Earnings release
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ASX ANNOUNCEMENT 30 JULY 2026 REPORT ON ACTIVITIES FOR THE QUARTER ENDED 30 JUNE 2026 FAR EAST GOLD LTD ACN 639 887 219 WWW.FAREAST.GOLD
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 2 Far East Gold Ltd (‘FEG’ or ‘the Company’) is pleased to report results from a productive quarter of exploration activity. Work focused on the Idenburg Gold Project located in the Papua & Papua Pegunungan Provinces, Indonesia where the Company released an updated JORC 2012 inferred resource estimate for the project and formally increased its ownership interest in the Idenburg Gold Project to 51%. The Company also received assays from two drill holes completed at the Mount Clark West tenement in Queensland indicating broad anomalous copper. During the June 2026 Quarter, the Company received an unsolicited off-market takeover bid from Xingye Gold (Hong Kong) Mining Company Limited to acquire all outstanding Company shares. FEG established an Independent Board Committee (IBC) in relation to the unsolicited takeover bid and the IBC received independent expert advice which indicates that the offer undervalues the Company and the Company’s assets. INDONESIAN PROJECT HIGHLIGHTS: • Gained 51% ownership interest in the Idenburg Gold Project – Stage One acquisition completed under the Conditional Share Purchase Agreement (CSPA), with A$6.5 million of consideration shares issued to the Vendor’s nominee at A$0.13 per share. Refer to ASX announcements dated 9 October 202416 and 22 June 20262. o Pathway triggered to increase FEG’s ownership interest to 80%, upon completion and delivery to the Vendors of an Indonesian Feasibility Study by 31 December 2027. • Governor’s Recommendation Received – In addition to the UKL -UPL environmental approval secured for the Idenburg Gold Project, the Company received the Governor’s Recommendation for the project – a key permitting milestone on the pathway to development. Refer to ASX announcements dated 17 March 202612 and 19 June 202610. • Indonesian Feasibility Study commenced – the key component of the pathway to increase FEG ’s ownership interest to 80%. Refer to ASX announcement dated 19 June 202610. o Workstreams underway include, LiDAR survey, geotechnical and hydrological investigations, environmental and permitting, civil and infrastructure engineering, metallurgical and mine design optimisation. • Idenburg Scoping Study well advanced – being completed by Mining One Consultants to assess mine development options and underpin the Indonesian Feasibility Study workstreams. Refer to ASX announcement dated 15 May 202611. o Development focused drilling completed at the Sua prospect to support resource growth and mine planning. • Expanded JORC 2012 Inferred Resource – updated independent Mineral Resource Estimate (MRE) of 7.8 million tonnes at 3.1 g/t gold for 780,000 ounces at Idenburg – an increase of 240,000 ounces (~44%) on the initial MRE. Refer to ASX announcement dated 5 May 20263. • Strike extension potential confirmed at the Sua vein system, that lies within the 5km Sua–Afley shear zone, by mapping at the Kwaplu and Sikrima prospects. Refer to ASX announcement dated 19 June 202610. o Sikrima Prospect: surface grab samples of 16.07 g/t, 11.65 g/t and 7.39 g/t Au, consistent with historical surface assays; considered to have low potential for supergene enrichment. o Kwaplu Prospect: surface grab samples including 45.63 g/t Au (52 g/t Ag), 23.6 g/t Au (10.8 g/t Ag) and 21.45 g/t Au (2.5 g/t Ag); intense alteration suggests possible supergene enrichment. • High gold recoveries confirmed at Sua – preliminary metallurgical test work on Sua drill core composites achieved total gold recoveries of approximately 95% using conventional gravity and carbon-in-leach (CIL) processing. Refer to ASX announcement dated 21 April 202613. o Three composites tested – with 94–96% of gold readily amenable to cyanidation and gravity recoverable gold exceeding 50%.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 3 AUSTRALIAN PROJECT HIGHLIGHTS: • Mount Clark West drilling – first assays received – drilling commenced in late 2025; assays for holes MCDD06 and MCDD07 (Appendix 1) are consistent with intersecting the upper and peripheral zones of a potentially copper mineralised porphyry system. Refer to ASX announcements dated 7 Nov 20255 and 10 February 20266. Observed features include: o Widespread alteration including propylitic and phyllic alteration. o Quartz veining and brecciation. o Disseminated sulphides (pyrite, chalcopyrite). o Results under evaluation to determine the focus of any future work. TAKEOVER OFFER — XINGYE On 27 May 2026, the Company received an unsolicited, off -market takeover offer from Xingye Gold (Hong Kong) Mining Company Limited (“Xingye”), a wholly owned subsidiary of Inner Mongolia Xingye Silver & Tin Mining Co., Ltd, to acquire all of the fully paid ordinary shares in FEG that Xingye does not already own, at A$0.13 cash per share (the “Offer”). On 25 June 2026, the Company lodged its Target’s Statement with ASIC and the ASX and dispatched it to shareholders. The IBC unanimously recommend ed that shareholders REJECT the Offer, which the IBC considers opportunistic and one that significantly undervalues the Company and its assets, including the development upside at the Idenburg Gold Project. The Independent Expert, Lonergan Edwards & Associates Limited, engaged by the Company in connection with preparation of the Target’s Statement, assessed the value of 100% of the ordinary shares in FEG on a 100% controlling interest basis at A$0.324 to A$0.444 per share (mid -point A$0.385) and concluded the Offer is neither fair nor reasonable. FEG’s Managing Director & CEO Shane Menere said: “I am pleased to report a transformational quarter for Far East Gold, marked by significant operational and corporate milestones that have materially enhanced the Company's value proposition. Most notably, the completion of Stage One of the Idenburg acquisi tion has established Far East Gold as the 51% majority owner and operator of what we believe is one of Indonesia's most exciting emerging high-grade gold projects. With an Inferred Mineral Resource of approximately 780,000 ounces at 3.1 g/t gold, extensive district-scale exploration upside and initial activities for the Indonesian Feasibility Study now underway as the pathway to increasing our interest to 80%, Idenburg is rapidly evolving into a cornerstone development asset for the Company. The progress achieved during the quarter also reinforces the Independent Board Committee's view that the current unsolicited takeover offer from Xingye Gold materially undervalues Far East Gold and its portfolio of assets. The Independent Expert has conclu ded that the Offer from Xingye is neither fair nor reasonable, and the IBC remains committed to carefully managing this process with a clear focus on protecting shareholder interests and ensuring that any change of control or strategic transaction appropriately reflects the underlying value of the Company. Our responsibility is to maximise value for all shareholders, and we will continue to pursue that objective while advancing our projects and maintaining disciplined stewardship of the business.”
