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Far East Gold Ltd (ASX:FEG) Moves to 51% Ownership of Idenburg, Clear Pathway to 80%
Far East Gold Ltd (ASX:FEG) Moves to 51% Ownership of Idenburg, Clear Pathway to
About this update from Far East Gold Ltd
Brisbane, Australia, June 22, 2026 - (ABN Newswire) - Far East Gold Limited (ASX:FEG) (OTCMKTS:FEGDF) announced the completion of Stage One (Stage One Completion) under the Conditional Share Purchase Agreement (CSPA) for the acquisition of the Company's flagship high grade Idenburg Gold Project in PapuaProvince, Indonesia (Project). As a result of Stage One Completion, the Company has moved to 51% ownership of the Project. For full details of the CSPA and its commercial terms, refer to the Company's ASX announcement dated 9 October 2024: 'Conditional Share Purchase Agreement Signed to Acquire Advanced High Grade Idenburg Gold Project' (First CSPA Announcement). In satisfaction of the final commercial terms for Stage One Completion, the Company has issued 50,000,000 fully paid ordinary shares to Eloquent Enterprises Limited (the Vendors' nominee) at an issue price of AUD $0.13 per share (equivalent to AUD $6,500,000) (Consideration Shares). Shareholder approval for the issue of the Consideration Shares was obtained at the Company's Extraordinary General Meeting held on 29 November 2024. HIGHLIGHTS - FEG moves to 51% majority ownership of the flagship high grade Idenburg Gold Project which hosts a JORC (2012) inferred mineral resource of approximately 780,000 oz Au atan average grade of 3.1 g/t Au (refer to ASX announcement dated 5 May 2026). - The Company has issued AUD $6.5 million worth of shares to the Vendors' nominee at an issue price of AUD $0.13 per share in accordance with the CSPA. - Clear pathway to 80% ownership of Idenburg. The Company will now progress the Indonesian Feasibility Study, with a view to lodging the Feasibility Study documentation with the Indonesian Ministry of Energy and Mineral Resources (ESDM) by Q4 2026. Under the CSPA, FEG will become entitled to increase its ownership of the Project to 80% upon the acceptance of the Feasibility Study by the ESDM. - Idenburg Scoping Study well advanced and under final review for release to the ASX. A key milestone in the Company's transition towards development. Strategic Significance The move to 51% majority ownership represents a significant milestone for the Company and reflects the Board's confidence in the Idenburg Gold Project as the Company's flagship asset. Majority ownership consolidates FEG's exposure to the Project's JORC (2012) inferred mineral resource of approximately 780,000 o...