First Au : Victorian Projects Update

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First Au Limited

(ASX: FAU)

18 July 2022

Drilling Complete at Dogwood, Face Samples at Haunted Stream up

to 135 g/t Au

Highlights

• FAU has completed its 2,000m maiden drilling program at the Dogwood porphyry copper and gold project
• First batch of samples currently in the labs with assay results pending
• Face sampling of underground workings at Haunted Stream has returned assays up to 135 g/t Au
• FAU undertaking underground rehabilitation works in preparation of underground drilling at Haunted Stream
• New rock chips at Snowstorm have returned assays up to 74.54 g/t Au

First Au Limited ("FAU" or the "Company") (ASX:FAU) provides the following update on its Victorian project. The Company has completed its maiden drill program at the Dogwood copper porphyry project and has received assays for rock chips from the Haunted Stream and Snowstorm projects.

Dogwood Drilling Update

FAU has successfully completed its maiden diamond drilling program at the EL006977 Dogwood Project. Approximately 2000m of diamond core was completed (Figure 1), comprising 14 holes across the project area targeting historical drilling, surface geochemistry signatures, magnetics and IP chargeability and resistivity anomalies. Initial core observations are highly encouraging with geological logging and sampling underway and the first batch of samples dispatched for assaying with results now pending. Drill locations are provided in Table 1.

The drilling program has highlighted a number of important structural relationships as well as confirmed a number of significant alteration zones extending > 1km across the drilling area. Alteration styles encountered across the Cu-Mo zone displayed a range of 'classic' porphyry copper alteration signatures and zonations (Figure 2), while the Au zones displayed a strong association with quartz- carbonate sulphide veined zones.

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Figure 1: Drilling Rig on location at Dogwood Project, EL006977.

Figure 2: Porphyry intersected in DGWDDH001 from 88.9m to 110m displaying disseminated, fly-speck and veined

chalcocite mineralisation.

Initial technical observations by FAU's Geologist's from the drilling include:

• A Porphyritic Intrusion unit hosting both disseminated and veined sulphides was intersected in DGWDDH001 from 88.9m to 110m
• Chalcocite, Chalcopyrite, Molybdenum and Arsenopyrite, Pyrrhotite mineral vein assemblages were observed within selective intervals of drill core
• The drilling intersected Phyllic, Propylitic and Argillic alteration while also encountering quartz- magnetite veinlets within selective intervals of core along with multiple quartz vein generations

Multiple alteration style and mineralogy was observed in the drilling with select intervals shown in Figures 3, 4 & 5.

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Figure 3: DGWDDH003 intersection @ 210.8m showing chalcopyrite veins overprinting arsenopyrite and quartz-carbonate

veins.

Figure 4: Variable sulphide mineralogy including chalcocite, chalcopyrite and pyrite sulphides observed in drillholes

DGWDDH001 - DGWDDH004 holes.

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Figure 5: Molybdenum and sulphide minerals hosted in quartz vein in DGWDDH004.

Dogwood Cu-Mo and Au Project

The Dogwood Project is situated within EL006977 and historically host to both Cu-Mo and Au anomalies that have not been followed up since the mid 1990's (Figure 6).

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Figure 6: Map of EL006977 tenement and Location of the Dogwood Cu-Mo Project against FAU's granted tenure.

Table 1 - Dogwood Drilling Collar Locations in MGA94, Zone 55 Coordinates

HOLEID	X	Y	Z	DEPTH
DGWDDH001	589581	5840970	411.1671	140.1
DGWDDH002	589581	5840970	411.1545	86.6
DGWDDH003	589627	5841166	397.9292	229.3
DGWDDH004	589627	5841166	397.9292	326.2
DGWDDH005	589639.9	5841265	400.9795	104.2
DGWDDH006	589595.9	5841101	407.275	199.5
DGWDDH007	589595.7	5841100	406.5492	135.4
DGWDDH008	589560	5840726	417.6579	268.2
DGWDDH009	590657.4	5841272	396.3862	75.9
DGWDDH010	590657.4	5841272	396.3862	77.6
DGWDDH011	590657.5	5841272	396.3608	32.5
DGWDDH012	590661.8	5841293	399.2199	101.7
DGWDDH013	590669.6	5841416	418.6196	143
DGWDDH014	590669.6	5841416	418.6196	84

Haunted Stream Face Sampling and Drilling Update

FAU has undertaken a focused face-sampling and surface sampling program in conjunction with structural mapping across underground development at Haunted Stream to refine its drill targets.

In addition, underground rehabilitation is ongoing at the Lone Hand ahead of a planned underground diamond drilling program to test the down plunge potential of the system of reefs across the Ernestine, Lone Hand, Excelsior to Hibernia trend (Figure 7). FAU has determined that undertaking the underground rehabilitation works so that it can drill from underground will give it the best opportunity to hit its priority targets.