FIRST AU LIMITED — Capital/Financing Update 2026

Mar 17, 2026

First Au Limited (ASX: FAU)

18 March 2026

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First Au to Acquire Highly Prospective Barlee Gold Project in Western Australia

Highlights

• Binding agreement executed to acquire 100% of the Barlee Gold Project (Barlee)

• Project covers approximately 300km[2] within the underexplored Marda–Evanston Greenstone Belt in the Yilgarn Craton

• Located immediately north of the Evanston Gold Camp within a belt that has produced more than 2Moz of gold

• Historical aircore drilling has identified anomalous gold, nickel and lithium-tin geochemistry

• Extensive transported cover and salt lake sediments have limited historical exploration, presenting a compelling frontier exploration opportunity

First Au Limited (ASX: FAU or “ the Company ”) is pleased to announce that it has entered into a binding agreement to acquire 100% of the Barlee Gold Project (“Barlee” or “the Project”) located approximately 260km north of the Southern Cross Goldfield in Western Australia. The acquisition will be completed through the purchase of 100% of the issued capital of Regent Resources Pty Ltd (“Regent”), which holds the project tenements. The project is located 260km north of the Southern Cross Goldfield and lies immediately north of the Evanston Gold Camp and the Gwendolyn Mining Centre. The Barlee Gold Project covers an area of ~300km[2 ] with much of the surrounding tenure controlled by Leeuwin Minerals Ltd (ASX:LM1) and previously mined by Ramelius Resources .

The Project lies in the northern portion of the Marda-Evanston Greenstone Belt which has historically produced >2moz of gold . Despite this endowment, the Barlee tenure remains significantly underexplored due to extensive transported cover and salt lake sediments obscuring much of the underlying geology.

Chairman Daniel Raihani commented: “The acquisition of the Barlee Gold Project significantly expands First Au’s exploration footprint in the Western Australian Goldfields and provides exposure to an underexplored greenstone belt with demonstrated significant gold endowment.

Technological advancements in geophysics and drilling now allow exploration beneath transported cover and salt lake sediments that historically limited effective exploration. Investors need only look towards the Kambalda region as an analogue which has yielded >15M oz of gold, much of it from deposits located beneath Lake Lefroy.

In the short-term, First Au intend to build on Regents exploration work and follow up anomalism identified in their drilling in 2021 with a view to discovering value below the lake sediments.

Along with our work at the Gimlet Gold Project in the Eastern Goldfields, First Au is looking to deliver value to our shareholders by building a dynamic West Australian gold exploration business.”

First Au Limited ACN 000 332 918 Registered & Business Office: Suite 1, 295 Rokeby Road, Subiaco WA 6008, AUS. Telephone: +61 8 6555 2950 Website: www.firstau.com Email: info@firstau.com

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Key Terms and Consideration for the Acquisition

The consideration payable to the Sellers is:

• (a) $1,000,000 in cash, payable as follows:

• (i) $500,000 on completion of the Acquisition ( Completion ); and

• (ii) $500,000 on the date that is 12 months after Completion; and

• (b) subject to shareholder approval under Listing Rule 7.1, the issue of $1,250,000 in fully paid ordinary shares in FAU based on the 20-day VWAP prior to Completion.

The Acquisition agreement contains conditions precedent and additional provisions considered standard for an agreement of this nature.

Location

The Barlee Project lies some 260km north of Southern Cross in the northern portion of the MardaEvanston Greenstone Belt. Its relatively remote location and obscurity caused by salt lake sediment cover has limited historic attempts at exploration to sporadic efforts. FAU sees good potential in the application of sustained, methodical exploration techniques to produce a mineral discovery of material value. It is the combination of remote geography and sedimentary cover that results in the challenge at Barlee, but also the opportunity to exploit a new frontier.

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Figure 1: Location of the Barlee Project with respect to other WA mining and exploration projects.

