Annual Report to shareholders
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Released
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ANNUAL REPORT
30 June 2025
Far East Gold Ltd
Chairman's Letter
30 June 2025
Dear Shareholders,
It is my privilege to present the Chairman’s Letter for this year’s Annual Report. Over the past twelve months, Far East Gold has
continued to build a strong foundation across our portfolio of copper and gold projects in Indonesia and Australia. Our focus
has been clear: secure strategic investment, advance exploration programs, strengthen community engagement, and position
our assets for long-term value creation.
Strategic Investment
During the year, the Company secured approximately A$14.7 million through a three-tranche placement at A$0.20 per share
from Xingye Gold (Hong Kong) Mine Company Limited, a subsidiary of Mongolia Xingye Silver & Tin Mining Co., Ltd (Xingye), a
Chinese mining company listed on the Shenzhen Stock Exchange with a market capitalisation of over AUD$10 billion, the largest
silver producer in China, one of the largest silver producers in the world and China’s second largest tin producer. Their support
represents a strong endorsement of our projects and strategy.
Idenburg Gold Project – Papua
A key milestone was the commencement of drilling at the Bermol prospect within the Idenburg Contract of Work. Since June
2025, six holes totalling 722.9 metres have been completed, each intersecting shear and fault-related zones hosting quartz
veining and sulphide mineralisation. These results confirm the lateral continuity of the gold-bearing Bermol shear zone and
align with historical exploration data.
Further surface work at East Bermol, ~1.2 km east of the drill area, returned grab samples up to 8.43 g/t Au and 31.9 g/t Ag,
highlighting additional expansion potential. A structural interpretation by Murphy Geological Services has also enhanced our
geological model, providing a robust platform for future targeting
Trenggalek Copper-Gold Project – Java
At Trenggalek, preparations advanced for an 18-hole, 5,740-metre program to test three copper porphyry targets and one highgrade epithermal gold system. Site access and pad construction are nearing completion, with Phase 1 drilling expected to
commence in Q4 2025. Community engagement remains central to our work, ensuring exploration is underpinned by
sustainable development.
Woyla Gold Project – Aceh
At Woyla, where our interest will increase from 51% to 80% upon completion of a feasibility study, no drilling was conducted
this year. Instead, key infrastructure upgrades were delivered, including a new drill core logging and storage facility and
improved camp facilities. Planning for a 5-hole, 500-metre scout program at Kareung Reuboeh is underway, positioning the
project for renewed activity.
Wonogiri Copper-Gold Project – Java
At Wonogiri, new geophysical anomalies were identified adjacent to the Randu Kuning deposit, offering further porphyry and
epithermal potential. Engagement with the Indonesian Mining Department is progressing to extend the IUP Exploration license
by 12 months, maintaining flexibility and optionality in advancing this asset.
Australian Projects – Queensland
In Australia, the Company increased its ownership to 90% across the three Queensland gold projects, collectively Blue Hill
Creek, by completing earn-in expenditures and commercially satisfying vendors. At Blue Hill Creek, fieldwork preparation has
focused on priority mapping, geochemical and hyperspectral anomalies. At the companies Nebo based copper project Mount
Clark West, a three-hole, 1,800-metre drill program has been finalised, a land access and compensation agreement signed, and
drilling contractors engaged with a drilling program to commence in Q4 2025.
Far East Gold Ltd
Chairman's Letter
30 June 2025
Looking Ahead
The past year has been one of consolidation and preparation, strengthening our portfolio with both technical progress and
strategic capital. With active drilling campaigns in Papua and Java, and exploration programs ready in Queensland, Far East
Gold enters the year ahead with strong momentum.
On behalf of the Board, I thank our shareholders for their continued support, our staff for their commitment, and our partners
and host communities for their collaboration. With disciplined execution and a focus on long-term value creation, we look
forward to advancing our projects and delivering results in the year ahead.