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 4 Figure 1: Map showing location of FEG projects in Indonesia and Australia INDONESIAN PROJECT ACTIVITIES IDENBURG GOLD PROJECT - PAPUA & PAPUA PEGUNUNGAN PROVINCES, INDONESIA Idenburg is a 95,280 ha 6th generation Contract of Work (C oW) located in the same region hosting world class multi -million-ounce gold and copper deposits including Grasberg (+70 Moz Au), Porgera (+20 Moz Au), Frieda River (20 Moz Au) and Ok Tedi (20 Moz Au). It is an advanced project with over US$25M in historical exploration. Only 30% of the CoW has been explored in detail. To date there has been approximately 12,958m of diamond drilling completed at the Idenburg Gold Project, which comprises 6,065m of historical drilling and 6,893m completed by FEG. Of the 1 5 main prospect areas identified only 6 prospects have been drill tested, with 4 main prospects currently being host to a JORC inferred Mineral Resource Estimate of 780,000 ounces at 3.1 g/t Au (see Figure 2 and Table 4). The mineralised zones intersected at each of the prospects remain open along strike and to depth. SMG Consulting (SMGC) reported Exploration Targets for the 14 prospects identified (at the time) within the Idenburg CoW area with an upper target of approximately 7.259 Moz at 6.1 g/t Au. A lower range exploration target of 189 thousand ounces at 1 g/t Au was also determined . The potential quantity and grade of the 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. Refer to ASX announcement dated 21 August 20244. Detailed structural analyses completed by FEG have identified 29 conceptual target areas and the Company continues to develop exploration and mapping plans across these 29 priority targets.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 5 Figure 2: Map showing prospect and resource areas within the Idenburg COW tenement. The areas of announced PIPPIB forest reclassification is also indicated. Refer to ASX announcement dated November 5, 202515. Recent mapping was completed in the Sikrima and Kwaplu prospect area. Rock samples represent grab samples from boulders collected in the field. See Figures 3 and 4. See Table 4 for details of the JORC 2012 inferred mineral resource estimate for Idenburg. Refer to ASX announcement dated May 5, 20263. Mineral Resource Estimate Expansion During the June 2026 Quarter, FEG received an updated independent JORC Mineral Resource Estimate (MRE) for the Company's Idenburg Gold Project of 7.8 million tonnes at an average grade of 3.1 g/t gold, representing 780,000 ounces of gold (see Table 4 below). The updated inferred MRE represents an increase of 240,000 ounces of gold, or approximately 44%, from the Company's initial JORC inferred Mineral Resource Estimate of 4.1 million tonnes at an average grade of 4.1 g/t gold, representing 540,000 ounces of gold. Both estimates have been independently determined by SMG Consulting in accordance with the JORC Code (2012 Edition). Refer to ASX announcement dated 5 May 20263. Results from detailed geological mapping confirmed the potential to extend the Sua vein system along strike at the Kwaplu and Sikrima prospects. This work found additional gold-bearing rock boulders returning high- grade gold assays (Refer to ASX announcement dated June 19, 2026 10). Significantly, FEG geologists mapped the same distinctive geology and style of gold mineralisation previously observed during mapping of the Company’s high-grade Sua prospect — the same geological setting that hosts the growing Sua gold resource. The style and type of mineralisation logged at Kwaplu and Sikrima is consistent with that intersected in drilling at the Sua prospect, reinforcing the prospectivity of the broader corridor. These results add to FEG’s growing confidence that the high -grade gold-bearing shear / vein system recognised at Sua has potential of extending along the approximate 3km structural corridor that may link the Sikrima and Sua prospects (See: Figure 3).
