Coincident with the signing of a Binding Term Sheet Agreement with Pt. Iriana Mutiara Idenburg (IMI (LON:IMI)) that gives Far East Gold Ltd the right to acquire up to 100% economic interest in the Idenburg Gold Project in Indonesia's Papua province, the company has appointed Justin Werner as chairman with immediate effect.
Werner was managing director of Nickel Industries Ltd and helped to guide the company to become the world’s largest pure-listed nickel producer in a little over five years.
By the time he left in 2023, Nickel Industries had an A$4 billion market capitalisation.
Strong track record
Werner has been a non-executive director with Far East Gold since its inception and has been involved in the Indonesian mining Industry for more than 20 years with a strong track record of resource discovery and mine development.
“I understand the potential of the company’s current portfolio to build a significant gold and copper conglomerate due to some existing potential Tier-1 assets within the company’s portfolio,” Werner said.
“I am also very excited about the potential for further expansion of the company’s current portfolio within our operating jurisdictions to build an even larger critical minerals and gold business.”
Outgoing chair thanked
Werner replaces Paul Walker as chairman, effective immediately as Walker has decided to focus on his successful consultancy business.
Walker has been a founder and chairman of FEG since its inception and FEG says he has made an immense contribution to the progress of the company and its many achievements.
He will remain on the board as a non-executive director where his expertise and advice will be invaluable across the jurisdictions that the company operates within.
FEG CEO Shane Menere said: “On behalf of the board and all FEG shareholders I would personally like to thank Paul for his contributions over the years since the company’s inception.
"I would like to thank Paul for his contribution to the company’s successful IPO, which without Paul, may never have happened.
"Paul has been responsible for steering this company through many obstacles and has also contributed significantly to the company’s progress and achievements. I wish Paul all the very best and look forward to working with him in the future on the board of FEG."
CFO appointment
The company has also appointed Kyla Garic as its new chief financial officer (CFO) effective immediately following the resignation of Marc Denovan from the role.
Garic's professional affiliations and qualifications include a Bachelor of Commerce with Information Systems, Master of Accounting, Graduate Diploma of Chartered Accounting and Graduate Diploma in Applied Corporate Governance.
She is a member of the Chartered Accountants Australia and New Zealand and a Fellow of the Governance Institute of Australia.
Menere said: "Marc has made the decision to focus on his family business. I've known and worked alongside Marc for many years and I'm sorry to see him go.
"Marc has been a highly valued board member of FEG from the start at pre-IPO and I wish him the very best in his endeavours.
"Kyla brings a wealth of experience and we warmly welcome her to the Far East Gold team."
Advancing gold and copper
Far East Gold has six advanced projects in Australia and Indonesia.
The Woyla Copper-Gold Project, spanning 24,260 hectares, is a 6th generation Contract of Work situated in the Aceh region of North Sumatra, Indonesia.
FEG currently holds a 51% interest in the project, which will rise to 80% once the company completes a feasibility study and defines a maiden Joint Ore Reserves Committee (JORC) resource estimate for the project.
Its latest move to acquire Idenburg in Papua ill further expand its footprint in the region.