Announcement PDF SUPPLEMENTARY TARGET'S STATEMENT ISSUED BY FAR EAST GOLD LTD ACN 639 887 219 This Supplementary Target's Statement supplements, and is to be read together with, the Target's Statement dated 25 June 2026 issued by Far East Gold Ltd in respect of the unsolicited conditional off-market takeover bid by Xingye Gold (Hong Kong) Mining Company Limited to purchase all of your ordinary fully paid shares in Far East Gold Ltd. The Independent Board Committee unanimously recommends that you: REJECT the Offer from Xingye The Independent Expert reconfirms its opinion that the Offer is not fair and not reasonable To REJECT the Offer, simply DO NOTHING and TAKE NO ACTION. THIS IS AN IMPORTANT DOCUMENT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about how to deal with this document, you should contact your broker, financial adviser or legal adviser immediately. Key Dates Announcement of Offer 27 May 2026 Date of Bidder's Statement 27 May 2026 Date of the Target's Statement 25 June 2026 Offer opened 11 June 2026 Date of First Supplementary Bidder's Statement 30 June 2026 Date of Second Supplementary Bidder's Statement 9 July 2026 Date of this Supplementary Target's Statement 14 July 2026 Offer closes (unless extended or withdrawn)* 7.00pm on 29 July 2026 *This date is subject to change. The Independent Board Committee recommends that you REJECT the Offer. To REJECT the Offer, DO NOTHING and TAKE NO ACTION. Important notices Nature of this document This document is given by Far East Gold Ltd ACN 639 887 219 (FEG) under Part 6.5 Division 4 of the Corporations Act and is the first supplementary target's statement (Supplementary Target's Statement) to the Target's Statement dated 25 June 2026 (Target's Statement) issued by FEG and lodged with ASIC on 25 June 2026, in relation to the unsolicited off-market takeover bid by Xingye Gold (Hong Kong) Mining Company Limited (Xingye). This Supplementary Target's Statement supplements, and is to be read together with the Target's Statement. You should read both the Target's Statement and this Supplementary Target's Statement in its entirety before making a decision as to whether or not to accept the Offer for your FEG Shares. If you have recently sold all of your FEG Shares, please disregard this document. Interpretation Unless the context otherwise requires, capitalised terms and certain abbreviations used but not defined in this Supplementary Target's Statement have the meanings given to them in section 9.1 of the Target's Statement. The interpretation rules set out in section 9.2 of the Target's Statement also apply to this Supplementary Target's Statement. This Supplementary Target's Statement prevails to the extent of any inconsistency with the Target's Statement. All references to times in this Supplementary Target's Statement are references to time in Sydney, unless otherwise stated. ASIC and ASX disclaimer A copy of this Supplementary Target's Statement was lodged with ASIC and given to ASX on 14 July 2026. None of ASIC, ASX or any of their respective officers takes any responsibility for the content of this Supplementary Target's Statement or content of the Target's Statement. Enquiries If you have any enquiries in relation to the Offer or this Supplementary Target’s Statement, please contact the Head of Investor Relations, Tim Young, from FEG on +61 7 3067 3368, between 9.00am and 5.00pm (Queensland time) Monday to Friday. Further information relating to the Offer can be obtained from FEG's website at: https://fareast.gold/home Reasons why you should REJECT the Offer and Conditional Offer The Independent Board Committee has carefully considered the Offer and Conditional Offer and recommends to Shareholders to REJECT the Offer and Conditional Offer for the following reasons: 1. The Offer and the Conditional Offer Price materially undervalues FEG and remains below the Independent Expert’s valuation Refer to section 1.1 2. The Independent Expert, LEA, reconfirms opinion that the Xingye Offer is neither fair nor reasonable Refer to section 1.2 3. FEG’s Shareholders, who as at the date of this Supplementary Target's Statement held in aggregate approximately 22.77% of FEG Shares1, do not intend to accept the Offer at the Offer Price Refer to section 1.3 4. The Offer remains subject to a number of conditions, including regulatory approvals in China, and therefore it is uncertain whether the Offer will ultimately proceed Refer to section 1.4 5. The Independent Board Committee has concerns with the First Supplementary Bidder's Statement and the Second Supplementary Bidder's Statement Refer to section 1.5 To REJECT the Offer, simply DO NOTHING and TAKE NO ACTION in relation to all documents sent to you by Xingye. You should read both this Supplementary Target's Statement and the Target’s Statement in their entirety for further information on the reasons why the Independent Board Committee unanimously recommend that Shareholders should REJECT the Offer. 