Announcement PDF 2024 ANNUAL REPORT ACN 639 887 219 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 FAR EAST GOLD LTD 2024ACN ANNUAL REPORT FAR EAST GOLD 639 887 219 1 WWW.FAREAST.GOLD 2024 ANNUAL REPORT ACN 639 887 219 CORPORATE DIRECTORY DIRECTORS AUDITOR Justin Werner Non-Executive Chairman KPMG Level 11, 80 Ann Street Brisbane QLD 4000 Shane Menere Executive Director and Chief Executive Officer Michael Thirnbeck Non-Executive Director COMPANY SECRETARY Catriona Glover Paul Walker Non-Executive Director WEBSITE Dr Christopher Atkinson Non-Executive Director REGISTERED OFFICE Level 18/324 Queen Street Brisbane QLD 4000 +61 7 3067 3368 ABN: 68 639 887 219 ASX CODE ASX:FEG AUSTRALIAN SOLICITORS GRT Lawyers Level 27, 111 Eagle Street Brisbane QLD 4000 https://fareast.gold/home SHARE REGISTRY Automic Pty Ltd Level 5, 126 Phillip Street Sydney NSW 2000 INDONESIAN SOLICITORS Christian Teo & Partners District 8, Treasury Tower Floor 25-B Sudirman Central Business District Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 Indonesia 2024 ANNUAL REPORT ACN 639 887 219 TABLE OF CONTENTS CORPORATE DIRECTORY 2 CHAIRMAN’S LETTER 4 PROJECT LOCATIONS 5 FY2024 HIGHLIGHTS 6 OPERATING REVIEW 11 FAR EAST GOLD PROJECT SUMMARY INDONESIA AUSTRALIA TENEMENT SCHEDULE 12 14 21 25 DIRECTORS’ REPORT 26 AUDITOR’S INDEPENDENCE DECLARATION 38 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 40 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 41 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 42 CONSOLIDATED STATEMENT OF CASH FLOWS 43 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 44 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 70 DIRECTORS’ DECLARATION 71 AUDITORS REPORT 72 ADDITIONAL INFORMATION 7 3 2024 ANNUAL REPORT ACN 639 887 219 CHAIRMAN’S LETTER “On behalf of the Board of Directors, I would like to thank our shareholders and all our other stakeholders for their ongoing support over the last 12 months and would like to invite you to join us as we embark on this exciting journey to harness both Indonesia and Australia’s vast mineral wealth and create a brighter future together”. Dear Investor, On behalf of the Board of Directors of Far East Gold Ltd (‘Far East Gold’ or ‘Company’), it is with great pleasure that I can provide you with our Company’s FY24 Annual Report. these projects and the permitting required to progress the projects towards mine development and operation. On behalf of the Board of Directors, I would like to thank our shareholders and all our other stakeholders for their ongoing support over the last 12 months and would like to invite you to join us as we embark on this exciting journey to harness both Indonesia and Australia’s vast mineral wealth and create a brighter future together. In August 2023, the Company undertook a capital raise via strategic, institutional and wholesale placement, raising $6.9m at $0.25 per share. The placement was corner-stoned by Eurasian Resources Group whom invested $4.0m, with a particular interest in the Trenggalek project. The Company was delighted to also announce significant events, subsequent to the end of the reporting period; Yours sincerely 1. FEG recently completed a capital raise via an institutional and wholesale placement raising $2.3m at $0.136 per share and a share purchase plan raising $1.75m at a subscription price of $0.136 per share, resulting in a total capital raise of $4.050m Justin Werner Chairman 2. The execution of a conditional share placement agreement with Hsing Yip Gold (Hong Kong) Mine Company Limited (Xingye). The strategic investment has been structured as a threetranche conditional share placement agreement at $0.20 per share. The total placement combined, raises over A$14.0m for a 19.99% strategic stake in Far East Gold. 3. Another significant milestone for the company was the execution of a binding term sheet with PT Iriana Mutiara Idenburg (IMI) for acquisition of up to 100% of the advanced high grade Idenburg gold project, a 95,280 Ha Contract of Work (CoW) located in Papua province of Indonesia. The potential of this asset to be another Tier 1 gold asset, is very exciting. The Company is currently in the process of preparing a 2012 compliant maiden JORC resource and