Selta Project – Completion of GAIP Survey

First Development Resources PLC

22 April 2026

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

22 April 2026

First Development Resources plc

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

Selta Project - Completion of GAIP Survey at Lander West Gold Target

First Development Resources plc (AIM: FDR), the UK-based, Australia-focused exploration company, is pleased to announce the successful completion of a refined Gradient Array Induced Polarisation ("GAIP") geophysical survey at its Lander West gold target, part of the Company's 100%-owned Selta Project in Australia's Northern Territory.

The GAIP survey represents the final stage in FDR's structured and systematic exploration programme at Lander West. Integration of this dataset with previously completed aeromagnetic ("AMAG") and radiometric ("RAD") surveys is now underway, with the objective of refining high-priority reverse circulation ("RC") drill targets along the prospective Stafford Gold Trend.

In parallel, the Company has submitted an application for co-funding under Round 19 of the Northern Territory Government's Geophysics and Drilling Collaborations ("GDC") Programme¹ to support the planned drilling campaign.

HIGHLIGHTS

·    Refined GAIP survey successfully completed at Lander West, marking the final step in FDR's multi-layered exploration strategy

·    Integration of GAIP, AMAG and radiometric datasets underway to refine high-confidence RC drill targets

·    Target generation focused along the regionally significant Stafford Gold Trend

·    Application submitted to the Northern Territory Government's GDC Programme, for potential non-dilutive co-funding for drilling

Tristan Pottas, Chief Executive Officer of FDR, commented:

"Completion of the GAIP survey marks an important milestone at Lander West and concludes our systematic exploration approach across the Stafford Gold Trend.

With aeromagnetic, radiometric and now GAIP datasets in place, we are progressing to the key stage of refining and prioritising RC drill targets.

In parallel, our application to the Northern Territory's GDC Programme reflects our disciplined, capital-efficient approach to exploration, with potential co-funding providing an opportunity to support our drilling plans."

STRATEGIC EXPLORATION PROGRESSION

The GAIP survey (Figure 1) was designed in collaboration with Perth-based geophysical consultants Resource Potentials Pty Ltd and completed by Zonge Engineering & Research Organisation (Aust) Pty Ltd. It represents the final component of a multi-disciplinary exploration programme, following the successful acquisition and interpretation of high-resolution aeromagnetic and radiometric data.

Gradient Array Induced Polarisation is an advanced geophysical technique used to measure variations in subsurface chargeability and resistivity. These characteristics can indicate the presence of disseminated sulphide minerals, which are commonly associated with gold mineralisation systems. As such, GAIP surveys are particularly effective in identifying concealed mineralised zones and structural features beneath surface cover.

At Lander West, the survey has been deployed to enhance understanding of subsurface geology and structural architecture along the Stafford Gold Trend, where earlier geophysical datasets had already identified prospective features. The addition of GAIP data provides a critical layer of information, enabling improved delineation of potential mineralised systems and more confident prioritisation of drill targets.

FDR's structured exploration approach-progressing from desktop studies of historical data, through regional-scale aeromagnetic and radiometric surveys, to targeted IP geophysics-has enabled the Company to progressively refine its exploration model. The integration of these datasets is expected to significantly enhance drill targeting accuracy and increase the probability of exploration success.

Figure 1: Lander West Gold Target GAIP survey locations over greyscale high-resolution aeromagnetic data, Selta Project, Northern Territory

GEOPHYSCIS AND DRILLING COLLABORATION PROGRAMME APPLICATION

FDR confirms that it has submitted an application under Round 19 of the Northern Territory Government's Geophysics and Drilling Collaborations Programme.

The programme provides matched co-funding for exploration activities, including drilling, offering junior exploration companies the opportunity to reduce costs while expanding programme scope. Successful applications are also subject to independent technical assessment, providing additional external validation of project quality.

FDR's application is focused on supporting the planned RC drilling programme at Lander West.

The Company will provide further updates on the integration of geophysical data, drill targeting progress, and the outcome of its GDC Programme application in due course.

REFERENCES

1.    Northern Territory Geological Survey Geophysics and Drilling Collaborations Program Guidelines Round 19 2026-27

GLOSSARY

Term	Definition
Aeromagnetic (AMAG) survey	An airborne geophysical survey that measures variations in the Earth's magnetic field to map subsurface geology and structures.
Geophysical survey	A method of measuring physical property changes in the Earth, such as magnetism, gravity, or electrical conductivity, to identify subsurface geological rock units, structures and potential mineral deposits.
Gradient Array Induced Polarisation (GAIP) survey	A geophysical survey method that maps anomalies caused by subsurface geology and mineralisation by measuring electrical properties of the ground. GAIP helps identify and prioritise prospective gold targets for follow-up exploration and drilling.
Mineralisation	The process by which valuable minerals are formed and concentrated in rocks, creating zones that may be mined for metals or other resources.
Radiometric (RAD) survey	Measures natural gamma radiation from rocks and regolith related to potassium (K), thorium (Th) and uranium (U) concentrations in the surface outcrop to highlight areas altered by minerals, helping pinpoint potential gold and other deposits.
Reverse Circulation (RC) Drilling	A standard exploration drilling approach that produces clean samples for assessing mineral deposits.
Stafford Gold Trend	A regionally significant mineralised corridor in the Northern Territory, Australia, known for hosting gold and high-grade antimony deposits, which provides structural and geological continuity for exploration targets like Lander West.
Structural feature	A geological break or deformation in rocks such as faults, shear zones, or folds.

For further information visit www.firstdevelopmentresources.com or contact the following:

First Development Resources plc Tristan Pottas (CEO)	Tel: [phone]
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Asia Szusciak	Tel: [phone]
SI Capital Limited Broker Nick Emerson	Tel: [phone]

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

ABOUT FIRST DEVELOPMENT RESOURCES

First Development Resources' assets comprise eight granted tenements covering a total area of 2,314.4km². Five of the tenements, comprising three prospective copper-gold projects, are located in Western Australia (WA) while the remaining three tenements, comprising a rare-earth element (REE), uranium, lithium and gold project, are located in the Australian's Northern Territory. All tenements are wholly owned by FDR. The assets are a mixture of drill ready and earlier stage exploration.

The WA Projects include the Company's 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 Selta Project in the Northern Territory is located in an area considered highly prospective for uranium and rare-earth element mineralisation along with base and precious metal mineralisation. Numerous companies are actively exploring within the region.

Beyond the existing portfolio, FDR is actively looking to expand its portfolio through the acquisition of early-stage exploration projects in Australia.

SELTA PROJECT INDICATIVE OPERATIONAL TIMELINE

Indicative operational milestones for exploration activities at the Selta Project. Schedule subject to change.

 

END