1 Note this aggregate number includes the FEG Shares owned or controlled by the Shareholders listed in the table at section 1.3 of this Supplementary Target's Statement and the members of the Independent Board Committee. 3 Letter from the Independent Board Committee to FEG's Shareholders The Independent Board Committee unanimously continues to recommend that Shareholders REJECT Xingye's Offer and TAKE NO ACTION. This Supplementary Target's Statement has been prepared in response to the first supplementary bidder's statement released by Xingye on 30 June 2026 (First Supplementary Bidder's Statement) and the second supplementary bidder's statement released by Xingye on 9 July 2026 (Second Supplementary Bidder's Statement). Xingye has stated that it will increase the Offer Price to $0.15 cash per FEG Share (Conditional Offer Price) and declare the Offer unconditional if, by 7:00pm (Sydney time) on 21 July 2026, Xingye and its Associates obtain a Relevant Interest in more than 50% (by number) of all FEG Shares on a fully diluted basis (Conditional Offer), Shareholders should note that there is no guarantee that this condition will be satisfied and therefore no guarantee that the Offer Price will be increased. As at the date of this Supplementary Target's Statement, the Offer Price remains at A$0.13 per FEG Share. The Independent Board Committee continues to believe that both the existing Offer and the Conditional Offer materially undervalue FEG and are opportunistic attempts to acquire control of FEG before the value of its portfolio is appropriately recognised. The Independent Expert, Lonergan Edwards & Associates Limited (LEA), has reviewed Xingye's supplementary disclosure and has reconfirmed its opinion that the Offer is neither fair nor reasonable. LEA continues to assess the value of FEG Shares at A$0.324 to A$0.444 per FEG Share (on a 100% controlling interest basis), meaning the Conditional Offer Price of A$0.15 per FEG Share remains at a substantial discount to LEA's assessed value. The Independent Board Committee is also concerned that a number of statements made by Xingye selectively present information, mischaracterise the status of several of FEG's projects and approvals, and seek to undermine the conclusions reached independently by LEA without providing equivalent independent technical evidence. FEG's portfolio remains at an important stage of development. Over recent months FEG has continued to advance its Indonesian and Australian assets through permitting, technical studies, resource development and project de-risking. The Independent Board Committee believes Xingye's Offer attempts to acquire control before these initiatives and their associated value have had the opportunity to be fully reflected in the market and the FEG Share Price. FEG also confirms that it continues to receive interest from third parties. As previously disclosed, a number of parties have entered into confidentiality agreements and are undertaking due diligence on FEG and its assets. While there can be no certainty that any alternative transaction will emerge, the existence of ongoing confidential discussions demonstrates that strategic interest in FEG extends beyond Xingye. Shareholders should carefully read this Supplementary Target's Statement, together with the Target's Statement and the attached Supplementary Independent Expert's Report, before making any decision. The Independent Board Committee continues to unanimously recommend that Shareholders: REJECT THE OFFER. DO NOTHING AND TAKE NO ACTION. On behalf of the Independent Board Committee of FEG, I thank you in anticipation for your continuing support. The Independent Board Committee will continue to keep you fully informed of key material developments in respect of the Unsolicited Offer. 4 Yours sincerely Justin Werner Chairman Far East Gold Ltd 1 Response to First Supplementary Bidder's Statement and Second Supplementary Bidder's Statement FEG notes Xingye's First Supplementary Bidder's Statement and Second Supplementary Bidder's Statement. As outlined in the Bidder’s Statement, Xingye’s Offer is for $0.13 cash per FEG Share (Offer). Xingye has declared in its Second Supplementary Bidder's Statement that, subject to Xingye and its Associates obtaining a Relevant Interest in more than 50% (by number) of all FEG Shares on a fully diluted basis by 7:00pm (Sydney time) on 21 July 2026, Xingye will increase the Offer Price to $0.15 cash per FEG Share (Conditional Offer Price) and declare the Offer unconditional (Conditional Offer). Xingye must give its Notice of Status of Conditions one week prior to the close of the Offer or Conditional Offer, which will allow FEG Shareholders to make a more informed assessment of the Offer and Conditional Offer at that time. Xingye’s Offer closes at 7:00pm on 29 July 2026 (unless extended or withdrawn). REJECT the Offer which remains too low and opportunistic The Independent Board Committee continues to recommend that you REJECT the Offer and the Conditional Offer for the reasons set out in section 1 of the Target's Statement and sections 1.1 to 1.5 of this Supplementary Target's Statement. To REJECT the Offer, simply IGNORE all documents sent by Xingye. 