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Far East Gold|Lonergan Edwards & Associates|Xingye Gold|Australia|Indonesia|Idenburg|Gold Mining
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far-east-gold|lonergan-edwards-associates|xingye-gold|australia|indonesia|idenburg|gold-mining

Far East Gold independent board commitee rejects Xingye takeover offer

26th June 2026

By: Marleny Arnoldi

Online News Editor

     

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ASX-listed Far East Gold's independent board committee has recommended that shareholders reject the unsolicited off-market takeover offer having been made by Hong Kong-based Xingye Gold.

Xingye's A$0.13 apiece buyout offer is, according to independent expert Lonergan Edwards & Associates, neither fair nor reasonable.

The firm estimates Far East Gold's share value closer to A$0.324 and A$0.444 apiece, with a mid-point of A$0.385.

Notably, Lonergan's assessment was made prior to a forthcoming scoping study on the Idenburg project, in Indonesia.

Xingye's offer price is ultimately between 60% and 71% lower below Lonergan's assessed value.

Far East Gold's independent directors also intend to reject the offer, with the independent directors holding 11% of the company's share capital at the moment.

Other major shareholders representing 12.4% of Far East Gold's share capital also intend to reject the offer.

The Idenburg project has a mineral reserve estimate of 780 000 oz contained gold, with Far East Gold holding 51% of the project's ownership. The company also has development projects in Australia.

Edited by Creamer Media Reporter

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