Far East Gold (ASX:FEG) Advances Idenburg Project with High-Grade Results and Regulatory Milestone

Highlights

• UKL-UPL environmental approval enables expanded exploration at the Idenburg project.
• Sua drilling returned high-grade gold intercepts and indicated scope for resource growth.
• Metallurgical results show gold recovery of 94–96% with significant gravity recoverable gold.
• North Bermol drilling identified near-surface mineralisation across a wide shear zone.
• Mount Clark West drilling intersected features associated with a porphyry system, with assays awaited.

Far East Gold Ltd (ASX:FEG) has reported a busy quarter ended 31 March 2026, marked by active drilling, regulatory progress, and ongoing technical evaluation across its project portfolio. The update highlighted developments at the Idenburg Gold Project in Papua, Indonesia (across the Sua and North Bermol prospects), where exploration efforts continue to focus on expanding known mineralisation zones, alongside early-stage drilling at the Mount Clark West project in Queensland, Australia.

Regulatory Milestone Supports Exploration Plans at Idenburg

During the quarter, the company received environmental approval under the Upaya Pengelolaan Lingkungan – Upaya Pemantauan Lingkungan (UKL-UPL) framework, allowing advanced exploration activities within its priority corridor at the Idenburg project. This approval represents a necessary step toward applying for the Persetujuan Penggunaan Kawasan Hutan (PPKH), which is required for continued development activities at the project. Details here.

Sua Prospect Delivers High-Grade Results

Drilling at the Sua prospect included eight holes totalling more than 2,289 metres, targeting depth and lateral extensions of known gold zones. Results indicate continuity of mineralisation at depth and the presence of high-grade gold associated with visible coarse gold.

During the quarter, the company received assay results for multiple holes, and the results highlighted the potential to expand the existing resource estimate at the prospect. Compiled significant intercepts comprise-

• 47 g/t Au over 4.85m (73.85m to 78.7m) including:
  • 12 g/t Au over 3.85m (from 73.85m)
  • 93 g/t Au over 1.0m (from 74.5m) and
  • 175 g/t Au over 0.55m (from 77.15m) in KSD027
• 29 g/t Au over 1.65m (17.1 to 18.75m) and
  • 55 g/t Au over 1m (97.2m to 98.2m) in KSD033
• 92 g/t Au over 1m (178m to 179m) in KSD034
• 24 g/t Au over 1.45m (142.75m to 144.2m) in KSD035

Notably, mineralisation remains open along strike and at depth.

Metallurgical testing of three drill core samples shows gold is largely free milling and recoverable through cyanidation. Gravity recoverable gold exceeded 50%, indicating potentially low-cost and simple processing pathways. Details here.

North Bermol Reveals Near-Surface Mineralisation

Initial drilling campaign at the North Bermol prospect has been completed, with 25 holes drilled for a total of 1,530.7 metres. Assays indicate the presence of near-surface gold mineralisation that correlate with abundance of pyrite.

Drilling results indicate that the North Bermol shear zone forms a broad, near-surface structure with a shallow dipping plane and dips to the northeast. Three-dimensional modelling based on current drilling suggests the plane extends at least 300 metres to the northwest and has a strike length of roughly 1,500 metres to the northeast. The shear zone remains open along strike as well as toward the west.

Notable intercepts include:

• 1.45 g/t gold over 0.45 metres (35.05m to 35.5m) in hole BND019
• 1.36 g/t gold over 4.60 metres (71.4m to 76m), including 3.12 g/t over 1 metre (74.5m to 75.5m) in hole BND023
• 5.58 g/t gold over 0.4 metres (130.6m to 131m) in hole BND024

Australian Exploration Activity Underway

At the Mount Clark West project, initial drilling programs tested geophysical targets interpreted as potential porphyry systems. Three drill holes were completed using reverse circulation and diamond drilling methods.

Observed geological features include widespread alteration, quartz veining, brecciation, and sulphide mineralisation. These characteristics are consistent with the peripheral and upper zones of a porphyry system. Assay results from the program are pending and will guide future drilling plans.

The exploration permit for the project has been extended to February 2031, with certain relinquishment requirements deferred, enabling continued work in the area.

Woyla Project Update

Post quarter, the company provided an update on its interest in the Woyla Project in Aceh, Indonesia. Under a Conditional Share Purchase Agreement, the company had a pathway to increase its stake to 80% upon completion of a feasibility study.

Discussions were also underway to secure a direct increase to full ownership without undertaking the study; however, no agreement on final terms was reached. The company will retain its current 51% interest in the project, with no feasibility study initiated and no further exploration activities planned at this stage. Details here.

Far East Gold’s quarterly update outlines continued exploration activity across its key projects, supported by regulatory approvals and drilling outcomes. Work at Idenburg remains central, with ongoing drilling, metallurgical testing, and permitting steps contributing to project development plans. Additional results and updated resource estimates are expected as exploration programs progress.

FEG shares traded at AUD 0.12 on 4 May 2026.