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Geology

A maiden drilling programme conducted in 2021 was successful in delineating anomalies for gold, nickel and tin/lithium. Drilling confirmed a favourable and much sought-after geological model, which drives much of the project's prospectivity. Central to the geological model is an intrusive tonalite body that disrupts the greenstone package of BIF, mafic and ultramafic rocks. Tonalites are recognised as crucial components elsewhere in the goldfields for driving classical mineralisation styles by introducing heat and metal rich fluids to greenstone hosts. Field evidence indicates pervasive regional alteration and deformation consistent with classic tonalite interaction and conducive to orebody genesis.

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Figure 2: 1:500k GSWA Geology illustrating the greenstone / tonalite Interaction that drives FAU’s appreciation of the geological setting, particularly in E30/558

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Anomalism

Locations of first pass anomalism is shown in Figure 3. End of hole gold anomalism in BIF/mafic lithologies of 120ppb were encountered in the western drill lines.

Further south and in granitic rocks, lithium/tin/rubidium anomalism was encountered in the western most hole of that particular drill traverse.

On the eastern side, nickel anomalism associated with cumulate textured ultramafic rocks delivered assays of up to 0.6% Ni on a 1m basis.

Figure 3 also shows the interpreted zones of prospectivity for the various commodities, based on encountered lithology.

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Figure 3: Metal anomalism encountered in aircore drilling and interpreted zones of prospectivity for each.

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ENDS

This announcement was approved for release by First Au Limited’s Board.

Enquiries in relation to this announcement, please contact:

Company

Daniel Raihani Executive Chairman Phone +61 410 777 777 draihani@firstau.com

Investor relations

Lucas Robinson Paul Berson Investor Relations Investor Relations Phone +61(0) 408 228 889 Phone +61(0) 421 647 445 lucas@corporatestorytime.com paul@corporatestorytime.com

ABOUT FIRST AU LIMITED

FAU is an advanced gold and base metals exploration company listed on the Australian Securities Exchange (ASX:FAU) pursuing gold opportunities in Western Australia, including its 100% owned Gimlet Gold Project with a mineral resource of 119,600oz at a grade of 3.15g/t Au near Kalgoorlie.

FORWARD LOOKING STATEMENTS

This announcement contains forward-looking statements based on the Company's current expectations and assumptions. These statements are subject to inherent risks and uncertainties, including the speculative nature of mineral exploration, commodity price movements, regulatory changes, and capital availability, which may cause actual results to differ materially from those expressed or implied. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update such statements except as required by law or the ASX Listing Rules.

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Appendix 1 – Drill collar details