1.1 The Offer and the Conditional Offer Price materially undervalue FEG and remain below the Independent Expert's valuation As set out in the Target's Statement and this Supplementary Target’s Statement, the Independent Expert concluded that: • • the Offer is neither fair nor reasonable; and the control valuation for FEG Shares is A$0.324 - A$0.444 per FEG Share. The Independent Board Committee continues to consider that the Offer and the Conditional Offer Price materially undervalues FEG. The Offer Price is at a discount of 59.9% - 70.7% below the Independent Expert's assessed value of FEG Shares and the Conditional Offer Price is at a discount of 53.7% - 66.2% below the Independent Expert's assessed value of FEG Shares. 1.2 The Independent Expert, LEA, reconfirms opinion that the Offer is neither fair nor reasonable The First Supplementary Bidder's Statement has attempted to attack selected aspects of the Independent Expert's analysis. The Independent Expert's Report is attached to the Target's Statement. Having considered the Conditional Offer and the matters raised by Xingye in the First Supplementary Bidder's Statement and the Second Supplementary Bidder's Statement, Lonergan Edwards & Associates Limited (LEA), being the Independent Expert, has prepared a supplementary Independent Expert's Report dated 14 July 2026 (Supplementary Independent Expert's Report). The Independent Expert does not consider it necessary to alter their opinion as set out in the Independent Expert Report and consider that the Offer is neither fair nor reasonable to FEG Shareholders. A copy of the 5 6 Supplementary Independent Expert's Report is attached to this Supplementary Target's Statement. 1.3 FEG's Shareholders, who at the date of this Supplementary Target's Statement hold or control approximately 22.77%4 of FEG, intend to REJECT the Offer at the Offer Price The following Shareholders have each confirmed to the Independent Board Committee that they do not intend on accepting the Offer at the Offer Price in respect of the FEG Shares they respectively own or control: Rejecting Shareholder Number of FEG Shares held as at the date of this Supplementary Target's Statement % of shareholding as at the date of this Supplementary Target's Statement5 Intention in relation to Offer Peng Lim Oon6 12,000,000 2.89% REJECT Adi Wijoyo6 4,000,000 0.96% REJECT Mr Kenneth Joseph Hall <Hall Park A/C>6 11,000,000 2.64% REJECT Russel L Leary ATF RL & BJ Leary Pension Fund77 3,315,235 0.79% REJECT Michaelangelo Francisco Moran 3,000,000 0.72% REJECT Superfly Pty Ltd <Superfly SMSF A/C> 2,641,243 0.63% REJECT Aussie Kiss Pty Ltd 2,260,000 0.54% REJECT Ferguson Corporation Pty Ltd <Ferguson's Furniture S/F A/C> 2,013,018 0.48% REJECT Rolo Equities Pty Limited 2,000,000 0.48% REJECT Longbeach Investment Fund Pty Ltd <Smits Family A/C> 1,516,444 0.36% REJECT Michael Eddy Smits & Kylie Smits <Longbeach Super Fund A/C> 440,000 0.11% REJECT 4 Note this aggregate number includes the FEG Shares owned or controlled by the Shareholders listed in the table at section 1.3 of this Supplementary Target's Statement and the members of the Independent Board Committee. 5 Note holdings have been rounded up to the nearest 2 decimal point. 6 As detailed in section 1.3 of the Target's Statement, FEG received confirmations from these three Shareholders, Alpha HPA Limited (who as at the Last Practicable Date, held 17,125,000 FEG Shares (4.11%)), Penataran Investments PTE Ltd and Penataran Holdings PTE Ltd (both held by HSBC Custody Nominees (Australia) Limited <GSCO CUSTOMERS A/C) (who at the Last Practicable Date, held 7,750,573 FEG Shares (1.86%)), (together the 'Rejecting Shareholders'), who, at the Last Practicable Date intended on rejecting the Offer. All Rejecting Shareholders gave and did not, before the date of the Target's Statement, withdraw their consent for the inclusion of the statements of intention made by them and references to those statements in the form and context in which they are included in the Target's Statement. 7 Held by BNP Paribas Nominees Pty Ltd <IB AU NOMS Retail Client>. 7 Kizoz Pty Ltd <Super Fund A/C> 1,309,670 0.31% REJECT Shell Cove Capital Management Limited <Shell Cove Futures A/C> 485,176 0.12% REJECT Peter Bethune & Diana Bethune <The Bethune Super Fund A/C> 1,550,000 0.37% REJECT Garth Hay 1,205,718 0.29% REJECT Equity Trustees Superannuation Limited <AMG – Garth Hay A/C> 267,500 0.06% REJECT TOTAL: 49,004,004 11.75% REJECT In addition to the above Shareholders, the members of the Independent Board Committee, who own or control 11.02% of FEG Shares, intend to REJECT the Offer at the Offer Price in respect of any FEG Shares they own or control. As at the date of this Supplementary Target's Statement, FEG has not had sufficient time to obtain from the above Shareholders further intention statements in relation to the Conditional Offer announced 9 July 2026. However, each member of the Independent Board Committee intends to REJECT the Conditional Offer in respect of any FEG Shares they own or control. Each of the above Shareholders have given and have not, before the date of this Supplementary Target's Statement, withdrawn their consent for the inclusion of the statements of intention made by them and references to those statements in the form and context in which they are included in this Supplementary Target's Statement. 