FAU to Acquire Lady Jane Project in the Ora Banda District

Key points

• Acquisition of six Exploration Licences in the Ora Banda district
• Located near Ora Banda Mining's Davyhurst gold operations
• Cash-efficient acquisition structure with a minimum drilling commitment

Full summary

First Au Ltd has entered into a binding agreement to acquire the Lady Jane Gold Project from Dynamic Metals Limited. This acquisition comprises six Exploration Licences in the Ora Banda district, strategically positioned to expand First Au's existing Riverina East Gold Project tenure. The Lady Jane tenure is located proximal to Ora Banda Mining's Davyhurst gold operations, including the Riverina and Sand King underground mines and the Davyhurst processing facility, as well as the Paradigm and Missouri deposits. Recent field activities by Dynamic Metals Limited across the Lady Jane tenure, including soil sampling and geological mapping, provide First Au with an established exploration dataset and identified target areas for follow-up work. The acquisition structure is cash-efficient, with A$50,000 paid on execution, A$100,000 payable on completion, A$500,000 deferred to the completion anniversary, plus a 1.5% gross revenue royalty. A minimum drilling commitment of A$250,000 within 24 months of completion is also stipulated.