REG - First Dev. Resources - Selta: Geophysical Interpretation & Drill Planning

First Development ResourcesAnnouncement

06/05/2026 09:15

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RNS Number : 2217D  First Development Resources PLC  06 May 2026

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6 May 2026

First Development Resources plc

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

Lander West Gold Target Update

Integrated Geophysical Interpretation and Maiden Drill Programme Planning

First Development Resources plc (AIM: FDR), the UK-based, Australia-focused
mineral exploration company with interests in the Northern Territory and
Western Australia, is pleased to announce preliminary results from recently
completed geophysical surveys at the Lander West gold ("Au") target, part of
the Company's 100%-owned Selta Project located in the Northern Territory,
Australia.

The geophysical surveys comprised high-resolution airborne magnetics ("AMAG"),
radiometrics ("RAD") and ground-based Gradient Array Induced Polarisation
("GAIP"). These datasets have been integrated with geological, geochemical and
historical drilling data to refine the Company's understanding of the project
area and support the design of a maiden Reverse Circulation ("RC") drilling
programme.

The planned drilling is designed to test structurally controlled and
intrusion-related Au mineralisation associated with the regionally significant
Stafford Gold Trend.

HIGHLIGHTS

·   Integrated geological, geophysical and geochemical interpretation has
significantly refined the structural and lithological model for Au targeting
at Lander West.

·   Key geological features identified include granitic contacts beneath
thin sand cover, interpreted buried intrusions, major shear zones, faults and
fold structures-features known to host significant Au mineralisation both in
Australia and globally.

·    Phase I RC drilling programme of up to ~3,000 metres, to be executed
in two sub-phases comprising an initial c.2,000 metre programme targeting
approximately 10 priority drillholes, followed by a flexible c.1,000 metre
follow-up phase subject to field observations and results.

Tristan Pottas, Chief Executive Officer of FDR, commented:

"The completion of this integrated geophysical survey programme represents a
significant step forward in defining high-quality drill targets for Au at
Lander West. By combining new high-resolution magnetic, radiometric and IP
datasets with existing geological and geochemical information, we have
materially improved our understanding of the structural architecture
controlling mineralisation.

Importantly, the recent survey work has identified a compelling combination of
shear-related and intrusion-related Au targets, including a large interpreted
buried granite body that may have acted as a heat and fluid source driving
mineralisation.

The presence of multiple high-priority targets associated with major
structures within the Stafford Gold Trend provides strong confidence as we
advance to our maiden RC drilling programme. We now look forward to drill
testing these targets and unlocking the project's potential."

INTEGRATED INTERPRETATION AND TARGETING

Following completion of the GAIP survey, FDR's Perth-based consultants,
Resource Potentials Pty Ltd ("ResPot"), undertook an integrated review of all
available datasets, including AMAG, RAD, GAIP, geochemistry and historical
drilling.

This work has significantly improved the definition of the geological
architecture at Lander West (Figure 1), which is largely concealed beneath
shallow sedimentary cover. Interpretation is ongoing to identify additional Au
targets.

Key interpreted features include:

·      Contacts between prospective granite bodies and surrounding
metasedimentary and volcanic host rocks,

·      Buried granitic intrusions, plugs and porphyry dyke systems,

·      Major shear zones and fault structures,

·      Fold axes, dipping limbs and structural corridors, and

·      Younger mafic dyke intrusions post-dating the Au mineralising
event.

The mineralised corridors are interpreted to lie between two large granite
batholiths, likely acting as heat sources driving hydrothermal fluid flow and
forming shear-hosted Au systems. Historical shallow drilling suggests a
stronger association with the northern batholith, while structural control is
evident in the southern target area.

 

Figure 1:Interpreted large-scale structural controls on the Lander West gold
targets. Interpretation of these structures has been further refined following
the recent completion of AMAG / RAD and GAIP geophysical surveys by FDR.

INTRUSION-RELATED GOLD SYSTEM TARGETING

Geophysical interpretation has identified a large intrusion-related target
zone in the northern licence area. This is interpreted as a buried granitic
batholith beneath thin sedimentary cover, previously unmapped and unexplored
for Au and other minerals such as copper ("Cu") and lithium ("Li"), despite
anomalous geochemistry in historical shallow drilling.

