Far East Gold Ltd (ASX:FEG) has moved to 51% ownership of its flagship Idenburg Gold Project in Papua Province, Indonesia, as new high-grade surface results along the Sua trend reinforce the broader exploration potential of the project.
The company has completed Stage One under the Conditional Share Purchase Agreement for the acquisition of Idenburg, giving it majority ownership of a project that hosts a JORC 2012 inferred mineral resource of about 780,000 ounces of gold at an average grade of 3.1 g/t gold.
The milestone comes as recent geological mapping and rock sampling at the Kwaplu and Sikrima prospects identified high-grade gold-bearing boulders in a structural corridor linked to the growing Sua resource.
Map showing prospect and resource areas within the Idenburg COW tenement.
Majority ownership secured
Far East Gold satisfied the final commercial terms for Stage One completion by issuing 50 million fully paid ordinary shares to Eloquent Enterprises Limited, the vendors’ nominee, at A$0.13 per share.
The issue represents A$6.5 million in consideration shares and was approved by shareholders at the company’s Extraordinary General Meeting on 29 November 2024.
Stage One completion followed satisfaction or waiver of conditions under the agreement, including Stage One earn-in expenditure exceeding A$5 million, receipt of required regulatory and shareholder approvals, and completion of relevant corporate approvals and documentation.
Pathway to 80%
The company now has a clear pathway to lift its interest in Idenburg to 80%.
Under the agreement, Far East Gold will be entitled to increase its ownership once the Indonesian Feasibility Study is accepted by Indonesia’s Ministry of Energy and Mineral Resources, known as ESDM.
The company is targeting lodgement of feasibility study documentation with ESDM by Q4 2026.
Chief executive officer and director Shane Menere said the move to majority ownership was a defining moment for Far East Gold and strengthened shareholder exposure to the flagship asset.
“Idenburg is our flagship asset. A high-grade project hosting an inferred resource of approximately 780,000 ounces at 3.1 g/t gold, with significant exploration upside across the broader Contract of Work and securing majority ownership materially strengthens our shareholders’ exposure to that value,” Menere said.
High-grade results along Sua trend
Recent detailed mapping at Kwaplu and Sikrima has also added to the company’s confidence in the potential for the Sua gold system to extend along an approximately 3-kilometre structural corridor.
At Kwaplu, surface boulder grab samples returned assays of 45.62 g/t gold with 52 g/t silver, 23.60 g/t gold with 10.8 g/t silver and 21.45 g/t gold with 2.5 g/t silver.
Photos of rock samples collected and assayed from the Kwaplu prospect area.
At Sikrima, surface boulder grab samples returned 16.07 g/t gold, 11.65 g/t gold and 7.39 g/t gold.
Photos of rock samples collected and assayed from the Sikrima prospect area
Far East Gold said its geologists had mapped the same distinctive geology and style of gold mineralisation previously observed at the high-grade Sua prospect, where the resource increased from 296,000 ounces of gold in 2024 to 514,000 ounces in May 2026.
The company said the Kwaplu and Sikrima results supported the prospectivity of the broader corridor and indicated that gold-mineralised fault and shear structures may extend over a larger area.
Development approvals progress
Far East Gold has also received Governor Recommendation approval for Idenburg, following its application lodged on 15 December 2025.
The approval is a mandatory prerequisite to formally apply for the Persetujuan Penggunaan Kawasan Hutan, or PPKH “Borrow-Use” approval, with Indonesia’s Ministry of Environment and Forestry.
The company said securing the regional endorsement was the final step required before lodging the PPKH application for the area covered by its UKL-UPL environmental approval.
Feasibility work underway
In parallel with exploration, Far East Gold has started work associated with the Indonesian Feasibility Study.
Workstreams include resource definition and conversion, LiDAR survey acquisition, geotechnical and hydrological investigations, environmental and permitting activities, civil and infrastructure studies, metallurgical optimisation and mine design.
The company said its forthcoming Scoping Study, which is well advanced and under final review, would provide the foundation for further feasibility work and support Idenburg’s transition toward development.
What’s ahead
Far East Gold will focus on releasing the Idenburg Scoping Study, advancing the Indonesian Feasibility Study for lodgement with ESDM by Q4 2026 and continuing drilling, mapping and resource growth programs across the broader Idenburg Contract of Work.
Priority targets identified through ongoing mapping and surface sampling are expected to be tested as part of the current Phase 1 scout drilling program, while acceptance of the feasibility study by ESDM would allow the company to move to 80% ownership of the project.