Yours sincerely
Justin Werner
Chairman
Far East Gold Ltd
ABN 68 639 887 219
Annual Report - 30 June 2025
Far East Gold Ltd
Corporate directory
30 June 2025
Directors
Justin Werner
Non-Executive Chairman
Shane Menere
Executive Director and Chief Executive Officer
Paul Walker
Non-Executive Director
Dr Christopher Atkinson
Non-Executive Director
Michael Thirnbeck
Non-Executive Director
Monique Herman De Groot
Non-Executive Director
Company secretary
Catriona Glover
Registered office
Level 18/324 Queen Street
Brisbane QLD 4000
Principal place of business
Level 18/324 Queen Street
Brisbane QLD 4000
Share register
Automic Pty Ltd
Level 5, 126 Philip Street
Sydney NSW 2000
Auditor
KPMG
Level 11, 80 Ann Street
Brisbane QLD 4000
Australian Solicitors
GRT Lawyers
Level 27, 111 Eagle Street
Brisbane QLD 4000
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
Stock exchange listing
Far East Gold Ltd shares are listed on the Australian Securities Exchange (ASX code:
FEG)
Website
https://fareast.gold/home
1
Far East Gold Ltd
Directors' report
30 June 2025
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as
'the Group') consisting of Far East Gold Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it
controlled at the end of, or during, the year ended 30 June 2025.
Directors
The following persons were directors of Far East Gold Ltd during the whole of the financial year and up to the date of this
report, unless otherwise stated:
Justin Werner
Shane Menere
Dr Christopher Atkinson
Paul Walker
Michael Thirnbeck
Monique Herman De Groot
Marc Denovan
Non-Executive Director until 15 July 2024 when appointed as Non-Executive Chairman
from 15 July 2024
Chief Executive Officer
Non-Executive Director
Transitioned from Executive Chairman to Non-Executive Director from 15 July 2024
Non-Executive Director
Non-Executive Director from 19 March 2025
Resigned from Executive Director on 11 July 2024
Information on directors
The Directors of the Company during or since the end of the financial year are as follows:
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Interests in rights:
Justin Werner
Non-Executive Chairman from 15 July 2024
Non-Executive Director until 15 July 2024
Bachelor of Management
Justin has over 20 years’ mining experience and 10 years’ experience in capital markets.
He has been involved in the mining industry for 20 years. He was a founding partner of
PT Gemala Borneo Utama, a private Indonesian exploration and mining company, which
developed a heap leach gold mine in West Kalimantan and also discovered the highly
prospective Romang Island with then ASX listed Robust Resources Limited.
Prior to developing projects in Indonesia, Justin worked as a consultant, leading many
successful turnaround projects for blue chip mining companies around the world
including Freeport McMorran (Grasberg deposit, Indonesia where he spent 2 years), Lihir
Gold (Lihir Mine, Papua New Guinea), Placer Dome (Nevada, USA), BHP Billiton (Ingwe
Coal, South Africa), Riot Tinton (West Angeles Iron Ore, Australia), Nickel West (Western
Australia) and QNI Yabulu refinery (Queensland, Australia).
Managing Director of Nickel Mines Limited (ASX:NIC) since 23 August 2012
Non-Executive Director of FMR Resources Limited (ASX:FMR) since 21 July 2025
Non-Executive Director of Alpha HPA (ASX:A4N) from 23 December 2021 to 2 November
2023
17,038,464 ordinary shares
3,000,000 options exercise price $0.25, expire on 24 December 2027
3,000,000 rights expire on 24 December 2027
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Far East Gold Ltd
Directors' report
30 June 2025
Name:
Title:
Qualifications:
Experience and expertise:
Shane Menere
Chief Executive Officer and Executive Director
AICD, IMA, BSc, MBA, MAusIMM
Shane is an expert in leading major projects from exploration to operation. He was the
Australia Pacific region (APAC) President Director of a global mining R&D technology and
equipment processing company.
Shane has more than 25 years of experience in resource and infrastructure projects
globally with over 15 years’ experience working with some of the largest mine sites
throughout Asia Pacific.
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Interests in rights:
Name:
Title:
Qualifications:
Experience and expertise:
He has a strong background in financial markets/investor relationships and has held
board positions on several other Australian gold mining and exploration companies.
13,948,294 ordinary shares
3,000,000 options exercise price $0.25, expire on 24 December 2027
3,000,000 rights expire on 24 December 2027
Paul Walker
Non-Executive Director
LLB (hons), MAIPM, AAPI
Paul has over 30 years of experience in international business, capital raising and
managing large-scale infrastructure and resource projects throughout the world.
In 2009, Paul was the co-founder and Chairman of an Indonesian mining company that
successfully acquired several exploration assets and brought into operation a coal mine
in Kalimantan.
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Interests in rights:
Name:
Title:
Qualifications:
Experience and expertise:
Paul lectures at the University of Queensland’s Business School – Strategy and
Entrepreneurship Discipline, is a Member of the Australian Institute of Project
Management and a Barrister-at-Law.
