Far East Gold (FEG) Q4 2024 TU earnings summary

Executive summary

• Advanced exploration at Woyla (Indonesia) with significant gold-silver intersections at Aloe Rek and Rek Rinti prospects; drilling extended high-grade zones and identified new targets for future programs.

• Retained 90% interest in all Australian projects and acquired 90% of Reedy Creek, expanding the Queensland portfolio.

• No substantial mining or development activities in Indonesia or Australia during the quarter; focus remained on exploration and feasibility studies.

Financial highlights

• Net cash used in operating activities for the quarter was $245,000; year-to-date net cash used was $1.65 million.

• Net cash used in investing activities was $1.28 million for the quarter, mainly for exploration and evaluation.

• Cash and cash equivalents at quarter end were $1.09 million, down from $2.72 million in the previous quarter.

• $6.89 million raised from equity during the year; $98,000 in transaction costs related to equity issues in the quarter.

Outlook and guidance

• Board approved a fundraising round commencing 29 July 2024 to support ongoing and future exploration activities.

• Expansion into new drilling programs at other projects is contingent on securing additional working capital.

• Board confident in ability to raise further capital, citing asset quality and past successful raises.