How Besra Gold’s New Board Is Steering the Jugan Project Forward

Corporate Overhaul and Strategic Focus

Besra Gold Inc (ASX – BEZ) has ushered in a new era with the election of a fresh Board of Directors at its June 2025 Special Meeting. The new Board comprises three seasoned mining professionals, David Izzard, John Blake, and Matthew Greentree, bringing extensive operational, geological, and strategic expertise to the company. This leadership change follows the removal of several previous directors and the resignation of key executives earlier in the year, signaling a decisive shift in corporate governance.

Shortly after their appointment, the entire new Board conducted an on-site visit to the Bau Project in Sarawak, marking their first collective engagement with the project and local stakeholders. This hands-on approach underscores the Board’s commitment to advancing the company’s flagship Jugan deposit.

Jugan Project Progress Amid Lease Renewal Uncertainty

The renewal of Mining Lease ML 05/2012/1D, which covers a critical portion of the Jugan deposit, remains under active consideration by the State Minerals & Mining Authority (SMMA). The timing for this renewal is uncertain and subject to the SMMA’s administrative schedule, but securing it is vital for Besra’s development plans.

During the June quarter, Besra completed five diamond drill holes totaling 1,733 metres to support geotechnical studies essential for evaluating both open-pit and underground mining feasibility. These holes were strategically drilled to intersect mineralisation perpendicularly and to provide core samples for rock characterisation and future test work. Complementing this, a down-hole televiewer survey is underway to gather detailed structural data, with a second phase planned to enhance data quality.

Innovative Metallurgical Trials and Resource Confirmation

Besra has partnered with Canadian firm Dundee Technologies to trial next-generation processing techniques aimed at arsenic removal and gold recovery from Jugan ore. Samples dispatched in the quarter are undergoing laboratory testing, with results eagerly anticipated as they could improve environmental outcomes and recovery rates.

Meanwhile, the updated Mineral Resource Estimate (MRE) for Jugan, released in March 2025, remains a cornerstone of the project’s value proposition. The MRE totals 13.5 million tonnes at 1.7 grams per tonne gold, equating to approximately 721,000 ounces of contained gold, predominantly classified in the Measured and Indicated categories. This robust resource base supports Besra’s long-term development ambitions.

Environmental and Regulatory Compliance

Environmental management continues to be a priority, with ongoing groundwater studies and updates to erosion and sediment control plans submitted to local authorities. The company awaits final approvals for the Jugan Pilot Plant construction, which remains contingent on the mining lease renewal. Regular site inspections by regulatory bodies affirm Besra’s commitment to compliance.

Financial Position and Legal Matters

Besra reported a cash balance of AUD 16.3 million at quarter-end, with exploration expenditure continuing at a measured pace. The company is addressing a Cease Trade Order issued by the Ontario Securities Commission related to financial reporting obligations under Canadian law, aiming to resolve outstanding compliance issues alongside its auditors.

On the legal front, Besra is contesting claims brought by Jura Trust Limited concerning alleged contractual disputes. The outcome of these proceedings remains pending and represents a potential risk factor for investors.

Looking Ahead

With the new Board conducting a comprehensive corporate and operational review, Besra is poised to refine its project sequencing and cost structure. The company’s immediate priority is securing the Jugan mining lease renewal, a linchpin for advancing development activities. Investors will be watching closely for the review’s findings, expected in the December 2025 quarter, and the results of metallurgical trials that could enhance project economics.