This interpretation is supported by:

·     Magnetic and radiometric responses consistent with felsic
intrusive rocks, interpreted as late-stage and comparable in age to "fertile"
granites in the region,

·      A coincident regional gravity low, and

·      Supporting topographic signatures from digital elevation and
geological datasets.

These features are consistent with a late granite intrusion potentially
associated with Au, antimony ("Sb"), Li and rare-earth elements ("REE").

Additional smaller felsic porphyry stocks and dykes have also been identified.
Where felsic intrusive rocks are intersected during drilling, selective
sampling may be undertaken to support potential age-dating and further
geological analysis.

ROLE OF THE GAIP SURVEY

The GAIP survey has provided key subsurface information on conductivity and
chargeability, aiding identification of structures and potential sulphide
mineralisation associated with Au deposition.

It has been particularly effective in confirming:

·      Shear zones,

·      Lithological boundaries, and

·      Structural corridors

These are critical target zones for both shear-hosted and intrusion-related Au
systems.

Drilling results will be used to calibrate GAIP responses against
mineralisation, improving its effectiveness as a targeting tool.

PHASE I RC DRILL PROGRAMME DESIGN

A maiden Phase I RC drilling programme has been designed as a staged programme
of up to ~3,000 metres, comprising an initial priority sub-phase followed by a
flexible follow-up phase.

The programme is expected to commence with an initial sub-phase targeting
approximately 10 high-priority drillholes (c.2,000 metres). These holes have
been selected based on integrated geological, geophysical and geochemical
datasets and are designed to test the most prospective structural and
intrusion-related Au targets.

A second, follow-up sub-phase of up to c.1,000 metres has been provisionally
planned, comprising additional drillholes that will be refined and prioritised
based on observations and results from the initial drilling. These follow-up
holes are therefore considered flexible and subject to change as new data is
acquired during the programme.

In total, the current drill plan comprises up to 16 holes for approximately
3,000 metres; however, the final number, positioning and depth of drillholes
will remain adaptable as the programme progresses.

Targets include:

·    Major structural zones (shears, faults, fold "jogs") coincident with
geochemical anomalies,

·   Edges of magnetic anomalies interpreted as intrusive bodies in contact
with host rocks (including skarn and intrusion-related targets), and the
structural controls related to them,

·   Coincident GAIP chargeability and magnetic anomaly zones interpreted
to be caused by hydrothermal alteration associated with both shear and
intrusion-related Au targets, and

·    Anomalous Au and arsenic ("As") results from previous shallow
drilling.

Drill collar locations have been optimised using integrated datasets (Figure
2), with flexibility retained to refine targets as results from the initial
sub-phase are received.

Figure 2: Lander West Phase I RC drill hole locations (white dots), which have
been optimised following integration of AMAG / RAD and GAIP geophysical survey
results.

CONTEXT WITHIN THE STAFFORD GOLD TREND

Lander West lies within the Stafford Gold Trend, a regionally significant
structural corridor known for hosting Au and Sb mineralisation, as well as
recently discovered high-grade Li pegmatites.

Exploration 15-20 km to the southeast has reported results of up to 30.6% Sb
and 24 g/t Au.

The Company is targeting:

·      Shear-hosted Au mineralisation within the Stafford Gold Trend,
and

·      Intrusion-related Au systems associated with felsic intrusions to
the north.

The combination of a large interpreted late granite intrusive system and
well-developed structural controls significantly enhance prospectivity and
supports the Company's maiden drill campaign.

NEXT STEPS

·    Final planning and drilling contractor engagement,

·      Earthworks clearing of approved access routes and drill pads,

·    Mobilisation and commencement of the Phase I RC drilling programme,
targeted for mid-year, with all necessary approvals now secured, including the
Environmental (Mining) Licence and the Northern Territory Government's Notice
of Authority to Commence, and

·      Ongoing geological and geophysical interpretation and refinement
of targets during drilling.

The Company looks forward to commencing its maiden RC drilling programme at
Lander West and will update shareholders as preparations are finalised and the
drilling commences.

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.

