FIRST AU LIMITED — Capital/Financing Update 2023

Feb 12, 2023

First Au Limited

(ASX: FAU)

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13 February 2023

Agreement to Acquire 100% of Lithium Project and $1.5m Capital Raising

Acquisition Highlights

• Agreement with owners of PG Exploration (which holds four tenement applications covering ~180km[2 ] in proximity to licences held by some of Australia’s largest lithium companies, ASX: PLS, MIN & SYA) to acquire 100% of issued capital

• Historic rock chip & soil samples from the Red Rock Project include lithium anomalies of:

• 249 ppm Li2O

• 160 ppm Li2O, 48ppm Ta, 184ppm Cs, and 141.5ppm Sn

• o 136 ppm Li2O

• Historically mapped outcropping pegmatite occurrences across the tenement package highlight potential for lithium occurrence. Pippingarra Project has >3km of mapped pegmatites

• Tenements contain important geological features, including critical ‘young granites’ and the well-known source of many deposits in WA, mapped greenstone

• Tenements are historically under explored with a limited amount of sampling and no historical drilling, this presents significant upside

Placement Details

• FAU has undertaken a two-tranche placement to unrelated professional and sophisticated investors to raise $1.5m

• Funds will be used to commence a drill program at FAU’s primary target at its Victorian Goldfields Project, the highly prospective Haunted Stream, and for working capital. In addition, FAU will look to conduct early-stage exploration of the PG Exploration tenements with geological mapping and sampling to test for lithium potential

• Capital raise to underpin renewed strategic direction and focus outlined in recent December 2022 Quarterly

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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First Au Limited (ASX:FAU) ( FAU or the Company ) is pleased to announce that it has entered into a conditional agreement with the owners (shareholders) of PG Exploration Pty Ltd ( PG Exploration ) to acquire 100% of the issued capital of PG Exploration. PG Exploration holds four applications for exploration licences and has made a ballot application in the Pilbara region of Western Australia (Figure 1, Figure 2 & Figure 3). The proposed acquisition by FAU of PG Exploration is referred to herein as the Transaction .

A summary of the material terms of the Term Sheet are set out in Appendix 1.

FAU is also pleased to announce that it has received binding commitments from unrelated sophisticated, professional and other exempt investors for a two-tranche placement ( Placement ) of ordinary shares ( Placement Shares ) at $0.003 (0.3 cents) per Placement Share to raise $1.5 million before costs. Every two Placement Shares are to be accompanied by one free-attaching option ( Placement Option ) with an exercise price of $0.012 (1.2 cents) and expiring 18 months from issue.

The Placement is proposed to be completed as follows:

• 142,789,991 Placement Shares are to be issued under ASX Listing Rule 7.1 to raise approximately $430,000 before costs. Funds raised from the issue of these Placement Shares are proposed to be used to fund continued exploration at the existing projects of the Company and for working capital, including meeting the costs of the Transaction.

• 357,210,009 Placement Shares are to be issued subject to shareholder approval to raise approximately $1.07 million before costs. Funds raised from the issue of these Placement Shares are proposed to be used to fund exploration at the Tenements and the existing projects of the Company and for working capital.

• Placement Options are to be issued subject to shareholder approval.

Peak Asset Management ( Peak ) has been engaged as corporate advisor and lead manager of the Placement. Subject to the full amount being raised under the Placement, Peak (and/or its nominee(s)) will be issued 20,000,000 options ( Broker Options ) with the same terms as the Placement Options. An Appendix 3B with respect to the Placement was released to ASX at about the same time as this announcement.

The capital raise is a key outcome of the recent review undertaken by the Board of Directors, which was outlined in the December 2022 Quarterly Activities Report ( see ASX announcement dated 31 January 2023) . The capital raise and Transaction have been undertaken in consultation with key shareholders and company advisors, with strong support for the direction of the Company moving forward. The funds return the Company to a position of financial stability and provide the required funding to undertake its priority exploration programs, with a drilling program planned to commence at the highly prospective Haunted Stream at the earliest possible date (pending availability of a drill rig). The Board believes the new acquisition being prospective for lithium, a critical mineral, complements the Company’s existing gold projects and has the potential to add value to the Company through from exploration and attracting a wider audience of investors.

First Au Limited ACN 000 332 918

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PG Exploration Project Summary

PG Exploration’s tenement applications cover ~180km[2 ] in the Pilbara region of WA (“Tenements”) and are in proximity to licenses held by some of Australia’s largest lithium companies in Pilbara Minerals (ASX:PLS), Sayona Mining (ASX:SYA) and Mineral Resources/Albermale JV (Figure 2). In addition, De Grey Mining (ASX:DEG) and Fortescue Metals Group (ASX:FMG) have large tenement holdings in the vicinity of PG Exploration’s applications.