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 6 Sikrima Prospect: Three grab samples from surface boulders returned gold (Au) assays of: 16.07 g/t, 11.65 g/t and 7.39 g/t. The samples are consistent in rock type and reported gold assays with historical assay results reported from surface rock assays in the Sikrima prospect area. Low potential of supergene enrichment. Kwaplu Prospect: Several grab samples from surface rock boulders returned assays including: 45.63 g/t Au with 52 g/t Ag, 23.6 g/t Au with 10.8 g/t Ag, and 21.45 g/t Au with 2.5 g/t Ag. Intense alteration suggests some degree of supergene enrichment may have occurred. The samples were collected from within zones of interpreted shear and thrust faults inferred by high -grade gold assays reported from historical exploration. These results validate the historical exploration results and infer that gold-mineralised fault/shear structures occur over an extended distance, underscoring the strong potential for additional gold discoveries through continued drill testing of defined targets. Figure 3: Map showing the Sikrima to Kwaplu prospect areas and the location of recent surface rock samples with gold (Au) assay results. See sample photos in Figure 4. Refer to ASX announcement dated June 19, 202610 . A thorough review and discussion of historical exploration and assessment of resource potential can be found in the Company ASX announcement of 21 August 2024 4. The Company has maintained a program of detailed geological mapping and surface rock sampling over select areas within the Idenburg CoW area. This work builds on the review and assessment of historical exploration at Idenburg prepared by SMGC and discussed in their Independent Exploration Target Report for the Idenburg CoW released by the Company in ASX announcement of August 21, 20244. The Sua prospect has been the primary focus of recent exploration efforts and has resulted in a significant expansion of the JORC 2012 inferred mineral resource estimate at Sua from 296,000 ounces of gold estimated in 2024 to 514,000 ounces as reported in the ASX announcement 5 May, 20263 (See: Table 4). The interpreted structural corridor from Sua trending west to Sikrima has been lightly explored and the new surface rock assay results indicate that further exploration is warranted. Refer to ASX announcement dated June 19, 202610.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 7 Figure 4: Photos of rock samples collected and assayed from the Sikrima prospect area (above) and the Kwaplu prospect area (below). Refer to Table 1 for assay details and Figure 3 for sample locations.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 8 Table 1 : Sample locations and assay results for samples shown in Figures 3 and 4. Coordinates are referenced to WGS84 UTM Zone 54 South. Idenburg Permitting and Project Development In addition to the UKL-UPL environmental approval secured for the Idenburg Gold Project (Refer to ASX announcement dated 17 March 202612), the Company received the Governor’s Recommendation approval for the Project during the June 2026 Quarter, in respect of its application lodged on 15 December 2025. The Governor’s Recommendation is a mandatory prerequisite to formally apply for the Persetujuan Penggunaan Kawasan Hutan (PPKH), or “Borrow-Use” approval, for the approved area contained in the UKL-UPL with the Indonesian Ministry of Environment and Forestry. Securing this regional endorsement is the final step required to lodge the PPKH application and represents an important permitting milestone that allows the Company to continue its pathway to development of the Idenburg Gold Project. Refer to ASX announcement dated 19 June 202610. In parallel with its exploration activities, the Company has commenced work associated with the Indonesian Feasibility Study for the Idenburg Gold Project, which forms the key component of the pathway to increasing FEG’s ownership interest in PT Iriana Mutiara Idenburg from 51% to 80%. Multiple workstreams are already underway, including the LiDAR survey to support geological modelling and mine planning, geotechnical and hydrological investigations, environmental and permitting activities, civil and infrastructure engineering studies, together with ongoing metallurgical optimisation and mine design work. The LiDAR survey is also expected to assist in refining structural interpretations across the broader Contract of Work, supporting future exploration targeting and the potential for an expanded resource. Refer to ASX announcement dated 19 June 202610. During the quarter, the Company received preliminary metallurgical test results from composite samples of drill core prepared from FEG drill holes completed at the Sua prospect. The test work was completed at PT Geoservices’ metallurgical testing facilities in Bekasi, West Java, under the supervision of Mining One Consultants. Three composite samples were tested – a low-grade sample (1.1 g/t Au), an average -grade sample (3.7 g/t Au, representing the approximate average grade of the Sua inferred resource) and a high - grade sample (39.8 g/t Au) – with total gold recovery of approximately 95% achieved using conventional gravity and carbon-in-leach (CIL) processing.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 9 Diagnostic leach testing indicated that 94 –96% of the gold is readily amenable to cyanidation, and bench - scale gravity recoverable gold exceeded 50% for the high -grade and low -grade samples, supporting consideration of a gravity circuit in the process flowsheet. The results confirm gold recoveries reported from preliminary test work completed in 2007 and indicate low grades of silver, copper, arsenic and other deleterious elements. The results are preliminary in nature and are based on limited composite sam ples; further metallurgical test work will be conducted as the resource is further defined to confirm processing routes, recoveries and reagent consumption assumptions . Refer to ASX announcement dated 21 April 202613. The Company confirms that it is not aware of any new information or data that materially affects the results included in that announcement and that all material assumptions and technical parameters underpinning the results continue to apply and have not materially changed. The Idenburg Scoping Study, being completed by Mining One Consultants, is well advanced and is assessing potential mine development options for the Project. The forthcoming