First Au (ASX:FAU) announced a major strategic pivot, transitioning to a simplified, Australia-centric business model to improve market relevance and valuation clarity.
The company is exiting its joint venture interest in the Nimba Gold Project in Liberia, effectively eliminating offshore operating risks and ongoing funding obligations.
Under the exit terms, First Au will exchange its 35% stake in 79 Resources for a 2% net smelter return royalty, preserving future upside without further capital commitment.
The board's renewed focus will center exclusively on Western Australian gold, specifically its 100%-owned Gimlet Gold Project near Kalgoorlie.
Management noted that WA assets typically command a valuation premium on the ASX due to jurisdictional certainty and established infrastructure.
The "deliberate reset" aims to align the company with investor preferences for domestic projects that offer proven pathways from exploration to production.
To support this new direction, the company has overhauled its leadership.
Daniel Raihani has transitioned to executive chairman, while Piers Lewis, a corporate advisory veteran with 25 years of experience, joins the board as a non-executive director.
Following the resignation of Nicholas Smithson, the restructured board will prioritise immediate exploration programs at Gimlet and evaluate additional opportunities within Western Australia.