The tenements are early-stage exploration projects that have had limited historical exploration, providing potential upside. The prospectivity of the Tenement package is highlighted by the known outcropping pegmatites and historical lithium rock chip and soil sampling from the Red Rock Prospect and high-grade niobium (Nb) and Tantalum sampling from the southern Mount Francisco tenement. Sample results include:

• 249ppm Li20

• 160ppm Li20, 48ppm Ta, 184ppm Cs and 141.5ppm Sn - SP555896

• 136ppm Li20

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Figure 1: Project locations and major Lithium Mining centers.

First Au Limited ACN 000 332 918

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Initial Exploration Focus

FAU’s primary focus in the short-term will be on reaching an agreement with the Native Title Parties clearing the way for the Tenements to be granted and the acquisition of PG Exploration to complete. Upon completion of the Transaction, FAU will commence planning a comprehensive “boots on ground” exploration program, likely commencing with a large-scale rock chip and sampling program.

In the interim, FAU intends to undertake reconnaissance, including limited sampling and geological mapping. This initial work will allow FAU to review and establish its own geological interpretation of the area and prioritise areas of interest for future exploration programs.

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Figure 2: Project locations with Mindex Li, Ta mineralization sites and Mindex mapped pegmatites

First Au Limited ACN 000 332 918

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Figure 2: Tenement map of in the Pilbara region highlighting FAU tenements and other ASX Listed companies in the area.

Red Rock Project (E 45/6101)

Historic exploration of the Red Rock tenement and surrounding area had focused on a variety of economic minerals however, it has only been in recent times that Sayona Mining (ASX:SYA) had undertaken more extensive exploration for lithium mineralisation.

Surface sampling undertaken by SYA in 2019 confirmed lithologies containing granite with narrow pegmatite veins on the edge of outcrops, including coarse feldspar crystals and other locations of pegmatites intruding into the older adjacent granites, with similar pegmatite and quartz-feldspar muscovite veins across the tenement boundary to the SW (Figure 3).

The SYA work undertaken followed up an area of anomalous pegmatite located “near the central north western tenement boundary” which is now located within the PG tenement E45/6101. The area contained anomalous Sn, Cs, Li20 values. Sampling in this area returned:

• 249ppm Li20 from rock chips

First Au Limited ACN 000 332 918

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• 160ppm Li20, 48 ppm Ta, 184 ppm Cs, and 141.5 ppm Sn from rock chips

• Further sampling of 136 ppm Li20 and 108ppm Li20 in soils

The sample of mica rich pegmatite was part of a suite of narrow pegmatites intruding older foliated fractionated granites. SYA concluded that it is not uncommon for Li to be lost as a solute in the soil profile, and in zoned pegmatites some parts of the pegmatite system may be low in Li but still display fractionation. Due to the low number samples, it was determined that further geochemical analysis was warranted.

Due to transported cover, few significant pegmatites present at surface in this area outside of selected reported samples with much of the tenement under-explored.

SYA’s work concluded that they had identified an area of weakly to moderately fractionated pegmatites. This area has limited sampling to date but warrants further work in the search for local zones of enhanced fractionation and presence of LCT type pegmatites.

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Figure 3: Rock chip and soil assays (left), GSWA 100k geological map (right) for E45/6101.

Red Rock Geology

This tenement is located to the east of Tabba Tabba Pegmatite mine and north-east of the Pilgangoora Lithium Mining Centre (Figure 1). The tenement straddles a NE trending greenstone, considered to be a potential off axis NE extension of the Pilgangoora belt.

Abutting the greenstone, the Wilson Well Gneiss comprising a heterogeneous tonalitic orthogneiss and schlieric hornblende granodiorite displaying migmatitic textures is sandwiched by the Callina

First Au Limited ACN 000 332 918

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Supersuite (3490 to 3450 Ma) of predominantly metadiorite and meta-syenogranite and the Cleland Supersuite (3275 to 3225 Ma) of monzogranite and granodiorite, but also including leucogranite, tonalite, granite, pegmatite and mixed granites.

A series of permissive structural features transect the project area which are considered highlyprospective pathways for pegmatites (c.f. Figure 1 & 4).

Several gold occurrences occur on the contact with and within the greenstones to the south. The Red Rock tenement ELA E45/6101 covers the contact between the granitoids and the greenstone mapped in the 100k Geology dataset (Figure 4). Regionally, hosts to gold mineralisation are varied, ranging from mafic intrusives, to cherts, and quartz veins associated with alteration zones. The greenstonegranite contact present in the block remains a largely un-tested gold target.

Pippingarra Project (EL 45/6066)

Limited historical exploration has been undertaken on the area with prior explorers searching for diamonds base metals, gold and iron.

