The sampling has been carried out on diamond drilling core. A total of 2 diamond holes were sampled from an ongoing 1000-1200m drilling program. Approximately 28m of core was cut and sampled from a total 130m drilled.
	Include reference to measures taken to ensure sample representation and the appropriate calibration of any measurement tools or systems used.	The drill hole collar locations were surveyed by handheld GPS. Sampling was carried out under First Au’s protocols and QAQC procedures as per industry best practice. See further details below.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Diamond core was collected into standard plastic core trays by the drilling contractor. Downhole depths determined, were then marked on wooden blocks. The diamond core was split using a diamond bladed saw into ½ core for assay, while ½ remained in the core tray for reference and future metallurgical studies. Intervals of between 0.2 and 1.0 metre samples were collected from HQ & NQ2 diamond core, which was cut for sampling. A sample size of approximately 1-2 kg minimum was collected for each sample. All samples were crushed and pulverised at the lab to -75um using CRU-31, SPL-32a with a 500g charge for Au-PAO1 photon assay for Au.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	The diamond drilling rig, owned and operated by Precision Drilling, was used to obtain the samples. Core was both HQ and NQ2 diameter. Diamond core was oriented by the drill contractor using a Boart Longyear TRUSHOT tool. Downhole survey was completed by a gyro-tool for all drill holes. All holes had single shot surveys performed at ~15 metre intervals.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Diamond core sample recovery was measured and calculated during the logging, using standard RQD logging procedures.

First Au Limited ACN 000 332 918

-11-

Criteria	JORC Code explanation	Commentary
		Recovery of the samples was generally good, generally estimated to be full, except for some sample loss at the collar of the hole, and when samples were hosted in fault zones at depth,which affected onlya few samples.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	The diamond drilling generally showed good recovery (>80%), particularly within the mineralised interval.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship between recovery and grade has been identified.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All core was geologically logged by FAU’s geologists using the First Au geological logging legend and protocol. Structural logging was undertaken by Ian E Neilson MSc RP Geo, FAU’s Chief Geologist. All core was orientated, marked into metre intervals, and compared to the depth measurements on the core blocks. Any core loss recorded in the drilling database. Core was logged geologically and structurally. Logging information was transferred into the company database once complete.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging of diamond core records lithology, mineralogy estimates, mineralisation, weathering, colour and other features of the samples. All core was photographed wet and dry.
	The total length andpercentage of the relevant intersections logged	All holes were logged in full.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	0.2m to One-metre intervals of 1/2 core samples were collected by FAU geologist’s and field staff into calico bags.
	If non-core, whether riffled, tube sampled, rotary split, etc and _whether sampled wet or dry. _	n/a
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were prepared at the ALS in Adelaide and analysis in ALS Labs in Perth. Samples were dried, and the whole sample pulverised to 70% passing 2mm, and a sub-sample of approx. 500g retained. A nominal 500g was used for the assay analysis. The procedure is industrystandard for this type of sample analysis technique(Photon Assay).
	Quality control procedures adopted for all sub-sampling stages to maximise representation of samples.	A CRM standard and fine blank was submitted at a rate of approximately 1 in 20 samples. At the laboratory, regular Repeats and Lab Check samples are assayed. Duplicate analysis isperformed on all samples > 10g/t Au usingFire Assay50gcharges on existingresidual.

First Au Limited ACN 000 332 918

-12-

Criteria	JORC Code explanation	Commentary
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	Diamond core field duplicates were not taken but will be measured in future if the holes are required in a Resource Estimation. The nature of the mineralisation was relatively homogenous and could be represented within a quarter core sample over 1m interval.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate to give an indication of mineralisation given the particle size and thepreference to keepthe sample weight at a targeted 1 to 2kgmass.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Samples were analysed at the ALS in Adelaide and analysis in ALS Labs in Perth. The analytical method used was an Au-PA01 Photon Assay for gold with periodical repeats and Au-AA26 for repeats. For preparation, CRU-31 is used as a preliminary step before fine crushing of larger sample sizes. Drill samples are crushed to 70% passing 2mm. The techniques are appropriate for the material and style of mineralization.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Not applicable.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	First Au protocol for the 2023 diamond drilling was for a single CRM (Certified Reference Material) and a fine blank to be inserted in 1 every 20 samples. At the ALS Laboratory, regular assay Repeats, Lab Standards and Blanks are analysed. Results of the Lab QAQC were analysed on assay receipt. On analysis, all assays passed QAQCprotocols,showingno levels of contamination.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Significant results were checked by First Au executives and geologists.
	The use of twinned holes.	Not applicable.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All field logging is carried out using a customised logging form on a Tough Book and transferred into an Access database. Assay files are received electronically from the Laboratory. All data is stored by EarthSQL, a centralised and certified Database Administration Group on behalf of FAU. Project Access database prepared by EarthSQL. This data is then transferred to a FAU centralised database
	Discuss any adjustment to assay data.	No assay data was adjusted.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Diamond hole collar locations were surveyed by GPS.
	Specification of thegrid system used.	Gridprojection is MGA94,Zone 55.

First Au Limited ACN 000 332 918

-13-

Criteria	JORC Code explanation	Commentary
	Quality and adequacy of topographic control.	A 50cm contour set derived from LIDAR and Collar pick-up of historical drill holes does an adequatejob of definingthe topography.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The diamond holes here were placed for a specific target
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	This is not considered material.
	Whether sample compositing has been applied.	Intervals were sampledgenerallyat 1m or less(dependant ongeology)in Diamond.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	It is considered the orientation of the drilling and sampling suitably captures the likely “structures” for each exploration domain.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	From available information, mineralisation appears moderate to steeply dipping in orientation, although more studies are required to determine true thickness. The drill angle is considered optimal to represent this, for current stage of exploration.
Sample security	The measures taken to ensure sample security.	Samples were sealed and sent by secure freight to the ALS laboratory in Adelaide.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Sampling and assaying techniques are industry-standard. No specific audits or reviews have been undertaken at this stage in theprogram.

First Au Limited ACN 000 332 918