First Development Resources plc (AIM: FDR) the UK based, Australia focused exploration company with mineral interests in Western Australia and the Northern Territory, is pleased to announce audited annual report and financial statements for the year ended 30 June 2025 (the “2025 Annual Accounts”).
The 2025 Annual Accounts, extracts of which are contained below, will shortly be available on the Company’s website at https://firstdevelopmentresources.com/investor-centre/financial-reports/
FIRST DEVELOPMENT RESOURCES PLC
CHIEF EXECUTIVE OFFICER’S REVIEW
FOR THE YEAR ENDED 30 JUNE 2025
The key focus for the Business throughout the reporting period was to complete its primary objective and secure funding to complete the Company’s IPO and gain Admission to the AIM segment of the London Stock Exchange which was achieved following a Placing to raise £2.3 million (before expenses) shortly after the reporting date on 29th July 2025.
In parallel to advancing the IPO process, the Company also maintained its Exploration Licenses in Western Australia and Australia’s Northern Territory in good standing. To facilitate exploration at the Company’s Wallal Project and Selta Project preparatory work was completed to enable the rapid deployment of funds post IPO.
Highlights from the year under review:
· Significantly advance financing strategy to support FDR’s IPO and Admission to the AIM segment of the London Stock Exchange;
· Contract negotiation with drilling contractors for rig deployment to Wallal for Phase 1 drilling programme post IPO and AIM Admission.
Corporate Developments
Financial Highlights
The Group incurred a loss for the year to 30 June 2025 of £463,000 (2024 – loss of £296,000). The loss mainly arose from salaries, professional fees and costs associated with listing on the AIM market.
Cash used in operations totalled £43,000 and investment in its mining assets totalled £89,000 (2024 – £50,000). As at 30 June 2025, the Group had a cash balance of approx. £17,000 (2024 – £12,000). At the date of this report, the Group’s cash balance was £2,034,000.
Funding Activities
Subsequent to reporting date on 29 July 2025, the Company completed a listing on the AIM market of the London Stock Exchange in conjunction with a fundraise of £2,300,000 before costs through the issue of 34,482,758 new ordinary shares at a price of 6.67p per share to new and existing shareholders. On 27 October 2025 the Company raised additional £1,000,000 before costs through the issue of 33,333,333 new ordinary shares at a price of 3p per share via a broker led placing.
Events after the year end:
For information regarding events after the reporting date see note 21 to the financial statements.
Post the Reporting Period the Company secured Admission to the AIM segment of the London Stock Exchange in conjunction with a fundraise of £2,300,000 before costs through the issue of 34,482,758 new ordinary shares to new and existing shareholders. The completion of the IPO and Admission process was a significant milestone for the Company and enabled FDR to deploy funds into its exploration portfolio. Initial exploration focused on the Phase I diamond core drilling programme at the Wallal Project in Western Australia.
Gold / copper exploration, Wallal Project, Western Australia
The Phase I diamond core drilling programme was designed in conjunction with Perth based consultancy Resource Potentials Pty Ltd (“Resource Potentials”).
The programme targeted the Proterozoic basement rocks which are believed to host the sources of the magnetic geophysical bullseye anomalies, located below several hundred metres of Permian age cover sequence. The bullseye anomalies were identified as part of an in-depth review of all geological and geophysical data associated with the Wallal project area. Three magnetic geophysical bullseye anomalies were identified in the review, the Western, Eastern and Border anomalies. The magnetic bullseye anomalies are of particular interest due to their possible geological similarities to Greatland Resources’ (LON: GGP, ASX: GGP) regionally significant Havieron discovery.
FDR’s drilling partner DDH1 Drilling Ltd mobilised to Wallal in late August 2025 and drilling operations commenced on 7th September 2025. Due to deteriorating downhole conditions at the base of the Canning Basin sedimentary sequence, the drillhole could not be advanced to the planned depth of 1,220 metres and the decision was taken 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. Despite drilling to a significant depth, the basement rock believed to host the bullseye anomaly was not intersected and the Eastern anomaly remains untested. 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.
Gold exploration, Selta Project, Northern Territory
Whilst the Phase I drilling programme was underway at Wallal, plans to commence exploration at the Company’s Selta project in the Northern Territory were being developed. Following the completion of in-depth desktop review by Resource Potentials, nine exploration targets were defined at Selta. The targets are interpreted to be prospective for gold (Au), copper (Cu), rare-earth elements (REE), uranium (U) and lithium (Li). On 20 October 2025, the Company provided an update in respect of its gold exploration strategy at Selta which included additional geophysical surveying and focused Reverse Circulation (“RC”) drilling.