Scoping Study will provide the foundation for a number of ongoing and further Indonesian Feasibility Study workstreams. The Company believes these programs will assist in increasing geological confidence within portions of the current Mineral Resource Estimate, support future conversion of Inferred Resources into higher confidence categories, and provide key technical inputs required for completion of the Indonesian Feasibility Study. Refer to ASX announcements dated 15 May 202611 and 19 June 202610. During the June 2026 Quarter, the Company completed the Stage One acquisition under the Conditional Share Purchase Agreement (CSPA), increasing its interest in the Idenburg Gold Project to 51%. In accordance with the CSPA, the Company issued A$6.5 million of consideration shares to the Vendors’ nominee at an issue price of A$0.13 per share. Refer to ASX announcement dated 22 June 20262. FEG’s objective remains to continue advancing these workstreams to satisfy the requirements associated with increasing its ownership interest in the Idenburg Gold Project to 80% being the completion and delivery of the Indonesian Feasibility Study to the Vendors by 31 December 2027. WOYLA PROJECT – ACEH PROVINCE, INDONESIA The Company’s Woyla Copper Gold Project is a 24,260-ha 6th generation Contract of Work (COW) located in the Aceh region of North Sumatra, Indonesia ( See: Figure 1). FEG holds a 51% interest in the project. Refer to ASX announcement dated 7 April 202614. The Company has prepared a long-term project plan for Woyla as requested by ESDM which will enable the Company to extend the exploration permit for the COW. There were no exploration activities completed during the June 2026 Quarter. TRENGGALEK COPPER-GOLD PROJECT – EAST JAVA PROVINCE, INDONESIA The Company continues to engage with local communities about the timing of the planned Phase 1 drill program. There were no exploration activities completed during the June 2026 Quarter. WONOGIRI COPPER-GOLD PROJECT – CENTRAL JAVA PROVINCE, INDONESIA During the quarter, the Company continued its regular engagement with the Mining Department (ESDM) to address administrative and regulatory matters relating to the IUP Exploration permit, with the objective of progressing the permit’s status in accordance with the prevailing regulatory framework. There were no exploration activities completed during the June 2026 Quarter.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 10 Figure 5: Map showing location of FEG projects in Queensland, Australia AUSTRALIAN PROJECT ACTIVITIES BLUE HILL CREEK PROJECT – QUEENSLAND The Company is preparing field mapping activities. There were no exploration activities completed during the June 2026 Quarter. MOUNT CLARK WEST PROJECT – QUEENSLAND FEG undertook 3 drill holes for a total of 1,229.3 m (See: Figure 6). The holes were located to test defined geophysical targets suggesting potential for a buried porphyry body. One hole was abandoned due to poor ground conditions. The two completed holes were drilled using reverse-circulation (RC) and diamond drilling methods (Table 2). Drilling supervision and rock chip and drill core sampling was conducted by Hughes Consulting. Hole MCDD05 was drilled using RC to a depth of 142m and was terminated with no core samples collected due to poor ground conditions downhole. Hole MCDD05 intersected weakly altered andesite volcanics to end of the hole. Hole MCDD06 was drilled by RC to a depth of 151m and then to 516.2m using HQ diamond drilling. Composite samples were collected at 3m intervals through the RC section with 1m half core samples collected through the diamond drilled section. The hole encount ered altered hydrothermally andesitic volcanics and tuff including propylitic and phyllic altered volcanics with intermittent narrow quartz veins with pyrite and rare, minor chalcopyrite. Variable magnetite enrichment was noted associated with propylitic and weakly developed potassic alteration. Hole MCDD07 was RC drilled to a depth of 233m and to a total depth of 571.1m using HQ diamond drilling. Half core samples were collected at 1m intervals through the diamond drilled section. No samples were collected from the RC drilled portion of the drill hole. The hole intersected a well -developed hydrothermal system characterized by propylitic altered volcanic rocks near surface in contact with intensely propylitic and silicified and phyllic altered felsic intrusive containing pyrite and very minor chalcopyrite. See Figure 7 and refer to ASX announcement dated 10 February 20266.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 11 Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where mineral concentrations or grades are the factor of principal economic interest. Visual estimates also provide no information of deleterious physical or chemical properties that may negatively affect the project’s economic viability and valuation. Received assay results, rock types and alteration types and styles from each hole do support the conceptual exploration model the Company has used. The results are consistent with being situated proximal to one or more porphyry bodies. The Company will evaluate the results to determine where to focus any further work at the Mount Clark West project. Fi gu re 6 A bov e : Int er pr et e d RTP m a gn etic i ma g e bas e wit h S G C i nte r pr ete d M IM D AS z on es of hi g h c har g ea bility ( gr e en ) The i ma ge s h ow s the occurrence of 3 and possibly 4 low magnetic zones which represent high priority drill targets as potential mineralised porphyry bodies. Survey coordinates conform to the GDA 94, MGA 55 survey datum. T able 2: Belo w. C o mpl eted MC D D Drill Hole Locations HOLE_ID HOLE_TYPE LOCATION EASTING NORTHING DIP AZM DEPTH MCDD07 RC/DD MCW 663301.272 7616887.519 -60 268 571.1m MCDD06 RC/DD MCW 662362.881 7617743.665 -60 180 516.2m
