First Au Limited has significantly boosted its Western Australian gold portfolio with the acquisition of the Riverina East Gold Project and an upgraded resource classification at its Gimlet Gold Project, positioning itself for potential near-term development.
- Riverina East acquisition adds 11 licences including historic First Hit mine
- 62% of Gimlet resource upgraded to Indicated category
- Environmental and scoping studies underway at Gimlet
- Barlee Gold Project acquisition completed, expanding regional footprint
- Board strengthened with experienced Eastern Goldfields geologist appointment
Strategic Acquisition Broadens Riverina East Gold Project Holdings
First Au Limited (ASX:FAU) has completed a pivotal acquisition of the Riverina East Gold Project, adding 11 mineral licences and one exploration licence application near Kalgoorlie. This deal, sealed with Viking Mines Limited (ASX:VKA), includes the historic First Hit Gold Mine, which produced 30,000 ounces at a high-grade 7.7 g/t Au during early 2000s operations. The acquisition also brings in the prospective Bifrost Project, located along the same geological structures that host Ora Banda Mining’s 724,000-ounce Riverina Gold Mine just 8km away, underscoring the project's strategic positioning in a well-serviced area approximately 50km west of Menzies.
Consideration for the acquisition comprised $1.2 million in cash and $1 million in First Au shares, with additional performance rights contingent on resource growth and exploration success. The company has committed to a $500,000 drilling program within 12 months to advance the tenure, reflecting its intent to rapidly unlock value from this asset.
Significant Resource Upgrade Enhances Gimlet Project Confidence
The company’s flagship Gimlet Gold Project, located just 15km northwest of Kalgoorlie, saw a major resource upgrade this quarter. The updated JORC Mineral Resource Estimate now totals 112,900 ounces at 2.22 g/t Au, with 62% (70,400 ounces) upgraded to the Indicated category from a previously 100% Inferred resource. This upgrade, driven by infill RC drilling completed between 2025 and 2026, improves geological confidence and continuity, laying a stronger foundation for advancing the project toward development.
High-grade drill results underpinning the upgrade include intercepts such as 5m at 16.68 g/t Au and 12m at 9.77 g/t Au, confirming robust mineralisation. Located within trucking distance of multiple operating mills, Gimlet’s proximity supports potential low-capex development pathways. First Au has engaged Newcam Minerals Pty Ltd to undertake environmental baseline and scoping level technical studies, signalling progress toward feasibility and permitting stages.
Barlee Gold Project Acquisition Completes Regional Consolidation
First Au also finalised the acquisition of the Barlee Gold Project, adding approximately 300 square kilometres in the Marda–Evanston Greenstone Belt. Acquired through its subsidiary Regent Resources Pty Ltd, the project sits adjacent to tenure controlled by Leeuwin Minerals (ASX:LM1) and is known for its underexplored potential. The transaction involved $1 million in cash and $1.25 million in shares, approved by shareholders at the May AGM.
This acquisition complements First Au’s expanding footprint across the Kalgoorlie and Leonora regions, where it also secured 20 additional mineral licences during the quarter. These moves reflect a deliberate strategy to consolidate high-quality gold assets in Western Australia’s prolific Eastern Goldfields region.
Board Enhancement and Financial Position
Supporting its growth ambitions, First Au strengthened its board with the appointment of Lachlan Kenna as Non-Executive Director. Kenna brings over a decade of operational and technical experience in the Eastern Goldfields, enhancing the company’s geological and strategic capabilities. Meanwhile, Lei Shi resigned from the board to focus on other interests.
At quarter-end, First Au reported cash reserves of $4.19 million, with quarterly expenditure focused on exploration, strategic acquisitions, and corporate activities. The company’s cash flow reflects ongoing investment in its pipeline, backed by prior capital raises and disciplined financial management.
Bottom Line?
First Au’s aggressive acquisitions and resource upgrades position it well for advancing development studies, but execution of drilling commitments and environmental assessments will be key to unlocking value.
Questions in the middle?
- How will First Au prioritise exploration and development across its expanded portfolio?
- What impact will the performance rights and drilling commitments have on future capital requirements?
- Can the company leverage third-party processing options to accelerate Gimlet’s development?