Interim Results

26 March 2026

First Development Resources PLC

("FDR" or the "Company")

Interim Results

First Development Resources PLC (LON: FDR), the AIM quoted metals exploration company, announces its unaudited interim results for the six-month period ended 31 December 2025 (the "Period").

KEY DEVELOPMENTS IN THE PERIOD TO 31 DECEMBER 2025

The six-month period to 31 December 2025 represents a transformational phase for First Development Resources PLC, highlighted by the Company's successful Admission to the AIM segment of the London Stock Exchange in July 2025 raising £2.3 million before expenses (the "IPO"). Admission marked a significant milestone, providing access to international growth capital and establishing a strong public market platform from which to advance our Australian exploration portfolio.

In October 2025, the Company successfully raised a further £1.0 million in response to market demand through an oversubscribed placing. The placing materially strengthened the balance sheet and enabled the continued systematic progression of our priority assets, while maintaining a disciplined and capital-efficient exploration strategy.

Proceeds from the IPO and subsequent placing were promptly deployed across the Company's exploration portfolio. Key operational highlights during the period included:

·    Completion of the Phase I diamond drilling programme at the Eastern Anomaly within the Wallal Project, Paterson Province, Western Australia.

·   Advancement of the gold exploration strategy at the Lander West gold target within the Selta Project, Northern Territory.

·   Acceleration of rare-earth element (REE) exploration at Selta, with focused targeting at the high-priority West Nintabrinna and Ingallan prospects.

Together, these activities reflect the Company's commitment to systematic exploration, disciplined capital allocation and the advancement of drill-ready targets capable of delivering sustainable shareholder value.

KEY DEVELOPMENTS SINCE 31 DECEMBER 2025

Subsequent to the reporting period, exploration activities have accelerated at the Company's Selta Project in the Northern Territory, Australia, with a focus on advancing structural understanding at the Lander West gold target.

The Company commissioned a high-resolution aeromagnetic ("AMAG") and radiometric ("RAD") survey, delivering detailed imaging of subsurface structures and lithological variations across the Lander West prospect. The results are being integrated with data from the ongoing Gradient Array Induced Polarisation ("GAIP") survey to refine and prioritise drill targets. The GAIP programme is expected to be completed in Q2 2026.

To support the next phase of exploration, the Company has submitted an application for an Environmental (Mining) Permit ("EMP") to the Northern Territory Government. Approval of the EMP will permit ground-disturbing exploration activities, including drilling, to test priority gold targets identified at Lander West.

In February 2026, the Company reported the results of the December 2025 rare-earth element ("REE") stream sediment sampling programme at Selta. The programme returned encouraging results including 2,103 ppm total rare-earth elements + yttrium ("TREE+Y") at West Nintabrinna - the strongest REE result recorded at the Project to date. Coherent multi-sample anomalism and supporting geological indicators suggest the presence of a fertile intrusive system. The dataset has materially refined exploration targeting at both West Nintabrinna and Ingallan, reducing the priority search area by approximately 85% and establishing a clear pathway toward drill testing through detailed mapping, systematic rock-chip sampling and targeted geophysics.

In March 2026, the Company announced its intention to commence exploration activities at the Hawkshead lithium and rare earth element target within the Selta Project. A high-resolution unmanned aerial vehicle magnetic ("UAV-Mag") survey has been commissioned, with execution planned for May 2026, subject to weather conditions. The survey area lies immediately adjacent to a recently identified lithium prospect on neighbouring tenure held by iTech Minerals Ltd, which is currently subject to a farm-in agreement with Sociedad Química y Minera de Chile.

The UAV-Mag survey is designed to enhance the Company's geological understanding of the project area and to assist in the identification and delineation of pegmatite bodies prospective for lithium-caesium-tantalum ("LCT") mineralisation.

The Northern Territory remains a key focus for the Company, which continues to advance its exploration strategy at Selta while maintaining close engagement with governmental and regulatory stakeholders to ensure efficient permitting and compliance.

In Western Australia, the Company has applied for three new Exploration Licences located immediately east of its existing Wallal Project tenure. The applications cover ground previously held by Rio Tinto and are currently being assessed by the Western Australian Department of Mines, Petroleum and Exploration to ensure compliance with regulatory, environmental and land access requirements.

In parallel, the Company is engaging with relevant Traditional Owner groups in accordance with the Aboriginal Heritage Act and Native Title Act consultation processes. All future exploration activities are contingent on the requisite statutory approvals (including Native Title and heritage clearences on commercially viable terms) being secured in conjunction with agreeing proportionate access rights encompassing a framework suitable for such initial exploration activities and beyond in the event of a discovery.

If granted, the additional licences will strengthen the Company's landholding in the Paterson Province. The Company may elect to relinquish less prospective areas within its existing tenure to focus on higher-priority targets, thereby optimising capital allocation and enhancing the potential for discovery.

FINANCIAL HIGHLIGHTS FOR THE PERIOD TO 31 DECEMBER 2025

·      Loss for the Period of £926k (31 Dec 2024: £176k), resulting in loss per share of 0.83 pence (2024: 0.25 pence). The increase in loss for the period is primarily due to personnel costs, costs associated with the admission to AIM and general corporate overheads;

·      Total funds raised of £3,300k in the Period;

·      Total assets of £5,900k at the Period end (30 June 2025: £3,758k); and

·      Net assets of £5,567k at the Period end (30 June 2025: £2,750k).

Tristan Pottas, CEO, commented: "It has been a transformational period for the Company with our successful IPO in July. Since Admission we have made significant progress in understanding our licences and obtaining data to inform or next drilling works scheduled for later this year. In parallel we have sought to expand our licence portfolio improving the overall prospectivity of our portfolio. In doing so we have been prudent with our exploration expenditure and remain well funded for the proposed exploration programmes to come during the remainder of 2026. On behalf of the whole board I would like to welcome new shareholders and together with existing shareholders thank them for their ongoing support."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The Directors of the Company are responsible for the contents of this announcement.

For further information please visit First Development https://firstdevelopmentresources.com/ or contact:

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.

FIRST DEVELOPMENT RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

FIRST DEVELOPMENT RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025