is located in the same province hosting world class multi-million-ounce gold and copper deposits including Grasberg (+70 Moz Au), Porgera (+7 Moz Au), Frieda River (20 Moz Au) and Ok Tedi (20 Moz Au). Indonesia’s rich mineral resources, combined with our established expertise and operational success, positions FEG to capitalize on the growing demand for these essential metals. The prospect of successfully exploring and developing three potential Tier 1 assets, within this jurisdiction, illustrates the significant potential upside in FEG’s valuation. We are encouraged by the opportunity for a significant potential copper porphyry discovery, at our Mount Clark West prospect in Queensland. This region is renowned for its rich mineral deposits and strong geological potential, making it an ideal location for significant exploration success. Since listing on the ASX, the Company has continued to diligently apply the funds raised to further advance exploration activities on FAR EAST GOLD 2024 ANNUAL REPORT 4 2023 ANNUAL REPORT ACN 639 887 219 CHAIRMAN’S LETTER Project Locations WOYLA IDENBURG TRENGGALEK WONOGIRI MT CLARK WEST BLUE GRASS CREEK HILL 212 REEDY CREEK 5 2024 ANNUAL REPORT ACN 639 887 219 FY2024 HIGHLIGHTS Operations Woyla Trenggalek - Upgrade of camp facilities at the Woyla project with construction of a new drill core logging and storage facility and continued upgrade of Anak Perak camp accommodations. - - Completion of a combined 391 line km UAV (drone) photogrammetry, magnetic and LiDAR survey over an inferred structural corridor extending from the Rek Rinti prospect to the Beurieung prospect area approximately 7km to the south. The detailed survey covered an area of approximately 1,300 Ha. The data provides for enhanced structural interpretation of epithermal vein controls and definition of alteration associated with mineralised quartz veins and breccias. Strategic investment by Eurasian Resources Group (ERG) of A$4,000,000 at support group level of FEG and ERG becomes the Company’s third largest shareholder. ERG is a privately held diversified natural resources group which owns integrated mining, processing, energy and logistics operations for a range of commodities across Eurasia, Africa and Brazil. ERG is headquartered in Luxembourg and has operations in over 16 countries with a global workforce of over 70,000. ERG is in the world’s top 3 producers of cobalt. In 2021, ERG reported annual revenues of USD$8.53Bn with an underlying EBITDA of USD$4.21Bn that included copper production of more than 200,000t. - Completion of an approximately 100 line km UAV photogrammetry and magnetic survey over the Beurieung porphyry prospect area. The survey was flown at 200m line spacing and covered an area of about 1,500 Ha. The results of this survey continue to guide ongoing field mapping within he Beurieung copper-gold porphyry prospect. - Detailed mapping and structural interpretation over defined magnetic anomalies selected for initial drill testing have provided added confidence that the drill sites represent priority porphyry targets. - Completion of an extended Phase 2 diamond drill scout program at the Anak Perak, Rek Rinti, Aloe Eumpeuk and Aloe Rek prospect areas at Woyla. A total of 133 holes for 20,584m have been completed to test the 4 epithermal-type quartz vein systems. The results indicate the presence of extensive, locally high-grade, low sulphidation-type epithermal quartz vein systems extending over approximately 18km of combined strike length. - - Wonogiri - Hill 212, Bluegrass Creek (Blue Hill Creek Project) - The year end assays received from the Aloe Rek drillholes ARD-01 to 08 included compiled a compiled significant intersection of; 12.4m @ 5.59 g/t Au, 25.3 g/t Ag (5.89 g/t AuEq) from 82.3m - 94.7m, including, 9.7m @ 7.06 g/t Au, 31.67 g/t Ag (7.44 g/t AuEq) from 85m – 94.7m and 4m @ 11.83 g/t Au, 33.56 g/t Ag (12.23 g/t AuEq) from 85.5m 89.5m in hole ARD-01. The Company will now review results from the Rek Rinti drilling and update the geological models with the intention of identifying additional vein targets to be drill tested in the next drill program. - Additional detailed mapping within the interpreted structural corridor has confirmed