Application to Surrender Non-Core Wallal Licences
First Development Resources PLC
15 July 2026
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15 July 2026
First Development Resources plc
('First Development", "FDR" or the "Company')
Application to Surrender Non-Core Wallal Exploration Licences
First Development Resources plc (AIM: FDR), the Australian-focused exploration company, announces that it has lodged applications to voluntarily surrender Exploration Licences E45/5853 and E45/5880, located within the Wallal Project in the Paterson Province of Western Australia.
The applications form part of the Company's ongoing portfolio optimisation strategy following a technical review of its exploration assets. The two out of three licences comprising the Wallal Project have been identified as non-core to the Company's current exploration strategy, allowing the Company to focus exploration expenditure on its flagship Selta Project in the Northern Territory, including the Phase I Reverse Circulation ("RC") drilling programme at the Lander West Gold Target, together with its assets within the Wallal Project, including Exploration Licence E45/5816, which hosts the Company's Eastern and Border exploration anomalies.
The surrender of the two non-core licences will reduce future holding costs while reinforcing the Company's disciplined approach to capital allocation across its exploration portfolio.
The surrender applications have been lodged with the Western Australian Department of Mines, Petroleum and Exploration and will become effective upon completion of the statutory surrender process.
Tristan Pottas, Chief Executive Officer, commented:
"The decision to surrender these non-core licences reflects our disciplined approach to portfolio management and capital allocation. Following a comprehensive technical review, we concluded that these tenements no longer form part of our core exploration strategy.
By streamlining our exploration portfolio, we are able to focus our technical and financial resources on the opportunities we believe offer the greatest potential to deliver long-term shareholder value. With our maiden RC drilling programme now underway at the flagship Lander West Gold Target, our immediate priority is the successful execution of the Phase I RC drilling programme, while continuing to advance our targeting work within the Wallal Project."
For further information visit www.firstdevelopmentresources.com or contact the following:
|
First Development Resources plc Tristan Pottas (CEO) |
Tel: +44 (0) 20 3778 1397 |
|
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Asia Szusciak |
Tel: +44 (0) 20 7628 3396 |
|
SI Capital Limited Broker Nick Emerson |
Tel: +44 (0) 1483 413 500 |
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 is an Australian-focused exploration company with a portfolio of highly prospective exploration projects in Western Australia and the Northern Territory, targeting copper, gold, uranium, rare earth elements and lithium.
The Company's portfolio includes the Wallal Project in the Paterson Province of Western Australia, where Exploration Licence E45/5816 hosts the Company's Eastern and Border exploration anomalies, together with its flagship Selta Project in the Northern Territory, where the Company is currently undertaking its maiden Phase I RC drilling programme at the Lander West Gold Target.
The Company's assets range from drill-ready opportunities through to earlier-stage exploration projects, providing exposure to multiple commodities across proven Australian mineral provinces. In parallel with advancing its existing portfolio, FDR continues to evaluate opportunities to expand through the acquisition of high-quality early-stage exploration projects in Australia.
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