First Au Advances Nimba Gold Project with Legal Clearances and Drilling Plans

Legal and Financial Milestones Achieved

First Au Limited (ASX, FAU) has reached a significant milestone in its strategic acquisition of the Nimba Gold Project in Liberia. The company announced that it has satisfied all key conditions precedent for the initial stage of its 100% earn-in agreement with Hamak Gold Limited, following a comprehensive legal due diligence process. This included receiving a final legal opinion from its Liberian legal advisors, which has given the board full confidence to proceed.

Supporting this progress, First Au has successfully completed the first tranche of a $1.5 million private placement, designed to fund the acquisition and early exploration activities. The company plans to issue 100 million new ordinary shares as consideration for the Stage-1 acquisition, pending shareholder approval at its upcoming Annual General Meeting scheduled for 30 July 2025.

Operational Preparations Underway

On the ground, First Au’s geology team, led by director Lei Shi, has been active since early June. The team has completed an initial mapping program at the Nimba site and identified prospective drill holes, laying the groundwork for the forthcoming drilling campaign. This operational momentum is expected to accelerate once a formal Project Operational Agreement is executed, which will formalize the collaboration framework between First Au and Hamak Gold.

The Nimba Gold Project itself is a high-potential exploration license recently granted by Liberia’s Ministry of Mines and Energy to 79 Resources, a wholly owned subsidiary of Hamak Gold. The project’s location and early-stage exploration results have attracted First Au’s attention as it seeks to expand its portfolio beyond its existing Victorian Goldfields and Gimlet Gold projects in Australia.

Strategic Implications and Next Steps

Chairman Daniel Raihani expressed optimism about the project’s prospects, highlighting the importance of the legal clearance and the readiness of the exploration team. The upcoming AGM will be a critical juncture, as shareholder approval is required to finalize the initial acquisition stage and advance drilling activities. Investors will be watching closely for updates on drilling results and further financing arrangements as First Au moves to unlock value from this West African asset.