extension of quartz veins identified within the Kareng Reuboeh prospect area to the north of Aloe Rek. The Company continues to assess and define quartz vein targets within the approximately 7km structural corridor extending from Rek Rinti to Beurieung prospect areas. FAR EAST GOLD 2024 ANNUAL REPORT The Company satisfied the earn-in expenditure obligations to retain its 90% interest in the Queensland, Australia projects. The Reedy Creek tenement directly adjoins the Company’s Hill 212 and Bluegrass Creek tenements and together cover an area of 8,000 ha that includes an interpreted 11 km long structural corridor linking these projects and known quartz veins. Reedy Creek (Blue Hill Creek Project) - Drilling completed at Rek Rinti confirmed extension of the Pertama vein over a strike extent of approximately 500m. High-grade Au-Ag mineralisation appears related to local dilation of the vein. The completed holes successfully extended gold-bearing quartz vein/breccia structures along strike and down dip. Compiled significant assay intersections from hole RRD037 included 9.7m at 1.96g/t Au, 9.94g/t Ag (2.08g/t AuEq) from 183.8 – 193.5m; including 4.5m at 3.26 g/t Au, 9.93g/t Ag (3.39 AuEq) from 188m – 192.5m; and 1m of 8.09g/t Au, 17.8 g/t Ag (8.3 g/t AuEq) from 190m. - Scoping study undertaken, final results likely to be released Q4 2024. Additional satellite-assisted spectral mapping of the Reedy Creek tenement has identified numerous mineral anomalies indicative of intense alteration associated with epithermaltype gold mineralisation. These and others defined within the Hill212 and Bluegrass Creek tenements remain untested. Mt Clark West 6 - An in-house assessment of available geological, geochemical and geophysical data has identified 3 possible porphyry centers characterized by discrete resistive bodies spatially associated with zones of high chargeability and increased magnetics. Together the coincident anomalies represent compelling drill targets. - FEG has negotiated access agreements to the tenement with land-owners to complete a scout drill program, - No additional field work was completed on the tenement during the past year. 2024 ANNUAL REPORT ACN 639 887 219 FY2024 HIGHLIGHTS Environment First listed Australian junior exploration company admitted to the UN Global Compact Zero environmental incidents Far East Gold Ltd. is committed to running every operation towards sustainability. This can only be achieved by paying attention to environmental sustainability and minimizing negative impacts on the environment. Every impact must be managed properly in order to achieve sustainability for all, namely the Company, the Environment, and also the community or stakeholders. The Company considers sustainability to be the primary tenet upon which to conduct its business. Therefore, the Company voluntarily joins The United Nations Global Compact (UNGC) in order to promote its commitment to sustainability in the mining sector. Based on CEO pledges to use universal sustainability principles, this is a voluntary project. In addition to upholding its fundamental obligations to people and the environment, the company creates the conditions for long-term success by integrating the Ten Principles of the UN Global Compact into its plans, policies, and processes and cultivating an integrity-focused culture. The UNGC receives regular and transparent reports on all of the Company’s operational undertakings. The company had no environmental-related issues to the end of June 2024. All of the company’s project activities, are conducted in compliance with the industry-best protocols and safety guidelines. No stakeholders have complained to the company about activity causing environmental harm. 100% compliance with all environmental licence conditions Specific policies in each environmental aspect such as energy efficiency, waste management, water efficiency, and reclamation or reforestation of exploration-affected areas. All environmental monitoring, reporting, evaluation, regulatory compliance monitoring, and reclamation activities by the Exploration Department whose results are reported regularly to the Government, and other relevant agencies. The implementation of environmental management