Far East Gold Limited provided an update on the Company's Australian projects. The Company has completed its Phase 1 earn-in expenditure obligations for all three Australian projects. The Company has completed the Phase 1 drill program at the Hill 212 Gold Project and completed the MIMDAS geophysical survey at the Mount Clark West Copper Gold Project.

The Company is preparing plans to advance exploration at both projects. The Mount Clark West Copper Gold Project consists of one tenement (EPM 26008), which covers an area of 1,912 hectares. The project is located in central Queensland about 24km north of Nebo.

The property is situated on the geological boundary of the Connors Arc Carboniferous volcanic rocks to the east (as local basement) with the overlying Bowen Basin Permo-Triassic sediments to the west. The Connors Arc is known to be prospective for, and host to large (>1Moz) epithermal-type gold -silver deposits including the high-sulphidation type Mt. Carlton deposit to the north and the low-sulphidation type Cracow deposit to the south.

The district has not been effectively explored for associated porphyry-type copper-gold mineralization which is the focus of the company's exploration efforts. The property was previously explored by Navaho Gold Ltd. in 2010-2013 and then by Medusa Mining Ltd. from 2018- 2019. This work included detailed geological mapping, surface rock and soil sampling, and limited ground IP and ground magnetic geophysical surveys.

The Medusa exploration included a 4 hole, 1,283m diamond drill program in which one of the holes (MCDD-002) intersected 104m of 0.1% Cu from14m, including 14m at 0.23% Cu from 180m in hole MCDD002. FEG believed the results suggested proximity to a mineralized porphyry system. The combined assay results of the soil samples showed the presence of anomalous copper (Cu) and molybdenum (Mo) in the northern part of the tenement along with gold (Au) and zinc (Zn) to the southwest of previous drilling.

A small area of anomalous Cu was also defined in the southern area adjacent to an anomalous magnetic feature. The distribution of these key elements is interpreted as reflecting zonation within a mineral system. As such, the Au and Zn in soil anomalies may indicate the potential for epithermal- type mineralization proximal to a Cu-Mo mineralized porphyry body.

Surface mapping has also identified the presence of more recent alluvial sediment cover in the center part of the tenement which would effectively mask the geochemical signature of underlying mineralization within collected soils. The Company recently received analysis and interpretation of the survey by SGC which identified three Areas of Interest that reflect zones of high chargeability and high resistivity that are consistent with the results and interpretation from previous exploration. Preliminary evaluation by the Company of the MIMDAS results and previous completed ground magnetic geophysics and surface exploration support the Company's belief that the MCW property is host of one or more mineralized porphyry systems. The Company will design a drill program to target specific geophysical anomalies.

The objective of the drill program will be to confirm the presence of porphyry-type mineralization and identify the exploration potential for a minimum Exploration Target of 400Mt at 0.4% Cu eq.To further investigate and define the presence of a mineralized porphyry system in the tenement area the Company completed a 21-line km MIMDAS (MIM Distributed Acquisition System) geophysical survey over 8, 400m-spaced survey lines. The survey was conducted by Geophysical Resources and Services Pty Ltd. (GRS) over a 3 week period in August 2022. The survey collected Induced Polarisation (IP) and Magnetotelluic (MT) data which was then submitted to Southern Geoscience Consultants Pty Ltd. (SGC) for QAQC and initial interpretation.

SGC produced individual line 2D interpretations and also completed 3D inversion models of the IP and MT data. Preliminary interpretation by SGC has defined 3 priority areas of interest for detailed evaluation. the ground magnetic data as isosurfaces along the same section line showing distinct high magnetic bodies immediately adjacent to the high resistivity and between the MIMDAS interpreted zone of high chargeability.

The Company interprets this geophysical association to reflect an outer envelope of pyrite-bearing phyllic altered rock surrounding an intrusive porphyry core. In such an interpretation the high magnetic bodies would be priority drill targets as they are representative of magnetite-bearing potassic alteration which is often associated with the best mineralized parts of a mineralized porphyry system. To effectively test the validity of the Exploration Target and the three interpreted porphyry targets the Company is considering an initial Phase 1 reverse circulation (RC) drill program comprising 8 holes totaling 4,800m with average hole depths of 600m.

Figure 9 shows tentative hole locations to test defined targets. The program would be completed in one to two months and is planned to commence in 2023 once access rights for drilling are secured.