FIRST AU LIMITED — Interim / Quarterly Report 2021

Jan 30, 2022

First Au Limited (ASX: FAU)

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31 January 2022

Quarterly Activities Report for the 3 Months Ended 31 December 2021

Highlights

• Highly encouraging assay results from first 3 drillholes of new drill program targeting gold reef system driven by NEW Structural model at Snowstorm Gold Project, Eastern Victorian Goldfields

• Results included 6.4m @ 4.1 g/t Au and 3.6m @ 5.3 g/t Au

• LIDAR survey completed for Snowstorm and Haunted Stream Projects

• $1.84m raised via a Placement to sophisticated and professional investors at $0.012 per share

• An additional $187,500 under the Share Purchase Plan at $0.012 per share

Review of Operations

Victoria Gold & Base Metals Projects

Snowstorm Project

During the quarter, First Au Limited (“the Company”, “FAU” or “First Au”) continued to make progress on the drilling program at its Snowstorm project, the details of which were announced to the ASX on 16 September 2021. FAU planned a 14-hole program and at the end of the December quarter 11 holes had been completed, with results announced for the first three holes (see Events Post Quarter End section below) and assay results for a further eight holes are expected in February. The remainder of the program is expected to be completed by mid-February 2022.

During the quarter, FAU also completed a Light Detection and Ranging (“LIDAR”) survey at Snowstorm. The Snowstorm LIDAR has highlighted continuing mineralised trends as evidenced by historic workings along strike from the current drilling program and is assisting in further target generation (Figure 1). LIDAR has also shown to be highly effective at delineating important structural features as well as an effective and environmentally sustainable mapping tool for seeing through dense vegetation.

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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Figure 1. LIDAR for EL5505 highlighting the strike continuation of mineralisation for testing. View North .

Haunted Stream Project

During the quarter, FAU also completed a LIDAR survey at the Haunted Stream Project, the survey is assisting in the developing geological interpretation for the region via the integration of surface mapping structural measurements, historical observations, and surface geochemistry. The LIDAR has been post-processed to enhance geological features (Figure 2).

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Figure 2. View East along Haunted Stream of enhanced LIDAR to assist with geological interpretation. View East .

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FAU’s Geological team also continued to undertake field works in preparation for drilling planned to be undertaken at the Haunted Stream Project in Q2 2022. The Company will provide further information on this program once finalised.

Dogwood Project

FAU previously advised that it expected the Dogwood (EL006977) tenement application to be granted prior to end of the 2021 calendar year, along with other tenements in the region (EL006975 & EL006976). FAU has had recent communications with ERR and is confident granting of the tenement will happen shortly.

FAU remains well placed to commence a drill program at its Dogwood Project very shortly after granting of the tenement, with a drill rig secured and drill hole targeting in the final stages. The Company will provide further updates on the drilling program once the tenement is granted.

Mabel Creek Project, South Australia

During the quarter no field work was undertaken at the Mabel Creek Project. The Company is progressing its Native Title Agreement, which is required before it can commence field work. FAU has had communication with the Native Title party and expects to have an agreement in place during Q2 2022.

The Company has commenced desktop work on the Project, this work includes litho-structural interpretation integrating all geophysical datasets available and drill target generation. This work is expected to be complete prior to the end of Q1 2022.

Gimlet Gold Project, Kalgoorlie

No new drilling was undertaken at the Gimlet Gold Project during the quarter. The Company is in the process of investigating ways to advance the Project to a potential production stage or reach an agreement that delivers value to the Company. This may include further exploration work and discussions with third parties on potential agreements. The Company will provide updates on the Project and any progress when appropriate.

The Company has previously announced The Mineral Resource Estimate (MRE) of Inferred Resource of 1,166,000 tonnes at 3.2 g/t Au for 120,000oz at a 1 g/t cut-off[1 ] (see Table 1 below for full breakdown). This is a 73% increase from the previous reported inferred Gimlet Resource of 69,000 ounces Au at 3.3g/t Au and cut off 1.3g/t Au[2] . The mineralisation at Gimlet remains open at depth.