is carried out by all departments that produce impact. Even though we have only carried out activities in the exploration stage, but environmental management is a very important part to carry out. Until now, the Company has never received a warning or sanction for violating regulations from the Government and other authorized institutions. The company formed and trained a forest and land fire control brigade in Woyla’s operational area that has also been confirmed by the local government. FAR EAST GOLD 2024 ANNUAL REPORT 7 2024 ANNUAL REPORT ACN 639 887 219 FY2024 HIGHLIGHTS Social Zero fatalities The mining activities carried out by Far East Gold Ltd. are well-managed to prevent work incidents and accidents. The main goal is to ensure that everyone involved in operations feels secure, safe, and healthy, including employees, partners, and the community. Our commitment is to zero fatal occupational accidents and minimize occupational diseases. Compliance with SHE is the responsibility of the Project Manager and is evaluated by the Board of Directors through assessment of key performance indicators (KPIs), as well as reporting to the authorities. Until June 2024, the company achieved zero fatal work accidents and recorded 1,246,894 working hours. FEMI WrkHrs WAM WrkHrs APM WrkHrs SMN WrkHrs TOTAL WrkHrs No of LTI No of MTI INCIDENT SUMMARY 32.648 514.544 38.488 37.587 623.267 - - Total 0 minor injuries, 0 minor incidents SHE management involves both management and employees, as well as the Ministry of Energy and Mineral Resources, Manpower, and other stakeholders. The application of SHE includes the entire process of mining operations, including those still in the exploration stage, and compliance with regulations, such as the Decree of the Minister of Energy and Mineral Resources Number 1827/K/30/MEM/2018 concerning Guidelines for the Implementation of Good Mining Engineering Rules. Key Hazard Identification and Employee Engagement The application of SHE involves the participation of both employees and contractors/suppliers. The implementation of SHE begins with the identification of key hazards and is managed with the use of systems and devices inherent in operational activities and includes all employees and contractor/supplier workers. These activities are carried out through morning briefings before starting work, signs, operating standards, and reprimands against those who ignore SHE in their operations. We have a mechanism for all employees to report any conditions that endanger safety and health at work. Reports are submitted to the superior or designated SHE officer. In line with our priority of employee safety, we will remove employees from dangerous situations and follow up on any reports submitted by employees, including investigating work accident incidents. SHE Performance We strive to build a good safety system and operational discipline through the implementation of SHE. Our goal is to achieve zero harm. We categorize accident rates as follows: 1. Potential Near Miss Unplanned events that do not cause human injury or damage to tools but have the potential for more serious impacts, including environmental pollution. 2. First Aid Accidents that cause injuries to workers, who can then return to work within 24 hours from the time of the accident based on a recommendation letter from a doctor. This does not cause a loss of working time on the next shift/day. 3. Light/Minor Injury Accidents that cause injuries to workers, so they are unable to work for more than one day but less than three weeks. This category also includes cases of accidents that cause injuries to workers and require wound care from professional medical personnel (nurses/doctors), which cannot be handled just as first aid in an accident. 4. Major Injury A major injury is an accident that causes injury to workers according to the specifications in Appendix III letter A number 2 of the Ministry of Energy and Mineral Resources No. 1827 / K / 30 / MEM / 2018 concerning Guidelines for the Implementation of The Good Mining Engineering Rules. FAR EAST GOLD 2024 ANNUAL REPORT 8 2024 ANNUAL REPORT ACN 639 887 219 FY2024 HIGHLIGHTS 5. Fatality An accident in the project area that results in the death of a worker. 