What First Development Resources Plc does

First Development Resources Plc (AIM: FDR) is a UK-incorporated, Australian-focused mineral exploration company that was spun out from Power Metal Resources PLC and admitted to the AIM market of the London Stock Exchange in July 2025, raising £2.3 million at IPO with a subsequent £1 million raise in October 2025. The company holds 100%-owned exploration interests across four early-stage project areas in tier-one Australian mining jurisdictions: the flagship Selta Project (1,575 km² across three granted exploration licences in the Aileron Province, Northern Territory) targeting gold, rare earth elements and lithium, with current focus on the Lander West gold target; the Wallal Project (572 km² in Western Australia's Paterson Province) targeting copper-gold mineralisation with three magnetic bullseye targets showing geophysical signatures comparable to Greatland Resources' Havieron discovery; and the Ripon Hills and Braeside West Projects (~150 km² in Western Australia) prospective for manganese, base metals, and gold.

The company's underlying technology is a conventional mineral exploration stack comprising airborne magnetic and radiometric surveying (~4,200 line-km completed across Selta in January 2026), ground Gradient Array Induced Polarisation (IP) geophysical surveys conducted by Zonge Engineering, diamond core and reverse circulation drilling (contracted to DDH1 Drilling for Wallal Phase I and GeoDrill Australia for maiden Selta RC drilling), geochemical sampling, and integrated geological/geophysical interpretation. Project execution is supported by SRK Consulting as competent person, Beaumont Cornish as Nominated Adviser, and SI Capital as Corporate Broker.

FDR is pre-revenue. Its business model is capital-intensive mineral exploration funded through equity issuance on AIM, supplemented by non-dilutive government co-funding grants such as the AU$100,000 Northern Territory Government award under Round 19 of the Geophysics and Drilling Collaborations Programme (June 2026). The company has a lean corporate team of five director-level personnel (CEO Tristan Pottas, Finance Director Ben Hodges, Non-executive Chairman Michael Moore, Non-executive Director Luke Cairns) plus Exploration Manager Dr David Rawlings. Future revenue, if any, would derive from mineral discovery, resource definition, and ultimately mine development, asset sale, or joint venture — outcomes that depend on the success of the maiden drill programmes currently being executed. The primary customer segment is AIM equity investors seeking discovery-stage exposure to gold and critical minerals in Australian mining jurisdictions.

Name

First Development Resources Plc

Legal name

First Development Resources PLC

Website

https://firstdevelopmentresources.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

First Development Resources Plc (AIM: FDR) is a UK-incorporated, Australian-focused mineral exploration company with 100%-owned gold, copper-gold, and critical minerals projects in Australia's Northern Territory and Western Australia, preparing for maiden drilling in 2026.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Metal Ore Mining (2122), Gold Ore and Silver Ore Mining (21222), Copper, Nickel, Lead, and Zinc Mining (21223), Iron Ore Mining (21221)

SIC

Miscellaneous Metal Ores (1090), Gold And Silver Ores (1040)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Precious Metals Exploration & Project Development (IMAKAEAI), Copper Exploration & Resource Development (IMAKADAA)

Keywords

• Mineral exploration services
• Gold copper exploration
• Junior mining company
• Rare earth elements
• Paterson Province exploration

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Others

Revenue model

1. Pre-revenue mineral exploration: Company is pre-revenue; no product sales. Capital is raised via equity issuance on AIM (IPO £2.3m in July/August 2025; £1M raise in October 2025) and supplemented by non-dilutive government co-funding grants (AU$100,000 NT Government grant). Future revenue would derive from mineral discovery, resource definition, and ultimately mine development or asset sale/JV.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

First Development Resources Plc is a UK-based, Australian-focused pre-revenue mineral exploration company that acquires, explores and advances 100%-owned gold, copper, rare earth element (REE) and lithium projects across Western Australia and Australia's Northern Territory. The company's portfolio comprises three flagship project areas — Selta (gold/REE/lithium, Northern Territory, 1,575 km²), Wallal (copper-gold, Paterson Province, Western Australia, 572 km²) and Ripon Hills/Braeside West (iron-manganese-base metal-gold, Western Australia, ~150 km²) — and uses airborne magnetics, radiometrics, IP surveys, diamond core and RC drilling to progress these projects towards resource definition. The offering is the exploration project portfolio itself, sold or advanced via future mine development, joint venture or asset sale.