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project_code hole_id X (easting) Y (northing) Z (elevation) depth Dip Azimuth
Barlee 21BAC001 763760 6761000 400 4 -60 270
Barlee 21BAC002 763840 6761000 400 6 -60 270
Barlee 21BAC003 763920 6761000 400 10 -60 270
Barlee 21BAC004 764000 6761000 400 6 -60 270
Barlee 21BAC005 764080 6761000 400 6 -60 270
Barlee 21BAC006 764160 6761000 400 11 -60 270
Barlee 21BAC007 764240 6761000 400 39 -60 270
Barlee 21BAC008 764320 6761000 400 47 -60 270
Barlee 21BAC009 764400 6761000 400 50 -60 270
Barlee 21BAC010 764480 6761000 400 54 -60 270
Barlee 21BAC011 764560 6761000 400 48 -60 270
Barlee 21BAC012 764640 6761000 400 48 -60 270
Barlee 21BAC013 766360 6753200 400 17 -60 270
Barlee 21BAC014 766440 6753200 400 23 -60 270
Barlee 21BAC015 766520 6753200 400 27 -60 270
Barlee 21BAC016 766600 6753200 400 16 -60 270
Barlee 21BAC017 766680 6753200 400 22 -60 270
Barlee 21BAC018 766760 6753200 400 40 -60 270
Barlee 21BAC019 766840 6753200 400 43 -60 270
Barlee 21BAC020 766920 6753200 400 43 -60 270
Barlee 21BAC021 767000 6753200 400 22 -60 270
Barlee 21BAC022 767080 6753200 400 19 -60 270
Barlee 21BAC023 767160 6753200 400 19 -60 270
Barlee 21BAC024 6753200 767240 400 0 0 0
Barlee 21BAC025 6753200 767320 400 0 0 0
Barlee 21BAC026 6753200 767400 400 0 0 0
Barlee 21BAC027 6753200 767480 400 0 0 0
Barlee 21BAC028 766160 6748200 400 3 -60 270
Barlee 21BAC029 766240 6748200 400 7 -60 270
Barlee 21BAC030 766320 6748200 400 5 -60 270
Barlee 21BAC031 766400 6748200 400 8 -60 270
Barlee 21BAC032 766480 6748200 400 15 -60 270
Barlee 21BAC033 766560 6748200 400 21 -60 270
Barlee 21BAC034 766640 6748200 400 29 -60 270
Barlee 21BAC035 766720 6748200 400 32 -60 270
Barlee 21BAC036 766800 6748200 400 39 -60 270
Barlee 21BAC037 766880 6748200 400 49 -60 270
Barlee 21BAC038 766960 6748200 400 54 -60 270
Barlee 21BAC039 767040 6748200 400 37 -60 270
Barlee 21BAC040 767120 6748200 400 57 -60 270
Barlee 21BAC041 767200 6748200 400 70 -60 270
Barlee 21BAC042 767280 6748200 400 72 -60 270
Barlee 21BAC043 766360 6745400 400 58 -60 270
Barlee 21BAC044 766440 6745400 400 39 -60 270
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project_code hole_id X (easting) Y (northing) Z (elevation) depth Dip Azimuth
Barlee 21BAC045 766520 6745400 400 16 -60 270
Barlee 21BAC046 6745400 766600 400 0 0 0
Barlee 21BAC047 766680 6745400 400 0.1 -90 0
Barlee 21BAC048 766760 6745400 400 17 -60 270
Barlee 21BAC049 766840 6745400 400 20 -60 270
Barlee 21BAC050 766920 6745400 400 39 -60 270
Barlee 21BAC051 767000 6745400 400 30 -60 270
Barlee 21BAC052 767080 6745400 400 34 -60 270
Barlee 21BAC053 767160 6745400 400 33 -60 270
Barlee 21BAC054 767240 6745400 400 40 -60 270
Barlee 21BAC055 767320 6745400 400 77 -60 270
Barlee 21BAC056 767400 6745400 400 74 -60 270
Barlee 21BAC057 767480 6745400 400 81 -60 270
Barlee 21BAC058 764560 6744800 400 11 -60 90
Barlee 21BAC059 764640 6744800 400 7 -60 90
Barlee 21BAC060 764720 6744800 400 8 -60 90
Barlee 21BAC061 764800 6744800 400 6 -60 90
Barlee 21BAC062 764880 6744800 400 6 -60 90