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 12 Figure 7: Inter prete d cros s s ection of hole MCDD07. Re fer to L egen d for details. The hole was terminated at 571.1 m in moderately magn etic, silicified basalt. Based on modeling the hole did test the interpreted zone of higher magnetics. Initial assay results from drill holes MCDD06 and MCDD07 did not define an economic copper intersection; however, the geological logging, alteration, sulphide assemblages and broad anomalous copper values are considered consistent with the upper and peripheral portions of a potentially mineralised porphyry system. The results will be integrated with geophysical and geological data to refine the exploration model and determine the next phase of exploration. Assay results for individual RC and half -core samples collected from holes MCDD06 and MCDD07 are provided in Appendix 1. All samples were prepared and analysed at the ALS Laboratory in Townsville Queensland. Appropriate QA/QC protocols including certified reference standards, duplicate and blanks samples were implemented.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 13 TENEMENT SUMMARY Table 3: Below: List of FEG Projects and status at the end of June 2026 Quarter. Other than the increase in the Company’s beneficial interest in the Idenburg Gold Project to 51% following completion of Stage One acquisition under the Conditional Share Purchase Agreement (Refer to ASX announcement dated 22 June 20262), the Company did not acquire or dispose of any mining tenements nor otherwise change its beneficial interest in the Company’s Indonesian and Australian projects during the Quarter under review. PROJECT LOCATION MINING LICENCE TYPE TENEMENT AREA MINERALOGY TYPE CURRENT PERCENTAGE BENEFICIAL OWNERSHIP Woyla Copper Gold Project Aceh, Indonesia 6th Generation Contract of Work 24,260 ha Porphyry and Epithermal 51% Trenggalek Copper Gold Project East Java, Indonesia IUP – Operation and Production 12,813 ha Porphyry and Epithermal 100% Wonogiri Copper Gold Project Central Java, Indonesia IUP – Exploration 3,928 ha Porphyry and Epithermal 100% Idenburg Gold Project Papua & Papua Pegunungan, Indonesia 6th Generation Contract of Work 95,280 ha Orogenic Gold 51% Ability to increase to 80% upon completion and delivery of an Indonesian Feasibility Study to the Vendors by 31 December 2027 Mount Clark West Copper Gold Project Connors Arc Queensland, Australia EPM 26008 1,912 ha Porphyry 90% Blue Hill Creek Gold Project Drummond Basin Queensland, Australia EPM 26217, EPM 27794 & EPM 28601 8,000 ha Epithermal 90%
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 14 SUMMARY OF EXPENDITURE During the June 2026 Quarter, the Company capitalised total exploration and evaluation expenditure of $284,000, reflecting costs directly attributable to exploration activities undertaken in Australia and Indonesia. Capitalised exploration expenditure1 comprised: • $86,000 relating to exploration support activities and employee costs in Indonesia, and • $198,000 incurred on exploration activities associated with the Mount Clark West Project, Australia including drilling-related costs. In addition, the Company incurred $847,000 in drilling and associated support costs at the Idenburg Gold Project, which were expensed through operating cash flows. Expenditure was principally related to drilling services and drilling -related activities, personnel, fuel and logistical support, permitting and government - related requirements, and technical services. These costs supported the exploration in the Indonesian Project Activities section and are detailed in Appendix 5B – Cashflow Report. Further details of cash movements, including capitalised and expensed exploration costs, are provided in Appendix 5B. No expenditure was incurred on mining, production, or development activities during the reporting period. PAYMENTS TO RELATED PARTIES AND THEIR ASSOCIATES Payments to related parties and their associates during the quarter totaled $175,000, as disclosed in Item 6 of Appendix 5B. All related party payments were made on normal commercial terms and in accordance with remuneration arrangements. 1 The capitalisation of exploration costs is consistent with the Company’s accounting policy, whereby expenditure is capitalised when it is considered likely that the costs will be recouped through successful exploration and future development, or where exploration activities are ongoing.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 15 ASX Announcements referenced directly or in commentary of the June 2026 Quarterly release: 2 ASX: FEG 22 June 2026 “FEG Moves to 51% Ownership of Idenburg, Clear Pathway to 80%” 3 ASX: FEG 5 May 2026 “Idenburg JORC MRE Increases From 540,000 Ounces To 780,000 Ounces of Gold” 4 ASX: FEG 21 August 2024 “Idenburg PT Iriana Mutiara Idenburg Exploration Target Report, June 2024” 5 ASX: FEG 7 November 2025 “Drilling Commenced at Mount Clark West Copper-Gold Project” 6 ASX: FEG 10 February 2026 “Mount Clark West: Positive Drilling Observations, Tenement Extension Granted” 7 ASX: FEG 30 April 2026 “REPORT ON ACTIVITIES FOR THE QUARTER ENDED 31 MARCH 2026” 8 ASX: FEG 12 January 2026 “Idenburg Project Fifth Consecutive High-Grade Gold Intercept” 9 ASX: FEG 10 March 2026 “High-Grade Gold Intersections Extend Mineralisation at Sua – Resource Update Pending” 10 ASX: FEG 19 June 2026 “High-Grade Gold Mineralisation Found Along Trend of the Sua Prospect & Project Update” 11 ASX: FEG 15 May 2026 “Idenburg Scoping Study Advances, Drilling to Commence” 12 ASX: FEG 17 March 2026 “Idenburg Project - UKL-UPL Environmental Approval” 13 ASX: FEG 21 April 2026 “Idenburg Update: Metallurgical Testwork Demonstrates High Gold Recoveries at Sua” 14 ASX: FEG 7 April 2026 “Woyla Project Update” 15 ASX: FEG 5 November 2025 “PIPPIB Approval – Major Regulatory Milestone Secured at Idenburg Gold Project” 16 ASX: FEG 9 October 2024 “CSPA Signed to Acquire Advanced High Grade Idenburg Gold Project” Competent Person and Compliance Statement The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation prepared, reviewed and approved by Mr. Michael C Corey, a competent person who is a member of the Association of Professional Geoscientists of Ontario (APGO), Canada. Mr. Michael C Corey is employed on a consulting basis by Far East Gold Limited as the General Manager of Exploration. Mr. Michael C Corey has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Mr. Michael C Corey has provided his prior written consent as to the form and context in which the exploration results and the supporting information are presented in this announcement. All information compiled and footnoted above 2 – 16 relates to exploration results that have been previously released to the ASX. The Company confirms that it is not aware of any information or data that materially affects the information included in the announcements and that all material assumptions and technical parameters underpinning the announcements continue to apply. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.
