First AU Ltd. (AU:FAU)
ASX:FAU
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First AU Ltd.
(Sydney:FAU)
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Rating:42Neutral
Price Target:
AU$0.01
â–²(20.00% Upside)
Action:UpgradedDate:04/09/26
The score is weighed down primarily by weak financial performance (persistent losses, negative gross profit, and ongoing operating cash burn) and bearish technical signals (below key moving averages with negative MACD). Valuation is also pressured by negative earnings and no dividend support, while the low-debt balance sheet is the main mitigating factor.
Positive Factors
Conservative balance sheet
Very low reported debt and a meaningful equity base provide durable financial flexibility. Over the next several months this reduces default and liquidity risk, enabling the company to finance operations or strategic steps without immediate distress financing, preserving optionality for management.
Negative Factors
Persistent operating cash burn
Consistently negative operating cash flow indicates the business does not self-fund operations and will continue drawing on the balance sheet or external capital. Over months this erodes liquidity, forces financing decisions, and constrains reinvestment or growth execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low reported debt and a meaningful equity base provide durable financial flexibility. Over the next several months this reduces default and liquidity risk, enabling the company to finance operations or strategic steps without immediate distress financing, preserving optionality for management.
Read all positive factors
First AU Ltd. (FAU) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$37.76M
Dividend YieldN/A
Average Volume (3M)13.96M
Price to Earnings (P/E)―
Beta (1Y)0.10
Revenue GrowthN/A
EPS Growth42.86%
CountryAU
Employees1
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding3,433,108,400
10 Day Avg. Volume13,960,731
30 Day Avg. Volume13,960,731
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)5.69
Price to Sales (P/S)31.90
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
First AU Ltd. Business Overview & Revenue Model
Company Description
First Au Limited explores for gold and base metals in Western Australia's Goldfields and Pilbara. It holds 100% interests in the Gimlet gold project located to the north west of Kalgoorlie, Western Australia; the Victoria Gold project; and the Mab...
First AU Ltd. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
64
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 500.00K | 69.69K | 17.86K | 260.62K | 81.69K |
| Gross Profit | -1.88M | -4.71K | 290.28K | 260.62K | 74.33K |
| EBITDA | -2.42M | -973.90K | -1.83M | -4.01M | -3.87M |
| Net Income | -2.42M | -978.61K | -1.84M | -3.75M | -3.88M |
Balance Sheet | |||||
| Total Assets | 3.14M | 2.35M | 2.78M | 2.82M | 5.48M |
| Cash, Cash Equivalents and Short-Term Investments | 371.07K | 469.85K | 737.94K | 297.24K | 2.94M |
| Total Debt | 17.99K | 9.15K | 13.85K | 32.92K | 26.90K |
| Total Liabilities | 333.42K | 158.96K | 211.81K | 204.63K | 270.15K |
| Stockholders Equity | 2.81M | 2.19M | 2.57M | 2.62M | 5.21M |
Cash Flow | |||||
| Free Cash Flow | 0.00 | -933.59K | -1.56M | -3.28M | -3.95M |
| Operating Cash Flow | -1.48M | -933.59K | -1.54M | -3.21M | -3.90M |
| Investing Cash Flow | -210.00K | 196.23K | 367.00K | -65.00K | -57.67K |
| Financing Cash Flow | 1.38M | 599.84K | 1.69M | 842.07K | 5.37M |
First AU Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
45 Neutral | AU$8.49M | -0.53 | -396.83% | ― | -100.00% | 36.11% | |
45 Neutral | AU$11.02M | -4.07 | -7.09% | ― | ― | -136.67% | |
43 Neutral | AU$7.98M | -1.15 | -373.61% | ― | ― | 19.94% | |
42 Neutral | AU$37.76M | -1.84 | -96.19% | ― | ― | 42.86% |
* Basic Materials Sector Average
AU:FAU
First AU Ltd.
0.01
<0.01
10.00%
DE:AVI
Viking Mines Limited
0.01
>-0.01
-31.25%
AU:KTA
Krakatoa Resources Ltd.
0.01
0.00
0.00%
AU:RR1
Reach Resources Limited
0.01
0.00
0.00%
AU:CDT
Castle Minerals Limited
0.05
-0.01
-23.33%
First AU Ltd. Corporate Events
First AU Files Appendix 4G, Updates ASX on Governance Compliance
Mar 30, 2026
First AU Ltd. has lodged its latest Appendix 4G with the ASX for the year ended 31 December 2025, confirming that its corporate governance statement is current as of 30 March 2026 and available on its website. The filing outlines how the company c...
First Au Limited Releases 2025 Annual Report
Mar 30, 2026
First Au Limited has released its annual report for the year ended 31 December 2025, outlining a comprehensive review of operations and associated business risks. The document also details directors’ and remuneration reports, audited financi...
First AU Director Boosts Indirect Shareholding via Performance Rights Conversion
Mar 26, 2026
First AU Ltd. has disclosed a change in director Daniel Raihani’s interests following the conversion of performance rights into equity. Through his indirect holding vehicle 7 Enterprises Pty Ltd, Raihani converted 45 million performance righ...
First Au Issues 81 Million Shares on Performance Rights Conversion
Mar 20, 2026
First Au Limited has issued 81 million fully paid ordinary shares following the conversion of performance rights, expanding its share capital without providing a prospectus under the disclosure exemptions of the Corporations Act. The company confi...
