Idenburg Scoping Study: Sua alone hosts ~390koz at 9.2 g/t Au

The headline is Sua. The Study confirms a high-grade core within Sua's inferred Mineral Resource that we think investors will find compelling:

• At a 3.0 g/t Au cut-off, Sua contains approximately 390,000 oz at an average grade of 9.2 g/t Au – roughly 76% of Sua's contained gold sitting in just 24% of its tonnage. At a 4.0 g/t cut-off the concentration is even sharper: ~350,000 oz at 11.5 g/t Au.

• Near-surface and open-pittable. Historical Sua drilling includes 16 m at 8.49 g/t Au from surface (incl. 1 m at 105 g/t Au) and 35.5 m at 8.59 g/t Au (incl. 0.8 m at 252.5 g/t Au). Oxidation extends 10–20 m from surface and Sua sits ~5 km from the Trans-Irian Highway.

• Simple metallurgy. Preliminary testwork returned ~95% gold recovery with more than 50% gravity-recoverable gold and low arsenic. The Study adopted a conservative 92% recovery through a conventional gravity-CIL flowsheet.

• Two development cases, both supported progression. Mining One modelled a Sua standalone case and a staged expansion into Bermol and North Bermol at US$3,300/oz and a 9% discount rate. Both cases still supported progressing the Project even with mining costs flexed 40% above base. Importantly, neither case relies on Mafi or any Exploration Targets.

• A clear next step. Mining One has recommended a 73-hole, ~6,085 m infill, extension and twin drilling program, with the first phase of 26 holes (~2,840 m) focused on Sua's high-grade corridor and conceptual pit area. The objective is an updated MRE with portions classified as indicated and potentially measured – the geological confidence needed to unlock the next study stage and potentially reportable project economics.

• Pathway to 80%. The Study underpins workstreams for the Indonesian Feasibility Study that supports FEG's contractual pathway to lift its Idenburg interest from 51% to 80%.

• District-scale upside. Idenburg spans 95,280 hectares with 15 main prospect areas – only six drill tested and only four hosting the current 780,000 oz inferred MRE. Recent mapping at Kwaplu, ~1 km west of Sua, points to strike-extension potential along the Sua–Afley shear zone. Sua can advance while systematic exploration continues across the wider system.

Why this matters: Idenburg now has a defined, Sua-led development pathway with high grade near surface, straightforward processing, highway access and a funded-scale drill program that targets exactly the confidence upgrade required to move the project forward. Near-term catalysts include Sua assays, resource classification upgrades, an updated MRE and progress on the Indonesian Feasibility Study.

A note on scope: the Study is a preliminary technical and economic assessment based wholly on inferred Mineral Resources. As set out in the announcement, FEG has not disclosed production targets or forecast financial information (NPV, IRR, capex, opex, AISC or mine life), and the ~390,000 oz subset is a grade-tonnage presentation, not an Ore Reserve, mineable inventory or production target.