8,590,000 ordinary shares
2,000,000 options exercise price $0.25, expiry 24 December 2027
250,000 rights expire on 24 December 2027
Dr Christopher Atkinson
Non-Executive Director
PhD, BSc, Geology/Earth Science
Chris is a geologist with over 30 years of international experience in the exploration
business. Chris is a founding investor in several successful Exploration and Production
start-up ventures in Europe and Southeast Asia.
Chris acts as a non-executive board member for Lime Petroleum and Lime Petroleum
Holdings in Norway and is the Chairperson for Masirah Oil in Oman.
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Interests in rights:
In 2018, Chris co-founded Helios Aragon, which is exploring for natural hydrogen and
helium in onshore Spain, UK, Poland, Oman and Australia.
6,381,028 ordinary shares
1,000,000 options exercise price $0.25, expire on 24 December 2027
250,000 rights expire on 24 December 2027
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Far East Gold Ltd
Directors' report
30 June 2025
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Interests in rights:
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Interests in rights:
Name:
Title:
Qualifications:
Experience and expertise:
Michael Thirnbeck
Non-Executive Director
Bachelor of Science (Geology and Mineralogy) with Honours
Michael has over 30 years of broad mining, corporate and commercial experience whilst
managing numerous mineral development projects in Papua New Guinea, Indonesia and
Australia. He is a successful gold explorer with direct involvement in +5 Moz gold
discoveries on the Island of New Guinea. He can also bring special knowledge and
experience to bear on projects or investments which span the Pacific, due to his close
knowledge of several Southeast Asian jurisdictions and markets in Canada, Australia and
Europe.
Michael is a past and present officer of mining corporations in Singapore, Indonesia and
Australia and is a 30-year Member of the Australasian Institute of Mining and Metallurgy.
173,234 ordinary shares
1,000,000 options exercise price $0.25, expire on 24 December 2027
250,000 rights expire on 24 December 2027
Monique Herman De Groot
Non-Executive Director (appointed 19 March 2025)
Monique Tang has over 25 years' experience in international business, commercial
M&As, resource projects including coal, gold, silver, and tin. She has held senior level
positions at several multinational organisations in Asia Pacific.
Monique has a distinguished career having worked and led teams on several large-scale
project developments in China, Indonesia and Australia. She has proven ability and track
record to strike up international strategic alliances where she advises in the business
strategy, marketing, operations and expansion plans.
Marc Denovan
Executive Director and Chief Financial Officer (resigned 15 July 2024)
Bachelor of Business and Accounting, CA
Marc has a strong commercial and financial background gained in Australia and Papua
New Guinea (PNG).
Marc was CEO of Trukai Industries Ltd, the largest subsidiary of Ricegrowers Ltd
(ASX:SGLLV). Prior to becoming CEO of Trukai Industries Ltd, Marc was their General
Manager – Finance. Marc was formerly Chairman, Manufacturers Council of PNG and a
Director of the Rural Industries Council (PNG).
Other current directorships:
Former directorships (last 3 years):
Interests in shares:
Interests in options:
Interests in rights:
Before joining Ricegrowers Ltd, Marc was a Director at KPMG Australia where he spent
11 years specialising in Business Advisory and Taxation within the mining and property
sectors.
-
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Far East Gold Ltd
Directors' report
30 June 2025
Information on executives
Name:
Title:
Experience and expertise:
Kyla Garic
Chief Financial Officer (appointed 15 July 2024)
Kyla's professional affiliations and qualifications include a Bachelor of Commerce with
Information Systems, Master of Accounting, Graduate Diploma of Chartered Accounting
and Graduate Diploma in Applied Corporate Governance.
Interests in shares:
Interests in options:
Interests in rights:
Kyla is member of the Chartered Accountants Australia and New Zealand and a Fellow of
the Governance Institute of Australia.
-
Name:
Title:
Qualifications:
Experience and expertise:
Interests in shares:
Interests in options:
Interests in rights:
Jim Gultom
Country Director
Bachelor of Mineral Processing
Over 20 years in energy, mineral resources, and mining sectors
2,110,000 ordinary shares
2,000,000 options exercise price $0.25, expire on 24 December 2027
2,000,000 rights expire on 24 December 2027
Meetings of directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2025, and the
number of meetings attended by each director were:
Full Board
Attended
Held
Justin Werner
Shane Menere
Paul Walker
Dr Christopher Atkinson
Michael Thirnbeck
Monique Herman De Groot (appointed 19 March 2025)
Marc Denovan (resigned 15 July 2024)
2
2
2
2
2
-
2
2
2
2
2
-
Held: represents the number of meetings held during the time the director held office.