The tenement is located ~3km to the north-east of the Pippingarra historic mine (Figure 5), which from 1990 to 1998 was the largest microcline feldspar producer in Western Australia. The pegmatite dykes were mined obtaining beryl and columbite (Fe[2] Nb2O6) concentrates.

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Figure 4: EL 45/6066 immediately adjacent the historic Pippingarra mine.

The initial focus at Pippingarra will be to undertake extensive mapping and sampling across the tenement area to identify priority areas for further work.

First Au Limited ACN 000 332 918

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Pippingarra Geology

The Pippingarra project is located on the prospective 100k geological Myanna Monzogranite (2831 to 2851Ma) comprising biotite–muscovite, massive to weakly foliated monzogranite containing quartz and K-feldspar phenocrysts.

Site reconnaissance undertaken by PG Exploration in 2021, ascertained a series of north-east trending pegmatites following a series of structural features identified by the GSWA (Figure 6). PG Exploration cites a number of mapped pegmatite bodies, several tens of metres wide and extremely coarse textured containing lenses of muscovite over 1 m wide and several metres long are quite common.

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Figure 5: Pegmatites outcropping in the south of E45/6066.

The extensive suite of pegmatites follows a series of structural zones interpreted to be splays related to the Berghaus Shear Zone, host to the De Grey’s Hemi Gold Deposit in a series of intrusions associated with stringer and disseminated sulphide rich zones. Across the region, numerous gold occurrences have been mapped with little to no modern exploration.

First Au Limited ACN 000 332 918

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Figure 6: Gold prospectivity across the region.

The Hemi discovery and the nearby Mt Berghaus and Cookes Hill gold deposits are all associated with the regionally extensive, northeast trending Berghaus Shear Zone, demonstrating that substantial gold deposits can form within the region.

The Pippingarra project and region has the potential for conventional structurally controlled gold mineralisation, a concept that to date remains relatively untested in this district.

First Au Limited ACN 000 332 918

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Mount Francisco Project (EL 45/6093 & EL 47/4602)

The tenements are directly adjacent the Pilbara Minerals (ASX: PLS) Mt Francisco pegmatite district which lies southwest of the Wodgina greenstone belt and hosts the last remaining large occurrence of outcropping pegmatites located nearby to Port Hedland.

Historic samples from the southern block include key lithium pathfinder elements including anomalous Nb and Ta.

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Figure 7: EL45/6093 and E47/4602 project areas.

Mount Francisco Geology

The project areas are hosted within both the Mungarinya Monzogranite (c.a. 2938Ma) quartz-feldspar porphyritic, massive to weakly foliated biotite monzogranite and the Numbana Monzogranite (2831 – 2851Ma), comprising a medium- to coarse-grained quartz-feldspar porphyritic, massive to weakly foliated monzogranite. Numerous local garnet-bearing pegmatite and granite dykes are mapped (GSWA) and is associated with the Mt Francisco Sn and Ta deposit.

In the southern tenement (E47/4602), the Mount Francisco Fault, a sinistral strike-slip structural zone transects the project area. Approximately 1km to the north-east, the Mount Francisco Fault is host to the Mt Francisco / McPherson and Fetwadjieffa Sn, Ta, Nb, SnO2, TaNb2O5 Mine. Initial exploration

First Au Limited ACN 000 332 918

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will focus on the Mount Francisco fault zone as well as the north-west fault zone in the northern tenement (E45/6093).

Pilbara Minerals Limited (ASX: PLS) Mt Francisco Project is considered to represent one of the highestquality lithium-tantalum exploration assets in the Pilbara region outside of Pilbara’s world-class Pilgangoora Project and Mineral Resources’ (ASX: MIN) Wodgina Project. Atlas Iron Limited reanalysed historical exploration data to identify the Mt Francisco lithium prospect, with rock chip results from chip trays (ASX release by Atlas 23rd May 2016) including:

• 10m grading 1.21% Li2O and 52ppm Ta2O5 from 60m (MFRC036); and

• 2m grading 1.92% Li2O and 103ppm Ta2O5 from 30m (MFRC037)

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Figure 8: PLS Mount Francisco Project area and PLS results.

The Mt Francisco projects are located within an established zone of known lithium deposits offering the potential for significant resource scale in close proximity to accessible infrastructure.

A notable feature of this inlier is the presence of the late-stage suite of 2890 to 2830 Ma granite plutons which have been intimately associated with rare-metal pegmatites. Across the project region, a suite of the fertile 2851Ma granites have intruded, all of which are spatially and geochemically associated with the abundance of Lithium, Tin & Tantalum deposits (Figure 9).

First Au Limited ACN 000 332 918

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Figure 9: Granite prospectivity across the Project region.

Released with the authority of the Board.

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.

Enquiries in relation to this announcement please contact :

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

First Au Limited ACN 000 332 918

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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.