Table 1: June 2021 MRE using 1 g/t Au cut-off

June 2021 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
Total	1,165,900	3.19	119,600

The geology in the tenement is prospective for gold, dominated by metamorphosed felsic and intermediate volcanic rocks of the Black Flag Group of the Kalgoorlie Terrane, Yilgarn Craton. This Archean geology is overlain by Cainozoic sediments, including some areas covered with salt lakes, which has previously inhibited the effectiveness of some of the historic exploration. First Au has completed multiple aircore and RC programs, which returned strong intersections, including 3m at 462 g/t Au from 52m[3] . The RC and diamond drilling is generally spaced to 40 metres along the already identified~ NNW-SSE mineralising trend and covered mineralisation from ~ 30m to below 300 m vertical depth, and ~ 450m in strike length. A total of 63 RC drill holes, and 8 diamond drill holes were used to create a 3D mineralisation framework and weathering surface.

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East Pilbara – Talga Project and Tambina Project

During the quarter the Company incurred minimal expenditure to keep the tenement in good standing at the Talga Project, in the east Pilbara region. The Project is the subject of a Joint Venture Agreement with 8 Au Limited and maintenance costs will be reimbursed on finalisation of the agreement as outlined in ASX announcement dated 5 January 2021.

No field work was undertaken at the Tambina Project during the quarter.

Corporate Activities

On 13 October 2021, the Company announced that had received firm commitments for a share placement of 153,657,188 fully paid ordinary shares (“Placement Shares”) to unrelated sophisticated and professional investors at $0.012 per Placement Share to raise $1.84 million (before costs) (“Placement”). The Placement shares were issued on 19 October 2021 after all funds were received.

Every two Placement Shares were proposed to be accompanied by one free-attaching option (“Placement Option”) with the same terms as the existing quoted options (FAUOA) of the Company ($0.02 exercise price and expiry date of 1 July 2023). On 1 December 2021 the Company held a General Meeting where the approval of the issue of the options as free attaching to Placement Shares was voted for by shareholders, and the options were issued on 3 December 2021.

On 13 October 2021, the Company further announced that it proposed conducting a share purchase plan (“SPP”) to allow eligible shareholders the opportunity to subscribe for up to $30,000 of new fully paid ordinary shares (“SPP Shares”) at $0.012 per SPP Share.

On 3 December 2021, the Company announced that it had received subscriptions for $187,500 (15,625,009 shares (SPP Shares) at $0.012 per SPP Share) under the SPP. Every two SPP Shares were accompanied by one free-attaching option with the same terms as the existing quoted class of options of the Company (FAUOA) (New Options) (7,812,517 New Options in total). On 1 December 2021 the Company held a General Meeting where the approval of the issue of the options as free attaching to SPP Shares was voted for by shareholders, and the options were issued on 3 December 2021.

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Events Post-Quarter End

Snowstorm Project

On 14 January 2022, the Company announced the initial results on its diamond drilling program at the Snowstorm Project. The results were from the first three diamond holes completed and demonstrate robust mineralised intervals, as shown below[4] :

Hole ID	Intersection
SNDDHP2001	1.65m @ 1.5 g/t Aufrom 38.5m
SNDDHP2002	6.4m @ 4.1 g/t Aufrom 28.5m including0.2m @ 59.2 g/t Aufrom 29.3m and 0.85m @ 9.6 g/t Aufrom 33.15m
SNDDHP2003	3.6m @ 5.3 g/t Aufrom 60.9m including0.4m @ 23.8 g/t Aufrom 63.15m
	1.7m @ 1.1 g/t Au(from 76m)

The drilling has succeeded in showing mineralisation in all three holes, with high-grade gold assays up to 59.2 g/t Au hosted in sulphide mineralised breccia veins contained in a mineralised envelope, comprising sericite altered sandstone and brecciated black shales, and an early mafic dyke which is also mineralised (Figure 3).

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Figure 3. Mineralised Drill hole SNDDHP002

FAU’s Geologists have identified from drilling and field mapping that gold mineralisation occurs as a series of folded link structures hosted in a NW-SE trending shear zones. Ongoing drilling continues to target this zone along strike to the NW (Figure 4 & 5) and gold is evident in multiple lodes.

