First Au acquires Lady Jane Gold Project
- First Au executed a binding agreement to acquire the Lady Jane Gold Project in Western Australia.
- The acquisition structure involves up to $650,000 in upfront and deferred payments plus a royalty.
- The deal expands First Au's Riverina tenure and provides established soil sampling datasets for exploration.
First Au (ASX:FAU) has signed a binding agreement to acquire six exploration licences at the Lady Jane Gold Project from Dynamic Metals (ASX:DYM) for up to $650,000 in cash and shares.
The acquired tenure covers six exploration licences in the Ora Banda district, extending the company's existing Riverina East Gold Project footprint.
The financial terms comprise $50,000 cash on execution, $100,000 on completion, and A$50,000 deferred to the completion anniversary payable in cash or shares at the seller's choice, alongside a 1.5% gross revenue royalty.
First Au also agreed to a minimum drilling commitment of $250,000 across the expanded Riverina tenure within 24 months of completion.
Following the announcement, the First Au share price was unchanged at $0.16, while the share price of Dynamic Metals was $0.60.
The project is located near Ora Banda Mining (ASX:OBM) Davyhurst gold operations, which includes the Riverina and Sand King underground mines and Davyhurst processing plant.
