First Development Resources plc has sold two non-core projects in Western Australia, allowing it to concentrate on its polymetal assets in the Northern Territory.
The binding agreement for Braeside West and Ripon Hills is with Accelerate Resources Ltd, in return for 25 million of its shares, valued at AU$125,000 (£66,500), with completion due on 2 October 2026. The sale price compares with First Development’s valuation in its latest accounts of approximately £50,000.
The company retains the Wallal copper-gold project in the Paterson Province of Western Australia.
Power Metal Resources, with a 33.04% interest, is the largest shareholder in First Development.
First Development chief executive officer Tristan Pottas said the sale reflected the company’s evolving strategy, adding: “The work completed this year has materially advanced our understanding of the Northern Territory licence position.
“Rather than viewing the licences solely through the historic Selta project umbrella, we increasingly see a number of distinct exploration opportunities, led by Lander West gold and copper, alongside separate REE [rare earth elements] targets and a potential uranium opportunity.
“Lander West is the most advanced of these opportunities and preparations are progressing in line with the planned deployment of field teams during October.
“More broadly, our objective is to advance each Northern Territory opportunity through a disciplined, data-driven programme while continuing to evaluate external opportunities capable of strengthening FDR’s project pipeline.”
Work in 2026 at Lander West has involved around 4,200 line-km of airborne magnetic and radiometric geophysical surveys, gradient array induced polarisation (GAIP) surveys, geological mapping, geochemical sampling and inaugural reverse circulation drilling across the company’s Northern Territory portfolio.
The company stated it continued to assess other opportunities to add to its portfolio.