Product overview

First Development Resources Plc (AIM: FDR) is a UK-based, Australian-focused mineral exploration company operating a portfolio of 100%-owned early-stage projects rather than a unified software product or platform-plus-modules architecture. The portfolio comprises three flagship project areas that fit together as a diversified Australian critical minerals and gold exploration pipeline: the Selta Project (flagship gold/REE/lithium asset in Australia's Northern Territory, advancing towards maiden reverse circulation drilling at the Lander West gold target in 2026), the Wallal Project (a copper-gold asset in Western Australia's Paterson Province with multiple magnetic bullseye targets being drilled by DDH1 Drilling), and the Ripon Hills and Braeside West Projects (iron-manganese-base-metal and gold tenements in Western Australia now advancing from desktop study to next-phase field exploration). The Company is listed on the AIM market of the London Stock Exchange.

Differentiator

Problem solved

Functional benefit

Products and services

• Selta Project 100%-owned flagship mineral exploration project within the Aileron Province of Australia's Northern Territory, covering 1,575 km² across three granted exploration licences (EL 32737, EL 32738, EL 32755). Hosts multiple gold, rare earth element (REE) and lithium opportunities, with current exploration focused on the Lander West gold target where airborne magnetics, radiometrics, geochemistry and induced polarisation surveys have identified several priority drill targets. Maiden reverse circulation drilling programme is scheduled for 2026, supported by an AU$100,000 Northern Territory Government co-funding grant.
• Wallal Project 100%-owned copper-gold project located in the north of Western Australia's Paterson Province, covering 572 km². Targets significant mineralisation within a highly prospective Au-Cu belt, with three magnetic "bullseye" targets (FDR Western, FDR Eastern, FDR Border) showing geophysical signatures comparable to Greatland Resources' Havieron discovery and structural similarities to Rio Tinto's Winu Cu-Au deposit. Heritage clearance completed and project is drill-ready; Phase I diamond core drilling by DDH1 Drilling commenced in 2025.
• Ripon Hills and Braeside West Projects Combined fully-licensed tenement package covering approximately 150 km² situated around 250 km southeast of Port Hedland on the western and eastern limbs of the Oakover Syncline, Western Australia. Considered prospective for manganese (akin to the nearby Woodie Woodie manganese mine) as well as for base-metal and gold mineralisation associated with north- to northwest-trending fault structures. FDR has completed an in-depth desktop study and is preparing to advance to the next phase of exploration focused on defined target zones.

Quantifiable outcome

• ~4,200 line kilometres of airborne magnetic and radiometric surveying completed across Selta Project in January 2026
• +4 more outcomes

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered major operational partner (wallal phase i drilling), major operational partner (selta maiden drilling), specialist service provider, technical advisor (competent person), core corporate advisor and strategic regional context.

