First Development Resources Plc (LSE:FDR) has successfully raised £1,000,000 through an oversubscribed placing to fast-track exploration at its Selta Project, which targets rare-earth elements (REE) and gold. This strategic funding round aligns with the US–Australia Framework to secure critical mineral supplies in response to China’s export restrictions on REEs. The proceeds will be used to accelerate REE exploration at Selta, develop gold drill targets, and support drilling at the Wallal Project. By advancing these initiatives, the company aims to strengthen its market position and capitalize on shifting geopolitical dynamics.
More about First Development Resources Plc
First Development Resources Plc is a UK-based mineral exploration company focused on projects in Western Australia and the Northern Territory. The company holds eight tenements spanning copper-gold, rare-earth elements (REE), uranium, lithium, and gold projects. Its portfolio includes the Wallal Project in the Paterson Province, known for significant gold-copper deposits, and the Selta Project, which is prospective for uranium and REE mineralization.
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