REG - First Dev. Resources - Over-Subscribed Strategic Placing and TVR

First Development ResourcesAnnouncement

27/10/2025 07:00

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RNS Number : 8393E  First Development Resources PLC  27 October 2025

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
(EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE
OF THE EU (WITHDRAWAL) ACT 2018 ("MAR"). IN ADDITION, MARKET SOUNDINGS (AS
DEFINED IN MAR) WERE TAKEN IN RESPECT OF THE PLACING WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED IN MAR), AS
PERMITTED BY MAR. THIS INSIDE INFORMATION IS SET OUT IN THIS ANNOUNCEMENT.
THEREFORE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING
ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION RELATING TO THE COMPANY
AND ITS SECURITIES.

 

27 October 2025

First Development Resources plc

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

Over-Subscribed Strategic Placing to accelerate rare-earth element exploration
and expedite gold exploration drilling campaigns

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 announce that, following strong investor
interest, it has raised £1,000,000 (before expenses) through an
over-subscribed placing of 33,333,333 new ordinary shares of 1p each in the
Company (the "Placing Shares") at an issue price of 3p per Placing Share (the
"Placing") representing a discount of approximately 8% from the middle close
market price of 3.25p as at the close of business on 24 October 2025. Each
Placing Share will have one warrant attached, exercisable at 5p for a period
of 12-months from the Admission to trading on AIM of the Placing Shares. The
Placing was undertaken by SI Capital Limited and First Equity Limited.

HIGHLIGHTS

·    Oversubscribed Strategic Placing raises £1,000,000 to fast-track
exploration activities at FDR's Selta project targeting rare-earth elements
("REE")

·    Establishment by United States and Australia of a Framework for
securing supply of Critical Minerals and Rare-Earth Elements ("REE") has
demonstrated the urgency to expedite REE exploration at Selta

·    Preparations for REE exploration at Selta have commenced in earnest
with teams expected to be on site later this year.

Tristan Pottas, Chief Executive Officer of FDR, commented:

"This Placing is in strategic response to the recently announced US -
Australia Framework for securing of supply in the mining and processing of
Critical Minerals and rare-earth elements following China's decision to
restrict exports of REEs. The REE potential at Selta has always been central
to our plans for the Project and this shift in geo-political policy allows us
to greatly accelerate our planned REE exploration programme at Selta to
properly define its potential as another world-class Australian REE project.

With strong support from the market, FDR is now well-funded for a highly
active three-pronged exploration programme at Selta and Wallal to include the
initiation of multiple REE exploration initiatives at Selta, the definition of
gold targets at Selta ahead of an anticipated Reverse Circulation drilling
campaign and Diamond Drilling at Wallal targeting magnetic bullseye anomalies.

With preparation well underway for the execution of these plans we look
forward to a busy end to 2025 before an extremely active start to 2026 on the
ground which I look forward to updating shareholders on as and when able."

 

Use of proceeds

The net proceeds of the Placing will be used for the following work
programmes:

Selta

FDR plans to expedite REE exploration at Selta where the underlying geology is
postulated to be compositionally similar to Arafura Rare Earth's world class
Nolans Project which is located 100km to the southeast. Exploration will focus
on two REE targets - Ingallan and Nintabrinna West.

Additionally, the Company will be looking to develop drill targets for gold at
the previously defined Lander West target. On 20(th) October, the Company
announced its planned fieldwork (from the existing cash resources) for the
Lander West target area (which hosts the interpreted Stafford Gold Trend) the
results of which will be used to refine drill targets. Proceeds from the
Placing will be used to develop these drill targets using Reverse Circulation
drilling.

Wallal

The Company is reviewing its options at Wallal which include the Eastern
anomaly and the Border anomaly. Funds secured from the Placing will be used to
secure access and permitting ahead of further drilling activities.

Investor Warrants Extension

As part of the Placing and subject to Investor Warrant holder approval, the
Directors are proposing to extend the term of the 56,831,921 Investor Warrants
(as defined in the Company's Admission Document dated 23 July 2025)
exercisable at 10p by six months to 29 January 2027. The Company shall be
writing to each Investor Warrant holder to notify them of the same. Any
potential AIM Rule 13 matters will be considered as and when the extension is
approved.

Concert Party interest

The Concert Party (as defined in the Admission Document published on 23 July
2025), is currently interested in aggregate in 44.54% of the existing issued
share capital reducing to 34.11% in the enlarged issued share capital on
Admission. As the members of the Concert Party therefore currently hold and
will continue to hold on Admission more than 30 per cent. but less than 50 per
cent. of the Company's voting share capital for so long as they continue to be
treated as acting in concert, any further increases in the Concert Party's
interests in Ordinary Shares are subject to the provisions of Rule 9 of the
Takeover Code.

Application for Admission

Application has been made for the Placing Shares to be admitted to trading on
AIM ("Admission") and it is expected that Admission will take place and that
trading will commence on AIM at 8.00 a.m. on or around 31 October 2025. Once
issued, the Placing Shares will rank pari passu with the Company's existing
Ordinary Shares.

Total Voting Rights

Following Admission of the Placing Shares, the enlarged issued share capital
of the Company will comprise 139,192,763 Ordinary Shares. The Company does not
hold any Ordinary Shares in treasury. Consequently, 139,192,763 is the figure
which may be used by shareholders from Admission as the denominator for the
calculation by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.

 

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.

 

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