Information on company secretary
Name:
Title:
Experience and expertise:
Catriona Glover
Company Secretary
Ms Catriona Glover is a qualified lawyer with over 20 years’ experience in corporate and
commercial law with a focus on corporate governance and company secretarial advice
for both listed and unlisted companies. Catriona has provided legal, corporate
governance and company secretarial advice to a number of companies in a wide range
of industries including mining, stockbroking, education, manufacturing, software as well
as not-for-profit organisations.
Principal activities
During the financial year the principal activities of the Group consisted of concluding asset acquisition agreements, the
commencement and continuation of permitting activities and mineral exploration and evaluation.
There were no significant changes in the Group's nature of activities during the financial year.
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Far East Gold Ltd
Directors' report
30 June 2025
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Financial Review
The loss for the Group after providing for income tax and non-controlling interest amounted to $6,476,639 (30 June 2024:
$1,664,198).
The Group had net assets of $45,935,377 (30 June 2024: $31,535,669) and an excess of current assets over current assets of
$11,002,347 (30 June 2024 : $176,677)
Significant changes in the state of affairs
On 15 July 2024, the Company announced it had entered into a binding terms sheet with Iriana Idenburg Ltd (IIL), Iriana
Idenburg Pte. Ltd (IIP), PT Mutiara Iriana Jaya (PTMIJ), PT Indo Noble Abadi and PT Iriana Mutiara Idenburg (togther the
Vendors), the effect of which is that the company will acquire an indirect economic interest of up to 100% of the Idenburg
Gold Project, a 95,280Ha Contract of Work (CoW) located in the Papua province of Indonesia (Transaction). The parties entered
into the Conditional Share Placement agreement (CSPA) on 6 October 2024.
A summary of the key terms of the Transaction is set out below:
(a) The intended acquisition structure for the Transaction will be achieved by the Company acquiring, in three stages:
i.
Stage 1 Earn-In:
A 51% indirect economic interest in the Project by acquiring 60% of the shares in IIL.
ii.
Stage 2 Earn-In:
A 29% indirect economic interest in the Project by acquiring:
A. 19.41% of the shares in IIL; and
B. 100% of the shares in IIP and PTMIJ.
Following the Stage 2 Earn-In, the Vendors may elect to have their remaining 20% indirect economic interest in the Project
converted to a 2% net smelter royalty.
(b) Upon the Stage One Consideration Shares (refer below being issued in the Company to the Vendors, the Vendors may
nominate one non-executive board member to be appointed to the Company.
(c) Upon confirmation by public announcement of the Company, and not later than 60 months from entering into the CSPA,
that the Idenburg Project contains, in aggregate, at least 1,000,000 ounces of gold to a JORC2012 mineral resource estimate
standard with a minimum average gold grade of 0.5 grams per tonne, FEG will issue 13,000,000 fully paid ordinary shares to
Vendors (Performance Securities/ Mineral Resource Shares).
(d) If an issue of shares in the Company to the Vendors or their associates will, or is likely to, result in Vendors or their
associates holding relevant interest in issued voting shares exceeding the share cap of 19.9%, then the number of shares issued
will be reduced so the share cap is not exceeded. If the number of shares is reduced below the Performance Securities amount,
an equivalent cash amount equal to the value of the reduced Performance Securities will be payable instead
Under the CSPA, the Company will be entitled to the Stage 1 Earn-in on satisfaction of the following:
(a) Upon execution and exchange of the CSPA, the Company:
i.
Pays a total amount of $250,000 to the Vendors in proportion to their respective shareholdings in PTIMI; and
ii.
Issues at least 2,500,000 fully paid ordinary shares in FEG to the Vendors (Signing Shares):
A. Based on a valuation and issue price of at least AUD$0.10 cents per share; or
B. If the valuation and issue price at the issuance date is less than AUD$0.10 cents per share, the number of shares to be
issued to the Vendors will equal the amount of $250,000 divided by such issue price per share (so that, for example, if the issue
price per share = AUD$0.09, the number of shares to be issued shall equal to AUD$250,000 / 0.09 = 2,777,778 shares).
