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Far East Gold Ltd (ASX:FEG)

ALERT: Price-sensitive ASX Announcement for FEG
Current share price for FEG : $0.145 -0.015 (-9.38%)+
Announcement
Release
30 Jun 2026 4:56PM
Price at Release
$0.160
Full Release
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Summary
The document is a First Supplementary Bidder's Statement issued by Xingye Gold (Hong Kong) Mining Company Ltd in connection with its takeover bid for Far East Gold Limited (FEG). It contains critical concerns regarding the value attributed to FEG by the Independent Expert’s Report prepared by Lonergan Edwards & Associates Limited. The Bidder argues that significant errors were made in the valuation of the Wonogiri Copper Gold Project, citing the revocation of its mining license and its economic inviability. The document highlights uncertainties around FEG's other projects, such as Woyla and Trenggalek, and notes FEG's management and compliance failures. Concerns include the lack of disclosure about the revocation of the Wonogiri Mining Licence shortly after FEG's ASX listing and issues with capital management. Despite FEG's claims of investor interest, the Bidder suggests the likelihood of a competing proposal for FEG is low due to the Bidder's existing voting power.
Key Points
  • Xingye Gold's takeover bid for Far East Gold Ltd.
  • Concerns over valuation errors of the Wonogiri Copper Gold Project.
  • The revoked Wonogiri mining license and questions of economic viability.
  • Material uncertainties about the Woyla and Trenggalek projects.
  • Criticism of FEG's management and failure to disclose key information.
  • Uncertainty surrounding FEG's financial management and capital raising.
  • Doubts about the emergence of competing proposals for FEG.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.