Operational Update – Selta Project

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17 March 2026

First Development Resources plc

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

Operational Update - Selta Project, Northern Territory

First Development Resources plc (AIM: FDR), the UK-based, Australia-focused exploration company with mineral interests in Western Australia and the Northern Territory, is pleased to provide an operational update for its Selta Project ("Selta" or the "Project") located in the Aileron Province of Australia's Northern Territory.

HIGHLIGHTS

·    Lander West Gold Target - GAIP Survey - GAIP geophysical survey at the Lander West gold target approximately 50% complete, with fieldwork expected to resume in early April following weather-related suspension in Central Australia.

·    Data-Driven Drill Targeting - Integrated interpretation of GAIP, aeromagnetic, radiometric, and geochemical data is underway. Early results are already guiding design and prioritisation of future air core drilling and reverse circulation drilling programmes at Lander West.

·    Permitting and Government Support - Environmental (Mining) Permit applied for in February 2026, with determination expected in Q2 2026. Co-funding from the Northern Territory Government's Resourcing the Territory 'Geophysics and Drilling Collaborations' ("GDC") programme is being pursued to offset exploration costs.

·    Lithium and Rare-Earth Exploration - UAV magnetic geophysics survey scheduled for May 2026 over Hawkshead lithium-REE target to identify pegmatite structures. REE exploration at West Nintabrinna and Ingallan continues, with fieldwork planned for Q3 2026.

Tristan Pottas, Chief Executive Officer of FDR, commented:

"We are advancing the Selta Project with real momentum. The GAIP survey at Lander West will recommence soon, and the integrated analysis of our geophysical and geochemical data is already sharpening our drill targets. With an Environmental (Mining) Permit application underway, government co-funding support being pursued, and new lithium and rare-earth opportunities being actively explored, we are positioned to unlock multiple high-potential mineral targets across Selta.

Our disciplined, data-driven approach ensures we maximise discovery potential while delivering cost-effective, results-focused exploration."

LANDER WEST GOLD TARGET - GRADIENT ARRAY INDUCED POLARISATION ("GAIP") SURVEY

The GAIP geophysical survey at the Lander West gold target commenced in early January 2026 and is designed to complement the previously completed high-resolution aeromagnetic and radiometric geophysical surveys. The GAIP programme aims to enhance the Company's understanding of subsurface geology and structural architecture across the target area, supporting the refinement of potential drill targets. Adverse weather conditions across large parts of Central Australia resulted in a temporary break in the GAIP survey. As a safety precaution in early February the decision was taken to pause the survey and remove the team from site. Flooding throughout the region made access tracks impassable particularly at creek crossings.  

The Company's geophysical contractor, Zonge Engineering and Research Organisation (Aust) Pty Ltd, returned to site on Friday 13 March to assess ground conditions and plan for the resumption of field operations. While weather conditions have improved, access to site remains challenging.

Subject to access conditions continuing to improve, the team expects to remobilise in early April. Approximately 50% of the survey remains to be completed and is expected to take around two to three weeks.

DRILL TARGET REFINEMENT

The results from the GAIP survey will be integrated with the geophysical results from the Aeromagnetic survey ("AMAG") and radiometric ("RAD") survey competed across the Lander West gold target in early 2026. Interpretation and three-dimensional inversion modelling of the integrated AMAG / RAD, GAIP survey results and geochemical datasets is underway, and this information is already informing key areas for follow-up exploration planning, including the design and prioritisation of future air core ("AC") and reverse circulation ("RC") drilling programmes at Lander West. This systematic, data-driven approach is intended to maximise discovery potential while maintaining a disciplined and cost-effective exploration strategy over such a large gold target area.

ENVIRONMENTAL (MINING) PERMIT APPLICATION

An Environmental (Mining) Permit ("EMP") in the Northern Territory, Australia, is a regulatory approval that enables a company to undertake ground disturbing mineral exploration or mining activities in compliance with environmental management requirements. Issued under the Mining Management Act 2001 and administered by the Northern Territory Department of Mining and Energy, the permit requires companies to submit and maintain an approved Mining Management Plan outlining proposed activities, environmental impact mitigation measures, and site rehabilitation commitments. Mineral exploration companies must obtain this approval before commencing on-ground activities to ensure operations are conducted in a manner that minimises environmental disturbance and protects land, water, ecosystems, and cultural heritage within the Northern Territory. FDR applied for an EMP in February 2026, the application included proposed drill locations and access tracks at the Lander West gold target. The Company expects to receive determination of its application in Q2 2026.

DRILLING CONTRACTOR SELECTION

The Company has approached drilling contractors to provide quotations for the proposed Lander West gold drilling programme. Proposals are being reviewed by the Company.

