AUS
NZ
UK
CA
USA
IND
Highlights
- Far East Gold has reached a 51% ownership of the Idenburg Gold Project following Stage One Completion under the Conditional Share Purchase Agreement.
- The company issued AUD 6.5 million worth of shares at AUD 0.13 per share to the Vendors’ nominee in line with the agreement terms.
- A clear pathway to 80% ownership is established, subject to acceptance of the Feasibility Study by Indonesia’s Ministry of Energy and Mineral Resources (ESDM).
- The Idenburg Gold Project hosts a JORC (2012) inferred mineral resource of approximately 780,000 ounces of gold at an average grade of 3.1 g/t.
- The Idenburg Scoping Study is in the final review, while drilling and resource development activities continue across the project area.
Far East Gold Limited (ASX:FEG) now holds a 51% interest in its flagship Idenburg Gold Project in Papua Province, Indonesia. The company has completed Stage One of its Conditional Share Purchase Agreement for the acquisition of the project, increasing its ownership stake to 51%.
The milestone, following the satisfaction of key contractual and regulatory requirements, strengthens the company’s exposure to the project, which hosts a JORC (2012) inferred mineral resource of approximately 780,000 ounces of gold at 3.1 g/t.
Majority Ownership Achieved at Idenburg
The acquisition is part of the company’s structured agreement with the project vendors and follows the fulfilment of all conditions precedent, including –
- Completion of Stage One Earn-In Expenditure, which exceeded the minimum requirement of AUD 5 million.
- Receipt of all required regulatory and shareholder approvals, including the ASX waiver (grated on 23 October 2024) and shareholder approval (in November 2024).
- Completion of all necessary corporate approvals and documentation.
Share-Based Consideration Completed
As part of the Stage One terms, FEG has issued 50 million shares to Eloquent Enterprises Limited, the Vendors’ nominee. The shares were issued at AUD 0.13 per share, representing a total consideration value of AUD 6.5 million.
This move aligns with shareholder approvals obtained at the Extraordinary General Meeting held on 29 November 2024, along with prior regulatory clearances.
Defined Pathway Toward 80% Ownership
The agreement establishes a structured pathway for FEG to increase its ownership in the Idenburg Project to 80%. This next stage is contingent on the acceptance of a Feasibility Study by Indonesia’s Ministry of Energy and Mineral Resources (ESDM).
The company is targeting submission of the Feasibility Study documentation by Q4 2026, marking a key regulatory step in the project development timeline.
Project Studies and Development Activities Advancing
The Idenburg Scoping Study is currently under final review and in parallel, FEG continues resource growth and drilling programs across the broader Idenburg Contract of Work.
FEG shares were trading at AUD 0.160 per share at the time of writing on 22 June 2026.