Barlee 21BAC063 764960 6744800 400 8 -60 90
Barlee 21BAC064 765040 6744800 400 7 -60 90
Barlee 21BAC065 765120 6744800 400 39 -60 90
Barlee 21BAC066 765200 6744800 400 42 -60 90
Barlee 21BAC067 765280 6744800 400 37 -60 90
Barlee 21BAC068 765360 6744800 400 37 -60 90
Barlee 21BAC069 765440 6744800 400 34 -60 90
Barlee 21BAC070 765520 6744800 400 50 -60 90
Barlee 21BAC071 765600 6744800 400 45 -60 90
Barlee 21BAC072 765680 6744800 400 14 -60 90
Barlee 21BAC073 759260 6749200 400 69 -60 90
Barlee 21BAC074 759340 6749200 400 45 -60 90
Barlee 21BAC075 759420 6749200 400 71 -60 90
Barlee 21BAC076 759500 6749200 400 57 -60 90
Barlee 21BAC077 759580 6749200 400 44 -60 90
Barlee 21BAC078 759660 6749200 400 57 -60 90
Barlee 21BAC079 759740 6749200 400 36 -60 90
Barlee 21BAC080 759820 6749200 400 25 -60 90
Barlee 21BAC081 759900 6749200 400 23 -60 90
Barlee 21BAC082 759980 6749200 400 29 -60 90
Barlee 21BAC083 760060 6749200 400 21 -60 90
Barlee 21BAC084 760140 6749200 400 21 -60 90
Barlee 21BAC085 760220 6749200 400 21 -60 90
Barlee 21BAC086 760300 6749200 400 62 -60 90
Barlee 21BAC087 760380 6749200 400 39 -60 90
Barlee 21BAC088 760460 6749200 400 30 -60 90
Barlee 21BAC089 760540 6749200 400 27 -60 90
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project_code hole_id X (easting) Y (northing) Z (elevation) depth Dip Azimuth
Barlee 21BAC090 760620 6749200 400 31 -60 90
Barlee 21BAC091 760700 6749200 400 30 -60 90
Barlee 21BAC092 760780 6749200 400 27 -60 90
Barlee 21BAC093 760860 6749200 400 29 -60 90
Barlee 21BAC094 760940 6749200 400 27 -60 90
Barlee 21BAC095 761020 6749200 400 32 -60 90
Barlee 21BAC096 759960 6751200 400 10 -60 90
Barlee 21BAC097 760040 6751200 400 10 -60 90
Barlee 21BAC098 760120 6751200 400 3 -60 90
Barlee 21BAC099 760200 6751200 400 3 -60 90
Barlee 21BAC100 760280 6751200 400 5 -60 90
Barlee 21BAC101 760360 6751200 400 6 -60 90
Barlee 21BAC102 760440 6751200 400 9 -60 90
Barlee 21BAC103 760520 6751200 400 8 -60 90
Barlee 21BAC104 760600 6751200 400 10 -60 90
Barlee 21BAC105 760680 6751200 400 15 -60 90
Barlee 21BAC106 760760 6751200 400 18 -60 90
Barlee 21BAC107 760840 6751200 400 16 -60 90
Barlee 21BAC108 760575 6752500 400 24 -60 90
Barlee 21BAC109 762620 6756300 400 30 -60 90
Barlee 21BAC110 762780 6756300 400 51 -60 90
Barlee 21BAC111 762940 6756300 400 50 -60 90
Barlee 21BAC112 763100 6756300 400 48 -60 90
Barlee 21BAC113 763260 6756300 400 60 -60 90
Barlee 21BAC114 763420 6756300 400 34 -60 90
Barlee 21BAC115 763580 6756300 400 45 -60 90
Barlee 21BAC116 763740 6756300 400 57 -60 90
Barlee 21BAC117 763900 6756300 400 69 -60 90
Barlee 21BAC118 764060 6756300 400 62 -60 90
Barlee 21BAC119 764220 6756300 400 42 -60 90
Barlee 21BAC120 764380 6756300 400 25 -60 90
Barlee 21BAC121 764540 6756300 400 15 -60 90
Barlee 21BAC122 764700 6756300 400 28 -60 90
Barlee 21BAC123 764860 6756300 400 4 -60 90
Barlee 21BAC124 765020 6756300 400 26 -60 90
Barlee 21BAC125 765180 6756300 400 18 -60 90
Barlee 21BAC126 765340 6756300 400 18 -60 90
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DownHole Intercepts

