Far East Gold (FEG) Q1 2025 TU earnings summary

Executive summary

• Executed a Binding Term Sheet to acquire up to 100% of the Idenburg gold project in Papua, Indonesia, expanding the portfolio with a highly prospective asset.

• Secured a strategic investment agreement with Xingye Gold (Hong Kong), enabling up to 19.99% equity subscription at a significant premium.

• Completed initial scout drilling at the Aloe Rek prospect (Woyla Project), intersecting high-grade gold mineralisation.

Financial highlights

• Net cash used in operating activities for the quarter was $848,000, mainly for staff and admin costs.

• Net cash used in investing activities was $1,323,000, primarily for exploration and tenement acquisition.

• Net cash from financing activities was $3,523,000, including $3,671,000 from equity issues and $248,000 in related costs.

• Cash and cash equivalents at quarter end were $2,434,000, up from $1,091,000 at the start of the quarter.

Outlook and guidance

• Company expects to continue meeting business objectives in the short term, with 1.2 quarters of funding available at current outgoings.

• Further drilling and exploration at Woyla and Idenburg are planned, contingent on additional working capital.

• Board is confident in securing further capital as needed, supported by recent strategic investment and asset quality.