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Figure 4. >500m strike potential (yellow arrow) and >150m vertical extent for the NW trending high grade auriferous reefs at Snowstorm (Coordinate in MGA94 Zone 55). Also evident is historic rock-chip sampling along strike showing mineralisation at surface continues along strike from drilling[,][4,5]

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Figure 5. Drilling long section trending NW-SE, at the SE end of the current drill program, with pierce points of the mineralised plane from FAU drilling[4,6,7] .

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As mentioned above, an additional 8 holes have also been drilled to a total of 768m with assays results pending. Many of these holes demonstrate similar styles of quartz veining and sulphide mineralisation.

Mt Turner Acquisition

On 11 January 2022, the Company announced that it had entered a binding terms sheet (“Terms Sheet”) with Essex Minerals Inc, a British Columbia incorporated minerals explorer listed on the TSX Venture Exchange (TSXV:ESX) (“ESX”) for the option to earn an initial 51% interest and acquire up to a 100% interest in the Exploration Permits 27170 and 27525 (collectively the “Mt Turner Project” or “the Tenements”) located in Queensland by way of farm-in and a later potential acquisition of outstanding interests.

A summary of the structure of the transaction is as follows:

1. After satisfactory completion by FAU of a 60-day period of due diligence investigation (and satisfaction of other conditions), ESX grants FAU an option, which if exercised would commence the farm-in process. FAU will subject to the option proceeding pay ESX an option fee of an aggregate of 5,000,000 ordinary shares and 5,000,000 options each to acquire one ordinary share of FAU for an exercise price of 3 cents and expiring 2 years from issue.

2. The option will have a term of 220-days, during the term of the option FAU will provide funding for an Induced Polarisation survey (IP survey) and associated exploration program for the purpose of identifying drill targets, the program is expected to cost $500,000.

3. If FAU elects the exercise the option, it will make a payment of 10,000,000 FAU ordinary shares to ESX. Once the option has been exercised, under the farm-in arrangement, FAU will be required to spend a minimum of $2,000,000 within 2-years to earn a 51% interest in the tenements.

4. Subject to earning the 51% interest, FAU will have the right (but not the obligation) to acquire the outstanding 49% interest in the Mt Turner project for consideration as described in Annexure A.

A comprehensive summary of the material provisions of the Terms Sheet is set out in the announcement dated 11 January 2022.

The FAU geological team is currently examining the project in more detail, as part of the due diligence period prior to entering into the option agreement, the Company will provide an update once it has completed its investigations.

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Authorised by:

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Bryan Frost Executive Chairman, Managing Director

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

Enquiries in relation to this announcement please contact :

Ryan Skeen rskeen@firstau.com +61 409 000 679 Bryan Frost bfrost@firstau.com +61 418 898 885

Media and PR Contacts

Rod North, Managing Director

Bourse Communications Pty Ltd

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

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

1. 23 June 2021, “JORC Resource Increases at Gimlet to Inferred Resources or 120,000 Ounces Au”, Mr Andrew Bewsher and Dr Gavin England, competent persons.

2. 7 May 2019, “Maiden JORC Resource at Gimlet”, Mr Andrew Bewsher and Dr Gavin England, competent persons.

3. 8 November 2018, “Maiden RD Drilling Underway at Gimlet Gold Project in WA”, Dr Gavin England, competent person.

4. 14 January 2022, “Further High-Grade Drilling Results at Snowstorm Project, Victoria”, Dr Gavin England, competent person.

5. 30 October 2020, “First Au Accelerates Exploration at Victorian Gold Project”, Dr Gavin England, competent person.

6. 7 April 2021, “Early Drill Results Positive at Snowstorm”, Dr Gavin England, competent person.

7. 10 June 2021, “Snowstorm Drilling Intersects Mineralised Dyke Swarm”, Dr Gavin England, competent person.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context of the respective competent persons’ findings in relation to those reports have not been materially modified from the original market announcement.

