First Development Resources plc has applied to surrender two of its three exploration licences, located within the Wallal gold-copper project in the Paterson Province of Western Australia.
ANOMALIES
The decision to relinquish E45/5853 and E45/5880 followed a technical review which identified the licences as non-core to the company’s exploration strategy.
First Development will focus its cash and resources on the Selta project, currently undergoing reverse circulation drilling on the priority Lander West gold target, in the Northern Territory.
The company retains the 390km2 exploration licence E45/5816, which hosts the eastern and border exploration anomalies, where “targeting work” continues.
In October 2025, DDH1 Drilling Ltd completed the “most technically difficult phase” in the licence’s first drill hole.
Chief executive officer Tristan Pottas added: “The decision to surrender these non-core licences reflects our disciplined approach to portfolio management and capital allocation.
“By streamlining our exploration portfolio, we are able to focus our technical and financial resources on the opportunities we believe offer the greatest potential to deliver long-term shareholder value.”
As at 15 July 2026, Power Metal Resources plc holds a 33.04% stake in First Development, having initially acquired an 83.33% interest towards the end of 2021.