Brisbane, Australia, July 27, 2026 - (ABN Newswire) - The Independent Board Committee of Far East Gold Ltd (ASX:FEG) (OTCMKTS:FEGDF) has lodged a Third Supplementary Target's Statement, responding to the Fifth Supplementary Bidder's Statement (dated 24 July 2026) released by Xingye Gold (Hong Kong) Mining Company Limited (Xingye).
The Independent Board Committee considers that a number of Xingye's assertions in the Fifth Supplementary Bidder's Statement are false and misleading. Shareholders should not rely on those assertions.
The view ofthe Independent Board Committee remains that the Offer is opportunistic and materially undervalues FEG. The Independent Board Committee's responses are set out in the Third Supplementary Target's Statement and summarised below:
- Xingye's statements regarding the US$40M (approx. A$57M) non-binding Trenggalek proposal are self-serving, speculative and misleading. The proposal is evidence of thirdparty interest in FEG's assets and relates to only one of FEG's projects, yet is for an amount more than what Xingye is offering to acquire all of the FEG shares it does not already own.
- Xingye's assertion that no alternative control proposal or strategic transaction will emerge is speculative and self-serving. FEG continues to engage withthird parties under confidentiality agreements who are undertaking due diligence on FEG and its assets. The non-binding Trenggalek proposal while indicative, demonstrates other interest in FEG's assets.
- Xingye's assertion that the proposal forTrenggalek is unlikely to proceed because it intends to vote against any transaction requiring shareholder approval is speculative, self-serving and misleading. Xingye's statements fail to outline what shareholder approvals may be required, any relevant approval thresholds and at a more basic level, whether shareholder approvals are even required. Importantly, Xingye's current relevant interest is 33.90%, which, of itself, is insufficient to determine a shareholder vote on an ordinary resolution, being more than 50%.
- As far as the Independent Board Committee is aware, Xingye's current relevant interest comprises:
o 17.59% purchased by Xingye prior to the Offer at A$0.20 per share;
o 16.18% acquired from the vendor of the WoylaCopper Gold Project and Idenburg Gold Project, who retains a minority interest in those projects and therefore will be entitled to participate in any future project-level upside in proportion to their interest in the project; and
o 0.13% acquired from other shareholders under the Offer.
- The Independent Board Committee notes that, notwithstanding Xingye's repeated requests to shareholders to accept the Offer, shareholder acceptances have remained limited, which demonstrates in the Independent Board Committee's view that the Offer Price and Conditional Offer Price are not sufficiently attractive to the broader shareholder base to obtain their acceptances.
- Xingye's criticism of the Independent Expert relies on a misleading characterisation of the Wonogiri Copper Gold Project and the Woyla Copper Gold Project.
- Xingye's assertion regarding FEG's solvency is false and misleading - FEG is solvent.
- The Offer and the Conditional Offer Price materially undervalue FEGand remain below the Independent Expert's valuation of A$0.324 to A$0.444 per share (mid-point A$0.385).
- Any increase in the Offer Price to A$0.15 per FEG Share is payable only if Xingye obtains relevant interests in more than 50% (by number)of all FEG Shares on a fully diluted basis by 7:00pm on 29 July 2026. There is considerable UNCERTAINTY as to whether Xingye will obtain sufficient acceptances. The Offer is unconditional - shareholders who accept cannot withdraw their acceptance andrisk selling at A$0.13, not A$0.15 per FEG Share.
WHAT SHAREHOLDERS SHOULD DO
The Independent Board Committee unanimously recommends that shareholders REJECT the Offer. To REJECT the Offer, shareholders should TAKE NO ACTION in relation to the Offer. Accepting the Offer risks receiving only A$0.13 per FEG Share and forgoing any upside as Idenburg advances toward development.
Shareholders should read the Target's Statement dated 25 June 2026, the First Supplementary Target's Statement dated 14 July 2026, the Second Supplementary Target's Statement dated 21 July 2026 and the Third Supplementary Target's Statement dated 27 July 2026, together with the Independent Expert's Report and Supplementary Independent Expert's Report, in full. The Offer closes at 7.00pm (Sydney time) on 29 July 2026, unless extended or withdrawn.
The Independent Board Committee acknowledges that there are risks associated with continued ownership of shares in the Company. You should consult with your investment, financial, taxation or other independent professional advisor, if in doubt about what to do.
On behalf of the Independent Board Committee, thank you for your continued support.
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.
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
Source:
Far East Gold Ltd
Copyright (C) 2026 ABN Newswire. All rights reserved.
© 2026 Canjex Publishing Ltd. All rights reserved.