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from to interval Au1_ppb Cr_ppm Cs_ppm Li_ppm Li2O_ppm Ni_ppm Rb_ppm Sn_ppm
hole_id
>=10ppb
21BAC075 67 71 4 30 210 10 18 40 185 65 1.5
Au
>=10ppb
21BAC079 35 36 1 16 1460 0.25 11 24 525 4 0.5
Au
>=10ppb
21BAC117 14 18 4 15 1650 2.5 47 104 230 14 4
Au
>=10ppb
21BAC091 29 30 1 14 1220 0.25 13 29 390 10.5 1
Au
>=10ppb
21BAC086 27 31 4 12 1380 0.25 7 16 175 3 1
Au
>=10ppb
21BAC111 12 16 4 12 515 1.5 33 73 135 19.5 1.5
Au
>=10ppb
21BAC089 26 27 1 12 175 1 6 13 100 8 0.5
Au
>=10ppb
21BAC008 37 41 4 11 2035 0.25 14 31 705 1 0.25
Au
>=10ppb
21BAC102 0 4 4 10 315 1 10 22 75 34.5 1
Au
>=0.1% Ni 21BAC023 5 9 4 0.5 2430 0.5 5 11 1465 12 0.5
>=0.1% Ni 21BAC117 58 62 4 1 2255 2 32 71 1410 10.5 0.25
>=0.1% Ni 21BAC124 23 25 2 1 2930 1 6 13 1365 3.5 0.25
>=0.1% Ni 21BAC124 25 26 1 0.5 2550 1 4 9 1335 5 0.25
>=0.1% Ni 21BAC124 15 19 4 0.5 2635 0.5 2 4 1300 3.5 0.25
>=0.1% Ni 21BAC124 11 15 4 0.5 2265 0.25 3 7 1250 3 0.25
>=0.1% Ni 21BAC117 62 66 4 0.5 1655 1 20 44 1250 2 0.25
>=0.1% Ni 21BAC124 7 11 4 2 2655 0.5 2 4 1240 3 0.25
>=0.1% Ni 21BAC124 19 23 4 0.5 2520 0.5 2 4 1205 3.5 0.25
>=0.1% Ni 21BAC008 17 21 4 4 2315 0.25 17 38 1055 1.5 0.25
>=0.1% Ni 21BAC013 16 17 1 1 1985 0.25 9 20 1055 7 0.5
>=0.1% Ni 21BAC022 18 19 1 0.5 1685 0.25 33 73 1050 8.5 0.5
>=0.1% Ni 21BAC087 30 34 4 0.5 2480 0.25 16 35 1045 7 1
>=0.1% Ni 21BAC125 3 7 4 0.5 1845 0.25 7 16 1045 3.5 1
>=0.1% Ni 21BAC086 35 39 4 0.5 1965 0.25 16 35 1010 3.5 0.5
>=0.1% Ni 21BAC022 10 14 4 0.5 1670 2.5 65 144 1010 15 0.5
>=100ppm
21BAC058 9 10 1 1 535 18.5 260 576 230 503.5 24.5
Li
>=100ppm
21BAC010 31 35 4 8 25 3 237 525 30 153.5 4.5
Li
>=100ppm
21BAC122 23 27 4 0.5 1805 5 159 352 615 18.5 2
Li
>=100ppm
21BAC112 19 23 4 0.5 720 0.5 147 326 225 6 2
Li
>=100ppm
21BAC122 27 28 1 0.5 1800 8.5 128 284 550 91.5 0.25
Li
>=100ppm
21BAC112 15 19 4 0.5 1340 1 108 239 245 6 1.5
Li
>=100ppm
21BAC113 22 26 4 0.5 1035 1.5 101 224 240 10 2
Li
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Appendix 2 TABLE 1. JORC Code, 2012 Edition Section 1: Sampling Techniques and Data

