Far East Gold (ASX:FEG) has wrapped up the stage one acquisition of its flagship Idenburg Gold Project in Papua Province, Indonesia.
The company issued 50 million fully paid ordinary shares to Eloquent Enterprises at $0.13 per share, equivalent to $6.5 million, satisfying the final commercial terms under the conditional share purchase agreement.
This moves Far East Gold to 51% majority ownership of Idenburg, which hosts a JORC inferred mineral resource of approximately 780,000 ounces of gold at an average grade of 3.1 grams per tonne gold.
CEO Shane Menere says moving to majority ownership represents a “defining moment” for the company.
“Idenburg is our flagship asset,” Menere says.
“Importantly, this is not the end point, it is the platform for what comes next.”
With stage one completion, the company now has a pathway to 80% ownership upon acceptance of an Indonesian Feasibility Study, which it targets to lodge by the Q4 2026.
Meanwhile, Far East Gold says the Scoping Study is well advanced and under final review for release to the ASX.
Parallel to the feasibility work, the company plans to continue drilling and resource growth programs across the broader contract of work.
Far East Gold (ASX:FEG) is a junior copper-gold explorer with six advanced projects in Australia and Indonesia.
Write to Paula Fabe at Mining.com.au
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