Proactive - Interviews for investors

Far East Gold passes Xingye funding milestone with FIRB approval

Far East Gold Ltd (ASX:FEG, OTC:FEGDF) CEO Shane Menere talks with Proactive’s Tylah Tully about the company’s latest milestone. The Foreign Investment Review Board (FIRB) has approved the second and third tranches of a funding agreement with strategic partner Xingye Gold (Hong Kong) Mining Company. Menere explained the significance of Xingye, a global leader in precious metals and tin production, holding a 19.9% placement position in the company. He highlighted how the partnership aligned with Far East Gold’s transition from exploration to production. The Idenburg Project, Menere confirmed, has a JORC resource estimate of 540,000 ounces at 4.1 grams per tonne. Menere emphasised that only 30% of the tenement had been explored, suggesting strong potential for future resource growth. Far East Gold expects drilling to commence in early 2025, focusing on unlocking the project’s full value. Additionally, Menere updated on the Trenggalek and Wonogiri projects, noting advancements in exploration and the potential for partnerships to bring them into production. #ProactiveInvestors #FarEastGold #ASX #MiningNews #XingyeGold #IdenburgProject #GoldExploration #ASX #PreciousMetals #MiningInvestments #TrenggalekProject #WonogiriProject #ProactiveInterviews

Duration:: 4m
Broadcast on:: 28 Nov 2024
Audio Format:: other

Hello and welcome back to the Proactive Studio. I'm Tyler Talley, and today I'm joined by Far East Gold CEO Shane Minnier, who's going to talk us through the company's latest milestone. It's announced, Shinye Gold Mining Company have received written confirmation from the Foreign Investment Review Board to approve the 2nd and 3rd tranche of Shinye's funding agreement with Far East Gold. Shane, thanks for joining us today. Thanks for having me, Tyler. It was a pleasure. So, talk to us about this latest milestone. Can you remind us where you are in terms of these funding agreement and update us on what's happened now? Sure, absolutely. So, Shinye, as the market is aware, is our strategic partner coming in and they're going to take a placement position of under that 20% threshold, so at the 19.9%. We had a couple of provisos that we had to satisfy along the way, and this Foreign Investment Review Board, or FERB, was one of them, and that's now been satisfied. So, the viewers may recall that we've already taken in half of that 20% of the investment, and now this opens up the pathway for the remaining 50%. So, this is broken down into two tranches to allow for the shareholder votes to allow the last portion to come through as well, and the AGM is actually happening tomorrow, being the 29th of November, and that all going well will be accepting all of the funding and trench money from Shinye next week. So, I know we spoke about it when you first mentioned this funding agreement, but who are Shinye, and I guess why are they such a strategic partner for FERI's Gold? They're a perfect hit for FERI's Gold. So, they're a Chinese company. They're in the precious metals space. They're also in the space for tin production as well. So, they're one of the biggest producers globally of tin, and also one of the biggest in silver. In fact, with their latest acquisition, I believe they will be the largest tin producer in China very soon. Now, it's not just the precious metals space that fits well, it's the fact that they are a very good company with very good capabilities, and they fit dovetail into what it is that we're doing at FERI's Gold. FERI's Gold Fundamentally has been an exploration company for the last couple of years, and now that we know the value of those potential tier 1 assets, it's time to look at furthering them and taking them down a pathway, ultimately, into production. ShenYear is that perfect fit. They've got the experience of making an acquisition in a greenfield site, project development, taking it through all the way through to feasibility studies, and then ultimately into production. So, can you give us an update on your itemberg project and how everything's progressing and tracking along there? We've been going along very nicely at itemberg. As you may be aware, we've released our jock, and in fact, you and I caught up about that very recently, so there's 540,000 ounces at 4.1 grams per ton. A lovely start off jock with a lot of historical data going into that, and so now it's time to get boots on the ground and mobilize and get some drill rigs turning up there. So, we've got a little bit of work with the community, with some final permitting and so forth. We don't see any issues in there, and we think that we can get drills turning certainly in Q1 next year, and then the plan is to build out that jock resource. So, just to remind the viewers, around about 30% of the tenement has actually been explored, and of that 30%, probably again about 30% of that has actually been properly drilled and fully explored. So, the significant upside in what we already know there, and the areas that we don't know that we think may be up there as well for exploration. It's definitely very exciting times for the company, and we can't wait to see what 2025 you've got in store. There's a lot going on for us, and we do have a number of big projects. Don't forget we've got Trangalik, which is a very large-scale potential porphyry copper with some gold, and of course, Moila will be doing some more drilling up there in the new year, and looking to build out a favourable jock resource up there as well. And then of course, not to forget, we've got Wanigiri, which is a very advanced project in terms of understanding it and taking that down a pathway potentially into some partnership environment, ultimately into production. Well, Shain, thanks so much for joining us today. Thank you, Tom. Appreciate the time.