REG - First Dev. Resources - Operational Update – Selta Project

First Development ResourcesAnnouncement

17/03/2026 07:00

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RNS Number : 8527W  First Development Resources PLC  17 March 2026

 

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17 March 2026

First Development Resources plc

('First Development", "FDR" or the "Company')

Operational Update - Selta Project, Northern Territory

First Development Resources plc (AIM: FDR), the UK-based, Australia-focused
exploration company with mineral interests in Western Australia and the
Northern Territory, is pleased to provide an operational update for its Selta
Project ("Selta" or the "Project") located in the Aileron Province of
Australia's Northern Territory.

HIGHLIGHTS

·    Lander West Gold Target - GAIP Survey - GAIP geophysical survey at
the Lander West gold target approximately 50% complete, with fieldwork
expected to resume in early April following weather-related suspension in
Central Australia.

·    Data-Driven Drill Targeting - Integrated interpretation of GAIP,
aeromagnetic, radiometric, and geochemical data is underway. Early results are
already guiding design and prioritisation of future air core drilling and
reverse circulation drilling programmes at Lander West.

·    Permitting and Government Support - Environmental (Mining) Permit
applied for in February 2026, with determination expected in Q2 2026.
Co-funding from the Northern Territory Government's Resourcing the Territory
'Geophysics and Drilling Collaborations' ("GDC") programme is being pursued to
offset exploration costs.

·    Lithium and Rare-Earth Exploration - UAV magnetic geophysics survey
scheduled for May 2026 over Hawkshead lithium-REE target to identify pegmatite
structures. REE exploration at West Nintabrinna and Ingallan continues, with
fieldwork planned for Q3 2026.

Tristan Pottas, Chief Executive Officer of FDR, commented:

"We are advancing the Selta Project with real momentum. The GAIP survey at
Lander West will recommence soon, and the integrated analysis of our
geophysical and geochemical data is already sharpening our drill targets. With
an Environmental (Mining) Permit application underway, government co-funding
support being pursued, and new lithium and rare-earth opportunities being
actively explored, we are positioned to unlock multiple high-potential mineral
targets across Selta.

Our disciplined, data-driven approach ensures we maximise discovery potential
while delivering cost-effective, results-focused exploration."

LANDER WEST GOLD TARGET - GRADIENT ARRAY INDUCED POLARISATION ("GAIP") SURVEY

The GAIP geophysical survey at the Lander West gold target commenced in early
January 2026 and is designed to complement the previously completed
high-resolution aeromagnetic and radiometric geophysical surveys. The GAIP
programme aims to enhance the Company's understanding of subsurface geology
and structural architecture across the target area, supporting the refinement
of potential drill targets. Adverse weather conditions across large parts of
Central Australia resulted in a temporary break in the GAIP survey. As a
safety precaution in early February the decision was taken to pause the survey
and remove the team from site. Flooding throughout the region made access
tracks impassable particularly at creek crossings.

The Company's geophysical contractor, Zonge Engineering and Research
Organisation (Aust) Pty Ltd, returned to site on Friday 13 March to assess
ground conditions and plan for the resumption of field operations. While
weather conditions have improved, access to site remains challenging.

Subject to access conditions continuing to improve, the team expects to
remobilise in early April. Approximately 50% of the survey remains to be
completed and is expected to take around two to three weeks.

DRILL TARGET REFINEMENT

The results from the GAIP survey will be integrated with the geophysical
results from the Aeromagnetic survey ("AMAG") and radiometric ("RAD") survey
competed across the Lander West gold target in early 2026. Interpretation and
three-dimensional inversion modelling of the integrated AMAG / RAD, GAIP
survey results and geochemical datasets is underway, and this information is
already informing key areas for follow-up exploration planning, including the
design and prioritisation of future air core ("AC") and reverse circulation
("RC") drilling programmes at Lander West. This systematic, data-driven
approach is intended to maximise discovery potential while maintaining a
disciplined and cost-effective exploration strategy over such a large gold
target area.

ENVIRONMENTAL (MINING) PERMIT APPLICATION

An Environmental (Mining) Permit ("EMP") in the Northern Territory, Australia,
is a regulatory approval that enables a company to undertake ground disturbing
mineral exploration or mining activities in compliance with environmental
management requirements. Issued under the Mining Management Act 2001 and
administered by the Northern Territory Department of Mining and Energy, the
permit requires companies to submit and maintain an approved Mining Management
Plan outlining proposed activities, environmental impact mitigation measures,
and site rehabilitation commitments. Mineral exploration companies must obtain
this approval before commencing on-ground activities to ensure operations are
conducted in a manner that minimises environmental disturbance and protects
land, water, ecosystems, and cultural heritage within the Northern Territory.
FDR applied for an EMP in February 2026, the application included proposed
drill locations and access tracks at the Lander West gold target. The Company
expects to receive determination of its application in Q2 2026.

DRILLING CONTRACTOR SELECTION

The Company has approached drilling contractors to provide quotations for the
proposed Lander West gold drilling programme. Proposals are being reviewed by
the Company.