NORTHERN TERRITORY GOVERNMENT GRANT PROGRAMMES

To support the planned drilling programme at Lander West, the Company is preparing an application to seek co-funding from the Northern Territory Government as part of the Resourcing the Territory 'Geophysics and Drilling Collaborations' grant programme. The programme is a Northern Territory Government initiative that provides co-funding to support mineral exploration drilling and geophysical programmes across the Northern Territory. Delivered through the Northern Territory Geological Survey under the broader Resourcing the Territory Programme, the programme typically funds up to 50% of eligible drilling and geophysical survey costs, helping reduce the financial risk of early-stage exploration and encouraging companies to test new mineral targets. ¹

HAWKSHEAD LITHIUM TARGET

The Hawkshead lithium-caesium-tantalum ("LCT") and rare earth element ("REE") target was identified following a desktop study undertaken by the Company, which built upon previous exploration activities and incorporated additional open-file geological data. The study generated several prospective targets across the project area, including Hawkshead, which are referenced in the Competent Person's Report forming part of the Company's Admission Document.

The Company has engaged Pegasus Airborne Systems Pty Ltd to complete an unmanned airborne vehicle ("UAV") magnetic ("UAV-Mag") survey over the Hawkshead lithium-REE target within its tenements in the Northern Territory. The survey, which is scheduled to take place in May 2026 (weather permitting), will be conducted immediately adjacent to a recently identified lithium prospect on neighbouring ground held by iTech Minerals Ltd ("iTech"), which is currently the subject of a farm-in agreement with Sociedad Química y Minera de Chile (SQM). The survey is designed to improve geological understanding of the project area and to identify and map pegmatite bodies that may host LCT mineralisation. High-resolution magnetic data will assist in tracing prospective pegmatite structures away from the parent granite where they may have undergone greater fractionation and therefore increased Li enrichment, providing priority targets for future field sampling and drilling. The programme can be undertaken under existing approvals and, subject to final planning, may be coordinated with a similar survey planned by iTech to optimise mobilisation costs and enhance regional geological interpretation.

RARE-EARTH ELEMENT EXPLORATION UPDATE

On 19 February 2026 the Company announced results and interpretation from the December 2025 stream sediment sampling programme completed across the West Nintabrinna and Ingallan rare-earth element target areas. Geochemical analysis returned encouraging results for total rare-earth elements and yttrium (TREE+Y) of up to 2,103 ppm and allowed for the further refinement and prioritisation of exploration targets.  The announcement can be accessed via the link below:

Selta Project - Exploration Update - 07:00:02 19 Feb 2026 - FDR News article | London Stock Exchange

The Company intends to undertake detailed geological mapping across the Peake Bore and Tourmaline refined target areas, conduct systematic rock-chip sampling of identified outcrops, and complete additional targeted geochemical work where appropriate. Planned high-resolution geophysical data will also be evaluated to assist in drill target definition, with a view to progressing toward potential drilling, subject to results. Alongside gold at Lander West, REE exploration remains central to the Company's strategy at Selta, with fieldwork expected to take place in Q3 2026.

NEW EXPLORATION LICENCE APPLICATION

In February 2026, the Company submitted an application for a new Exploration Licence immediately south of its existing EL 32738 and adjacent to iTech Minerals' EL 32888, near the Reynolds Range Project (Figure 1). The application area encompasses ground proximal to multiple known gold occurrences, including Yataghan South, Lander 1, Falchion, Sabre North, and Sabre, with favourable structural and geological continuity supporting its high gold prospectivity.

Planned exploration for when awarded will target the interpreted continuation of the Stafford Gold Trend, focusing on structurally controlled, shear-hosted, and intrusion-related gold mineralisation. Priority targets have been identified through integration of historical drilling, geological mapping, aeromagnetic data, and surface geochemistry.

Initial exploration will include refinement of geological and structural interpretations, reconnaissance mapping, and targeted surface geochemical sampling (soil, lag, and rock-chip) to test priority trends. Follow-up programmes may involve infill sampling, detailed mapping, geophysical surveys, and potential drilling, staged in a results-driven manner.

All activities will be conducted in accordance with Northern Territory regulatory requirements and best-practice environmental management.

Figure 1: New Exploration Licence Application, Selta Project, Northern Territory, Australia

References

1              Geophysics and Drilling Collaborations (GDC) is a competitive grants programme funded by the Northern Territory Government's $9.5 million per annum Resourcing the Territory programme and is administered by the Northern Territory Geological Survey (NTGS). For more information see https://resourcingtheterritory.nt.gov.au/gdc

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

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.