First Au Limited ACN 000 332 918

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Appendix 1 – Summary of Transaction Terms

Note: the below is a summary only and does not contain all the terms of the Term Sheet.

Transaction structure

FAU proposes acquiring 100% of the issued capital of PG Exploration Pty Ltd from the shareholders of PG Exploration ( PG Vendors ), each of whom is not a related party of FAU.

If neither of E45/6066 or E45/6101 ( Condition Tenements ) are granted within 12 months of the execution of the Term Sheet (or such later date as agreed), either FAU or the Vendors may terminate the Term Sheet by written notice. The Vendors grant FAU an irrevocable authority to act as FAU sees fit to seek grant of the Tenements and the Vendors agree to do all things, provide all consents and information and complete all matters necessary to seek grant of the Tenements. If the Vendors seek to terminate the Term Sheet due to neither of the Condition Tenements being granted as described above, FAU may, at its discretion, elect to proceed to settlement and issue to the Vendors at settlement the consideration that would have been payable on grant of one of the Condition Tenements (being 71,428,572 Consideration Shares and 35,714,286 Consideration Options).

FAU retain exclusivity in respect of the Tenements and the issued capital of PG Exploration Pty Ltd until either settlement or the termination of the Term Sheet in accordance with its terms.

Conditions precedent

Settlement of the Transaction is subject to satisfaction or waiver of the following conditions:

• FAU securing all necessary shareholder and regulatory approvals required to complete the Transaction including for issue of the securities forming consideration under the Transaction.

• Completion of legal, financial and technical due diligence by FAU on PG Exploration and its assets, financial position and operations including but not limited to the Tenements.

• For any Tenement(s) which is not granted, at settlement the application in respect of that Tenement having been completed in all material respects and there being no unresolved issues for the grant of the Tenement(s) raised by the department responsible for administering the regulatory framework set out in the applicable mining laws.

• Any granted Tenement(s) being, at settlement, in good standing and full force and effect and free from any encumbrances, third party interests or any liability to forfeiture or non-renewal under the relevant legislation and regulatory framework.

• FAU raising and/or receiving firm commitments to raise in aggregate not less than $1.5 million before costs under the Placement.

• FAU being provided with evidence (to its reasonable satisfaction) that the Company at settlement will be cash free and debt free.

First Au Limited ACN 000 332 918

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• There being no material adverse event prior to completion which adversely affects the rights and interests proposed to be acquired under the Transaction.

• All representations, warranties and/or undertakings under the Term Sheet being true and accurate in all material respects (and not misleading in any way) upon execution of the Term Sheet and as at completion of the Transaction.

Consideration

No consideration is payable by FAU until settlement occurs. The consideration noted below that is conditional (being all of the Consideration Shares and Consideration Options) are not to be issued until such time as the relevant milestone for the issue is achieved.

Noting the above, the Consideration payable by FAU to the Vendors comprises:

• Grant of a 1.5% net smelter royalty in respect of the Tenements (to be divided equally between the PG Vendors).

• 71,428,572 fully paid ordinary shares ( Consideration Shares ) and 35,714,286 options (each with an exercise price of $0.012 (1.2 cents) and expiring 18 months from issue ( Consideration Options ) upon grant of an exploration licence in respect of application E45 / 6066, provided such grant occurs on or before the date that is two years after the completion date.

• 71,428,572 Consideration Shares and 35,714,286 Consideration Options upon grant of an exploration licence in respect of application E45 / 6101, provided such grant occurs on or before the date that is two years after the completion date.

• 14,285,715 Consideration Shares and 7,142,858 Consideration Options upon of an exploration licence in respect of application E45 / 6093, provided such grant occurs on or before the date that is two years after the completion date.

• 14,285,715 Consideration Shares and 7,142,858 Consideration Options upon grant of an exploration licence in respect of application E47 / 4602, provided such grant occurs on or before the date that is two years after the completion date.

Assuming all Tenements are granted, 171,428,574 Consideration Shares and 85,714,288 Consideration Options would be issued to the PG Vendors.

FAU has also agreed to issue the PG Vendors further Consideration Shares and Consideration Options upon and subject to the grant of the milestones noted below. The below milestones are subject to refinement (if any) required by ASX under the Listing Rules:

• 25,000,000 Milestone Shares and 12,500,000 Consideration Options in the event that, on or before the date that is two years from settlement, PG Exploration is successful in its ballot application for, and being registered as holder of, application E45 / 6272.

• 25,000,000 Milestone Shares and 12,500,000 Consideration Options in the event that, on or before the date that is four years from settlement, FAU commences a maiden drill program on any of the Tenements.