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Criteria JORC 2012 Explanation Comment
Sampling  Nature and quality of sampling  Aircore drilling was used to
techniques (eg cut channels, random chips, produce the drill results quoted in
or specific specialised industry this release.
standard measurement tools  Drill samples referenced in this
appropriate to the minerals announcement were 4m samples
under investigation, such as and the use of “on a 1m basis”
down hole gamma sondes, or allows for the total metal of an
handheld XRF instruments, etc). intercept to come from one of the
These examples should not be 4 samples (therefore doesn’t
taken as limiting the broad necessarily assume all 4 metres in
meaning of sampling. the composite contribute the
 Include reference to measures same amount of metal). Or put
taken to ensure sample another way, the metal from one
representivity and the sample has sometimes been
appropriate calibration of any assumed to come from only one of
measurement tools or systems the metres for the sake of
used. delineating anomalism.
 Aspects of the determination of  Each drill or rockchip sample was
mineralisation that are Material sent for analysis to Nagrom in
to the Public Report. In cases Kelmscott.
where ‘industry standard’ work  Drill samples are pulverised in the
has been done this would be laboratory (total prep) to produce
relatively simple (e.g., ‘reverse a sub sample for assaying.
circulation drilling was used to  All sampling was conducted using
obtain 1 m samples from which 3 QAQC sampling protocols which
kg was pulverised to produce a are in accordance with industry
30 g charge for fire assay’). In best practice, including certified
other cases, more explanation reference material standards,
may be required, such as where blanks and duplicates.
there is coarse gold that has  All drill / rockchip samples were
inherent sampling problems. prepared and assayed by an
Unusual commodities or independent commercial
mineralisation types (e.g., laboratory whose instrumentation
submarine nodules) may warrant are regularly calibrated.
disclosure of detailed
information.
Drilling  Drill type (e.g. core, reverse  Drilling is via aircore.
Techniques circulation, open-hole hammer,  Aircore drilling was via 85mm
rotary air blast, auger, Bangka, blade drilling bit and 86mm
sonic, etc) and details (e.g. core hammer where ground / geology
diameter, triple or standard dictated. Onboard air utilised to
tube, depth of diamond tails, yield 350psi / 900cfm. Holes drilled
face-sampling bit or other type, to blade refusal except where hard
whether core is oriented and if bands intercepted relatively
so, by what method, etc). shallow, in which case the hammer
was utilised to push through.
 None of the drill holes were
downhole surveyed.
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Drill sample  Method of recording and  Drilling recoveries were logged,
recovery assessing core and chip sample recorded and captured within the
recoveries and results assessed. project database if they aren’t of
 Measures taken to maximise anticipated size.
sample recovery and ensure  Overall, recoveries were good to
representative nature of the excellent and there has been no
samples. significant loss of sample material
 Whether a relationship exists due to ground or drilling issues in
between sample recovery and the results reported in the aircore.
grade and whether sample bias  Each individual sample was
visually checked for recovery,
moisture, and contamination
where possible.
 The style of expected
mineralisation and the consistency
of the mineralised intervals are
expected to preclude any issue of
sample bias due to material loss or
gain, especially given the first pass
nature of work to date.
Logging  Whether core and chip samples  Aircore chips were geologically
have been geologically and logged using predefined
geotechnically logged to a level lithological, mineralogical, and
of detail to support appropriate physical characteristic (colour,
Mineral Resource estimation, weathering etc.) logging codes.
mining studies and metallurgical  Aircore logging was completed on
studies. one metre intervals at the rig by
 Whether logging is qualitative or qualified geologists.
quantitative in nature. Core (or
costean, channel, etc)
 The total length and percentage  Logging was predominately
of the relevant intersections qualitative in nature, although
logged. pertinent lithology percents (eg
quartz vein, lith2 etc) was
estimated visually with reasonable
accuracy.
 All holes are logged in full.
Sub-sampling  If core, whether cut or sawn and  4m composite samples were
techniques and whether quarter, half or all core taken.