(a) The Company must incur Stage One Earn-In expenditure of not less than $5,000,000 no later than 24 months from
entering into the CSPA, being 9 October 2026, and in accordance with the work plan and budget agreed by the parties.
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Far East Gold Ltd
Directors' report
30 June 2025
(b) The Company must arrange the completion of all necessary activities, studies, and permits to complete a Definitive
Feasibility Study.
(c) Upon the Stage One Earn-In expenditure referred to in (b) above being fully funded and carried out by the Company
pursuant to the agreed work plan and budget, the Company will issue to the Vendors $6,500,000 worth of fully paid ordinary
shares in the Company at a price per share which is the higher of:
i.
$0.13 per share; and
ii.
The 30-day Volume Weighted Average Price (VWAP)
These are referred to as the as the Stage 1 Consideration Shares.
ASX Waiver Disclosure - Listing Rule 7.3.4
On 23 October 2024, the Company received a waiver from ASX Listing Rule 7.3.4, permitting the Company to issue up to
50,000,000 Consideration Shares and 13,000,000 Mineral Resource Shares without the requirement to issue these securities
within three months of shareholder approval. This waiver was granted subject to the following conditions.
·
The Stage 1 Consideration Shares, may be issued upon achievement of the applicable milestone, and in any event, no
later than 9 October 2026.
·
The Mineral Resource Shares, may be issued upon achievement of the applicable milestone, and in any event, no later
than 9 October 2029.
·
The milestones attached to these shares must not be varied
·
The maximum number of shares to be issued is capped as stated above
·
The Notice of Meeting, released on 29 October 2024 included details of the dilutionary impact and material terms of the
agreement to ASX’s satisfaction
·
Any achievement of milestones and resulting share issuance will be announced to the market, including the basis for
milestone achievement and number of securities issued.
This waiver supports FEG’s strategic acquisition of mining projects, where deferred consideration is tied to exploration and
resource milestones. The waiver ensures commercial certainty while maintaining transparency and shareholder consent.
Security
Maximum Number
Stage 1 Consideration Shares
Mineral Resource Shares
50,000,000
13,000,000
As at the date of this report, the Stage 1 Consideration Shares remain unissued as the conditions noted above for their issuance
have not yet been met.
Strategic Investment
In September 2024, the Company entered into a Placement Agreement with Hsing Yip Gold (Hong Kong) Mine Company Limited
(which has since changed its name to Xingye (Hong Kong) Mining Company Limited (Xingye)). Under the terms of the
agreement, Xingye can subscribe for up to 19.9% of the shares in FEG over 3 tranches at A$0.20 per share. Shareholder approval
for the transaction was obtained at a General Meeting of shareholders held on 29 November 2024. A total of 73,422,788 fully
paid ordinary shares were issued, in accordance with Tranches 1 to 3 of the Placement Agreement raising a total of
$14,673,758.
The third tranche increased Xingye's strategic stake in FEG to 19.99% and thereby making Xingye a substantial shareholder of
the Company.
In accordance with the Placement Agreement, Ms Monique Herman De Groot was appointed to the board as a non-executive
director on 19 March 2025.
Refer to the review of operations for additional information on the Company’s exploration activities, there were no other
matters or significant changes in the state of affairs of the Group during the financial year.
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Far East Gold Ltd
Directors' report
30 June 2025
Review of operations
INDONESIA PROJECT ACTIVITIES
Idenburg Mineral Resourcea
During the year the Company announced a Maiden JORC inferred Resource Estimate (MRE) for Idenburg of 4.1 million tons at
an average grade of 4.1 g/t gold and 3.6g/t silver representing a total of 540,000 ounces of gold and 468,000 ounces of silver
was estimated from 3 of the 14 prospect areas defined by historical exploration work.
Table 1: Mineral Resource table as estimated by SMGC based on historical exploration data using a cut-off grade of 0.1 g/t Au with no
grade capping applied to the IMI historical assays.
The potential quantity and grade of the Gold Exploration Targets are conceptual in nature. There has been insufficient
exploration to estimate a Mineral Resource under the 2012 JORC Code and it is uncertain if further exploration will result in
the estimation of a Mineral Resource.
An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on
the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and
grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower
level of confidence than that applying to an Indicated Mineral Resource
Annual Mineral Resource Statement as at 30 June 2025
The Company’s Mineral Resource Estimate for the Idenburg Project was prepared by independent SMG Consulting based in
Singapore and was reported in November 2024. Refer to `JORC Resource Report, PT Iriana Mutiara Idenburg, November 2024’.