First Au Limited ACN 000 332 918

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• 25,000,000 Milestone Shares and 12,500,000 Consideration Options in the event that, on or before the date that is three years from settlement, FAU receives and accepts a strategic placement of not less than $2 million to fund activities on the Tenements, such strategic placement to be from an unrelated lithium / cathode producer / offtake partner / strategic investor or similar (including a small group of associated investors).

• 37,500,000 Milestone Shares and 18,750,000 Consideration Options in the event that, on or before the date that is five years from settlement, an independent geological consultant declares a JORC Inferred Resource of not less than 0.5Mt at a grade of not less than 1% Li2O on any of the Tenements.

• 37,500,000 Milestone Shares and 18,750,000 Consideration Options in the event that, on or before the date that is three years from settlement, FAU receives and accepts a strategic offtake MOU from an unrelated lithium / cathode producer / offtake partner / strategic investor or similar (including a small group of associated investors).

If all of the milestones are satisfied then 150,000,000 Milestone Shares and 75,000,000 Consideration Options will be issued to the PG Vendors.

If a milestone is not satisfied by the date specified above then the milestone automatically lapses and no Consideration Shares and Consideration Options will be issued in respect of that milestone.

For the avoidance of doubt, all Consideration Options expire 18 months from their respective issue dates and accordingly will not have a common expiry date.

If after completion and prior to expiry of one or more of the milestones above, FAU disposes of either 50% or more of the issued capital of PG Exploration or a 50% or a 50% or greater interest in the Tenements, FAU and the PG Vendors shall act in good faith to negotiate the lapse of the issue of Consideration Shares and Consideration Options on achievement of the then existing milestone(s). If such negotiations are not successful FAU and the PG Vendors shall refer the matter to mediation. This shall not apply for any milestone that is not achieved by its expiry date.

Other terms

• FAU has agreed to pay a non-refundable deposit of $50,000 and a non-refundable finder’s fee of $30,000, each within 5 business days of completing the first tranche of the Placement.

• The Term Sheet contains mechanics of settlement including completing all matters required to put FAU in effective control of PG Exploration.

• The Term Sheet otherwise contains terms typical for arrangements of this kind, including extensive warranties from the PG Vendors, pre-completion obligations on the PG Vendors including the keep the Tenements in good standing and provisions regarding confidentiality.

First Au Limited ACN 000 332 918

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Appendix 2 – Historical Rock Chip & Soil Sample Results

Table 1A: Rock Chip details of Sayona Mining Limited 2018

(Coordinates in GDA 94, MGA zone 50, see JORC table 1 more details)

SampleID	NAT_North	NAT_East	NAT_RL	Cs_ppm	Li_ppm	Li2O_ppm	Nb_ppm	Sn_ppm	Ta_ppm
SP555895	7716192	720566.9	72.3104	25.2	115.5	248.67	3.7	1.2	0.35
SP555896	7716194	720576.3	75.2445	184.5	74.2	159.75	78.5	141.5	48.5
SP555900	7709310	722553.6	99.6676	24.4	47.2	101.62	5.3	2.6	0.65
SP555932	7716220	720382.3	71.1914	31.3	42.3	91.07	36.8	15.1	17.5
SP555930	7716229	720518.1	69.9773	23.5	39.4	84.83	1.3	0.5	0.58
SP555892	7719053	719704.1	59.4028	7.25	38.6	83.11	4.8	1	0.3
SP555931	7716205	720502	71.0447	6.92	35.3	76	1.3	1.1	0.43
SP555888	7719530	719920.6	57.3832	3.39	31.8	68.47	4.6	0.9	0.21
SP555901	7709302	722552.4	99.894	5.29	30.7	66.1	3.3	1	0.31
SP555890	7718924	720185	60.6181	18.8	30	64.59	7.8	1.3	0.38
SP555933	7715981	720492	71.8544	113	22.7	48.87	17	5.4	9.37
SP555882	7720472	724290.7	57.5513	1.7	20.4	43.92	1.8	0.6	0.28
SP555894	7719048	719659.5	59.2635	4.92	20.2	43.49	2.2	0.5	0.19
SP555889	7719536	719922.1	57.1387	11.85	19.7	42.41	21.1	1.6	4.36
SP555885	7720027	721397.4	58.768	1.08	18.2	39.18	3.5	1.1	0.18
SP555902	7707003	726232.8	92.738	0.85	12.7	27.34	0.6	0.2	0.13
SP555962	7717652	719629	42	41.9	11.8	25.41	23.2	3.4	8.52
SP555241	7713454	737929.4	67.6525	0.7	10.7	23.04	0.1	-0.2	-0.05
SP555887	7721245	718869.5	62.1793	5.37	8.4	18.09	6.1	0.8	1.25
SP555893	7719049	719652.6	56.6343	18.35	8.4	18.09	48.8	1.3	16.85
SP555899	7710645	724219.7	80.9235	2.73	6.3	13.56	1.2	0.4	0.24
SP555881	7720448	724281.6	60.4681	1.9	5.7	12.27	1.5	0.5	0.17
SP555884	7720485	724309.4	56.2279	1.9	5.2	11.2	0.6	0.2	0.18
SP555891	7718930	720189.7	59.2067	3.85	5.1	10.98	0.4	-0.2	0.07
SP555880	7714029	736750.3	66.4933	0.62	3.9	8.4	0.3	-0.2	-0.05
SP555878	7714026	736714.1	67.2078	0.16	3.7	7.97	0.4	-0.2	-0.05
SP555883	7720468	724303.1	57.3158	4.87	3.5	7.54	0.5	0.2	0.1
SP555879	7714016	736759.8	66.9266	0.15	3.1	6.67	0.2	-0.2	-0.05
SP555242	7713549	737906.5	67.2546	0.3	2.5	5.38	0.2	-0.2	-0.05
SP555245	7713358	737913.9	68.0716	0.27	2.5	5.38	0.9	-0.2	-0.05
SP555886	7720007	721414.1	57.8997	19.2	2.1	4.52	10.4	1.2	0.89
SP555243	7713585	737845	67.916	1.5	1.2	2.58	0.4	-0.2	-0.05
SP555244	7713477	737867.3	68.791	0.21	1	2.15	0.8	0.2	0.14
SP555985	7716150	720521	42	0	0	0	0	-10	0
SP555986	7717648	719645	40	0	0	0	0	10	0
SP555987	7716251	720511	40	0	0	0	0	10	0

