Far East Gold (FEG) H2 2024 earnings summary

Executive summary

• Raised $6.9m in August 2023 and an additional $4.05m post-year-end through placements and a share purchase plan, with a further $14m strategic investment agreement signed for a 19.99% stake.

• Acquired rights to the Idenburg gold project in Papua, Indonesia, and advanced exploration across Indonesian and Australian projects.

• No dividends declared; principal activities focused on asset acquisition, permitting, and exploration.

Financial highlights

• Net loss after tax of $1,709,989 for FY2024, an improvement from $2,772,145 loss in FY2023.

• Net assets increased to $31,535,669 (2023: $28,600,683).

• Cash and cash equivalents at year-end: $1,090,974 (2023: $3,933,048).

• Total equity raised during the year: $6,397,480.

• Exploration and evaluation assets capitalized at $30,525,379, representing 92% of total assets.

Outlook and guidance

• Continued focus on asset acquisition, permitting, and exploration in Indonesia and Australia.

• Scoping study for Wonogiri project expected Q4 2024; ongoing permitting and feasibility work.

• Additional funding required in the next 12 months to maintain operations and project development.