Strategic Divestment of Non-Core WA Assets

First Development Resources PLC

29 September 2026

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29 September 2026

First Development Resources plc

(“First Development”, “FDR” or the “Company”)

Strategic Divestment of Non-Core Western Australian Assets

Equity Consideration Retains Upside as FDR Sharpens Northern Territory Focus

First Development Resources plc (AIM: FDR), the Australian-focused exploration company, is pleased to announce that it has executed binding agreements with Accelerate Resources Limited (ASX: AX8) ("Accelerate" or "AX8") for the divestment of its interests in the Braeside West and Ripon Hills Projects in Western Australia. The completion of divestment is expected to occur on 2 October 2026, subject to satisfaction of the completion obligations (the “Completion”).

Following substantial exploration activity during 2026, FDR increasingly views its Northern Territory licence position as a core portfolio of discrete exploration opportunities, led by Lander West gold and copper, alongside separate rare-earth element (“REE”) targets and a potential uranium opportunity.

HIGHLIGHTS

•Non-core WA divestment: binding agreements executed for the divestment of Braeside West (E45/5854) and Ripon Hills (E45/5088) to AX8 for 25,000,000 AX8 shares (as at the current price of AU$0.005 valued at AU$125,000), with Completion expected to occur on 2 October 2026.

•Equity consideration: the 25,000,000 fully paid ordinary AX8 shares will be issued to FDR at Completion and subject to a 12-month voluntary escrow period (the “Consideration Shares”).

•Retained upside: the equity consideration maintains exposure to potential future value from the divested projects without FDR directly funding their future exploration or the cost of keeping them in good standing.

•Northern Territory focus: capital and management resources are increasingly being directed towards FDR's 100%-owned Northern Territory licence portfolio.

•Lander West: preparations are progressing in line with the planned deployment of field teams during October, as previously announced. A further operational update will be provided when the teams are deployed.

Tristan Pottas, Chief Executive Officer, commented:

“This divestment reflects the evolution of FDR's strategy during 2026. Braeside West and Ripon Hills no longer form part of our core exploration plans and the equity-based consideration allows FDR to retain exposure to their potential future value whilst concentrating our own capital and management resources on the Northern Territory.

“The work completed this year has materially advanced our understanding of the Northern Territory licence position. Rather than viewing the licences solely through the historic Selta Project umbrella, we increasingly see a number of distinct exploration opportunities, led by Lander West gold and copper, alongside separate REE targets and a potential uranium opportunity.

“Lander West is the most advanced of these opportunities and preparations are progressing in line with the planned deployment of field teams during October. We intend to provide a standalone update when the teams are deployed, when we can set out the programme in the appropriate operational context. More broadly, our objective is to advance each Northern Territory opportunity through a disciplined, data-driven programme while continuing to evaluate external opportunities capable of strengthening FDR's project pipeline.”

TRANSACTION TERMS

Under the Tenement Sale and Purchase Agreement entered into between AX8 and FDR subsidiary companies Pardoo Resources Pty Ltd, holder of E45/5854 licence, and RH Resources Pty Ltd, holder of E45/5088 licence, and associated deeds executed on 24 September 2026, AX8 will acquire FDR's relevant interests in:

• E45/5854 – Braeside West Project; and

• E45/5088 – Ripon Hills Project.

In consideration for the transfer of the projects, AX8 will issue the Consideration Shares to FDR, as nominee of the selling FDR subsidiaries. The value of the Consideration Shares at the current price of AU$0.005 per AX8 share is AU$125,000 (approx. £66,500). Following Completion, FDR is expected to hold approximately 1.7% of AX8's enlarged issued share capital. The Consideration Shares, when issued, will be subject to a voluntary escrow period of 12-months from the date of issue. AX8 is required to lodge the tenement transfers with Revenue WA within two business days following Completion. From Completion, AX8 will assume responsibility for the projects, including their future exploration expenditure.

STRATEGIC RATIONALE AND NORTHERN TERRITORY FOCUS

The divestment forms part of FDR's ongoing strategy of actively managing its exploration portfolio and allocating capital towards the opportunities where the Board believes further work is technically justified.

During 2026, FDR has undertaken approximately 4,200 line-km of airborne magnetic and radiometric geophysical surveying, Gradient Array Induced Polarisation (“GAIP”) surveying, geological mapping, geochemical sampling and maiden RC drilling across its Northern Territory portfolio. This work has substantially increased the Company's geological understanding and is allowing FDR to define and advance a number of discrete exploration workstreams.

As this understanding has developed, the Company intends increasingly to present and advance the principal opportunities as individual exploration workstreams within its broader Northern Territory portfolio, rather than solely under the historic Selta Project umbrella.

Opportunity	Current position	Next work
Lander West – Gold & Copper	Most advanced NT workstream. Maiden RC drilling confirmed gold mineralisation in bedrock and intersected copper mineralisation.	Preparations progressing in line with the planned deployment of field teams during October. A standalone operational update will be issued when the teams are deployed.
REE Targets	Stream-sediment sampling has refined the West Nintabrinna and Ingallan areas into two priority targets: Tourmaline and Peake Bore. Coherent TREE+Y anomalism and identified intrusive features support focused follow-up exploration.	Detailed geological mapping and rock-chip sampling to assess the identified outcrops and further refine potential drill targets.
Uranium Opportunity	Earlier-stage potential uranium opportunity within the existing NT licence position.	Geological and geophysical targeting and appropriate reconnaissance to determine whether a dedicated programme is justified.

The workstreams are at different stages of maturity. FDR intends to retain a staged and capital-disciplined approach, with further expenditure directed towards opportunities that demonstrate sufficient technical merit.

​

Figure 1: Northern Territory Licences and Priority 1 and Priority 2 exploration targets.

The Company also continues to evaluate external opportunities capable of complementing the existing portfolio and strengthening its project pipeline.

WESTERN AUSTRALIAN PORTFOLIO

Following Completion, FDR will retain exposure to Braeside West and Ripon Hills through its AX8 shareholding rather than funding those projects directly. The Company also retains the Wallal Project in the Paterson Province of Western Australia, where it continues to assess the appropriate next steps.

FURTHER INFORMATION

Completion remains subject to the parties satisfying their respective completion obligations being the delivery of the executed tenement transfer documentation and the issue and allotment by AX8 of the Consideration Shares to FDR. The Braeside West and Ripon Hills projects were valued at approx. £50,000 in the Company’s latest accounts.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.

For further information visitwww.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.

Distribution: This announcement has been notified via a Regulatory Information Service and it is not authorised for distribution into North America or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction.

ABOUT FIRST DEVELOPMENT RESOURCES

First Development Resources plc (AIM: FDR) is a UK-based, Australian-focused exploration company advancing mineral exploration opportunities in the Northern Territory and Western Australia.

Its principal exploration focus is its 100%-owned Northern Territory licence portfolio, where work completed during 2026 has defined a number of discrete exploration opportunities including Lander West gold and copper, separate REE targets and a potential uranium opportunity. The Company intends to advance these opportunities through staged, data-driven exploration programmes.

FDR also retains the Wallal Project in the Paterson Province of Western Australia and actively manages its wider portfolio in accordance with its strategy of disciplined capital allocation.

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