Far East Gold faces $38.2M takeover bid

• Xingye Gold has launched an unsolicited off-market takeover offer to acquire all outstanding shares in Far East Gold.
• The cash offer of $0.13 per share value the transaction at approximately $38.2 million.
• The bidder cited project stagnation and declining cash reserves as primary reasons for the corporate acquisition attempt.

Far East Gold (ASX:FEG) is reviewing an unsolicited off-market takeover offer valued at $0.13 cash per share.

The cash proposal represents a 34.02% premium to the company's previous closing share price of $0.097 in late May.

Xingye Gold already holds a 19.99% stake in the exploration company following an initial investment completed in early 2025.

The bidding company expressed specific concerns regarding a rapidly declining cash balance and stalled mineral exploration projects in Indonesia.

Following the announcement, the Far East Gold share price was down at $0.16.

The targeted exploration business recently updated its mineral resource estimate at the flagship Idenburg Gold Project to 780,000 ounces.