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Appendix A – Tenement Schedule – as at 31 December 2021

Mining Leases & Exploration Licences:

Tenement #	Note	Tenement name	Title Holder	Tenement Ownership	State	Acquired during the Quarter	Disposed during the Quarter
E26/174	-	Gimlet	FAU	FAU 100%	WA	-	-
P24/5346	-	Gimlet	FAU	FAU 100%	WA	-	-
P24/5347	-	Gimlet	FAU	FAU 100%	WA	-	-
E45/3679	-	Talga	FAU	FAU 100%	WA	-	-
E45/5595	-	Razorback	FAU	FAU 100%	WA	-	-
E45/5596	-	Razorback	FAU	FAU 100%	WA	-	-
E45/3857	-	Talga	FAU	FAU 100%	WA	-	-
E45/4137	-	Razorback	FAU	FAU 100%	WA	-	-
E45/4615	-	Talga West	FAU	FAU 100%	WA	-	-
E45/5571	-	Talga Talga	FAU	FAU 100%	WA	-	-
E24/216	-	White Flag	FAU	FAU 100%	WA	-	-
E24/226		White Flag	FAU	FAU 100%	WA	Yes
E16/542		White Flag	FAU	FAU 100%	WA	Yes
E45/990	1	Tambina	Tambina Gold	FAU 20%, Tambina Gold 80%	WA	-	-
E45/991	1	Tambina	Tambina Gold	FAU 20%, Tambina Gold 80%	WA	-	-
E45/988	1	Tambina	Tambina Gold	FAU 20%, Tambina Gold 80%	WA	-	-
EL006816	-	Haunted Stream	Jacquian Pty Ltd	FAU 80% Jacquian 20%	VIC	-	-
PL007319	-	Snowstorm	Mines of Stirling	Mines of Stirling 100%	VIC	-	-
EL5505	2	Snowstorm	Mines of Stirling	Mines of Stirling 100%	VIC	-	-

Note 1: Refer Announcement to the ASX dated 13 March 2019. FAU acquired an initial 20% interest in Tambina's three mining leases on payment of $60,000 and other conditions set out in the announcement that have now been satisfied. FAU has the exclusive right to earn up to a maximum aggregate 80% joint venture interest by sole funding joint venture expenditure up to $500,000 within three years from the commencement date.

Note 2: Refer Announcement to the ASX dated 9 July 2020. FAU announced that it had entered into an option agreement with Mines of Stirling Pty Ltd to acquire an 85% interest (diluting to 80%) in granted exploration licence EL5505 and prospecting licence application PL007319 (Snowstorm project).

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Appendix B: Financial Analysis of selected items within Appendix 5B

Aggregate amount of payments to related parties and their associates included in item 6.1 of Appendix 5B for the quarter ended 31 December 2021 comprising:

	$A’000
Directors Services	40
Executive Chairman & ManagingDirector Services	63
Consulting services by a Director on normal commercial terms	8
Legal services provided by a legal firm of which a Director is a Partner. Services provided on normal commercial terms	55
Geological services provided by the Technical Director on normal commercial terms	27
Commission paid on issues of equity securities to an AFSL company associated with two Directors on normal commercial terms.	70
Appendix 5B – item 6.1 Total	263

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

FIRST AU LIMITED (ASX: FAU)

ABN 65 000 332 918	Quarter ended (“current quarter”)
65 000 332 918	31 December 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date ( 12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers-share trading 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other-GST Refund Other Payments-share trading 1.9 Net cash from / (used in) operating activities	75 (814) - - - (259) - - - - - 63 (118)	764 (3,034) - - - (1,249) - - - - - 349 (730)
	(1,053)	(3,900)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- (20) (38) - - -	- (20) (38) - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date ( 12 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(58)	(58)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) Proceeds from issue of options 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities & options or convertible debt securities 3.5 Proceeds from borrowings (Insurance premium funding) 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	2031 - - - - (133) - (15) - - (11)	3,331 - 2,310 - - (263) 51 (39) - - (15)
	1,872	5,375
4. Net increase / (decrease) in cash and cash equivalents for the period	761	1,417
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above)	1,770 (1,053) (58)	1,114 (3,900) (58)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date ( 12 months) $A’000
4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	1,872 -	5,375 -
	2,531	2,531
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	2,531 - - -	1,770 - - -
	2,531	1,770
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 263 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		263
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end Not Applicable Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (1,053) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (1,053) Cash and cash equivalents at quarter end (item 4.6) 2,531 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 2,531 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.40 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(1,053) - (1,053) 2,531 -
		2,531
		2.40
	Answer:
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer:

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

• 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer:

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 January 2022

Authorised by the Board

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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