Besra Gold Inc. Appoints Highly Credentialled Chair and Non-Executive Director

Rhea-AI Summary

Besra Gold Inc. (ASX: BEZ) has announced significant board changes with the appointment of two new independent directors. David Potter joins as the new Non-Executive Chair, bringing over 30 years of resource sector experience, while Sean Williamson, a corporate and securities lawyer, joins as Non-Executive Director. Jon Morda steps down as interim Chair but remains a Non-Executive Director, while Michael Higginson resigns as Director but continues as Chief Corporate Officer and Company Secretary.

Potter, with extensive operational and corporate experience, highlighted Besra's undervalued position, noting its 2.8Moz JORC-compliant gold resources and A$20m cash backing against a modest market cap of A$18m. He plans to focus on developing the Jugan deposit and improving relationships with Sarawak authorities. Williamson brings valuable experience from roles at Dundee Precious Metals and Iamgold, focusing on corporate governance and legal expertise.

Positive

• Appointment of highly experienced Chair with 30+ years in resource sector and strong operational background
• Addition of corporate counsel with extensive gold mining industry experience from major companies (Dundee Precious Metals, Iamgold)
• Strong cash position of A$20m backing
• Significant gold resource of 2.8Moz JORC-compliant

Negative

• Current market capitalization (A$18m) trading below cash backing, indicating market skepticism
• Need to secure renewal of mining license ML 05/2012/1D
• Previous 'tumultuous' period for shareholders affecting market appreciation of assets

Melbourne, Victoria, Australia--(Newsfile Corp. - May 19, 2025) - Besra Gold Inc (ASX: BEZ) ("Besra" or the "Company") is pleased to announce the appointment of two new independent Directors, Mr David Potter and Mr Sean Williamson.

These two appointments will add highly relevant industry expertise to the Besra Board, as the Company transitions from explorer to developer and ultimately a gold producer at the Jugan Project.

Effective today, Mr David Potter will join the Board as the Company's independent Non-Executive Chair, whilst Mr Sean Williamson will be appointed as an independent Non-Executive Director. Also, effective as of today and to accommodate the appointment of Mr Potter as the Company's Chair, Mr Jon Morda has stepped aside as Besra's interim Non-Executive Chair (but will remain as a Non-Executive Director). In addition, to facilitate the appointment of Mr Potter, Mr Michael Higginson readily and constructively agreed to resign as a Director of Besra. Mr Higginson will remain as Besra's Chief Corporate Officer and Company Secretary.

Outgoing Chair Jon Morda said:

"I am delighted that Besra has been able to attract independent Board nominees of the calibre, qualifications and expertise of Messrs Potter and Williamson."

"Going forward, I am very confident that under the stewardship of our new Chair, coupled with the expert strategic and legal guidance of Sean, that our new Board is well positioned to meaningfully contribute to and achieve Besra's gold mining aspirations."

David Potter

Mr Potter has expansive resource sector experience, spanning over 30 years, during which he has built and led a diverse range of specialist teams providing technical, financial and strategic support for multiple start-ups, operations, feasibility and due diligence studies.

This wealth of his hands-on operational experience is combined with strong corporate, legal and finance acumen, built from continued education as well as executive experience at Reed Resources, Excelsior Gold and Round Oak Minerals (a 100% owned subsidiary of Washington Soul Pattinson), as well being a director of several private entities.

Mr Potter currently works as a private resource sector consultant advising on technical, finance and strategic matters. He has a Bachelor of Science (geology), a Master of Science (mineral economics) and a diploma in Financial Investment and Analysis. As a member of the Australasian Institute of Mining and Metallurgy, he is able to act as a JORC competent person for a variety of deposit styles.

Incoming Chair David Potter said:

"It is a privilege to be appointed as a Director and Chair of Besra. In my experience, there have been few ASX gold focused listed companies with Besra's combination of material JORC 2012 compliant gold resources of circa 2.8Moz and a cash backing of circa A$20m, but a modest market capitalisation of only circa A$18m. This is a compelling turnaround opportunity."