GLOSSARY

 Term                                        Definition
 AMAG (Airborne Magnetics)                   A geophysical survey method that measures variations in the Earth's magnetic
                                             field from the air to map subsurface geological structures.
 Arsenic (As)                                A chemical element commonly associated with Au mineralisation and used as a
                                             pathfinder in geochemical exploration.
 Batholith                                   A large, deep-seated body of intrusive igneous rock, typically granitic in
                                             composition.
 Chargeability                               A measure of a material's ability to temporarily hold an electrical charge,
                                             often used to detect sulphide mineralisation in IP surveys.
 Conductivity                                The ability of a material to conduct electrical current, used in geophysics to
                                             identify different rock types and alteration zones.
 Copper (Cu)                                 A base metal often associated with hydrothermal systems and sometimes
                                             co-located with Au mineralisation.
 Dyke                                        A sheet-like body of igneous rock that cuts across existing rock layers.
 Felsic                                      A term describing silica-rich igneous rocks, typically light-coloured and
                                             commonly associated with granitic compositions.
 Fold                                        A bend or curvature in rock layers caused by tectonic forces.
 GAIP (Gradient Array Induced Polarisation)  A ground-based geophysical method that measures chargeability and resistivity
                                             to identify subsurface structures and sulphide mineralisation.
 Geochemistry                                The study of the chemical composition of rocks, soils and sediments to
                                             identify anomalous element concentrations.
 Geophysics                                  The application of physical measurement techniques to investigate subsurface
                                             geological features.
 Granite                                     A coarse-grained felsic intrusive igneous rock commonly associated with
                                             mineralising systems.
 Hydrothermal                                Relating to hot fluids circulating within the Earth's crust that can transport
                                             and deposit minerals.
 Intrusion (Intrusive Body)                  A body of igneous rock formed when magma solidifies beneath the Earth's
                                             surface.
 Intrusion-Related Gold System               A type of mineral system where Au mineralisation is genetically linked to
                                             felsic intrusive rocks.
 Lithology                                   The physical characteristics and composition of a rock unit.
 Lithological Boundary                       The contact between two different rock types.
 Lithium (Li)                                A light metal commonly found in pegmatites and increasingly important for
                                             battery technologies.
 Magnetic Anomaly                            A local variation in the Earth's magnetic field caused by differences in the
                                             magnetic properties of subsurface rocks.
 Mafic                                       Describes igneous rocks rich in magnesium and iron, typically darker in
                                             colour.
 Metasediments                               Sedimentary rocks that have been altered by heat and pressure without melting.
 Mineralisation                              The process by which economically valuable minerals are introduced into a
                                             rock.
 Pegmatite                                   A very coarse-grained igneous rock often enriched in rare elements such as Li
                                             and REE.
 Porphyry                                    An igneous rock with large crystals set in a finer-grained groundmass, often
                                             associated with mineral deposits.
 Radiometrics (RAD)                          A geophysical method that measures natural gamma radiation to identify
                                             variations in surface and near-surface geology.
 Rare Earth Elements (REE)                   A group of chemically similar elements used in high-technology applications
                                             and often found in specialised mineral deposits.
 RC (Reverse Circulation) Drilling           A drilling technique that uses compressed air to return rock chips to the
                                             surface for sampling.
 Resistivity                                 A measure of how strongly a material resists electrical current, used to
                                             differentiate rock types and structures.
 Shear Zone                                  A zone of intense deformation where rocks have been displaced along a planar
                                             structure.
 Shear-Hosted Gold System                    A type of Au deposit controlled by deformation zones such as faults and shear
                                             zones.
 Skarn                                       A calc-silicate rock formed by metasomatic alteration, often associated with
                                             mineralisation near intrusions.
 Structural Corridor                         A zone of aligned geological structures that can control the movement of
                                             mineralising fluids.
 Structure (Geological)                      Any feature in rocks formed by deformation, such as faults, folds or shear
                                             zones.
 Sulphide Mineralisation                     The occurrence of sulphide minerals, often associated with metal deposits
                                             including Au.
 Target (Exploration Target)                 A geological area identified as having potential to host mineralisation based
                                             on available data.
 Uranium (U)                                 A radioactive element used as a fuel source and often explored for in
                                             sedimentary and igneous environments.

 

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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