NORTHERN TERRITORY GOVERNMENT GRANT PROGRAMMES

To support the planned drilling programme at Lander West, the Company is
preparing an application to seek co-funding from the Northern Territory
Government as part of the Resourcing the Territory 'Geophysics and Drilling
Collaborations' grant programme. The programme is a Northern Territory
Government initiative that provides co-funding to support mineral exploration
drilling and geophysical programmes across the Northern Territory. Delivered
through the Northern Territory Geological Survey under the broader Resourcing
the Territory Programme, the programme typically funds up to 50% of eligible
drilling and geophysical survey costs, helping reduce the financial risk of
early-stage exploration and encouraging companies to test new mineral targets.
(1)

HAWKSHEAD LITHIUM TARGET

The Hawkshead lithium-caesium-tantalum ("LCT") and rare earth element ("REE")
target was identified following a desktop study undertaken by the Company,
which built upon previous exploration activities and incorporated additional
open-file geological data. The study generated several prospective targets
across the project area, including Hawkshead, which are referenced in the
Competent Person's Report forming part of the Company's Admission Document.

The Company has engaged Pegasus Airborne Systems Pty Ltd to complete an
unmanned airborne vehicle ("UAV") magnetic ("UAV-Mag") survey over the
Hawkshead lithium-REE target within its tenements in the Northern Territory.
The survey, which is scheduled to take place in May 2026 (weather permitting),
will be conducted immediately adjacent to a recently identified lithium
prospect on neighbouring ground held by iTech Minerals Ltd ("iTech"), which is
currently the subject of a farm-in agreement with Sociedad Química y Minera
de Chile (SQM). The survey is designed to improve geological understanding of
the project area and to identify and map pegmatite bodies that may host LCT
mineralisation. High-resolution magnetic data will assist in tracing
prospective pegmatite structures away from the parent granite where they may
have undergone greater fractionation and therefore increased Li enrichment,
providing priority targets for future field sampling and drilling. The
programme can be undertaken under existing approvals and, subject to final
planning, may be coordinated with a similar survey planned by iTech to
optimise mobilisation costs and enhance regional geological interpretation.

RARE-EARTH ELEMENT EXPLORATION UPDATE

On 19 February 2026 the Company announced results and interpretation from the
December 2025 stream sediment sampling programme completed across the West
Nintabrinna and Ingallan rare-earth element target areas. Geochemical analysis
returned encouraging results for total rare-earth elements and yttrium
(TREE+Y) of up to 2,103 ppm and allowed for the further refinement and
prioritisation of exploration targets.  The announcement can be accessed via
the link below:

Selta Project - Exploration Update - 07:00:02 19 Feb 2026 - FDR News article |
London Stock Exchange
(https://www.londonstockexchange.com/news-article/FDR/selta-project-exploration-update/17467363)

The Company intends to undertake detailed geological mapping across the Peake
Bore and Tourmaline refined target areas, conduct systematic rock-chip
sampling of identified outcrops, and complete additional targeted geochemical
work where appropriate. Planned high-resolution geophysical data will also be
evaluated to assist in drill target definition, with a view to progressing
toward potential drilling, subject to results. Alongside gold at Lander West,
REE exploration remains central to the Company's strategy at Selta, with
fieldwork expected to take place in Q3 2026.

NEW EXPLORATION LICENCE APPLICATION

In February 2026, the Company submitted an application for a new Exploration
Licence immediately south of its existing EL 32738 and adjacent to iTech
Minerals' EL 32888, near the Reynolds Range Project (Figure 1). The
application area encompasses ground proximal to multiple known gold
occurrences, including Yataghan South, Lander 1, Falchion, Sabre North, and
Sabre, with favourable structural and geological continuity supporting its
high gold prospectivity.

Planned exploration for when awarded will target the interpreted continuation
of the Stafford Gold Trend, focusing on structurally controlled, shear-hosted,
and intrusion-related gold mineralisation. Priority targets have been
identified through integration of historical drilling, geological mapping,
aeromagnetic data, and surface geochemistry.

Initial exploration will include refinement of geological and structural
interpretations, reconnaissance mapping, and targeted surface geochemical
sampling (soil, lag, and rock-chip) to test priority trends. Follow-up
programmes may involve infill sampling, detailed mapping, geophysical surveys,
and potential drilling, staged in a results-driven manner.

All activities will be conducted in accordance with Northern Territory
regulatory requirements and best-practice environmental management.

Figure 1: New Exploration Licence Application, Selta Project, Northern
Territory, Australia

 

References

1              Geophysics and Drilling Collaborations (GDC) is a
competitive grants programme funded by the Northern Territory Government's
$9.5 million per annum Resourcing the Territory programme and is administered
by the Northern Territory Geological Survey (NTGS). For more information see
https://resourcingtheterritory.nt.gov.au/gdc
(https://resourcingtheterritory.nt.gov.au/gdc)

 

 

For further information visit www.firstdevelopmentresources.com
(http://www.firstdevelopmentresources.com) or contact the following:

 First Development Resources plc  Tel: +44 (0) 20 3778 1397

 Tristan Pottas (CEO)
 Beaumont Cornish Limited         Tel: +44 (0) 20 7628 3396

 Nominated Adviser

 Roland Cornish / Asia Szusciak
 SI Capital Limited               Tel: +44 (0) 1483 413 500

 Broker

 Nick Emerson

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 2,314.4km(2). 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 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.

SELTA PROJECT INDICATIVE OPERATIONAL TIMELINE

Indicative operational milestones for exploration activities at the Selta
Project. Schedule subject to change.

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