First Au : Successful Drilling Completed at Snowstorm Project

First Au Limited (ASX: FAU)

1 April 2022

Hole ID	Intersection
SNDDHP2004	1.2m @ 5.82 g/t Au from 62.3m including 0.4m @ 12.35 g/t Au from 62.3m
SNDDHP2006	0.2m @ 5.91 g/t Au from 33.8m
SNDDHP2007	0.5m @ 7.64 g/t Au from 10.8m
SNDDHP2009	0.2m @ 23.2 g/t Au from 8.8m
SNDDHP2010	0.3m @ 23.9 g/t Au from 14.8m
SNDDHP2012	4.8m (true width) @ 5.8 g/t Au from 54.7m, including 0.5m @ 16.15 g/t Au
from 56.7m
1.4m @ 5.99 g/t Au from 77.1m, including 0.5m @ 9.08 g/t Au from 78m
SNDDHP2014	0.55m @ 8.33 g/t Au from 61.2m
1.2m @ 3.02g/t Au from 65m, including 0.1m @ 22.6 g/t Au from 67.3m
First Au Limited ACN 000 332 918

Successful Drilling Completed at Snowstorm Project, Victoria

Highlights

• • Further high-grade assays highlight the consistency and extent of gold mineralisation across the Snowstorm project area which remains open along strike and at depth

• • New results include 4.8m (true width) @ 5.8 g/t Au, 1.2m @ 5.82 g/t Au and 0.2m@ 23.2 g/t

• • FAU will now examine the economic potential through bulk sampling of underground material to understand geological controls of mineralisation and metallurgical properties

• • Sampling will focus on mineralised zones identified from the two drill campaigns FAU has undertaken

• • Recent tenement granting of EL007335 adjacent to the current project area presents opportunity to expand the potential of the project

First Au Limited (ASX:FAU OTCQB: FRSAF) ("First Au" or "the Company") is pleased to announce assay results from the remaining drillholes from the recently completed program at the Snowstorm project, East Gippsland, Victoria. The new results account for the final 11 holes of 14-hole program, drilling completed February 2022.

The second drill program at the Snowstorm project has successfully been completed. The program focused on extending a mineralised envelope around results from the maiden program completed in 2021, which included intersections of 3.1m @ 11.6 g/t Au (SNDDH002)2, including 0.8m @ 33.3 g/t Au (Figure 2)3, 1.5m @ 10.7 g/t Au from 65m (SNDDH007)3 and 1.2m @ 8.5 g/t Au from 63m (SNDDH001)3.

Significant results from the assays continue to demonstrate robust mineralised intervals at the Snowstorm project. Selected results are shown below. Details of other results are set out in the Table 1 accompanying this announcement:

Registered Office: Level 1 / 123 Whitehorse Road, Balwyn Vic. 3103 Australia. Telephone [phone]

Facsimile 03 9817 0799 Website: www.firstau.com Email:[e-mail]

The completed drill program demonstrates an extensive mineralised system exists at Snowstorm and remains open along strike and at depth. The program was designed to test the mineralisation across the project, focusing on the mineralised zones from the maiden program.

These new results support the previously reported results as part of this program which were announced to ASX on 14 January 20221, and produced the following intersections:

Hole ID

Intersection

SNDDHP2001	1.65m @ 1.5 g/t Au from 38.5m
6.4m @ 4.1 g/t Au from 28.5m including 0.2m @ 59.2 g/t Au from 29.3m and
SNDDHP2002
0.85m @ 9.6 g/t Au from 33.15m
3.6m @ 5.3 g/t Au from 60.9m including 0.4m @ 23.8 g/t Au from 63.15m
SNDDHP2003
1.7m @ 1.1 g/t Au from 76m

Assay results of drill-core indicate the presence of persistent gold mineralisation adjacent and underneath existing underground workings on Snowstorm prospecting licence PL007319, as well as along strike to the north-west on adjoining exploration licence EL5505. The completion of drilling to date indicates mineralisation over widths of up to 2.6m of quartz veining and mineralised quartz breccia at a depth approximately 20m below the existing workings (Figure 1).

Figure 1: LIDAR Plan View of Snowstorm Project showing trace of all drill-holes completed to date

Next phase of work at Snowstorm

With the receipt of consistent assays across mineralised zones, First AU is encouraged to undertake the next stage of exploration and proceed to develop a bulk sampling program. Preliminary polygonal mineralised 3D blocks were defined using drill intercepts along the targeted shear zone worked previously within the adit (Figure 3).

Figure 2: SNDDH002 Phase 1 mineralised intersection from 53.3m2.

The planned development is designed around the target mineralised 3D blocks (Figure 3) that will access the SNDDH002 intersection (3.1m @ 11.6 g/t Au, including 0.8m @ 33.3 g/t Au2), SNDDHP2003 intersection (3.6m @ 5.3 g/t Au from 60.9m including 0.4m @ 23.8 g/t Au from 63.15m and 1.7m @ 1.1 g/t Au from 76m3) and SNDDH2004 intersection (1.2m @ 5.82 g/t Au including 0.4m @ 12.35g/t Au).

Figure 3: Preliminary polygonal 3D mineralised zones (red outlines) at Snowstorm underneath existing adit (blue)

The underground bulk sampling proposal aims to determine a more detailed understanding of the geological controls, framework, and metallurgical characteristics of the ore, and will assist in establishing a more accurate assessment of the economic potential at Snowstorm. The bulk sampling proposal will focus on mineralisation hosted specifically within the lower zone (proximal to the existing adit), as illustrated in Figure 4. Figures 5 and 6 which demonstrate the mineralised wireframes the bulk sampling will potentially target.

Assessment is also underway to determine if further bulk sampling is warranted in the upper zone (see Figure 4), which also shows consistent mineralisation. Specifically, 4.8m @ 5.8 g/t from 54.7m, including 0.5m @ 16.15 g/t Au from 56.7m and 1.4m @ 5.99 g/t from 77.1m, including 0.5m @ 9.08 g/t from 78m in SNDDHP2012, and 0.55m @ 8.33 g/t from 61.2m and 1.2m @ 3.02 g/t from 65m including 0.1m @ 22.6 g/t from 67.3m in SNDDHP2014. These results in the upper zone demonstrate both a well mineralised hanging-wall zone and mineralised footwall zone, and that it remains open to the west and at depth. There has been no drilling between the upper and lower zones and, accordingly, that will be the focus of a future drill program as we seek to define a potential mineral resource for Snowstorm.

The process to apply for and receive approval from Earth Resources and Regulation to undertake the proposed bulk sampling program is expected to take approximately 12-months. Whilst awaiting such approval, the Company will be turning its focus to the Dogwood project and Haunted Stream projects.

Figure 4: Mineralised system open along strike (yellow arrow) and depth at Snowstorm (Coordinate in MGA94 Zone 55)1,4

Also evident is historic rock-chip sampling along strike showing mineralisation at surface continues along strike from the drill results for SNDDHP2012, located in the Upper Zone. Theseare significant as it indicates a broad (24m wide) quartz-breccia envelope with well mineralised hanging-wall and footwall zones that are open in depth and along strike to the west for at least 190m (Figures 7 & 8). There has been no known drilling on the structure west of the intersection in SNDDHP2012.

Figure 5: Plan view of drilling and preliminary mineralised wireframes at the Lower Zone . Coordinates in MGA94 Zone 55 projection