First Au signs binding deal to buy Ida Valley gold project Located on the Ballard Fault near the Ida Fault junction · Mining Technology Shree Mishra Tue, October 13, 2026 at 6:49 AM EDT FAU.AX +5.56% GC=F +0.33% TG1.AX 0.00% First Au has signed a binding agreement to acquire the Ida Valley Project, consisting of two gold exploration tenements in Western Australia (WA).
The tenements, currently held by TechGen Metals, lie within the Ida Fault district and include the Ida Valley (E 29/1053) and Pinnacles (E 36/1015) prospects.
The acquisition deal involves a cash payment of $69,690 (A$100,000), described as an exclusivity fee, and A$100,000 in First Au shares.
The price for the shares will be determined by the volume-weighted average price of First Au shares during the 15 trading days before the date of completion.
Completion of the sale also depends on customary shareholder, regulatory and third-party approvals, as well as any necessary ministerial consents.
The company expects these conditions to be met shortly after a general meeting.
First Au said the agreement contains warranties, indemnities and other typical contractual terms for a transaction of this nature.
A key component of the Ida Valley Project is a substantial historical drilling database covering both the Ida Valley and Pinnacles prospects.
First Au intends to review and validate this data with the aim of establishing a maiden Joint Ore Reserves Committee-compliant mineral resource.
The company said the availability of this exploration information is expected to reduce the need for early stage exploration and help focus near-term spending on data validation and targeted activities.
First Au executive chairman Daniel Raihani said: "The acquisition of highly prospective exploration tenure in the Eastern Goldfields region from TechGen Metals continues the company's strategy to further build and develop our existing project hubs with strategically placed acquisitions.
"Ida Valley attracted us due to its relatively well-progressed exploration activity and strong potential for further development."
Located on the Ballard Fault, near its junction with the Ida Fault, the project area is reported to host successions of komatiite and porphyry units, along with metamorphosed sedimentary inclusions.
First Au said previous drilling at both licences, E 29/1053 and E 36/1015, had advanced exploration prospects and will allow for further targeted work.
Last month, First Au announced the proposed acquisition of Javelin Minerals through an all-scrip, off-market takeover offer, which would combine the companies' respective gold projects in the Eastern Goldfields region of WA.
"First Au signs binding deal to buy Ida Valley gold project" was originally created and published by Mining Technology, a GlobalData owned brand.
