Who is Far East Gold?

• Far East Gold is a mineral exploration company that is focused on acquiring and developing tier one assets in Indonesia, using their decades of successful mining and exploration success in the region to acquire high quality projects that are out of reach for foreign operators and would cost a fortune in Australia.
• FEG is Justin Werner’s gold and copper play, and he has taken an active role in the business. Mr. Werner has over 20 years mining experience and has a very strong track record of mine discovery and development in Indonesia. As managing Director of Nickel industries (ASX:NIC), he has led the company to become the world’s largest listed pure play nickel producer.
• Mr Werner grew the company from a $10 million market cap in 2008 to $485 million at IPO in 2018 and now to over $3.5 billion as of July 2024. He was also a specialist mining consultant leading the turnaround of the world’s second largest gold mine, Grasberg. He is now planning on doing the same with FEG.
• FEG has three potential tier one projects that provide investors with exposure to globally significant gold and copper deposits: Idenburg, Trenggalek and Woyla. 
• The Head Geologist of mining conglomerate ERG drove a $4 million strategic investment into FEG, after scouring Eastern Asia for world-class projects.

Unique Indonesian Opportunity:

• Justin Werner, Chairman of Far East Gold, stated: “If you know how, Indonesia is a great place to do business. A feasibility study costing millions in Australia comes at a fraction of the price here. And once you are in production you are looking at less than half the cost of getting one ounce out of the ground, resulting in a much higher margin project. I don’t think we could do in Australia what we are doing here.” 
• Speaking on the opportunity in front of FEG within Indonesia, Mr Werner stated: “We have now demonstrated that we can secure the deals, get the permits, get the drill results and find strategic investors in what is a fantastic portfolio. What we want to do here is to use our skillset, experience and connections to capitalise on the opportunity offered by Indonesia.”
• Indonesia has vast natural resources that rival the most economic deposits in the world, and the ability to navigate the political, environmental and community landscapes that FEG has demonstrated over the past three years has allowed them to unlock some of their most highly prospective projects.
• It is an extremely nuanced process that has seen Australian companies achieve enormous success, benefitting from both the robust economics and world-class grade – such as EMR capital and the Martabe mine.
• The Martabe Mine, which has been owned by Oz Minerals and EMR Capital, has operated at an impressively low AISC fluctuating between $525/oz and $675/oz. It is an open pit and utilises a conventional Carbon-In-Leach (CIL) processing plant with a 6Mt/yr processing capacity. EMR Capital purchased the mine for US$1.16 billion in 2015, and then sold 95% of it for US$1.82 billion in 2018.

Idenburg:

• Idenburg is an orogenic gold deposit, located in the same province hosting world class multi-million-ounce gold and copper deposits including Grasberg (100 Moz Au), Wabu (10 Moz Au), Ok Tedi (20 Moz Au) ,Wafi (30 Moz Au), Lihir (60 Moz) Freida River (20 Moz Au), and Porgera (20 Moz Au).
• The project has been highly sought after by some of the world’s biggest mining companies, and the FEG team was chosen as the ideal candidate to take over Idenburg.
• A total of US$25 million has been spent in exploration on the project, which generated over 6km of high grade diamond drilling across 5 of the 12 prospects – and bonanza rock chip samples above 1,000g/t Au.
• FEG estimates a 6 month timeline and reasonable expenditure to delineate a 765koz resource, which should be above 4g/t Au and can be achieved with just a few confirmation holes and assay work.
• Sua is the most advanced of all the prospects, with standout assays including 7.5m @ 13.6 g/t Au Incl. 1.6m @ 52.5 g/t Au, 5m @ 21.8 g/t Au Incl. 3m @ 35.0 g/t Au and 6m @ 8.22 g/t Au Incl. 2m @ 52.3 g/t Au from 13m.
• Sua has also demonstrated excellent metallurgical test work, returning 50-60% gravity recoverable gold with >95% recovery by Carbon in Leach.
• The project has excellent logistical capability given it is located only 120 km south of the capital Jayapura, and is intersected by the Trans Irian Jaya Highway.
• Gold ore zones are associated with shallow dipping, near surface shear structures that are likely to be easily extractable by conventional open cut mining methods.

