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

First Development ResourcesAnnouncement

07/10/2025 09:30

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RNS Number : 3748C  First Development Resources PLC  07 October 2025

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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
(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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