First Au Issues 100 Million Shares to Earn 35% of Nimba Gold Project

First Milestone Achieved in Nimba Gold Project Acquisition

First Au Limited (ASX, FAU) has announced the successful completion of Stage-1 in its earn-in agreement for the Nimba Gold Project, located in Liberia. This milestone marks a significant step in the company’s strategy to acquire a flagship gold asset that could transform its portfolio. By issuing 100 million fully paid ordinary shares and making a cash payment of A$250,000 to Hamak Gold Limited, First Au has secured a 35% interest in the project.

Strategic Share Issuance and Shareholder Approval

The shares issued as part of this transaction were priced at $0.0035 each, reflecting a total value of A$350,000. Importantly, this issuance was approved by shareholders at the company’s Annual General Meeting held in July 2025, ensuring transparency and alignment with investor interests. These shares will be held in escrow for six months, a common practice to maintain market stability and investor confidence.

Looking Ahead, Progressing to Stage-2

With Stage-1 complete, First Au is actively working towards meeting the requirements for Stage-2 of the acquisition. While specific details and timelines for the next phase remain under wraps, the company has signaled its commitment to advancing exploration activities, including upcoming drilling programs. Chairman Daniel Raihani expressed optimism about the project’s potential and promised updates on drilling results in the near future.

Context Within First Au’s Broader Strategy

The Nimba Gold Project represents a strategic addition to First Au’s portfolio, which already includes interests in the Victorian Goldfields Project and the Gimlet Gold project near Kalgoorlie. The company has been methodical in pursuing high-quality gold assets globally, aiming to secure a project capable of delivering substantial shareholder returns. This joint-venture approach with Hamak Gold Limited allows First Au to mitigate risk while positioning itself for significant upside.

Market Implications and Investor Considerations

The completion of Stage-1 and the associated share issuance will have implications for market liquidity and valuation, although the escrow arrangement tempers immediate impact. Investors will be watching closely for further details on Stage-2 milestones and the results of upcoming drilling campaigns, which will provide clearer insights into the project’s viability and potential scale.