REG - First Dev. Resources - Wallal Phase I Diamond Drilling Update

First Development ResourcesAnnouncement

28/08/2025 07:00

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RNS Number : 9432W  First Development Resources PLC  28 August 2025

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28 August 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, is pleased to provide an update in respect of drilling at
the Wallal Project ("Wallal" or the "Project") in the Paterson Province of
Western Australia.

First Development's drilling partner DDH1 Drilling Pty Ltd ("DDH1 Drilling")
has established an accommodation camp and support infrastructure at Wallal to
facilitate the Phase I diamond core drilling programme. The Phase I programme
has been designed to test the Eastern magnetic geophysical bullseye anomaly
identified within the Wallal project area. The drill rig is now onsite (Figure
1) and is being prepared so that drilling can commence in the coming days.
Tristan Pottas, FDR Chief Executive Officer and experienced geologist, will be
travelling to Wallal to oversee operational activities and assist with
geological logging and core preparation on site.

Tristan Pottas, Chief Executive Officer of FDR, commented:

"When FDR secured Admission to AIM last month, we said we would immediately
deploy funds into the ground and today's announcement demonstrates we are
doing just that.

I am grateful for the support we have received from our drilling partner DDH1
Drilling and the assistance from FDR's operational team in Western Australia
for all their efforts in getting us to this point.

I look forward to travelling to site in the coming days and being present for
the execution of what we believe will be hugely exciting drilling programme."

Figure 1: Drilling Rig Arriving at Wallal, Paterson Province, Western
Australia, August 2025

 

WALLAL PHASE I DIAMOND CORE DRILLING PROGRAMME

The Phase I diamond core drilling programme has been designed in conjunction
with Perth based consultancy Resource Potentials Pty Ltd ("Resource
Potentials"). The programme is targeting the Proterozoic basement rocks which
are believed to host the sources of the magnetic geophysical bullseye
anomalies, located below approximately 800m of Permian Grant Group cover
sequence. The bullseye anomalies were identified as part of an in-depth review
of all geological and geophysical data associated with the Wallal project
area.

Three magnetic geophysical bullseye anomalies were identified in the review,
the Western, Eastern and Border anomalies. The magnetic bullseye anomalies are
of particular interest due to their possible geological similarities to the
regionally significant Havieron discovery (Greatland Resources LON: GGP,
ASX: GGP). The Havieron deposit is coincident with a magnetic bullseye
anomaly detected by an airborne magnetic survey and has a similar amplitude to
Wallal, approximately 100nanoTesla ("nT") for the Eastern anomaly and 80nT for
Havieron. The Phase I diamond core drilling programme has been designed to
initially test the Eastern anomaly. The Eastern anomaly is interpreted to
consist of two lobes (Figure 2) which result in a distinct target area of
approximately 2.5km x 2.5km (Figure 3). An estimate of depth of the cover
sequence has been used to constrain the modelled depth of approximately 800
metres to the top of the Eastern magnetic source body.

To facilitate drilling operations, a Heritage Clearance Survey at Wallal was
completed under the supervision of the Yamatji Marlpa Aboriginal
Corporation and the Nyangumarta people. The completed survey confirmed
exploration activities can proceed.

Figure 2: Vertical Plan View of Three-Dimensional Model of the Eastern
Magnetic Bullseye Anomaly

Figure 3 note: UTM Zone 51S, GDA94 datum. Magnetic intensity highs red, lows
blue (-50 - +50 nT range)

Figure 3: Wallal Project Geophysical Map of Magnetic Anomalies Identified at
Wallal

The Phase I diamond core drilling programme (Figure 4) will consist of a
single sub-vertical borehole (DH001) totalling approximately 1,220 metres
length, which will be drilled dipping 80° towards 90° (east) using rotary
open hole to about 200 metres and then full core drilling techniques there
onwards. Depending on ground conditions encountered, it is expected that the
hole will be commenced using reverse circulation drilling techniques, followed
by 83mm (PQ3) or 61.1mm (HQ3) diameter core with a 50.5mm (NQ2) tail to total
depth. The parameters for the planned borehole are set out in Table 1 below.

Table 1: Planned Wallal Phase I Drillhole Parameters

 Drillhole ID  UTM Easting  UTM        Azimuth (°)   Dip (°)   Nominal depth (m)

                            Northing
 DH001         260325       7780690    90            80        1,220

Table 1 note: UTM Zone 51S, GDA94 datum

 

Figure 4: Cross Section View of Eastern Magnetic Bullseye Anomaly showing
Planned DH001 Drillhole Designed to test the Eastern Lobe of the Anomaly

 

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
(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 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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