1.4 The Offer remains subject to a number of conditions, including regulatory approvals in China, and therefore it is uncertain whether the Offer will ultimately proceed The Offer remains subject to a number of defeating conditions, including the receipt of regulatory approvals from a number of Chinese regulatory authorities (including the NDRC, MOFCOM and SAFE). There can be no certainty as to whether these regulatory approvals will be forthcoming or how long it may take to obtain such approvals. In the Second Supplementary Bidder's Statement, Xingye has advised that only if its Relevant Interest increases to greater than 50% (in number) of all FEG Shares on a fully diluted basis will it declare the Offer unconditional. Notwithstanding this, Xingye has not addressed how it will deal with required regulatory approvals from Chinese Regulatory Authority. Accordingly, Shareholders who accept the Offer whilst the Offer remains subject to defeating conditions may have to wait a lengthy period before receiving the Offer and Conditional Offer consideration (and will be unable to deal with their FEG Shares during that time unless they are entitled to withdraw their acceptance of the Offer). Further information about the conditions to the Offer and the effect of accepting the Offer is set out in sections 4.2 and 4.4 of the Target’s Statement. 8 1.5 The Independent Board Committee's concerns with the First Supplementary Bidder's Statement and the Second Supplementary Bidder's Statement The Independent Board Committee considers that several disclosures in the First Supplementary Bidder's Statement and Second Supplementary Bidder's Statement are inaccurate, incomplete, misleading or deceptive, or otherwise fail to fairly represent FEG's position. FEG has written to Xingye to request that Xingye withdraw or clarify such statements or provide a technical independent analysis to support certain statements. A summary of FEG's material concerns with several disclosures made in the First Supplementary Bidder's Statement and the Second Supplementary Bidder's Statement are set out below. (a) Wonogiri Copper Gold Project – legal status of the Wonogiri Mining Licence (sections 1.1(a)(i), 2.1 and 4.1(a)(i) of the First Supplementary Bidder's Statement and section 3(a)(i) of the Second Supplementary Bidder's Statement) The First Supplementary Bidder's Statement and the Second Supplementary Bidder's Statement assert that the Wonogiri Mining Licence was revoked more than four years ago. The First Supplementary Bidder's Statement further asserts that FEG has made "various failed attempts" at reinstatement, and that FEG's rights appear to have been "permanently lost". This characterisation does not fairly present the actual position. Based on legal advice obtained from multiple law firms, a letter from Indonesia's Director General of Mineral and Coal (DGMC), and further correspondence and engagement with the Indonesian Government, FEG's position is that the revocation of the Wonogiri Mining Licence was made in administrative error and that FEG's underlying rights and interest in the Wonogiri Copper Gold Project have remained enforceable notwithstanding that administrative action. The description of FEG's conduct as "multiple attempts at reinstatement" mischaracterises FEG's position in both the First Supplementary Bidder's Statement and the Second Supplementary Bidder's Statement. FEG is pursuing multiple avenues in parallel to correct and rectify the administrative record, rather than making sequential and unsuccessful attempts to recover rights that have been lost. The fact that PTAPM is not currently recorded on Indonesian mining licence registers as holding the Wonogiri Mining Licence reflects precisely the administrative record that FEG is seeking to correct (as detailed above). It is not evidence that FEG's rights have been permanently lost, and Xingye's statement to that effect is a conclusion advanced by Xingye, not an established fact, particularly given the legal advice received by FEG. The references to the absence of a current environmental approval or forestry licence for the Wonogiri Copper Gold Project are, in FEG's view, irrelevant and overstated, as approvals of that kind are not required at the current stage of the project. FEG considers that Xingye has bundled separate and unrelated matters with the licence