First Au Limited ACN 000 332 918

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Table 1B: Soil details of Sayona Mining Limited 2019

(Coordinates in GDA 94, MGA zone 50, see JORC table 1 more details)

SampleID	NATNorth	NATEast	NATRL	Cs_ppm	Li_ppm	Nb_ppm	Sn_ppm	Ta_ppm
SP323700	7716401	720581	69	41.4	63.1	5.2	1.4	1.88
SP323710	7716200	720532	69	19	50.2	6.3	2.2	1.19
SP323709	7716201	720574	69	38.4	43.9	17.9	5.4	28.9
SP323711	7716199	720500	67	21.5	42.4	10.4	1.6	2.58
SP323716	7716000	720497	68	20	29	4	1	0.7
SP323699	7716400	720540	69	12.65	27.1	4.1	1	0.68
SP323698	7716401	720501	69	15.9	23.6	6	1.1	1.69
SP323712	7716200	720459	69	7.14	20	4	0.9	0.66
SP323701	7716399	720621	68	10.35	19.9	3.7	0.8	0.58
SP323721	7716000	720701	67	5.03	19.9	5.2	1.1	0.73
SP323697	7716400	720460	70	7.45	18.1	4.7	0.9	0.73
SP323713	7716200	720420	68	5.21	18.1	4.2	0.9	0.59
SP323715	7716000	720460	68	6.9	18.1	3.6	0.8	0.61
SP323722	7716000	720740	67	8.11	18	4.3	0.8	1.04
SP323696	7716400	720420	70	10.45	17.2	4.4	0.7	0.77
SP323705	7716200	720741	70	9.8	17.1	3.6	0.8	0.51
SP323714	7715999	720420	69	7.41	16.2	4.1	0.7	0.65
SP323702	7716399	720660	68	10.2	16.1	5	0.8	0.88
SP323703	7716399	720699	69	9.46	16.1	4.1	0.8	0.74
SP323707	7716200	720660	70	4.94	15.6	3.9	0.8	0.53
SP323720	7716000	720661	67	4.4	15.5	4	0.8	0.55
SP323718	7716001	720581	68	6.13	14.9	3.9	0.6	0.73
SP323706	7716200	720700	70	6.1	14.8	4.4	1	0.81
SP323719	7716001	720622	68	6.19	14.6	3.2	0.5	0.57
SP323704	7716400	720740	68	6.9	14.3	3.9	0.8	0.77
SP323708	7716200	720620	69	5.03	13.8	3.8	0.6	0.57
SP323717	7716000	720540	68	4.37	11.3	3.7	0.6	0.67

First Au Limited ACN 000 332 918

First Au Limited

(ASX: FAU)

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

– JORC Code, 2012 Edition Table 1 report

JORC Table 1 – Historic Sampling, E45/6066, E45/6101, E45/6093 & E47/4602 project areas