sampling taken.  Drilling utilizes QAQC regime
preparation  If non-core, whether riffled, tube consisting of certified reference
sampled, rotary split, etc and material checks, blanks, and
whether sampled wet or dry. duplicates.
 For all sample types, the nature,  Sample sizes are considered to be
quality and appropriateness of appropriate to correctly represent
the sample preparation the geological model and the style
technique. of mineralisation.
 Quality control procedures  Some aircore sampling was
adopted for all sub-sampling undertaken wet, confined to rod
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stages to maximise changes, but this is acceptable
representivity of samples. given the first pass nature of
 Measures taken to ensure that drilling.
the sampling is representative of
the in-situ material collected,
including for instance results for
field duplicate/second-half
sampling
 Whether sample sizes are
appropriate to the grain size of
the material being sampled.
Quality of assay  The nature, quality and  QAQC protocols utilising Certified
data laboratory appropriateness of the assaying Reference Material (standards),
tests and laboratory procedures used blanks and duplicates were used.
and whether the technique is All checks passed quality test
considered partial or total. thresholds. 50g Fire Assay was
 For geophysical tools, used for gold and silver
spectrometers, handheld XRF determination (total technique),
instruments, etc, the parameters along with 4 acid digest for the
used in determining the analysis multielement determinations
including instrument make and (partial technique)
model, reading times,  All samples were prepared and
calibrations factors applied and assayed by an independent
their derivation, etc. commercial laboratory whose
 Nature of quality control instrumentation are regularly
procedures adopted (eg calibrated, utilising appropriate
standards, blanks, duplicates, internal checks in QAQC.
external laboratory checks) and
whether acceptable levels of
accuracy (ie lack of bias) and
precision have been established.
Verification of  The verification of significant  Data collected in the field on paper
sampling and intersections by either and or digital logs, then
assaying independent or alternative transferred to the project
company personnel. database once collated and
 The use of twinned holes. checked.
 Documentation of primary data,  No twinned holes
data entry procedures, data  All data is validated by the
verification, data storage supervising geologist and sent to
(physical and electronic) the Perth office for further
protocols. validation and integration into a
 Discuss any adjustment to assay Microsoft Access database.
data.
Location of data  Accuracy and quality of surveys  Drill holes were located using
points used to locate drill holes (collar handheld GPS.
and down-hole surveys),  The grid system used for locating
trenches, mine workings and the collar positions of drillholes is
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other locations used in Mineral GDA2020. RL’s referenced are
Resource estimation. AHDRL.
 Specification of the grid system
used.
 Quality and adequacy of
topographic control.
Data spacing  Data spacing for reporting of  Drilling has been completed on a
and distribution Exploration Results. nominal 80m spacing drilled along
 Whether the data spacing and strategically designed traverses,
distribution is sufficient to all drilling angled at -60 toward
establish the degree of 090 or 270.
geological and grade continuity  Data spacing, distribution and
appropriate for the Mineral results received so far are
Resource and Ore Reserve insufficient to establish the degree
estimation procedure(s) and of geological and grade continuity
classifications applied. appropriate for Mineral
 Whether sample compositing Resources.
has been applied.  Samples have been composited at
4m to save on assay costs.
Orientation of  Whether the orientation of  The drilling is conducted so as not
data in relation sampling achieves unbiased likely to introduce a sampling bias.
to geological sampling of possible structures  NA
structure and the extent to which this is
known, considering the deposit
type.
 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.
Sample Security  The measures taken to ensure  Chain of custody protocols used
sample security. for Regent drill samples have been
used.
Audits and  The results of any audits or  No audits or reviews of the
Reviews reviews of sampling techniques sampling techniques and data
and data. have been undertaken to date.
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Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

