Far East Gold (ASX: FEG) has commenced trading on the Australian Securities Exchange (ASX) following the completion of an initial public offering (IPO) that raised A$11.73m from investors.
On listing, Far East Gold will have approximately 215.82 million shares on issue, indicating a market capitalisation of $43 million at the IPO price.
Far East Gold is an Australian junior exploration company led by some of the biggest names in Australian mining. The company has secured six advanced copper and gold projects – three in Indonesia and three in Australia – spanning more than 45,000 hectares and with more than 41,500m of drilling completed to date.
The projects were identified based on sound fundamental qualities – potential for high-grade mineral resources and the board’s capabilities in the relevant jurisdictions and its relationships with counterparties.
Far East Gold’s Indonesian prospects represent huge potential in its under-explored mineral resources and cost-efficient operations.
One of the projects, in Indonesia’s Wonogiri tenement, has a JORC 2012 resource estimate of 996,500 ounces of gold and 190 million pounds of copper.
In August 2021, FEG achieved a huge milestone for its Woyla project in successfully applying to change the forestry designation of 7665 hectares of land – opening the path for the first-ever drilling/advanced exploration activities and future operations to occur on this project.
The company’s three Australian projects are located in Queensland’s Drummond Basin and Connors Arc areas. The projects are highly prospective for epithermal gold and copper gold porphyry deposits and are in close proximity to world-class operational mine sites.
Drummond Basin has historically produced more than 4.5 million ounces of gold with a total known gold endowment in excess of 7.5 million ounces of gold. Both Drummond Basin and Connors Arc have proven to be fertile ground for the discovery of epithermal and intrusive related gold systems.
Far East Gold has 642 shareholders in total as at the listing date, with the top 20 shareholders constituting 67.18% of issued capital. The IPO received strong support from a broad range of institutional and retail investors.
“Far East Gold is a company with the right combination of highly skilled people with on-ground experience working on quality projects at the right time,” Chairman and co-founder Paul Walker said.
“As a junior explorer with advanced and highly prospective projects we are excited to continue our journey towards making Far East Gold a world-class, tier 1, multi-billion-dollar mining company and unlock significant value for our shareholders.”
For further information please visit: https://www.fareast.gold/
