First Au (ASX:FAU) Acquires Riverina East Gold Project and Agrees Javelin Takeover

Aditi Sarkar

28 October 2026 05:03 PM AEDT

First Au (ASX:FAU) Acquires Riverina East Gold Project and Agrees Javelin Takeover

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Highlights

First Au acquired the Riverina East Gold Project, including the historic First Hit Gold Mine, from Viking Mines.
A recommended all-scrip takeover of Javelin Minerals was agreed under a binding Takeover Implementation Deed.
A maiden 2,000m RC program was completed at First Hit after the quarter.
New agreements were signed for the Sandstone, Lady Jane and Ida Valley projects.

First Au Limited (ASX:FAU) has released its quarterly activities report for the period ended 30 September 2026. It was a busy period of portfolio growth, with several gold project acquisitions, a proposed takeover and the start of drilling at First Hit.

Riverina East and First Hit Drilling

First Au acquired the Riverina East Gold Project from Viking Mines, covering 11 mineral licences including the historic First Hit Gold Mine, which produced about 30koz at 7.7g/t Au. Consideration includes $1.2 million cash, $1.0 million in shares and $2.8 million in performance rights, with a commitment to spend $500,000 on drilling within 12 months.

After the quarter, maiden RC drilling began at First Hit, and the 2,000m program has been completed. A maiden Resource Estimate has also been commissioned from an independent consultant.

Portfolio Expansion and Javelin Takeover

First Au signed a binding agreement for five tenements in the Sandstone district, and after the quarter agreed to acquire six Exploration Licences in the Ora Banda district from Dynamic Metals and two tenements at Ida Valley. An Ore Purchase Agreement with Forrestania Resources provides a potential processing pathway for the Gimlet Project.

The company also agreed a recommended all-scrip takeover of Javelin Minerals at 0.5882 First Au shares per Javelin share, post-consolidation. A 20:1 share consolidation was completed on 5 October 2026. At Kalgoorlie, rock samples returned up to 4.93g/t Au, and mapping identified about 30 historic workings at the Kims prospect.

Financial Position

Cash at 30 September 2026 was about $1.43 million, down from $4.19 million, reflecting acquisition and exploration activity. Operating cash outflow was $894,000 and investing outflow was $1.87 million, including tenement and entity acquisitions.

The estimated funding runway is 1.6 quarters. First Au cited the Javelin transaction and institutional support as ways to fund operations. The company has no debt facilities.

Key Takeaways

First Au has rapidly expanded its gold project portfolio.
First Hit drilling results are a key near-term catalyst.
The Javelin takeover would further scale the business.
Limited cash means funding remains an important focus.

FAQs

Q: What did First Au acquire this quarter?

A: The Riverina East Gold Project, including the historic First Hit Gold Mine.

Q: What drilling was completed at First Hit?

A: A maiden 2,000m RC program.

Q: What are the Javelin takeover terms?

A: 0.5882 First Au shares per Javelin share, post-consolidation.

Q: What share consolidation took place?

A: A 20:1 consolidation completed on 5 October 2026.

Q: What is First Au's cash position?

A: About $1.43 million at 30 September 2026.

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