Key Highlights

  • First Au (ASX:FAU) shares were up 11.43% at $0.195 during the 22 October 2026 session.
  • The company completed a 2,000m reverse circulation program at the historic First Hit gold mine in Western Australia.
  • Assay results are expected within the quarter, with a maiden Mineral Resource Estimate and follow-up drilling in progress.

First Au Limited (ASX:FAU) shares were up 11.43% at $0.195 during the Trading session on 22 October 2026, at the time of the data at 11:55 am. The broader market was softer: the S&P/ASX 200 stood at 8,774.90, down 0.64% (56.40 points), while the All Ordinaries stood at 8,897.80, down 0.66%. First Au is a Western Australia-based gold explorer focused on the Riverina East Gold Project in the Eastern Goldfields, where the historic First Hit gold mine sits at the core of its landholding.

About the Company

First Au Limited is listed on the Australian Securities Exchange under the ticker FAU and has its registered office at Suite 1, 295 Rokeby Road, Subiaco, Western Australia. Daniel Raihani serves as Executive Chairman.

Its stated strategy is to convert its Eastern Goldfields portfolio into defined resources through what it describes as technically driven exploration.

Business Overview

First Au's principal asset is the Riverina East Gold Project, which is centred on the historic First Hit gold mine along the Ida and Zuleika Shear zones. The project incorporates 340km2 of tenements, made up of two active Mining Licences, five Prospecting Licences, eight granted Exploration Licences, one Exploration Licence application and one option agreement covering part of E30/517.

At the core of the landholding is a 6.4km2 group of contiguous tenements hosting the First Hit mine. The project also contains the Bifrost mineralisation site, which the company describes as highly prospective for gold. The area is located 50km west of the sealed Goldfields Highway and the township of Menzies.

Maiden RC Program Completed at First Hit

In its ASX announcement dated 20 October 2026, First Au reported that it had completed its maiden 2,000m reverse circulation (RC) drilling campaign at First Hit. The program tested depth extensions beneath the historic high-grade workings as well as near-surface secondary structures. The company said the work was completed on schedule and without incident.

The historic workings were operated by Barra Resources in 2002 and produced about 30koz of gold at an average head grade of 7.7g/t, a period the company noted was one of suppressed gold prices. The announcement stated that the production came over only 15 months.

Resource Estimate and Infrastructure Position

The 20 October 2026 announcement said the drilling forms a base for resource estimation work being carried out by an independent Perth-based consultancy, which was on site during drilling to complete required checks. The maiden Mineral Resource Estimate is described as well advanced and is to be finalised after assay results are received and validated.

First Au also highlighted the project's location on granted Mining Licences. The Riverina underground operation, owned by Ora Banda Mining (ASX: OBM), is 8km south of First Hit, and OBM's Davyhurst Mill, the nearest operating gold processing plant, is 40km to the south.

Related Sector Context

Gold exploration in Western Australia typically involves staged work, with drilling programs feeding assay results, geological modelling and, where warranted, resource estimates reported under the JORC Code.

Exploration stocks often move on drilling news and sentiment in the gold price rather than on earnings. On 22 October 2026, the broader market was lower, with the S&P/ASX 200 down 0.64% and the All Ordinaries down 0.66% at 11:55 am, so First Au's 11.43% gain during the session ran against the direction of the benchmarks.

Risks to Weigh In

First Au has not yet reported any assay results from the program, so the grade and thickness of mineralisation intersected remain unknown. Historic production figures describe past mining at First Hit, and the announcement does not state whether the drilling has confirmed extensions to that mineralisation.

The maiden Mineral Resource Estimate depends on receipt and validation of the assays, and its size, classification and timing are not yet determined. The company also notes that its forward-looking statements are subject to known and unknown risks, many outside its control. Further drilling also requires contractors to be engaged.

Catalysts on Watch

The announcement lists three activities underway. First, all samples have been submitted to a certified laboratory in Kalgoorlie, with assay results expected within the quarter. Second, the maiden Mineral Resource Estimate is to be finalised with the independent consultancy after the results are validated.

Third, planning is underway for follow-up drilling at First Hit and at the neighbouring Bifrost prospect, with key contractors being engaged. The company has not provided a start date for that drilling.

Putting It Together

First Au's shares were up 11.43% at $0.195 during the 22 October 2026 session while both major indices were lower. The company's 20 October 2026 announcement describes the completion of 2,000m of RC drilling at First Hit, with laboratory results, a maiden resource estimate and further drilling at First Hit and Bifrost all still to come. Those outcomes remain unreported, and the company has not stated what the assays will show.