issue in order to present the Wonogiri Copper Gold Project as unrecoverable. (b) Wonogiri Copper Gold Project – economic viability and LEA's valuation (sections 1.1(a)(ii), 2.2, 2.3 and 2.4 of the First Supplementary Bidder's Statement) The First Supplementary Bidder's Statement asserts, as a matter of fact rather than opinion, that the Wonogiri Copper Gold Project "is not economically viable". Xingye 9 does not disclose any technical independent analysis to support that conclusion. FEG does not accept that the project has been shown to be uneconomic. The Wonogiri Copper Gold Project was the subject of a 2016 scoping study by Augur Resources in relation to the Randu Kuning deposit, which supported the potential development of the project. FEG did not complete the revised 2022 scoping study referred to in the First Supplementary Bidder's Statement, and there were accordingly no final results available to disclose. The suggestion that FEG withheld results because the project was uneconomic is factually incorrect. LEA was aware of the status of the Wonogiri Mining Licence and formed its own independent view, including as to the appropriate discount to apply. FEG does not accept that LEA's 25% discount was unjustified, or that Xingye has identified any proper basis for asserting that LEA erred. Xingye's alternative valuation, which attributes no value at all to the Wonogiri Copper Gold Project, rests entirely on Xingye's own disputed assumptions addressed above. There is no contradiction between the Idenburg Gold Project being described as FEG's current flagship asset and the Wonogiri Copper Gold Project retaining material value. "Flagship" refers to current strategic and capital allocation priority, not to the exclusion of value in FEG's other assets. It was LEA, not FEG, that independently attributed value to the Wonogiri Copper Gold Project in the Independent Expert's Report. (c) Woyla Copper Gold Project (sections 1.1(b)(i) and 3.1 of the First Supplementary Bidder's Statement and section 3(a)(ii) of the Second Supplementary Bidder's Statement) FEG does not accept that there is uncertainty as to whether the Indonesian Government recognises PTWAM's rights under the Woyla CoW. The Woyla CoW remains valid for the balance of its 30-year operation period. PTWAM lodged a valid application to extend the exploration period before it expired, and that application remains under consideration. The fact that the extension has not yet been approved does not mean that the Indonesian Government does not recognise PTWAM's rights. FEG is not aware of any notice, decision or action of the Indonesian Government calling into question PTWAM's rights under the Woyla CoW. The references to the mining licence database and the expired forestry licence conflate separate administrative and operational matters with the validity of, and recognition of PTWAM's rights under, the Woyla CoW itself. On this basis, FEG does not accept that LEA erred in declining to apply a discount, or that LEA failed to independently and adequately consider this issue. (d) Trenggalek Copper Gold Project (sections 1.1(b)(ii) and 3.2 of the First Supplementary Bidder's Statement) FEG does not accept that there is material uncertainty as to whether PT Sumber Mineral Nusantara (PTSMN) will be able to extend the Trenggalek IUP OP beyond June 2029. Trenggalek is held under an operation and production permit. FEG is not aware of any notice, decision or action of the Indonesian Government indicating that the Trenggalek IUP cannot or will not be extended. The fact that the permit has an expiry date and will, in the ordinary course, require extension does not of itself establish a material risk, nor a proper basis for LEA to have applied a discount. 10 (e) Blue Hill Creek Gold Project — EPM 28601 (sections 1.1(b)(iii) and 3.3 of the First Supplementary Bidder's Statement) The statement that FEG "does not hold any interest" in EPM 28601 is misleading and should be removed by Xingye. EPM 28601 is one of three exploration permits comprising the Blue Hill Creek Project. FEG acquired a 90% interest in all three EPMs from Ellenkay Gold Pty Ltd, with Ellenkay retaining the remaining 10%. The fact that the Queensland Government register has not yet been updated to reflect that acquisition in respect of EPM 28601 does not mean FEG does not legally hold its 90% interest — it is an administrative registration matter, not a substantive title issue, and FEG does not accept that LEA ought to have applied a further discount on this account. (f) Alleged errors in LEA's assessment of reasonableness (sections 1.2, 1.2(a) and 1.2(b) of the First Supplementary Bidder's Statement) FEG does not accept that LEA's conclusion that the Offer is not reasonable is the product of any error. The propositions advanced by Xingye in support of that assertion depend entirely on Xingye's own disputed assumptions concerning the Wonogiri Copper Gold Project, the Woyla Copper Gold Project, the Trenggalek