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ASX ANNOUNCEMENT - JUNE 2026 QUARTER LY EXPLOR ATION UPDATE FAR EAST GOLD ASX ANNOUNCEMENT 16 Idenburg Mineral Resource Estimate The JORC compliant resource estimates shown below are from the JORC Resource Report, PT Iriana Mutiara Idenburg, March 2026’ completed by SMGC and released by the Company in the ASX announcement of 5 May 20263. The estimates are consistent with the initial exploration targets determined by SMGC in the June 2024 Exploration Target Report released by the Company on August 21, 20244. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Idenburg Mineral Resource estimate and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on May 5 20263 “Idenburg JORC MRE Increases From 540,000 Ounces To 780,000 Ounces of Gold”. The Company confirms that the Competent Person’s findings are presented and have not been materially modified from the original market announcement. Table 4: Mineral Resource tab le as estimated by SMGC based on historical and comp leted FEG exp loration data using a cut-off grade of 0.1 g/t Au with no grade capping applied. The resource tonnages are estimated based on a specific gravity of 2.8 t/m3. Gold recovery of 90% was based on historical and FEG metallurgical testing comp leted on Sua drill core composites. A ‘Mineral Resource’ is a concentration or occurrence of material of intrinsic economic interest in or on the Earth’s crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub- divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories (2012 JORC Code). 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 and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Idenburg Exploration Targets The information referenced in the announcement that relates to the Exploration Targets has previously been released on the ASX. The Company confirms that it is not aware of any new information or data that materially affects the information included in the report `JORC Resource Report, PT Iriana Mutiara Idenburg, March 2026’ completed by SMGC and released by the Company in the ASX announcement of 5 May 20263. All material assumptions and technical parameters underpinning the determinations as stated by SMG Consultants in the report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from those stated in the original market announcements.
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ASX ANNOUNCEMENT - JUNE 2026 QUAR TERLY EXPLORATION UPDATE APPENDICES
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 20 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity ABN Quarter ended (“current quarter”) Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers - - 1.2 Payments for (a) exploration & evaluation (847) (5,295) (b) development - - (c) production - - (d) staff costs (253) (963) (e) administration and corporate costs (329) (1,527) 1.3 Dividends received (see note 3) - - 1.4 Interest received 35 340 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (transaction cost) - - 1.9 Net cash from / (used in) operating activities (1,394) (7,445) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) plant and equipment - (7) (d) exploration & evaluation (284) (1,522) (e) investments - - (f) other non-current assets - - 2.2 Proceeds from the disposal of: (a) entities - - (b) tenements - - 68 639 887 219 30 June 2026 Far East Gold Limited
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 21 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Bank guarantee 43 43 2.6 Net cash from / (used in) investing activities (241) (1,486) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - - 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Lease payments (16) (93) 3.10 Net cash from / (used in) financing activities (16) (93) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 3,556 10,945 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,394) (7,445) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (241) (1,486) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (16) (93) 4.5 Effect of movement in exchange rates on cash held (4) (20) 4.6 Cash and cash equivalents at end of period 1,901 1,901
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 22 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,901 556 5.2 Call deposits - 3,000 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,901 3,556 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 146 6.2 Aggregate amount of payments to related parties and their associates included in item 2 29 6.1 Non-exploration-related payment made to the Executive and non-Executive Directors during the quarter. 6.2 Payment made to Board members including CEO and non-Executive Director during the quarter. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 23 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,394) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (284) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,678) 8.4 Cash and cash equivalents at quarter end (item 4.6) 1,901 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 1,901 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.13 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: No. The Company does not expect its net operating cash outflows to continue at the same level for the time being. During the current period the Company has implemented a number of cost reduction initiatives and continues to actively manage discretionary expenditure, with a particular focus on preserving cash. Exploration and corporate expenditure will continue to be prioritised and managed in line with available funding and strategic objectives. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Yes. The Company continues to actively evaluate a range of funding alternatives to support its operations, including potential equity capital raisings, strategic investment, project -level transactions, joint venture opportunities and other financing initia tives. The Company is engaged in discussions with a number of parties regarding these opportunities and believes it has a reasonable basis to expect that additional funding will be available if required. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes. The Directors expect the Company will be able to continue its operations and meet its business objectives based on its existing cash reserves, the implementation of ongoing cash conservation measures, and the Company's ability to secure additional fun ding through the funding initiatives currently being pursued. The Directors have a reasonable expectation that the Company will continue as a going concern. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 July 2026 Authorised by: The Board of Directors . (Name of body or officer authorising release – see note 4)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 24 Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and give s a true and fair view of the cash flows of the entity, and that the ir opinion has been formed on the basis of a sound system of risk management and internal control which is operating