High-resolution aeromagnetic surveying (“AMAG”) is now planned to be carried out over the prospective Au corridors within the Selta tenements. The AMAG survey will help delineate structural features and hydrothermal alteration zones within the metasediment-volcanic host bedrock, providing high-resolution anomaly image detail to support interpretation of potential gold mineralised trends and structures for drill testing. The AMAG survey will be completed using a low-flying fixed-wing aircraft with survey lines spaced at along 50m intervals, compared to the existing 200m AMAG survey line spacing. The AMAG survey is expected to be completed during Q4 2025.
In addition to the AMAG survey, gradient array induced polarisation (“GAIP”) surveying has been planned over four survey blocks each measuring approximately 2km x 1.5km and located over anomalous Au and pathfinder element concentrations intersected from historical drilling and anomalous rock-chip sample results. The GAIP surveying will acquire electrical resistivity data that can help map subsurface geology and structures, and chargeability data to map anomalies potentially related to disseminated sulphide minerals related to gold alteration systems and sources for the pathfinder elements which form sulphide minerals in the fresh bedrock. The GAIP, and potential survey lines of dipole-dipole IP across anomalies to get depth extents, will be integrated into a three-dimensional targeting workspace with magnetic inversion model results and drilling data to provide robust targets for planning RC drilling into key gold targets.
Strategic Placing
In late October 2025 the Company announced it had successfully raised £1,000,000 (before expenses) through an over-subscribed placing of 33,333,333 new ordinary shares. The proceeds of the Strategic Placing will be used to fast-track exploration activities to target REE and to develop drill targets for gold at the previously defined Lander West target at the Selta Project, and to secure access and permitting ahead of further drilling activities at its Wallal Project. The Placing was completed in response to the establishment by the United States of America and Australia of a Framework for securing the supply of Critical Minerals and Rare-Earth Elements to reduce the reliance on supply from China. The REE potential at Selta is central to the Company’s plans for the Selta project and this shift in geo-political policy has allowed FDR to greatly accelerate its planned REE exploration programme to properly define its potential as another world-class Australian REE project.
REE Exploration, Selta Project Northern Territory
Following completion of multiple phases of in-depth desktop review, two REE targets have been defined at Selta.
The target areas are named Ingallan and West Nintabrinna. Ingallan is considered prospective for LCT (lithium-caesium-tantalum) and REE mineralisation, while West Nintabrinna is considered prospective for REE mineralisation. Proceeds from the October 2025 Strategic Placing will be used to fund first-pass exploration targeting REE. Exploration will include Stream sediment sampling and reconnaissance mapping. The primary objective of which is to advance the understanding of surface geochemical responses associated with the underlying lithological and structural features, and to identify potential zones of mineralisation for follow-up exploration. A field team will be deployed to Selta in Q4 2025 to compete the initial work programme.
Gold / copper exploration, Wallal Project, Western Australia
The disappointing outcome of the Phase I diamond drilling programme at Wallal means the Eastern anomaly remains untested. The Eastern anomaly has all the necessary permits, approvals and site infrastructure to facilitate the drilling of another hole. By applying the experience gained from the Phase I programme and modifying the design of the drillhole, the Company and the drilling contractor believe that it will be possible to intersect the basement geology if FDR decide to redrill. Drillhole FDRDW002 ended at a depth of 917.8m but did not intersect the basement geology, as a result, the depth of the target must be taken into consideration, the Company is reviewing the other magnetic bullseye targets at Wallal. The Border anomaly may be a preferrable target due to its interpreted shallower depth relative to the Eastern anomaly. To facilitate diamond drilling at the Border anomaly an Access Agreement must first be established with a third-party and a Permit of Works obtained from the Western Australian Government. The process of acquiring the necessary permits and approvals is underway.
Outlook:
Over the coming period working capital will be deployed into the Company’s exploration portfolio. Exploration will focus on the development of gold and REE potential at the Company’s Selta project. The Company expects that through the disciplined deployment of capital, systematic and methodical exploration will develop early-stage targets across Selta with the aim of identifying drill targets to be tested at the earliest opportunity.
In parallel to the ongoing exploration at Selta, the Company is working to secure all necessary permissions and approvals to return to Wallal. The magnetic bullseye anomalies identified at Wallal remain compelling targets which the Company hope to test. Once permissions are in place, FDR plan to mobilise a drilling rig to Wallal in H1 2026.
The Company is actively looking to expand the project portfolio with the addition of new exploration opportunities.
Tristan Pottas, Chief Executive Officer
17 November 2025