Far East Gold (FEG) H2 2024 earnings summary

Executive summary

• Raised $6.9m in August 2023 via placement, with $4m from Eurasian Resources Group, and completed a further $4.05m capital raise post year-end at $0.136 per share.

• Entered a conditional share placement agreement for over A$14m at $0.20 per share, granting a 19.99% strategic stake.

• Signed a binding term sheet to acquire up to 100% of the Idenburg gold project in Papua, Indonesia.

• Focused on advancing exploration in Indonesia and Australia, with significant progress at Woyla, Trenggalek, and Wonogiri projects.

• Achieved zero environmental incidents and zero fatalities, and became the first listed Australian junior explorer to join the UN Global Compact.

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); current assets exceeded current liabilities by $176,677.

• Cash and cash equivalents at year-end were $1,090,974, down from $3,933,048 in 2023.

• Raised $6,397,480 in equity during the year; no dividends declared.

• Basic and diluted loss per share improved to (0.66) cents from (1.12) cents in the prior year.

Outlook and guidance

• Will continue asset acquisitions, permitting, and mineral exploration in the next financial year.

• Updated scoping study for Wonogiri expected Q4 2024; ongoing permitting and feasibility work across projects.

• Directors believe the company will continue as a going concern, but additional funding will be required within 12 months to maintain operations.