REG - AIM - Schedule One - First Development Resources Plc

Power Metal ResourcesAnnouncement

11/07/2025 13:00

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RNS Number : 7689Q  AIM  11 July 2025

 

 ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE
 WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

 COMPANY NAME:

 First Development Resources Plc

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

 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS
 (INCLUDING POSTCODES):

 201 Temple Chambers

 3-7 Temple Avenue

 London

 EC4Y 0DT

 COUNTRY OF INCORPORATION:

 UK

 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

 https://firstdevelopmentresources.com/
 (https://firstdevelopmentresources.com/)

 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN
 INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY).  IF THE ADMISSION IS
 SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE
 STATED:

 First Development Resources is a UK based, Australian focused exploration
 company with mineral interest in three prospective copper-gold projects
 located in Western Australia (WA) and one rare-earth element (REE), uranium,
 lithium and gold project located in Australia's Northern Territory.

 The WA Projects comprise 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 Wallal Project covers an area of 572km(2) and is FDR's primary focus in
 the region due to several geophysical anomalies which have been identified
 following the completion of an in-depth desk top study which included the
 reprocessing of historical seismic data along with the analysis of historic
 magnetic and gravity geophysical surveys. The three untested magnetic
 "bullseye" anomalies named the Western, Eastern and Border anomalies are
 reported in the Competent Person's Report to have a similar amplitude to the
 geophysical signature seen at another nearby discovery. At Wallal, FDR's
 primary target is the Eastern anomaly where the target is planned to be tested
 in the Phase I diamond core drilling programme scheduled to commence
 immediately post Admission.

 The other two WA Projects, Ripon Hills and Braeside West, cover a combined
 area of approximately 175km(2). The tenements are located approximately 250km
 southeast of Port Hedland on the western edge of the Paterson Province in
 Western Australia in the area which is primarily prospective for manganese, as
 well as base-metal and gold mineralisation associated with deep seated north
 to north-westerly trending fault structures. The Directors believe that the
 fault structures have the potential to be conduits for various styles of
 hydrothermal mineralisation as recently reported by another exploration
 company on land adjacent to the Braeside West tenement. An in-depth desktop
 study has been completed to better understand the prospectivity of the Ripon
 Hills and Braeside West Projects, and FDR is now planning the next phase of
 exploration over defined areas targeted for further investigation. The mineral
 rights for iron and manganese are excluded from both the Ripon Hills and
 Braeside West tenements.

 The Company's latest addition to its portfolio was the acquisition of the
 Selta Project located in the Northern Territory in an area considered by the
 Directors prospective for uranium and rare -earth elements along with lithium
 and gold. The Northern Territory has a long history of uranium mining and
 hosts some of Australia's best known and high-grade uranium and REE deposits.
 The Selta Project, which covers a total land area of almost 1,600km(2), is
 also considered by SRK to be prospective for base and precious-metal
 mineralization and Lithium-Tantalum-Caesium (LCT) pegmatites are also known to
 be present in the region. In addition to the uranium and REE targets
 identified, reconnaissance work at Selta has also confirmed the presence at
 surface of pegmatites. Work is currently underway to develop a focused
 exploration strategy to determine the mineralogy of the pegmatite in an
 attempt to validate historical commentary which suggest Selta could host LCT
 style pegmatite.

 The Company's main country of operations is Australia.

 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER
 OF THE SECURITIES (i.e. where known, number and type of shares, nominal value
 and issue price to which it seeks admission and the number and type to be held
 as treasury shares):

 Number of ordinary shares of 1 pence each ("Ordinary Shares") for which
 Admission is being sought: 105,771,980.

 The Ordinary Shares are and will remain freely transferable and have no
 restrictions as to transfer placed on them.

 The issue price: 6.67 pence (the "Issue Price").

 No Shares are or will be held in treasury.

 CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED
 MARKET CAPITALISATION ON ADMISSION:

 Capital to be raised on Admission: £2.3 million

 Anticipated market capitalisation on Admission £7 million (at the Issue
 Price)

 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

 58%

 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES
 (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

 N/A

 THE COMPANY HAS APPLIED FOR THE VOLUNTARY CARBON MARKET DESIGNATION (Y/N)

 No

 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the
 first name by which each is known or including any other name by which each is
 known):

 Michael "Mike" James Moore, Independent Non-executive Chairman

 Tristan Lawrence Pottas, Chief Executive Officer

 Benjamin "Ben" James Hodges, Finance Director (part-time)

 Luke Sebastian Cairns, Independent Non-executive Director

 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE
 OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first
 name by which each is known or including any other name by which each is
 known):

                           Percentage of Existing Ordinary Shares  Percentage of Enlarged

                                                                    Share Capital

 Name
 Power Metal Resources plc  58.59%                                  45.71%
 Reid Machine Pty Ltd       5.06%                                   3.15%
 Taka Custodians Pty Ltd    5.06%                                   3.15%

 

 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH
 (H) OF THE AIM RULES:
 None

 (i)         ANTICIPATED ACCOUNTING REFERENCE DATE

 (ii)        DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE
 ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
 interim financial information)

 (iii)       DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS
 PURSUANT TO AIM RULES 18 AND 19:

 (i)         30 June

 (ii)        31 December 2024

 (iii)

 -    31 December 2025 (audited accounts for the year ended 30 June 2025)

 -    31 March 2026 (unaudited interim financial statements for 6 months
 ended 31 December 2025)

 -    31 December 2026 (audited accounts for the year ended 30 June 2026)

 EXPECTED ADMISSION DATE:

 29 July 2025

 NAME AND ADDRESS OF NOMINATED ADVISER:

 Beaumont Cornish Limited

 5-10 Bolton Street

 London

 W1J 8BA

 NAME AND ADDRESS OF BROKER:

 SI Capital Limited

 46 Bridge Street Godalming

 Surrey

 GU7 1HL

 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR
 INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A
 STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE
 ADMISSION OF ITS SECURITIES:

 The AIM Admission Document, which will contain full details of the applicant
 and admission of its securities, will be available from the Company's website:
 https://firstdevelopmentresources.com/
 (https://firstdevelopmentresources.com/)

 THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

 QCA Code

 DATE OF NOTIFICATION:

 11 July 2025

 NEW/ UPDATE:

 NEW

 

 

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH
(H) OF THE AIM RULES:

None

 

(i)         ANTICIPATED ACCOUNTING REFERENCE DATE

(ii)        DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE
ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
interim financial information)

(iii)       DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS
PURSUANT TO AIM RULES 18 AND 19:

 

(i)         30 June

(ii)        31 December 2024

(iii)

-    31 December 2025 (audited accounts for the year ended 30 June 2025)

-    31 March 2026 (unaudited interim financial statements for 6 months
ended 31 December 2025)

-    31 December 2026 (audited accounts for the year ended 30 June 2026)

 

EXPECTED ADMISSION DATE:

 

29 July 2025

 

NAME AND ADDRESS OF NOMINATED ADVISER:

 

Beaumont Cornish Limited

5-10 Bolton Street

London

W1J 8BA

 

NAME AND ADDRESS OF BROKER:

 

SI Capital Limited

46 Bridge Street Godalming

Surrey

GU7 1HL

 

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR
INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A
STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE
ADMISSION OF ITS SECURITIES:

 

The AIM Admission Document, which will contain full details of the applicant
and admission of its securities, will be available from the Company's website:
https://firstdevelopmentresources.com/
(https://firstdevelopmentresources.com/)

 

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

 

QCA Code

 

DATE OF NOTIFICATION:

 

11 July 2025

 

NEW/ UPDATE:

 

NEW

 

 

 

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