The resource tonnage is estimated based on a specific gravity of 2.8 t/m3 and a cut-off grade of 0.1g/t Au. No grade capping
was applied. Gold recovery of 90% was based on historical preliminary metallurgical testing completed on Sua drill core
composites. SMGC used the existing IMI wireframes of Sua, Bermol, and Mafi for ore domaining. The parent block size of 20m
x 20m x 2m and a minimum block size of 2.5m x 2.5m x 2m, were considered appropriate for the style of mineralisation at
Idenburg. The assumption of the block size was designed to match the drill spacing. To estimate grades for Sua and Mafi, SMGC
opted for the Inverse Distance Weighting (IDW) method.
The annual review and summary of the Idenburg Inferred Mineral Resources Estimate is applicable as of 30 June 2025. The
Company confirms there have been no changes to the stated Mineral Resources after that date. The Idenburg Inferred Mineral
Resources were reported in accordance with the 2012 JORC code and based on documentation prepared by SMGC as defined
by the 2012 JORC Code.
The Company ensures that the Inferred Mineral Resources quoted were subject to governance arrangements and internal
controls and external independent review.
________________________
a Refer to ASX Announcement 16 December 2024 “Amended Idenburg Announcement and JORC Resource Report”
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Far East Gold Ltd
Directors' report
30 June 2025
Idenburg Scout Drilling Program
Drilling commenced June 5, 2025, at the Bermol prospect in the Idenburg CoW. To the end of the reporting period, 6 holes
were completed for a total of 722.9 meters. All holes intersected a broad zone of shear and fault-related deformation hosting
quartz veins and sulphide minerals (pyrite–arsenopyrite). The observations are consistent with that reported from historical
exploration and confirm the lateral continuity of the Bermol shear zone.
Detailed geological mapping discovered a zone of quartz veins approximately at East Bermol located about 1.2km east of the
Bermol prospect area. Assays of grab samples returned up to 8.43 g/t Au and 31.9 g/t Ag from a 5m wide quartz zone that was
mapped at surface over a strike length of 15m represent buried porphyries. Two holes for a total of 1,450m are planned to test
zones of high sulphidisation type, advanced alteration mapped on surface coincident with interpreted IP geophysical
anomalies. Underlying and deeper porphyry targets defined by 3D magnetic inversion modelling will also be tested by the
holes2.
Figure 1: Map showing the Bermol prospect area and the location of reported surface rock samples with gold assay results from quartz
veins at East Bermol2
The current drill program is testing the East Bermol discovery and also vein and structural targets defined withing the
interpreted structural corridor extending to the North Bermol Prospect.
Woyla Gold Project
FEG continued to test epithermal quartz vein targets within the Woyla 24,260 ha CoW tenement. Initial diamond drilling was
completed within the Aloe Rek prospect area testing several gold-bearing quartz veins. Twelve holes for a total of 1,884m were
completed with assays received for all holes. The drill program tested the Victory vein system with 50 and 100m spaced drill
holes over a strike length of 500m and to a vertical depth of approximately 250m.
Assays were received for the Aloe Rek drillholes ARD-09, 10, 11 and a partial redrill hole 11R. Compiled significant assay
intervals included;
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Far East Gold Ltd
Directors' report
30 June 2025
ARD-009 which intersected on of the project’s best cumulative gold metre intercepts to date3
o 20m @ 7.57 g/t Au, 8.5 g/t Ag (7.67 g/t AuEq) from 67.5m to 87.5m, including:
o 11m @ 13.45 g/t Au, 13.68 g/t Ag (13.61 g/t AuEq) from 70.5m to 79m and,
o 3.3m @ 31.64 g/t Au, 26.8 g/t Ag (31.96 g/t AuEq) from 75.8m to 79.
Detailed geological mapping continued within the interpreted structural corridor extending southwest from Rek Rinti, south of
the Aloe Rek prospect along the western margin of the Beurieung prospect area. The corridor is an important structural feature
that controlled the emplacement of the Au-Ag bearing quartz veins being drilled by the Company.
The Victory vein system at Aloe Rek remains open to the south and the Company is actively completing detailed mapping to
define drill targets. The Company is also working to define additional vein targets within the Rek Rinti prospect area.
Similar to the other Woyla vein zones mapped and drill tested, the Victory zone veins were emplaced into active fault systems
that were reactivated during vein emplacement producing multistage quartz veins, quartz breccia and
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