Copper Gold Project and the Blue Hill Creek Gold Project addressed above. Disagreement with LEA's independent valuation conclusions does not establish that LEA failed to adequately consider relevant factors. FEG rejects the characterisation of its conduct as a "chronic and ongoing failure" to properly inform the market. That characterisation is inflammatory, prejudicial and unsupported, and depends on the same disputed assumptions concerning the Wonogiri Mining Licence and FEG's other projects addressed above. FEG does not accept that the market for FEG Shares prior to the announcement of the Offer was misinformed or false. (g) Statement regarding third party interest in FEG (sections 1.2(c) and 1.2(d) of the First Supplementary Bidder's Statement and section 1 of the Second Supplementary Bidder's Statement) FEG's statement that it has attracted substantial interest from international mining companies, strategic investors and financial groups, and that multiple parties have entered into confidentiality agreements and are progressing due diligence, is true and is not misleading. That statement does not represent that a competing proposal has been made or will emerge. FEG is not required to disclose the identity of interested parties, the nature of their interest, or the substance of confidential and incomplete negotiations. FEG does not accept that Xingye's voting power of 33.79% is, of itself, sufficient to preclude a competing proposal by way of scheme of arrangement or otherwise. A scheme is not the only form a competing proposal can take and Xingye's Relevant Interests do not preclude: • a proposal for the acquisition of, or investment in, one or more of FEG's Projects or subsidiaries; • a strategic investment, joint venture or farm-in arrangement at the asset or company level; or • a takeover bid at a price superior to the Offer, which Shareholders would be free to accept. 11 Xingye's assertion that the likelihood of a competing proposal is "very low" is speculative, self-serving and should not be relied upon by FEG Shareholders as an accurate assessment of that likelihood. (h) FEG's cash position and funding (sections 1.2(e) and 4.1(c) of the First Supplementary Bidder's Statement and section 3(b) of the Second Supplementary Bidder's Statement) FEG has not stated that its cash and cash equivalents are expected to be fully depleted by 23 July 2026. That is Xingye's own calculation or assumption and should not be presented to FEG Shareholders as an established fact. LEA had regard to FEG's disclosed cash position, quarterly cash flow reports and financial statements in preparing the Independent Expert's Report, and FEG does not accept that LEA failed to have regard to FEG's funding position. FEG has disclosed its funding position appropriately. No specific capital raising transaction has been finalised or become disclosable, and the absence of any further announcement does not, of itself, reflect a continuous disclosure failure or a failure by FEG's management to take timely and adequate steps to secure funding. (i) Development status of FEG's Projects (section 1.2(f) of the First Supplementary Bidder's Statement) FEG does not accept the characterisation of its projects as "stalled and stagnant". FEG is a junior exploration and development company with a portfolio of Indonesian and Australian projects at different stages of exploration, permitting and pre-development. Development timing for resource projects of this kind depends on drilling results, resource definition, technical studies, permitting, funding and regulatory processes, and is not, in itself, evidence of failure. The Trenggalek Copper Gold Project is held under an IUP OP which is an operation and production permit and which was issued upon FEG's acquisition of that project, contrary to the suggestion that no project has advanced past exploration. (j) General allegations concerning FEG's management and directors (sections 1.3 and 4.1 of the First Supplementary Bidder's Statement and section 3(c) of the Second Supplementary Bidder's Statement) FEG rejects the suggestion that its management and directors cannot be trusted to safeguard and promote the interests of FEG Shareholders. Those allegations rest on Xingye's selective and, in FEG's view, incorrect characterisation of the matters addressed in this Supplementary Target's Statement. (k) Continuous disclosure allegations (section 4.1(a)(i)–(iii) of the First Supplementary Bidder's Statement and section 3(c) of the Second Supplementary Bidder's Statement) FEG does not accept that it was required to disclose the Wonogiri administrative action in the manner suggested by Xingye, for the reasons given above concerning FEG's legal position on the Wonogiri Mining Licence. Mr Werner's interest in Alpha HPA Limited was disclosed in FEG's prospectus dated 1 December 2021, and FEG does not accept that the existence of that disclosed interest supports any implication of impropriety or improper benef