Alpha HPA sold FEG the Wonogiri project, there are some notes on...

Alpha HPA sold FEG the Wonogiri project, there are some notes on the sale in Alpha's 2021 annual report (https://alphahpa.com.au/wp-content/uploads/pjn10814.pdf). They got 3.375 mil in stock and 100k in cash in exchange for their 45% share.

The history there is that Alpha HPA used to be called Augur resources 15 years ago, and it looked a lot like FEG does today, with copper-gold exploration in Indonesia and a handful of projects in Aus as well. The Augur management team was top notch including Norm Seckold, Peter Nightingale and later Justin Werner (the subsequent Nickel Mines exec team). Justin has popped back up in the mix here as a non-exec director of FEG.

Augur spent a decade trying to make something of Wonogiri without much success. They partnered locally with Rajawali who owned the other 55% of the tenement, hence why Rajawali is now at the top of the FEG shareholder register. Not sure what the obstacles were but they must have been formidable if Rajawali couldn't overcome them, as they are heavy hitters in Indonesia and run large gold mining projects of their own in Sulawesi. All said and done, Augur's stock crumbled from 20c/share at IPO in 2007 to 1c/share in 2016 (though it did have a good pump along the way) before they finally put Wonogiri on the backburner, changed their name (twice) and focused on high purity aluminium, which has been a home run for them so far.

Hopefully FEG has more luck with the site then Augur/Alpha HPA did...