"Based on my due diligence, I attained a strong conviction in the commerciality of, in particular, the Jugan deposit. My mission is to oversee, for the benefit of all shareholders, Besra's evolution into a gold producer, ensuring irreproachable corporate governance and to work closely with our in-country team and the authorities in Sarawak to prudently unlock the considerable latent potential in our exploration and mining assets. Recent years have been tumultuous for our shareholders and it is my expectation that this Board renewal process will presage a resolution of those issues which have severely restrained the market's appreciation for Besra's assets."

"I will be visiting the site in June 2025 and look forward to re-energising and directing our interactions with the Sarawak Government in order to initially secure the renewal of ML 05/2012/1D. We will actively direct our efforts in building partnerships with the community, with a focus on education and engaging with the government for the development of a long term ethical, environmentally friendly and sustainable mining operations that delivers wealth and employment opportunities for both the local communities and for the state of Sarawak."

Sean Williamson

Sean Williamson is a corporate and securities lawyer with extensive experience in private practice working on corporate finance transactions, M&A and shareholder activism as well as inhouse experience in listed gold production companies. Sean is currently Director, Corporate Counsel of Dundee Precious Metals Inc (Dundee), a Toronto Stock Exchange (TSE) listed gold mining company with assets in Bulgaria, Ecuador and Serbia. Dundee has a market capitalisation of approximately CA$3.5bn and produced 261k oz of gold in 2024 plus 30m lb of copper. At Dundee, Mr Williamson's responsibilities involve working with senior executives on corporate governance and commercial matters, including the management of legal aspects of multi-jurisdictional matters.

Mr Williamson completed a Juris Doctorate from the University of Windsor in 2011. In private practice he worked most recently at Norton Rose Fulbright Canada LLP for six years, leaving the firm in 2021 as Senior Associate. Mr Williamson was then Senior Legal Counsel and Associate Corporate Secretary at Iamgold Corp between 2021 and 2023. Listed on the New York Stock Exchange and TSE, Iamgold is a multi-billion dollar gold mining company, producing gold from operations in North America and West Africa.

Mr Williamson resides in Toronto, Canada and his seat on the Besra Board complies with Canadian regulatory requirements.

Incoming Non-Executive Director Sean Williamson said:

"As a Non-Executive Director, I see my role as bringing an independent perspective, upholding the highest standards of corporate governance and ensuring that strategic decisions are made with a long-term view towards value creation and responsible resource development."

"I certainly look forward to contributing to the future success of Besra and to being offered the opportunity of being part of Besra's team going forward."

The Board extends its sincere thanks to Mr Morda for his service to Besra as interim chair since February 2025 and to Mr Michael Higginson for his expert guidance and dedication as a Director of the Company since September 2024.

This announcement was authorised for release by Mr Kenny Lee - Executive Director.

Michael Higginson
Company Secretary

N. American Contact:
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/252696

FAQ

Who are the new board appointments at Besra Gold (BESAF) announced in May 2025?

Besra Gold appointed David Potter as Non-Executive Chair and Sean Williamson as Non-Executive Director. Potter brings 30+ years of resource sector experience, while Williamson is a corporate and securities lawyer with experience at major gold mining companies.

What is Besra Gold's (BESAF) current market capitalization and cash position?

Besra Gold has a market capitalization of approximately A$18 million and a cash backing of approximately A$20 million.

What are Besra Gold's (BESAF) current gold resources?

Besra Gold has JORC 2012 compliant gold resources of approximately 2.8 million ounces.

What are the immediate priorities for Besra Gold's (BESAF) new chairman?

The new chairman's priorities include securing the renewal of mining license ML 05/2012/1D, improving relationships with Sarawak authorities, building community partnerships, and developing sustainable mining operations at the Jugan Project.

What management changes occurred at Besra Gold (BESAF) besides the new appointments?

Jon Morda stepped down as interim Chair but remains as Non-Executive Director, while Michael Higginson resigned as Director but continues as Chief Corporate Officer and Company Secretary.