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.	Techniques employed on the PG Exploration Projects referred to in the text are related to rock chip and soil data compiled from Sayona Mining in 2018 and 2019, reported in Sayona Mining Limited Annual Technical Reports for the periods; • 30 October 2017 to 29 October 2018 • 30 October 2018 to 29 October 2019 Work was completed by Sayona Mining Limited. FAU geologists were not involved in these rock chip and soil programs and have reviewed the results of the provided reports, following up sampling locations. FAU has determined that the reporting of results by Sayona Mining Limited is of adequate standard to report as first pass exploration. This was obtained from an online database (Geoview, WA) and directly from Sayona Mining Limited. The reporting suggests the samples were sent to ALS Laboratories Ltd, Perth for determination of a suite of 48 elements. This data was later applied by FAU in a new geological interpretation of the area.
	Include reference to measures taken to ensure sample representation and the appropriate calibration of any measurement tools or systems used.	Rock chip and soil assaying of sample material is standard exploration tool to evaluate lithium-cesium-tantalum mineralisation and is best method to provide best representation of material. The sample locations were surveyed by hand-held GPS. Reporting suggests sampling was carried out by a Sayona Mining Limited geologist and assayed accordingly.

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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Criteria	JORC Code explanation	Commentary
	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.	For the 2018 rock chips, Sayona Mining Limited reported weights received by ALS Laboratories Ltd, Perth from >0.85kg to ~1.5kg samples which is standard for rock chips. For the 2019 soil sampling, Sayona Mining Limited reported sampling centred around sample SP555896 completed using three soil traverses, with samples collected at 40m intervals on lines spaced 200m apart. Sample sizes ranged from ~0.1 to 0.2kg samples which is standard for soils. No other information provided in sampling method.
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).	Not applicable. No drilling undertaken.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Not applicable. No drilling undertaken.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Not applicable. No drilling undertaken.
	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.	Not applicable. No drilling undertaken.
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.	No drilling conducted. A brief description of each grab selective samples was focused on lithology and mineralogy for rock chips. There were no details recorded for soil samples which is standard.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	From the annual technical reports, logging of the rock chips by Sayona Mining Limited geologists was mostly qualitative.
	The total length and percentage of the relevant intersections logged	Not applicable. No drilling undertaken.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Not applicable. No drilling undertaken.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Not applicable. No drilling undertaken.

First Au Limited ACN 000 332 918

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Criteria	JORC Code explanation	Commentary
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	According to the Sayona Mining Limited reporting, rock chips collected by Sayona Mining Limited reported weights received by ALS Laboratories Ltd, Perth, WA from >0.85kg to ~1.5kg samples which is standard for rock chips. For the 2019 soil sampling, Sayona Mining Limited reported sampling centred around sample SP555896 completed using three soil traverses, with samples collected at 40m intervals on lines spaced 200m apart. Sample sizes ranged from ~0.1 to 0.2kg samples which is standard for soils. All samples were prepared at ALS Laboratories Ltd Perth. No other description of methodology was provided in the reports or data.
	Quality control procedures adopted for all sub-sampling stages to maximise representation of samples.	Sample preparation completed at ALS Laboratories Ltd, Perth, WA facilities follow industry best practice, involving oven drying, crushing and pulverising there to respect the specifications of the analytical protocol prior to analysis.
	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.	Field duplicates were not taken. Elevated Lithium grades were not reassayed.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	From the Sayona Mining Limited reporting, samples sizes are considered appropriate for the analysis of outcropping pegmatites and sub-surface soils anomalies.
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.	Assaying of Sayona Mining’s reconnaissance rock chip and soil samples received at ALS Laboratories Ltd, Perth, WA were analysed for determination of a suite of 48 elements. The method used was not described in the reporting or results datasets. The collection of multi-element data is considered an appropriate first pass exploration method for determininganomalous mineral abundances.
	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 in this case.
	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.	Quality control protocol involved a review of laboratory available supplied QA/QC reference material from ALS Laboratories Limited, Perth, WA. According to the Sayona Mining Limited reporting, no standards, blanks, field duplicates or external standards. Lab duplicates were carried out. The level of accuracy and precision is adequate for first pass exploration.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	No drilling was undertaken. Samples collected were visually inspected, geologically described and verified against results in the Annual Technical Reports from Sayona Mining Limited.
	The use of twinned holes.	No twinning recorded

First Au Limited ACN 000 332 918

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Criteria	JORC Code explanation	Commentary
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All field logging is carried out by Sayona Mining Limited geologists using Microsoft Excel. Assay files are received electronically from the Laboratory. All electronic data was stored by Sayona Mining Limited and have now been transferred and entered the FAU 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.	According to the Sayona Mining Limited reporting, rock chip and soil locations were surveyed by handheld GPS.
	Specification of the grid system used.	Grid projection is MGA94, Zone 50.
	Quality and adequacy of topographic control.	Topographic control using GPS pickup does an adequate job of defining the topography.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	For the rock chip samples, the limited outcrop prevents a regular grid sample program. For soil samples, samples were collected at 40m intervals over three survey lines 200m apart. This is considered appropriate for first pass exploration.
	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.	Not applicable. No drilling undertaken or reported.
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.	No drilling conducted. Sampling was conducted across specific points to cover exposed strike of pegmatites. The soil grid pattern across areas of cover provides an unbiased representation of sub-surface anomalies.
	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.	Not applicable. No drilling undertaken or reported.
Sample security	The measures taken to ensure sample security.	This has not been reported by Sayona Mining Limited.
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 the program.