• DDH1 Drilling Pty Ltd (subsidiary of Perenti Group)major operational partner (wallal phase i drilling)Implementation/ SI/ Consulting PartnerAppointed in August 2025 to conduct FDR's Phase I diamond core drilling programme at the Wallal Project in the Paterson Province, Western Australia. Selected for technical expertise and prior Paterson-region experience, including work on Greatland Resources' Havieron discovery drillholes. DDH1 is a subsidiary of ASX-listed Perenti Group.
• GeoDrill Australiamajor operational partner (selta maiden drilling)Implementation/ SI/ Consulting PartnerAppointed to undertake FDR's maiden reverse circulation (RC) drilling programme at the Lander West gold target within the flagship Selta Project in Australia's Northern Territory (May 2026). All key regulatory approvals secured ahead of mobilisation.
• Zonge Engineering and Research Organisationspecialist service providerImplementation/ SI/ Consulting PartnerAppointed in January 2026 to conduct the Gradient Array Induced Polarisation (IP) geophysical survey at FDR's Selta Project, focused on the Lander West gold target along the Stafford Gold Trend. Approximately four-week survey to complement ongoing aeromagnetic and radiometric survey.
• SRK Consulting (Australasia) Pty Ltdtechnical advisor (competent person)Implementation/ SI/ Consulting PartnerIndependent Competent Person based in West Perth, WA, providing technical oversight and competent-person sign-off for FDR's Australian exploration projects (Level 3, 18-32 Parliament Place, West Perth, WA 6005).
• Beaumont Cornish Limitedcore corporate advisorOthersNominated Adviser (NOMAD) to FDR on AIM, based at 5-10 Bolton Street, London W1J 8BA. Required for ongoing AIM compliance and corporate transactions.
• SI Capital Limitedcore corporate advisorOthersCorporate Broker to FDR, based at 20 North Audley Street, London W1K 6WE. Handles equity market-making and broking on AIM.
• PKF Littlejohn LLPcore corporate advisorOthersAuditors to FDR, based at 15 Westferry Circus, Canary Wharf, London E14 4HD.
• Share Registrars Limitedcore corporate advisorOthersRegistrar to FDR, based at 3 The Millennium Centre, Crosby Way, Farnham, Surrey GU9 7XX.
• Druces LLPcore corporate advisorOthersSolicitors to the Company as to English Law, based at Salisbury House, London Wall, London EC2M 5PS.
• Mining Access Legalcore corporate advisorOthersSolicitors to the Company as to Australian Law, based at Level 1, 1 Adelaide Terrace, East Perth, WA 6004, Australia.
• Danaher Moultoncore corporate advisorOthersSolicitors to the Company as to Australian Law, based at Level 7, 333 Collins Street, Melbourne, VIC 3000, Australia.
• Rio Tinto Explorationstrategic regional contextOthersRio Tinto Exploration shares an extensive licence boundary with FDR's Wallal Project in the Paterson Province; the Wallal area was previously held by Rio Tinto Exploration before FDR's applications for new ground (E45/7205, E45/7206, E45/7207) east of Wallal. Rio Tinto's nearby North Winu deposit (503 Mt @ 0.45% CuEq) provides geological analogy for FDR's Wallal targets.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Greatland Resources: AIM-listed gold and copper explorer whose flagship Havieron discovery in the Paterson Province of Western Australia is the direct geological analogue FDR uses for its Wallal Project — same belt, same deposit style, and the same DDH1 drilling contractor.
• Power Metal Resources: AIM-listed diversified mineral exploration company and FDR's founding/anchor shareholder (33.04%); operates a similar multi-commodity project-spin-out model and shares overlapping service providers and board expertise with FDR.
• Antipa Minerals: ASX-listed junior explorer with the Minyari Dome and Citadel projects in the Paterson Province, directly competing for drilling rigs, contractor capacity and investor capital in the same geological belt as FDR's Wallal Project.
• Golden State Mining: ASX-listed Western Australian gold and base-metals junior where former FDR Chairman Michael Moore served as Managing Director — comparable project size, single-jurisdiction focus, and early-stage drilling profile.
• Austin Metals: ASX-listed gold and base-metals explorer; another prior company of FDR Chairman Michael Moore, providing a closely comparable junior-mining operational profile and Australian market exposure.
• Guardian Metal Resources: AIM-listed junior tungsten and gold explorer where FDR's Finance Director Ben Hodges serves as part-time Finance Director — closely comparable AIM-listed junior mining peer with similar board and AIM Rule 26 disclosure cadence.
• Variscan Mines: ASX-listed junior base-metals and critical minerals explorer where former FDR Chairman Michael Moore serves as Non-executive Director — comparable size, comparable critical-minerals exposure, and same ASX/AIM junior-mining investor base.

Emerging players

• Kairos Minerals: ASX-listed gold explorer with project tenure in the Pilbara region of Western Australia, comparable in size and stage to FDR's Western Australian gold/copper portfolio and competing for similar investor capital.

Broad incumbents

• Thor Explorations: AIM and TSX-V listed gold producer/explorer where FDR's Finance Director Ben Hodges was previously CFO — provides a benchmark for AIM-listed West Africa/Africa-focused gold companies of similar size and disclosure profile.

Regional players

• Cyprium Metals: ASX-listed copper-gold focused junior operating in Western Australia, providing a relevant Australian-domestic peer benchmark for project economics, drilling costs and Paterson Province-adjacent investor sentiment.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/FirstDevRes
• YouTubeyoutube.com/channel/UCUO2rNwIRnXfT8C75K1723Q
• LinkedInlinkedin.com/company/first-development-resources-plc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Development Resources Plc