Far East Gold Limited (ASX: FEG), an Australian-listed mineral exploration company focused on developing its copper and gold projects primarily in Southeast Asia, has received a Second Supplementary Bidder’s Statement from Xingye Gold (Hong Kong) Mining Company Limited. The statement provides crucial updates to Xingye Gold’s off-market takeover bid for FEG, including an increased conditional offer price and an extended offer period. Xingye Gold currently holds a 33.79% relevant interest in FEG Shares, following acceptances, including a significant 16.19% from Eloquent Enterprises Limited.
The revised offer stipulates that if Xingye Gold and its associates achieve relevant interests in more than 50% of FEG Shares on a fully diluted basis by 7:00 pm (Sydney time) on 21 July 2026, the Bidder will increase the offer price to $0.15 cash per FEG Share and declare the offer unconditional. This conditional improved offer price represents a 54.64% premium to FEG’s closing trading price on 26 May 2026, and substantial premiums over its one and three-month volume weighted average prices (VWAP). Xingye Gold confirmed it has sufficient cash reserves to fund the increased offer consideration, which would amount to approximately $55.30 million.
Shareholders are urged to accept the offer without delay, ideally by 21 July 2026, to potentially benefit from the increased price. The offer period has been extended by one week and will now remain open for acceptance until 7:00 pm (Sydney time) on 29 July 2026. The Bidder asserted that the likelihood of a competing proposal emerging is very low, given its existing stake and intention not to accept or vote its shares into any alternative bids or schemes.
Xingye Gold reiterated that accepting the offer allows shareholders to divest their exposure to risks associated with FEG. These risks include material uncertainty with the Wonogiri Copper Gold Project, where the mining licence was revoked years ago and remains un-reinstated, and the Woyla Project, which faces an expired exploration period. Further concerns were raised regarding FEG’s rapidly declining cash balance and perceived inadequacy of managerial and compliance practices.