First Au Limited ACN 000 332 918

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Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Assay information by Sayona Mining Limited and geology reinterpreted by First Au Limited sits within tenements E45/6101, E45/6066, E45/6093 & E47/4602. These tenements are held under the name of PG Exploration PTY LTD; C/- AURORA TENEMENT CONSULTING PTY LTD, PO BOX 2028, CARLISLE NORTH, WA,6101, AUSTRALIA. There are no other agreements or JV, and the area is not located in a National Park or Reserve.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenements included in this report are pending.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The Pending Applications are overlapping historical exploration tenements from previous explorers. There are listed as following. At the Red Rock project, E45/6101 previous explorers included Sayona Lithium Pty Ltd (formerly Sayona Mining Limited) under E45/4775 surrendered in 2020 where the most recent exploration between 2018 to 2020 included soil and rock chip geochemistry across the application area. Other previous explorers included FMG Pilbara Pty Ltd under E45/5710 withdrawn on the 14/06/2020, the Australian Minerals & Mining Group Limited under E45/3974-1 until it was withdrawn in 2012 and Talrain Pty Ltd under E45/3267 withdrawn in 2010. At the Pippingarra, E45/6066 project, previous explorers included De Beers Australia Exploration Ltd under E45/1987 surrendered in 2002 which undertook surface geochemistry sampling searching for Diamonds from 1999 to 2002. Exploration work included Heavy mineral sampling within tenement E45/1987 consisted of the collection of 22 stream sediment samples and 44 loam samples. Stream sediment samples consisted of 100 litres of excavated material generally screened to -2mm. Loam samples consisted of 50 litres of surface material also screened to -2mm. Commercial Mineral Ltd under E45/1413 surrendered in 1995, with the most recent related to

First Au Limited ACN 000 332 918

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Criteria	JORC Code explanation	Commentary
		Matador Capital Pty Ltd under E45/5927 until the tenement was withdrawn on 24/06/2021. Prior At the Mt Francisco Rock project, E45/6093 & E47/4602 exploration most recently was undertaken by Pilbara Minerals (ASX: PLS) including soil geochemistry for Lithium, Tantalum and Tin between 2014 & 2020 and Giralia Resources Nl from 2009 to 2013 targeting Tantalum. Previous explorers included Atlas Iron Limited under E45/4252 which was withdrawn in 2013 There was no drilling data available according to the online GeoView WA database. From preliminary data compilation, previous explorers have focused on Diamond Exploration and limited Lithium bearing pegmatites. Due to the lack of exposed outcrop, the projects have limited surface exploration and no apparent drilling to follow up surface geochemistry anomalies to date.
Geology	Deposit type, geological setting and style of mineralisation.	Review of the literature suggests that Lithium, Cesium and Tantalum mineralisaiton occurs across the project areas and is spatially and geochronologically associated with the youngest, fractionated granites in the north-east Pilbara. According to the USGS Preliminary Deposit Model for Lithium-Cesium-Tantalum (LCT) Pegmatites by Dwight Bradley and Andrew McCauley, mineralised pegmatites are typically zoned. Reflecting a low-grade halo to higher economic grades which may be asymmetric or symmetrical in nature. Li-Ta rich pegmatites in the region appear to follow major structural zones and features likely emplacing along both primary and secondary structural zones (e.g. faults, shearzones). The timing of mineralisation within the region appears to be associated with granite intrusions circa 2851Ma.

First Au Limited ACN 000 332 918

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Criteria	JORC Code explanation	Commentary
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: ▪ easting and northing of the drill hole collar ▪ elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar ▪ dip and azimuth of the hole ▪ down hole length and interception depth ▪ hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Not applicable. No drilling is reported.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	There was no adjustment to assays reported or use of weighted averages. No cut-off grades applied.
	Where aggregate intercepts incorporate short lengths of high- grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	This is not applicable to reporting
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Not applicable. No metal equivalents recorded.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	No mineralisation widths are reported. No drilling was undertaken.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Maps have been included within the report above, with scales provided. All coordinates are in MGA94 Zone 50.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high	All the relevant surface geochemistry results are reported.

First Au Limited ACN 000 332 918

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Criteria	JORC Code explanation	Commentary
	grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Not applicable.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	All historic data is being compiled for each of the project areas. Further exploration work is currently under consideration, including reconnaissance field mapping and rock chip sampling. If results supported, this will be followed by drilling.

First Au Limited ACN 000 332 918