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ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 25 GOLD
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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APPENDIX 1 - MOUNT CLARK WEST ASSAY RESULTS
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JORC Code, 2012 Edition – Table 1 report SPL1454 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • RC chip and diamond drill core samples were logged and collected by the Company’s geological consultants Hughes Consulting. • Reverse circulation (RC) drilling was completed using a 5 ¼” face -sampling hammer to obtain 1m samples. Samples, one calico and 1 green bag, were collected via a cyclone, which was cleaned between rods to minimize contamination. 1m and some 3m composite chip samples were selected for geochemical analysis. • Diamond drill core samples were collected from sawn, half core at 1.0 m • RC Samples were bagged and tagged with unique numbered assigned to each sample. The samples were delivered by the project geologist to the ALS laboratory in Townsville, Queensland. The samples were oven dried at 105ºC, and then sieved to -80 mesh. Two splits were taken from this product, one for analysis the other for QAQC. Each sample was analysed for 48 elements ME-MS61 Four Acid ICP-MS and gold using Au-AH23 Au30q Fa-AA Finish. Certified reference material, a duplicate and a blank sample were inserted into the submitted sample batch at 20m intervals for QAQC purpose. • Half core HQ3 diamond drill samples were collected and delivered to ALS Townsville Queensland. Two splits were taken from this product, one for analysis the other for QAQC. Each sample was analysed for 48 elements ME-MS61 Four Acid ICP -MS and gold using Au-AH23 Au30q Fa -AA Finish. Certified reference material, a duplicate and a blank sample were inserted into the submitted sample batch at 20m intervals for QAQC purpose.
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Criteria JORC Code explanation Commentary Drilling techniques • Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). • Reverse circulation (RC) drilling was completed using a 5 ¼” face -sampling hammer to obtain 1m samples. Samples were collected via a cyclone, which was cleaned between rods to minimize contamination. chips and half drill core were selected for geochemical analysis. • Diamond drilling was completed using DE640 drill rig to produce HQ3 triple tube drill core. Core was orientated using an Axis Ori System for HQ3. Down hole surveys were completed using the Axis Gyro with OSA tool. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • All diamond drill core and reverse circulation chip samples were digitally photographed and logged by project geologists. Core with any potential for mineralisation was marked up for sampling and despatched to an analytical laboratory for geochemical analysis. Only obvious non - mineralised core was not sampled. • RQD measurements were completed and recoveries noted. Recoveries were logged at an average of 100%. • Recoveries for RC sample size were noted to avoid sample bias. Results were logged. Difficulty in drilling in clay at MC DD05 and MCDD05A resulted in wet samples and reduction in sample size. These samples were not collected and not sent for assay. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • All geology input is logged and validated by the project geologist. RC chips were logged quantitively for lithology, mineralisation and alteration. All holes were logged completely • All diamond drill holes were logged and validation by project geologist on site. Core was logged quantitively for lithology, alteration, veins, minerology and RQD were completed. Specific Gravity testing was completed on selected samples. Magnetic Susceptibility was completed on all core.
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Criteria JORC Code explanation Commentary Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • Core was cut in half core sections using an automatic core cutter at ALS to provided sample cut sheets. RC samples were rotary split on site and further split by ALS Lab in Townsville. Samples were sampled dry. • The analytical methods selected are deemed appropriate for the level of analytical accuracy required at this early stage of exploration. The objective of the sampling was to determine the geochemical distribution of key elements within the area of geological interest. • The sample type and amount collected in the field and the preparation completed at ALS facility prior to analysis are deemed appropriate . Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. • Assaying was completed by ALS in Townsville, Queensland. All ALS analytical geochemical sites operate under a single Global Geochemistry Quality Manual that complies with ISO/IEC 17025:2017, coupled with a single, global industry leading LIMS platform. • ALS conducts routine internal quality control, and review of this data suggests there are no issues with either precision or accuracy. • The Company implemented a QAQC protocol whereby a certified reference material (CRM), a sample blank and a field duplicate sample were given unique assay number tags are where included in each batch of 20 samples. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Collected sample locations, descriptions, assay and QAQC data and protocols were reviewed by the project geologist and the Company Qualified Person • All field and laboratory data is entered into an Excel database with QA/QC templates included. • No adjustments to the assay data has occurred. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Samples site locations were determined with hand held GPS devices giving less than 5m accuracy. • Field sampling and mapping relative to the UTM WGS 84, Zone 55 South datum which corresponds to AMG Zone 55- GDA94.