6. Property Damage & Fire Case An accident that results in damage to equipment or units but is not accompanied by injuries to humans. To the end of June 2024, the Company achieved “zero fatality”. We record and report accident statistics according to the standards of the Regulation of the Minister of Energy and Mineral Resources (ESDM) No.26 of 2018 concerning the Implementation of Good Mining rules and Supervision of Mineral and Coal Mining. There were no work accidents during the reporting period. Community Engagement and Empowerment Programs The component of society is one of the important elements in supporting continuity and smooth operation. This is inseparable from the impacts that may arise due to the company’s activities, including environmental, economic, and socio-cultural impacts. Without the support of the community, we will face many obstacles in achieving our goals. We are committed to continuously acting ethically and synergizing with the community. The following are the policy foundations that we use as guidelines in carrying out corporate social responsibility: 1. Law Number 40 of 2007 concerning Limited Liability Companies. 2. Law No. 3 of 2020 concerning Amendments to Law Number 4 of 2009 concerning Mineral and Coal Mining. 3. Regulation of the Minister of Energy and Mineral Resources Number 25 of 2018 concerning Mineral and Coal Mining Exploitation 4. Decree of the Minister of Energy and Mineral Resources No. 1824 K/30/MEM/2018 of 2018 concerning Guidelines for the Implementation of Community Development and Empowerment. 5. ISO 26000 6. UN Principles of Social Responsibility (UNGC) FAR EAST GOLD 2024 ANNUAL REPORT 9 2024 ANNUAL REPORT ACN 639 887 219 FY2024 HIGHLIGHTS Social Established additional community based cooperative enterprises to support the Woyla Project on-site exploration activities We activate and form Village-Owned Enterprise around directly affected operational areas to support the Company’s operations. At the beginning of the Company’s operation, there was only 1 Village-Owned Enterprise that had been established but had not yet activities, namely Village-Owned Enterprise of Bangkeh. We then initiated and assisted the formation of Village-Owned Enterprise in other villages. Currently, 6 Village-Owned Enterprises have been established and active from two sub-districts, namely Geumpang and Mane Districts. For Geumpang District, all villages already have a total of 5 Village-Owned Enterprises from Bangkeh, Pulolhoih, Keune, Leupu, and Pucok Villages. As for Mane Subdistrict of the 2 villages directly affected, only one village already has it, namely Mane Village. These Village-Owned Enterprises are actively becoming company partners with the business field of distributing manpower from villages, logistics provider for company operational needs, making exploration core boxes, making exploration sample bags, and also providing plant seeds for reclamation. Participated and supported numerous religious and cultural festivals within the Indonesian project areas We really appreciate local wisdom in activities. We believe that, in order to obtain social permission, respect for local wisdom becomes absolutely necessary, as the old man used to say, “where the earth is stepped on, there the sky is upheld”. On that basis, we always participate in various religious activities in the operational area, especially Islam, which is society beliefs in the operational area. The religious programs that we have carried out include the assistance of orphans on religious holidays, support for the construction of places of worship, celebrations of the Maulid of the Prophet Muhammad, Eid al-Fitr, and Eid al-Adha celebrations, as well as other activities such as Isra’ Mi’raj. Indonesian Government’s Director General – Mineral and Coal invited the Company to participate as a delegate on 30 November 2022 in the Indonesian National Seminar “The 1st Indonesia Minerals Mining Industry Conference-Expo 2022” The National Seminar “The 1st Indonesia Minerals Mining Industry Conference-Expo 2022” was held at The Trans Luxury Hotel Bandung Jalan Gatot Subroto No. 289, Bandung, West Java on November 29-30, 2022, which was attended by stakeholders in related