Idenburg project area in 2005 showing numerous high grade prospects (Source: FEG)

Trenggalek:

• Over 2.2Bt of orebody targets have been defined at Trenggalek, based on historical drilling, geophysics, data interpretation and geological consistency. 
• Sumber Bening has four separate porphyry targets totalling 464.4Mt, Jerimbah-Torongan has an individual 1.5Bt porphyry target and Singahan has five separate porphyry targets totalling 262Mt.
• Far East Gold is also about to launch a maiden drilling program at Trenggalek’s high grade targets. Most of the drilling to date at Trenggalek has been focused at the South of the project, where it has been confirmed that there widespread mineralisation at a moderate grade.
• The 12 hole, 8.3km drilling program that is scheduled to be launched at Trenggalek and is well designed to test these newly established, gigantic orebody targets.
• A number of standout assays include 9m @ 4.5g/t Au & 8g/t Ag, 13.7m @ 3.2g/t Au & 60g/t Ag including 2.0m @ 8.7g/t Au & 48g/t Ag, and 6.6m @ 4.9g/t Au & 149g/t Ag.
• Trenggalek exhibits a similar sized volcanic centre (5.6km) to Tujuh Bukit deposit (30.1M oz Au & 18.9Bn lb Cu) cut by major structural lineaments, annular medium to high intensity magnetic features, with zones of hydrothermal alteration related to discrete areas of low magnetics.

Trenggalek demonstrating evidence of an extensive porphyry system (Source: FEG)

Woyla:

• The FEG team, led by CEO Shane Menere and now stewarded by Chairman Justin Werner, has demonstrated a remarkable ability to acquire exploration and mining permits to drill out the most prospective projects in Indonesia – namely Woyla. 
• Far East Gold has spent much of the past two years preparing for a drilling out the Woyla project, which has a monstrous 18km of strike and a litany of prospects that are showing signs of containing high grade mineralisation. 
• Recent efforts have become focused on Rek Rinti and Aloe Rek, and FEG is now conducting extremely efficient drilling that is adding high value ounces to the project.
• Last years standout assays from Rek Rinti included 25.8m at 3.28 g/t Au, 50.59g/t Ag (3.89 g/t AuEq) from 66.5m, 27.8m at 1.32 g/t Au, 27.13 g/t Ag (2.49 g/t AuEq) from 68.7m, and 18m at 1.96 g/t Au, 24.85 g/t Ag (2.25 g/t AuEq) from 69m.
• Notable assays from Aloe Rek, show stellar results of 20m @ 7.57 g/t Au, 8.5 g/t Ag (7.67 g/t AuEq) from 67.5m, 3.4m @ 6.68 g/t Au, 7.81 g/t Ag (6.77 g/t AuEq) from 68.5m, and 18.5m @ 1.38 g/t Au, 3.84 g/t Ag (1.43 g/t AuEq) from 17.9m.
• The high grades that FEG was seeing towards the end of the last drilling campaign completely revamped the scope of the project, and makes further drilling at Rek Rinti and Aloe Rek absolutely essential.

Cross section of hole ARD008,009,0101 looking North at Woyla (Source: FEG)

Management Team:

• Chairman Justin Werner 
  • Has extensive experience and proven success in the Indonesian resources industry.
  • As MD of Nickel Industries (ASX: NIC), he helped guide the company to become the world’s largest listed pure-play nickel producer with a market cap of $3.5bn, producing over $8.7bn worth of nickel and returning over $500m to investors since its 2018 IPO.
  • Led successful turnaround projects for 7 mines (including Indonesia’s Grasberg, the world’s 2nd largest gold mine).
• CEO Shane Menere
  • Brings more than 25 years experience in leading operations of mining businesses around the world, with a focus on Indonesia 
  • Led a brownfield sizable coal site into full production in JV with Indonesian and Chinese partners.
• Justin and Shane see Far East Gold’s opportunity in finding highly prospective, low-cost gold and copper projects in the fast-growing Indonesian mining sector.
• Team has demonstrated the ability to acquire high-profile projects, work with local communities, acquire permits, explore and prepare these projects for a sale, JV or earn-in with majors.

We are hosting a live investor briefing with FEG Chairman Justin Werner on Friday the 9th of August at 12:00PM (AEST), click here to book your spot.

Past performance is not a reliable indicator of future performance.