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7 October 2025
First Development Resources plc
('First Development", "FDR" or the "Company')
Wallal Phase I Diamond Drilling update
First Development Resources plc (AIM: FDR) a UK based, Australia focused exploration company with mineral interests in Western Australia and the Northern Territory, provides an update in respect of drilling at the Wallal Project ("Wallal" or the "Project") in the Paterson Province of Western Australia.
Due to deteriorating downhole conditions at the base of the Canning Basin sedimentary sequence, FDR drillhole ("FDRDW002") could not be advanced to the planned depth of 1,220 metres and the decision has been made to cease drilling. The drillhole reached a depth of 918.7 metres (916.2 metres total vertical depth) but did not intersect the basement geology interpreted to host the magnetic anomalies identified in the Company's desktop studies.
With the data obtained from the drilling programme, the Company is working with its consultants to refine the geological interpretation of the Eastern anomaly whilst it assesses potential next steps.
Whilst drilling operations have been underway at Wallal, work to refine the exploration strategy at the Company's Selta project in the Northern Territory has been developed, initial exploration will focus on Selta's gold potential. The Company expects to provide a more detailed plan for exploration at Selta later this month.
Tristan Pottas, Chief Executive Officer of FDR, commented:
"The abandonment of FDRDW002 is a bitterly disappointing end to what has been a very challenging maiden drill campaign at our Wallal Project. Exploration drilling is never a straightforward process, particularly in greenfield locations such as Wallal. Throughout the Phase I Diamond Drilling programme the site team, in partnership with our drilling contractor, has overcome multiple downhole challenges which enabled the hole to advance to a considerable depth. Our understanding of the geology specific to Wallal has increased significantly and will now be incorporated back into the geophysical Inversion modelling in order to further inform the exploration strategy for when we return to test what remains to be a highly compelling target."
Qualified Person Statement
The technical information contained in this disclosure has been reviewed and approved by Mr Nicholas O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a principal consultant working for Mining Analyst Consulting Ltd which has been retained by First Development Resources plc to provide technical support.
For further information visit www.firstdevelopmentresources.com or contact the following:
| First Development Resources plc Tristan Pottas (CEO) |
Tel: +44 (0) 20 3778 1397 |
| Beaumont Cornish Limited Nominated Adviser Roland Cornish / Asia Szusciak |
Tel: +44 (0) 20 7628 3396 |
| SI Capital Limited Broker Nick Emerson |
Tel: +44 (0) 1483 413 500 |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
ABOUT FIRST DEVELOPMENT RESOURCES
First Development Resources' assets comprise eight granted tenements covering a total area of 2,314.4km2. Five of the tenements, comprising three prospective copper-gold projects, are located in Western Australia (WA) while the remaining three tenements, comprising a rare-earth element (REE), uranium, lithium and gold project, are located in the Australian's Northern Territory. All tenements are wholly owned by FDR. The assets are a mixture of drill ready and earlier stage exploration.
The WA Projects include the Company's flagship Wallal Project as well as Ripon Hills and Braeside West Projects situated in the Paterson Province, which is widely regarded as one of the most productive regions in Australia for the discovery of world-class gold-copper deposits, and which is home to several world-class mines and more recent discoveries.
The Selta Project in the Northern Territory is located in an area considered highly prospective for uranium and rare-earth element mineralisation along with base and precious metal mineralisation. Numerous companies are actively exploring within the region.
Beyond the existing portfolio, FDR is actively looking to expand its portfolio through the acquisition of early-stage exploration projects in Australia.
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