Besra Gold Inc. Announces Market Update

Rhea-AI Summary

Besra Gold Inc. (ASX: BEZ) has issued a market update addressing unauthorized communications made by Quantum Metal Sdn Bhd, a company associated with director Dato Lim Khong Soon. The company identified two specific unauthorized communications containing factually incorrect and potentially misleading statements:

1. An unauthorized video uploaded to Facebook on February 12, 2025, which incorrectly claimed "Studies confirmed 3.3 million ounces of gold" at the Bau Project (Jugan Hill Deposit). Besra clarifies that its actual JORC-compliant mineral resource is approximately 2.85 million ounces (with 0.96 million ounces at Jugan Hill).

2. An unauthorized notice posted on Quantum Metal's website on February 20, 2025, falsely claiming "delivery of physical gold to QM will be completed within three years from the date the agreement was signed."

Besra has requested removal of these communications and is investigating circumstances surrounding CDI transfers from Quantum Metal Recovery Inc.

Positive

• None.

Negative

• Unauthorized misleading communications about company resources and operations
• False claims about gold resources (3.3M oz vs actual 2.85M oz)
• Unauthorized statements about gold delivery timelines with no reasonable basis
• Potential internal governance issues with a director's associated company

Melbourne, Victoria, Australia--(Newsfile Corp. - February 24, 2025) - Besra Gold Inc (ASX: BEZ) (Besra or the Company) is aware of certain statements that have been made by Quantum Metal Sdn Bhd (Quantum Metals), a company associated with Dato Lim Khong Soon, a director of the Company, in relation to the Company and its business (Unauthorised Communications).

The Unauthorised Communications contain a number of statements in relation to the Company and its business that are factually incorrect and potentially misleading.

The Company has requested for the Unauthorised Communications to be removed, and for Quantum Metal to retract the statements made in the Unauthorised Communications.

Besra wishes to clarify the incorrect statements that were made in the Unauthorised Communications by providing the following corrections.

Unauthorised Video

The Company has become aware of a video that has been uploaded to Facebook on 12 February 2025 that was presented by a purported consultant to Quantum Metal's Philippines team (Unauthorised Video) which features:

• Besra's logo;

• footage taken at Besra's Malaysian office (referred to by Ms Escudero as "our office"); and

• footage taken at Besra's Bau Project.

The Unauthorised Video was neither authorised by, nor prepared with the permission of, Besra.

The Unauthorised Video contains a number of factual inaccuracies and misleading statements with respect to Besra and its operations, including that "Studies confirmed 3.3 million ounces of gold" has been found at the Bau Project (Jugan Hill Deposit).

These statements are not factually accurate. The Company has established a JORC compliant mineral resource within the area covered by the Bau Project of approximately 2.85 million ounces (of which 0.96 million ounces relates to the Jugan Hill Deposit), details of which are set out below:

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3448/242231_df63f8a214415aa6_001full.jpg

In contrast it is noted that the video refers to the Jugan Hill Deposit and states that there is "3.3 million ounces of gold resource on this site alone". It is noted that the actual 2.85 million ounce resource is less than the 3.3 million ounces that has been presented in the Unauthorised Video. It is further misleading to state that studies confirm that that quantum of gold exists at the Bau Project, or can be commercially exploited by the Company.

The Company therefore wishes to confirm that it does not endorse the Unauthorised Video or the statements made in that video.

Unauthorised Notice

The Company is aware of a notice posted on Quantum Metal's website on 20 February 2025 titled "Clarification on Promissory Notes, Payment Timeline, and Regulatory Findings" (Unauthorised Notice).

The Unauthorised Notice was neither authorised by, nor prepared with the permission of, Besra.

The Unauthorised Post contains statements with respect to the Company and its operations that were not authorised by Besra's Board. These statements are factually inaccurate and misleading, in particular with respect to the statement that: "delivery of physical gold to QM will be completed within three years from the date the agreement was signed".

Such a claim has never been made by the Company and there is no reasonable basis for the Company to make such a claim. This results in statements with respect to promissory notes referred to in the Unauthorised Notice being backed by tangible assets to be both incorrect and misleading.

The Company therefore wishes to confirm that it does not endorse the Unauthorised Notice or the statements made in that notice.

Next steps

As is noted above, the Company has requested the relevant parties to remove the Unauthorised Communications and retract the incorrect statements that were made in the Unauthorised Communications.

The Company will continue to explore its options with respect to the above matters.

In addition to the above, the Board is investigating circumstances surrounding the transfer of CDIs from Quantum Metal Recovery Inc. In that regard, Dato Lim has confirmed that there has been no change of beneficial ownership of any CDIs held by Quantum Metal Recovery Inc and hence no Appendix 3Y is required.

The Company confirms that it is in compliance with listing rule 3.1.

This announcement was authorised for release by the Board.

Michael Higginson
Director and Company Secretary

The information in this announcement that relates to estimates of Mineral Resources has been extracted from the ASX release titled "March 2024 Quarterly Activities Report" dated 30 April 2024 available at www.besra.com.au (Resource Statement). For the purposes of ASX Listing Rule 5.23, the Company confirms that it is not aware of any new information or data that materially affects the information included in the Resource Statement and that all material assumptions and technical parameters underpinning the estimates in the Resource Statement continue to apply and have not materially changed.

N. America
James Hamilton
M 1-416-471-4494
E jim@besra.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242231

FAQ

What unauthorized communications did Besra Gold (BESAF) address in its February 2025 market update?

Besra addressed two unauthorized communications: a Facebook video uploaded on February 12, 2025, containing incorrect gold resource claims, and a notice on Quantum Metal's website from February 20, 2025, with false statements about gold delivery timelines.

How much gold resource does Besra Gold (BESAF) actually have at the Bau Project?

Besra has a JORC-compliant mineral resource of approximately 2.85 million ounces at the Bau Project, with 0.96 million ounces specifically at the Jugan Hill Deposit, not the 3.3 million ounces claimed in unauthorized communications.

What action is Besra Gold (BESAF) taking regarding the unauthorized communications from Quantum Metal?

Besra has requested removal of the unauthorized communications, asked for retractions of incorrect statements, and is exploring additional options while investigating circumstances surrounding CDI transfers from Quantum Metal Recovery Inc.

Who is associated with the unauthorized communications about Besra Gold (BESAF)?

The unauthorized communications were made by Quantum Metal Sdn Bhd, a company associated with Dato Lim Khong Soon, who is a director of Besra Gold Inc.

What false claims were made about Besra Gold's (BESAF) gold delivery timeline?

The unauthorized notice falsely claimed that "delivery of physical gold to QM will be completed within three years from the date the agreement was signed," which Besra states has never been claimed by the company and has no reasonable basis.