fields (Ministry of Energy and Mineral Resources, Ministries/Institutions, Directors of related companies, representatives of universities/associations, mining observers/professionals and the Mining Student Association). The seminar with the theme “There are many ways to love Indonesia” was directly opened by the Minister of Energy and Mineral Resources Arifin Tasrif. The Minister of Energy and Mineral Resources said that the criteria for critical and strategic minerals must be adjusted for industrial governance from upstream to downstream. To do all that, collaboration between relevant stakeholders is needed for solutions to develop the national industry. The discussion on “Governance of Critical and Strategic Minerals to Support the National Industry” was opened by Deputy Chairman of Commission VII of the Indonesian House of Representatives Eddy Soeparno. FAR EAST GOLD 2024 ANNUAL REPORT 10 2024 ANNUAL REPORT ACN 639 887 219 OPERATING REVIEW WOYLA IDENBURG INDONESIA TRENGGALEK WONOGIRI NT WA BLUE HILL CREEK AUSTRALIA SA PROJECT LOCATION Woyla Copper Gold Project Trenggalek Copper Gold Project Idenburg Gold Project Aceh, Indonesia East Java, Indonesia West Papua Wonogiri Copper Gold Project Central Java, Indonesia MINING LICENCE TYPE 6th Generation Contract of Work IUP-Operation and Production 6th generation Contract of Work IUP-Exploration TENEMENT AREA 24,260 ha 12,813 ha 95,280 ha 3,928 ha MT CLARK WEST QLD NSW MINEROLOGY TYPE CURRENT PROJECT STAGE Porphyry Early-stage exploration completed Phase 1 - 4,640m drilling completed Phase 2 – 13,000m drill program on-going Porphyry and Epithermal Advanced exploration - 17,786m drilling completed Indo Feasibility & Scoping Study completed Maiden KCMI reserve estimate Orogenic Gold Deposit Advanced project with over US$25M in historical exploration including over 5,531 meters of diamond drilling. Currently working towards maiden 2012 JORC Resource Porphyry and Epithermal Advanced exploration – 21,771m drilling completed Indo Feasibility & Scoping Study completed 1.15Moz Au Eq JORC resource estimate Early-stage exploration completed Mount Clark West Copper Gold Project Blue Hill Creek FAR EAST GOLD Connors Arc, Queensland, Australia Drummond Basin Queensland Australia 2024 ANNUAL REPORT Exploration Permit Mineral (1x EPM) Exploration Permit (3x EPM) 1,912 ha Epithermal 8000 ha low sulphidation epithermal gold-silver deposit 11 Advanced exploration – 1,283m drilling completed 400 to 650Mt @ 0.4-0.6% CuEq Exploration Target Project Stage: Early-Stage Exploration with a completed 11-hole (2,061m) phase 1 RC drill program circa 2,100m drilling 2024 ANNUAL REPORT ACN 639 887 219 OPERATING REVIEW FAR EAST GOLD PROJECT SUMMARY Far East Gold is an Australian public Company listed on the ASX with six copper and gold projects, three located in Indonesia and three in Australia. These projects comprise: FAR EAST GOLD 2024 ANNUAL REPORT 12 - Woyla Copper Gold Project is a highly prospective 6th generation Contract of Work in the Aceh region of North Sumatra, Indonesia. This was previously explored by Barrick Gold (1996-1998) and then by Newcrest (1999-2002). - Trenggalek Copper Gold Project is an advanced 12,813 ha IUP OP located in East Java, Indonesia that is highly prospective for island arc-type epithermal and porphyryrelated gold and base metal deposits with 17,786m of drilling completed. - Wonogiri Copper Gold Project is located in Central Java, Indonesia and has 21,771m of drilling completed and a JORC 2012 resource estimate of 533Koz of gold, with a cut off 0.5g/t at the Randu Kuning deposit. This also equates to 996,500 ounces of gold and 190 million pounds of copper, or 1.15 million ounces AuEq with a cut off 0.2g/t. - Mount Clark West Copper Gold Project is located in the Connors Arc, Central Queensland with data identifying a potentially large-scaled porphyry system (or systems) coincident with Cu-Au-Mo chemistry. - Blue Hill Creek Project is located in the highly prospective Drummond Basin, Central Queensland a 10.0 km epithermal gold vein and breccia system has been identified. 