Far East Gold Ltd: Quarterly Report - Completes Idenburg Scoping Study During September Quarter

Brisbane, Australia - Far East Gold Ltd. (ASX:FEG) (OTCMKTS:FEGDF) reports on its activities for the quarter ended 30 September 2026. The Xingye takeover bid closed on 29 July 2026 with Xingye holding 34.57% and no control; the contest has since moved to the boardroom, with two general meetings set for October-November 2026.

The quarter's key operational milestone was completion of the Idenburg Scoping Study; field activity was limited while the Company prioritised the takeover defence and conserved cash.

CORPORATE HIGHLIGHTS:

- Xingye takeover defeated - Xingye Gold (Hong Kong) Mining Company Limited's unsolicited off-market bid closed at 7:00pm (Sydney) on 29 July 2026 without Xingye reaching majority control. Xingye's voting power at close was 34.57%, well short of the >50% needed to trigger its A$0.15 conditional price (Refer to ASX Announcements 29 July 2026 and 5 August 2026).

- Independent Board Committee recommendation held throughout - The IBC unanimously recommended shareholders REJECT the offer, supported by the Independent Expert (LEA) finding it neither fair nor reasonable, valuing FEG at A$0.324-A$0.444 per share (mid-point A$0.385) (Refer to ASX Announcements 14, 21, 27 and 29 July 2026).

- Board-control contest commenced - On 2 September Xingye served a s203D notice seeking removal of directors Justin Werner, Shane Menere, Paul Walker and Christopher Atkinson.

o On 3 September shareholders holding ~5.5% served s203D and s249D notices seeking removal of directors Monique Tang, Justin Hastings and Michael Thirnbeck. General meetings are scheduled for 21 October (Company-convened, s249D) and 3 November 2026 (Xingyeconvened, s249F) (Refer to ASX Announcements 2, 3, 9 and 21 September 2026).

- s249D meeting - All Resolutions passed (after quarter end) - At the Company-convened Extraordinary General Meeting on 21 October 2026, shareholders voted on a poll to remove Monique Tang (55.47% for), Justin Hastings (57.77% for) and Michael Thirnbeck (57.77% for) as Directors. The Board now comprises Justin Werner (Non-Executive Chairman), Shane Menere, Paul Walker and Christopher Atkinson (Refer to ASX Announcement 21 October 2026).

STRATEGIC TRANSACTION HIGHLIGHTS:

- Third-party Value Validation- FEG received a Non-Binding Indicative Proposal of US$40M (~A$57M) for a project-level transaction over the Trenggalek Copper-Gold Project, and a US$45M (~A$64.6M) proposal under a mandate/letter for the Wonogiri Copper-Gold Project - together ~A$121.6M (nonbinding, conditional) (Refer to ASX Announcements 21 and 29 July 2026).

- Alliance MoU to pursue Gold Production and Portfolio Funding (after quarter end) - On 22 October 2026 FEG signed a Memorandum of Understanding (MoU) with PT Puncakbaru Jayatama (PTPJ) to pursue the potential acquisition, development and operation of the Bengkulu Gold Project, together with funding opportunities across FEG's existing portfolio (Refer to ASX Announcement 23 October 2026).

OPERATIONAL HIGHLIGHTS:

- Idenburg Scoping Study completed (24 August) - Mining One's independent Scoping Study centres on a staged, Sua-led conceptual development, adopting 92% gold recovery (metallurgical testwork ~95%) via gravity-CIL, and recommends 6,085m ofresource-definition drilling across Sua, Bermol and North Bermol (refer to ASX Announcement 24 August 2026).

- Idenburg High-Grade core - Within the 780,000oz @ 3.1 g/t Au Inferred MRE, a high-grade core of 390,000oz @ 9.2 g/t Au (unconstrained grade-tonnage presentation, not a production target) (refer to ASX Announcement 24 August 2026).

- Pathway to 80% of Idenburg - FEG holds 51% of PT Iriana Mutiara Idenburg; delivery of an Indonesian Feasibility Study targeted by 1H 2027 lifts itsinterest to 80%. (Refer to ASX Announcements 22 June 2026 and 24 August 2026).

- Woyla Maiden JORC Mineral Resource Estimate commenced - Work on Woyla's initial JORC (2012) Mineral Resource Estimate started during the quarter, led by independentresource geologist Mr Pratama Abimanyu with Competent Person review by Mr Michael Corey. The estimate is well progressed and is expected to add gold and silver ounces for FEG; results will be reported to ASX once finalised.

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/8982ML18

About Far East Gold Ltd:

Far East Gold Ltd (ASX:FEG) (OTCMKTS:FEGDF) is an Australian junior exploration company led by some of the biggest names in Australian mining. The company has secured the commercial rights for the acquisition, exploration and development of six advanced gold and copper projects in Indonesia and Australia. The Company is underpinned by combined JORC resources of 1.54Moz gold and 190Mlb copper, with ongoing drill programs aiming to significantly increase these resources.

Source:
Far East Gold Ltd

Contact:

Justin Werner Chairman e:justin.werner@fareast.gold Shane Menere Chief Executive Officer e:shane.menere@fareast.gold m: + 61 406 189 672 + 62 811 860 8378 Tim Young Investor Relations and Capital Markets e:tim.young@fareast.gold m: + 61 484 247 771