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4 Criteria JORC Code explanation Commentary Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • As a first pass testing drill programme, drill sites were chosen to test hypothesised targets and as such data spacing is not relevant. • No JORC compliant mineral resources has been estimated for the project area. • Some sample compos iting was applied to MCDD05 RC samples. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Samples were collected to obtain general information of geochemical zonation across the interpreted mineral system. • Sample spacing was designed to cover the area of exploration interest as defined by ground magnetic geophysical survey. Sample security • The measures taken to ensure sample security. • Sample batches were packed into sealed and annotated rice sacks and transported by the project geologist to ALS laboratory in Townsville. The sample submission forms were cross -checked with sample receipt confirmation issued by ALS. Analytical results were emailed to the FEG Qualified Person and Project Geologist . Audits or reviews • The results of any audits or reviews of sampling techniques and data. • The sampling and assay database has been reviewed by the company Qualified Person.
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5 Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The Mount Clark West tenement is a 1,912 ha, Exploration Permit for Mineral (EPM 26008) valid until 8 February 2031. • FEG currently holds a 90% ownership interest in the tenement. FEG has the rights to acquire 100% of the tenement , should Ellenkay Gold elect to convert their remaining 10% into a Net Smelter Royalty. • There are no known impediments to FEG conducting exploration of the tenement. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • Between 1988 and 1989, Climax Mining Ltd collected stream sediment samples at Mt Clark, northwest of Mt Clark and at Mt Donaldson, further to the south. • Between 2010 and 2013 Navaho explored the property area. Navaho Gold identified the presence of porphyry copper occurrences. • Navaho collected approximately 665 multi - element soil samples in the project area. Rock chips were also taken, predominately southeast of the project area. Navaho Gold’s exploration activities did not lead them to confirm a gold hosted Carlin -type deposit, and as a result the company relinquished the area. • Ellenkay Gold, held the project area prior to FEG and conducted several exploration programs between 2016 and 2021. Work included limited surface rock sampling, and ground magnetic and IP geophysical surveys. Interpretation of the data led Ellenkay to test defined targets. 4 HQ diamond drill holes (1,283m) were completed in 2019. Core was logged for lithology, alteration, visible mineralisation and structures
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Criteria JORC Code explanation Commentary Geology • Deposit type, geological setting and style of mineralisation. • Mt Clark West Project (EPM 26008) overlaps the boundary of the Connors Arc Carboniferous volcanic rocks to the east (as local basement) with the overlying Bowen Basin Permo-Triassic sediments to the west The Connors Arc locally manifests as basalt to basaltic andesites of the Mount Benmore Volcanics (within the Lizzie Creek Volcanic Group, and younger Tertiary volcanic extrusive and sub -volcanic intrusive felsic and more mafic rocks. • Previous exploration and interpretation of historical data by FEG and independent geological review by Measured Group Pty. Ltd. suggests that the project area reflects the types and styles of minerali sation and alteration consistent with those found within the upper levels and peripheral margins of a porphyry copper (molybdenum) mineralised system. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • Collar details for the current drilling are provided in the ASX announcement. • Details and interpretation of historical drilling completed by Ellenkay Gold are reported in FEG IPO Prospectus and an independent geological review completed by Measured Group Pty Ltd in Nov.2021. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • All historical and FEG completed assays have been reported as assayed and no equivalent grades (eg. Au Eq) have been included.
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Criteria JORC Code explanation Commentary Relationship between mineralisatio n widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • Historical drill holes were oriented to test geochemical and geophysical targets. • True widths of reported mineralisation and alteration zones are not known. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Maps and sections showing pertinent details of historical exploration results are included the independent geological review completed by Measured Group in Nov.2021. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • Reporting is fully representative of the data. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • The Project database includes that collected by previous companies prior to FEG involvement. This includes, regional stream sediment geochemical data, soil sample and rock chip data, geological mapping data, drilling data, geophysical survey data. FEG and the Independent Geological Review by Measured Group Pty Ltd in Nov.2021 completed as part of due diligence, reviewed and validated the results and interpretation of historical work. • No metallurgical test results are recorded. • The Company retains geophysical survey data collected from a 21 -line km MIMDAS geophysical survey over 8 lines over a 3 week period in August, 2022 by Geophysical Resources and Services Pty Ltd (GRS). The field data was submitted to Southern Geoscience Consultants Pty Ltd (SGC) for QAQC and further interpretation of GRS processed datasets including 3D inversion models and the creation of iso-surfaces. Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • FEG has integrated all historical data with recent company acquired geochemical and geophysical data to define the current drill targets. The objective of the drill program is to confirm the presence of a porphyry Cu- Mo deposit and related epithermal Au -Ag mineral deposits that may lie proximal to it.