First Au Limited advised that all conditions precedent for the Talga Joint Venture and Farm-in agreement with Octava Minerals Limited have now been satisfied, including Octava receiving confirmation from ASX that it will admit Octava to the Official List of ASX, subject to typical administrative and completion conditions. Octava is anticipated to commence trading on the ASX on Friday 16 September 2022. Octava has made a cash payment to FAU for $180,000 as reimbursement for prior expenditure per the terms of the agreement, for which Octava has obtained an unencumbered initial 10% interest in the Talga project.

Following this, Octava will be able to earn up to an 80% interest in the Talga project by spending up to $900,000 over a three-year period. The completion of the transaction and commencement of the agreement will allow FAU to continue its focus, expenditure and efforts on the exploration of Victorian Goldfields Project (VicGold) located in the East Gippsland, Victoria and the Gimlet Gold Project (Gimlet) located near Kalgoorlie, Western Australia. FAU will retain a free carried interest in the Talga project, while having no expenditure commitments, allowing the Company to retain upside to any exploration success at the project.

The Talga project will initially be the primary focus of Octava's exploration, who will be targeting lithium and gold. Historically, there has been minimal exploration conducted for lithium on the project ground, however the recent recognition of other projects in the area, including Global Lithium's Archer Lithium Deposit (Inferred Mineral Resource of 10.5Mt @ 1% Li20) have highlighted the potential for Talga to host lithium mineralisation. Historical exploration works have identified pegmatites within the southern part of the Talga tenements which highlight the lithium prospectivity.