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Criteria JORC 2012 Explanation Comment
Mineral  Type, reference name/number,  All tenure owned or optioned by
tenement and location and ownership including Regent Resources.
land tenure agreements or material issues  The granted tenements are in good
status with third parties such as joint standing and no issues that could
ventures, partnerships, impede development are known.
overriding royalties, native title
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interests, historical sites,
wilderness or national park and
environmental settings.
 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.
Exploration  Acknowledgment and appraisal  Very little historic exploration had
done by other of exploration by other parties. been undertaken prior to Regent
parties. Resources work in 2021. Some
cursory orientation work including
mapping, stream sediment
sampling, testing brines and rock
chipping in the areas returned
highly encouraging results,
however much of this was in areas
of outcrop not necessarily within
the tenure being acquired by FAU.
The same stratigraphy however
continues in FAU tenure. This work
was completed by companies such
as Tectonic Resources NL and
Broken Hill NL.
Geology  Deposit type, geological setting  The project is prospective for
and style of mineralisation. Archean orogenic deposits, typical
in type to many of the gold
occurrences in Western Australia’s
Eastern Goldfields.
Drill hole  A summary of all information  Details of drill holes material to the
Information material to the understanding of exploration results/mineral
the exploration results including resource are presented in Table 1
a tabulation of the following of the text in the main document.
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
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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.
Data  In reporting Exploration Results,  No weighting applied. No
aggregation weighting averaging techniques, maximum or minimum grade
methods maximum and/or minimum truncations are used in the
grade truncations (e.g., cutting of calculations.
high grades) and cut-off grades  4m composites are the collection
are usually Material and should of a sample from 4 adjacent drill
be stated. samples, combined for assay to
 Where aggregate intercepts represent that particular 4m
incorporate short lengths of interval.
high-grade results and longer  No metal equivalents have been
lengths of low grade results, the used.
procedure used for such
aggregation should be stated and
some typical examples of such
aggregations should be shown in
detail.
 The assumptions used for any
reporting of metal equivalent
values should be clearly stated.
Relationship  These relationships are  Drill hole intersections may not be
between particularly important in the true widths – but generally
mineralisation reporting of Exploration Results. thought to be around 90% of true
widths and  If the geometry of the width.
intercept mineralisation with respect to  Lithium anomalism is hosted by
lengths the drill hole angle is known, its granitic rocks and gold anomalism
nature should be reported. is hosted by calcrete horizon
 If it is not known and only the representing secondary gold from
down hole lengths are reported, a proximal source and/or palaeo
there should be a clear water table redox fronts. Nickel
statement to this effect (e.g., anomalism is hosted by ultramafic
‘down hole length, true width not rocks. Geometries are largely
known’). unknown at this early stage of
exploration.
Diagrams  Appropriate maps and sections  Refer to Figures in the text.
(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.
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Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 Significant results are reported as identified anomalies on a 4m basis. All other results aren’t significant at this stage. No chance to mislead via this approach.
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.	 No other material exploration data has been identified that has not already been reported.  There are no known potential deleterious or contaminating substances identified in the samples collected to date.
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.	 FAU intends to devote material resources to the systematic exploration of the Barlee project and will focus on a staged approach at to mitigate financial risk associated with exploration expenditure.  Exploration drilling at priority targets over the next 12 months is planned to follow up existing results and generate further targets.  Future exploration programs may change depending on results and strategy.

Competent Person Statement

The information in this report that relates to Exploration Results for the Barlee Project is based on and fairly represents information compiled by Mr Ben Pollard, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Mr Pollard is a director and shareholder of Regent Resources Pty Ltd. Mr Pollard does not currently hold any securities in the Company but will receive FAU Shares in connection with the Acquisition.

Mr Pollard has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being 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 Pollard consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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The information in this release that relates to the mineral resources for the Gimlet Gold Project were first released in the Company's announcement dated 23 June 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

The Mineral Resource Estimate table as per the announcement dated 23 June 2021 is as follows:

Gimlet Project June 2021 MRE at 1g/t Au cut off.

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June-21 Inferred MRE Tonnes Grade (g/t AU) Ounces
Oxide 70,800 2.53 5,800
Transitional 93,400 3.21 9,600
Fresh 1,001,700 3.24 104,200
Combine Total 1,165,900 3.19 119,600
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