2024 ANNUAL REPORT ACN 639 887 219 OPERATING REVIEW The entities of the Company and the Projects held by each entity are set out in the chart below. Far East Gold, through its subsidiaries, has full operational control of all six projects. FAR EAST GOLD LTD ACN 639 887 219 Far East Gold (Australia) Pty Ltd PT Far East Mnerals Indoneasia ACN 655 123 381 (Indonesian services company) Far East Gold (212) Pty Ltd Far East Gold (MCW) Pty Ltd Far East Gold (BGC) Pty Ltd Far East Gold (RC) Pty Ltd ACN 651 852 514 ACN 641 485 681 ACN 653 006 770 ACN 674 961 114 Hill 212 Project Mount Clark West Project EPM 26217 EPM 26008 Blue Grass Creek Project Reedy Creek Project EPM 27794 EPM 28601 Woyla Pty Ltd ACN 654 153 536 Woyla Aceh Ltd Woyla Project “Contract of Work” (Cayman Island Co) PT Woyla Aceh Minerals Trenggalek Pty Ltd ACN 651 852 194 PT Sumber Abadi Nusantara* Trenggalek Project “IUP OP” (Indonesia Co) PT Sumber Mineral Nusantara Trenggalek (No. 2) Pty ltd ACN 668 350 169 Wonogiri Pty Ltd ACN 155 279 477 PT Alexis Perdana Mineral (Indonesian Co) FAR EAST GOLD 2024 ANNUAL REPORT Wonogiri Project “IUP Exp” PT Alexis Perdana Mineral 13 2024 ANNUAL REPORT ACN 639 887 219 OPERATING REVIEW INDONESIA INDONESIAN PROJECTS Given the extensive in-Country experience of the Far East Gold Board of Directors and key management, and their track record of accomplishment in successful mine development, the Company has the right team in place to unlock the potential of the Indonesian Projects. Indonesia is a major contributor to the global mining sector and is a low production-cost jurisdiction with one of the lowest AISC (all in sustained costs) in the region. The creation of a Central Mining Authority in Indonesia and introduction in 2020 of the Omnibus Laws improved certainty in the sector and for Foreign Direct Investment into the Indonesian jurisdiction. SUNDA MAGMATIC ARC The Sunda Magmatic Arc hosts world class copper gold porphyries such as Batu Hijau and the Tujuh Bukit discovery. Vast portions of the area remain underexplored. KM N 0 WOYLA IDENBURG WONOGIRI TRENGGALEK KM N WOYLA IDENBURG WONOGIRI FAR EAST GOLD 2024 ANNUAL REPORT TRENGGALEK 14 0 500 500 2024 ANNUAL REPORT ACN 639 887 219 OPERATING REVIEW INDONESIA WOYLA COPPER GOLD PROJECT WOYLA PIDIE PROVINCE ANAK PERAK 5KM RINTI UPPER REURIEUNG ALOE EUMPUEK ALOE REK MIDDLE BEURIEUNG BEURIEUNG PORPHYRY DOLOK ACEH BARAT PROVINCE LOWER BEURIEUNG ALOE VERA PROSPECT Operations by the Company on the Woyla Project in FY 2024 included: - Upgrade of camp facilities at the Woyla project with construction of a new drill core logging and storage facility and continued upgrade of Anak Perak camp accommodations. - Completion of a combined 391 line km UAV (drone) photogrammetry, magnetic and LiDAR survey over an inferred structural corridor extending from the Rek Rinti prospect to the Beurieung prospect area approximately 7km to the south. The detailed survey covered an area of approximately 1,300 Ha. The data provides for enhanced structural interpretation of epithermal vein controls and definition of alteration associated with mineralised quartz veins and breccias. - Completion of an approximately 100 line km UAV photogrammetry and magnetic survey over the Beurieung porphyry prospect area. The survey was flown at 200m line spacing and covered an area of about 1,500 Ha. The results of this survey continue to guide ongoing field mapping within he Beurieung copper-gold porphyry prospect. - Completion of an extended Phase 2 diamond drill scout program at the Rek Rinti, Aloe Eumpeuk and Aloe Rek prospect areas at Woyla. A total of 133 holes for 20,584m have been completed to test the 4 epithermal-type quartz vein systems. The results indicate the presence of extensive, locally highgrade Au-Ag mineralisation associated with well developed ginguro and bladed quartz textures. These features confirm the high-grade resource potential of the Woyla vein systems. Woyla copper gold project FAR EAST GOLD 2024 ANNUAL REPORT 15 2024 ANNUAL REPORT ACN 639 887 219 OPERATING REVIEW INDONESIA WOYLA COPPER GOLD PROJECT - The year end assays received from the Aloe Rek drillholes ARD-01 to 08 included a compiled significant intersection of; 12.4m @ 5.59 g/t Au, 25.3 g/t Ag (5.89 g/t AuEq) from 82.3m - 94.7m, including, 9.7m @ 7.06 g/t Au, 31.67 g/t Ag (7.44 g/t AuEq) from 85m – 94.7m and 4m @ 11.83 g/t Au,