Besra Gold’s Bau Project Now Hosts 2.28 Million Ounces After Major Resource Revision

Strategic Reset at Besra Gold

Besra Gold Inc (ASX – BEZ) has embarked on a comprehensive strategic review of its Bau Gold Project and corporate operations, aiming to restore investor confidence and operational clarity. This initiative follows significant board changes and governance reforms earlier in 2025. The review encompasses a thorough reassessment of exploration data, contracts, and overheads, alongside a renewed focus on transparency and communication.

Central to this effort is the engagement of MineScope Services, a leading mining consultancy, to conduct a detailed technical review of the Bau Gold Project. This review, nearing completion, is expected to provide a robust foundation for Besra’s refreshed development strategy.

Resource Update and Project Status

Subsequent to the quarter’s end, Besra announced an updated Mineral Resource Estimate (MRE) for the Bau Gold Project, now standing at 53 million tonnes grading 1.3 grams per tonne gold, equating to 2.28 million ounces. This update incorporates nearly 9,000 metres of drilling since 2021 and applies more conservative and realistic economic extraction parameters under the JORC Code.

While the total contained gold and tonnage have decreased compared to the 2021 estimate, the update notably increases the measured resource category and overall grade, reflecting improved confidence in the deposit’s quality. Some areas, such as Say Seng and Taiton, were removed due to urban development and environmental restrictions, underscoring the challenges of balancing resource potential with external constraints.

Lease Renewal and Permitting Challenges

A critical focus for Besra remains the renewal of Mining Lease ML 05/2012/1D, covering part of the Jugan deposit. The renewal process is ongoing with the Sarawak State Minerals & Mining Authority, supported by engagement with the Australian Department of Foreign Affairs and Trade and Austrade to facilitate diplomatic support. The lease renewal is pivotal for advancing development and pilot plant construction, which currently awaits final approval pending lease confirmation.

Besra’s board has made multiple site visits to Malaysia during the quarter to engage with regulators and stakeholders, demonstrating commitment to progressing permitting and community engagement. Environmental compliance remains a priority, with ongoing monitoring of tailings facilities and erosion control measures in place.

Drilling and Metallurgical Progress

The company completed a metallurgical drilling program at the Jugan deposit, confirming the continuity of gold mineralisation down-plunge and identifying higher-grade zones that may support underground mining. Assay results include significant intercepts, such as a 95-metre continuous zone averaging 2.62 grams per tonne gold, suggesting potential structural controls on mineralisation.

Parallel metallurgical testwork is underway with Dundee Technologies in Canada, exploring alternative processing flowsheets to optimise gold recovery. Results from these studies are anticipated in the December quarter, which will inform pilot plant design and operational planning.

Corporate and Legal Developments

Besra has relocated its head office from Melbourne to Perth to reduce costs and align closer to key mining sector suppliers. The company continues to navigate legal proceedings involving former directors and related parties, with some matters resolved confidentially during the quarter. However, ongoing litigation in Ontario remains contested, reflecting complex governance and shareholder disputes.

Additionally, Besra remains subject to a Cease Trade Order by the Ontario Securities Commission, restricting Canadian investor trading until compliance issues are resolved. The company has implemented enhanced reporting protocols and intends to seek revocation of the order.

Financially, Besra reported operating cash outflows of approximately A$1.06 million for the quarter, with exploration expenditure of $737,000. Cash reserves remain healthy at over A$14 million, providing runway for ongoing activities.

Looking Ahead

Besra’s immediate priorities include securing the renewal of the Jugan mining lease on acceptable terms, completing the MineScope technical review, receiving metallurgical test results, and finalising community and government engagement strategies. These steps will be critical to unlocking the Bau Gold Project’s potential and setting a clear path toward development.