First Au Issues 500 Million New Shares Under Placement
Feb 6, 2026
First Au Limited has issued 500 million fully paid ordinary shares via a placement, expanding its share capital without providing a prospectus under the disclosure exemptions available in the Corporations Act. The company confirmed it is up to dat...
First AU Applies for Quotation of 500 Million New Shares on ASX
Feb 6, 2026
First AU Limited has applied to the ASX for quotation of 500 million new fully paid ordinary shares, to be issued on 6 February 2026 under its ticker FAU. The substantial increase in quoted securities, arising from previously announced transaction...
First AU Director Forfeits 75 Million Performance Rights Tied to Nimba Gold Milestones
Feb 6, 2026
First AU Limited has announced a change in director Lei Shi’s interests, with the forfeiture of 75 million performance rights across three classes linked to gold-equivalent inferred resource milestones at the Nimba Gold Project that are no l...
First AU Director Increases Shareholding, Forfeits Nimba-Linked Performance Rights
Feb 6, 2026
First AU Limited has disclosed a change in director Daniel Raihani’s interests, with his indirect holding increasing by 15 million fully paid ordinary shares via an on-market trade valued at $225,489, taking his total shareholding to 180 mil...
First AU Director Nicholas Smithson Steps Down, Holds Interest in 100 Million Shares
Feb 5, 2026
First AU Limited has announced that director Nicholas Karl Smithson has ceased to be a director of the company as of 30 January 2026. According to the final director’s interest notice lodged with the ASX, Smithson’s relevant interest i...
First AU Cancels 100.5 Million Lapsed Performance Rights
Feb 5, 2026
First AU Limited has announced the lapse of 100.5 million performance rights, identified under ASX code FAUAW, after the conditions attached to these rights were not met or became incapable of being satisfied as of 5 February 2026. The cessation o...
First AU Appoints Piers Lewis to Board with No Initial Shareholding
Feb 5, 2026
First AU Limited has appointed Mr Piers Lewis as a director, effective 30 January 2026, as disclosed in an initial director’s interest notice lodged with the ASX. The filing confirms that Lewis currently holds no relevant interests in the co...
First Au Updates Registered Office and Principal Place of Business
Feb 2, 2026
First Au Limited has updated the market that, effective 2 February 2026, it has changed its registered office and principal place of business to Suite 1, 295 Rokeby Road, Subiaco, Western Australia. The move, formally approved by the board and dis...
First AU Issues 230.6 Million New Shares Under Drill-for-Equity Deal
Feb 2, 2026
First AU Limited has issued 230,623,747 fully paid ordinary shares under a drill-for-equity arrangement, expanding its capital base without providing a prospectus-style disclosure to investors. The company has confirmed ongoing compliance with key...
First Au Raises $5.6m to Drive Western Australian Gold Strategy
Feb 2, 2026
First Au Limited has completed a $5.6 million capital raising via a placement of 560 million new shares at $0.01 each, including $600,000 in director subscriptions, with one free attaching option for every two new shares subject to shareholder app...
First Au Confirms High-Grade Gold at Gimlet as Phase 3 Drilling Backs Resource Upgrade
Feb 2, 2026
First Au Limited has reported the first batch of assay results from its Phase 3 reverse circulation infill drilling program at the Gimlet Gold Project in Western Australia, with 44 holes completed for 3,759 metres. The drilling has returned multip...
First Au advances Nimba assays, progresses Victorian divestment and ramps up Gimlet drilling
Jan 30, 2026
First Au reported encouraging initial assay results from its flagship Nimba Gold Project in Liberia, confirming a broad zone of gold mineralisation at the Ziatoyah target and indicating that mineralisation and alteration remain open at depth; vari...
First Au Refocuses on WA Gold, Exits Liberia Asset and Reshapes Board
Jan 30, 2026
First Au Limited has announced a strategic overhaul that will see it exit offshore assets, simplify its portfolio and concentrate entirely on Western Australian gold projects, led by its Gimlet Gold Project near Kalgoorlie. The company is divestin...
First AU Seeks ASX Quotation for 30.5 Million New Shares
Jan 30, 2026
First AU Limited has applied to the ASX for quotation of 30,501,460 new fully paid ordinary shares, issued on 30 January 2026, under its ticker FAU. The company states that the agreement to issue and the allotment of these securities occurred conc...
First AU Applies to List 68 Million New Shares on ASX
Jan 30, 2026
First AU Limited has applied for quotation on the ASX of 68,122,287 new fully paid ordinary shares under the code FAU, effective 30 January 2026. The issuance, stemming from previously disclosed transactions, will increase the company’s quot...
First AU Seeks ASX Quotation for 132 Million New Shares
Jan 30, 2026
First AU Limited has applied to the ASX for quotation of 132 million new ordinary fully paid shares, as detailed in an Appendix 2A application dated 30 January 2026. The securities, issued under a previously announced transaction, will expand the ...
First Au Seeks Trading Halt Ahead of Drilling Results and Capital Raising
Jan 29, 2026
First Au Limited has requested a trading halt on its securities on the Australian Securities Exchange, effective immediately and remaining in place until either 2 February 2026 or the earlier release of pending announcements. The halt is to allow ...
First Au Says No Undisclosed News Behind Share Price Volatility
Jan 15, 2026
First Au Limited has responded to a price query from the Australian Securities Exchange, stating it is not aware of any undisclosed information that could explain recent volatility in its share price and has no alternative explanation for the trad...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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