Besra Gold Inc.'s Newly Appointed Directors Visit Bau Project Site and Commence Strategic Corporate Review

Rhea-AI Summary

Besra Gold Inc. (ASX: BEZ) has announced that its newly appointed Board of Directors completed their first-ever site visit to the Bau Gold Project in Sarawak, Malaysia. The new board members - David Izzard, Matthew Greentree, and John Blake - have initiated a comprehensive strategic review of the company's operations.

The review, expected to conclude in the December 2025 Quarter, will focus on assessing the Bau Project's status, including licensing and exploration potential, reviewing company strategy, analyzing contracts, and improving transparency. As part of immediate changes, the company has relocated its head office from Melbourne to Perth to reduce costs.

During their visit, the board members met with local stakeholders, government representatives, and the company's major shareholder, affirming their commitment to the project's development and the renewal of the key Jugan Mining Lease.

Positive

• None.

Negative

• Key Jugan Mining Lease (ML 05/2012/1D) requires renewal confirmation
• Strategic review indicates potential issues requiring attention in current operations
• Company needs to address cash burn and corporate overhead concerns

HIGHLIGHTS

• All members of the newly appointed Board of Directors of Besra Gold Inc (Besra or the Company) have undertaken a site visit to the Company's flagship Bau Gold Project in Sarawak, Malaysia. This is the first time that the entire Besra Board has visited the site and represents a turning point for the Company.

• During the visit, the Directors met with a range of local stakeholders, including site-based employees, government representatives and the Company's major shareholder.

• The Board has commenced an independent strategic review of all aspects of the Company's business, with a focus on:

  • assessing the current status of the Bau Project, including licensing, exploration potential and development status;

  • review of the Company's strategy;

  • reviewing all contracts and corporate overheads; and

  • improved transparency and communication.

• The results of the review will be announced in the December 2025 Quarter and will form the basis of the Company's future growth strategy.

Perth, Western Australia--(Newsfile Corp. - August 6, 2025) - Besra Gold Inc (ASX: BEZ) advises that, following the recent election of a new Board of Directors, all members of the new Board have completed a site visit to the Company's Bau Gold Project in Sarawak, Malaysia and commenced a detailed strategic review of all aspects of the Company's business.

The newly appointed Board members – David Izzard, Matthew Greentree and John Blake, all of whom have been appointed as independent Non-Executive Directors – are all experienced corporate executives with extensive experience in managing ASX-listed companies, with strong track records of mineral exploration, discovery and project development.

The three new Directors visited the Bau Project in late July for the purpose of meeting site-based employees, as well as local stakeholders, including government representatives and the Company's major shareholder. This represents the first time that the entire Board of Besra has ever visited the project site.

Strategic Corporate Review

In light of the significant recent changes to the Company's Board and corporate governance, the review being undertaken includes a full "back-to-basics" analysis of the Bau Gold Project, including all existing exploration data, to ensure that the new Directors have a high degree of confidence in the Bau Project's key parameters.

In addition, the Directors are undertaking a review of all the Company's corporate arrangements, including all existing contracts, to reduce cash expenditure. As a result of the review, the Company has recently moved its head office from Melbourne to Perth, which will reduce costs and be closer to key suppliers to the exploration and mining sectors.

Material updates resulting from this review will be announced as they come to hand, with details of the full review expected to be announced during the December Quarter. Results from the review are expected to determine the future growth pathway for Besra and the next steps for the Bau Gold Project.

Besra's newly appointed Board of Directors visited the Bau Project to review project data and meet with local stakeholders, including government representatives.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3448/261542_besra.jpg

Chairman's comments

Commenting on the site visit and the initiation of the strategic review, newly appointed Chairman David Izzard said:

"We were absolutely delighted to get on the ground at the Bau Project, with this visit representing our first opportunity to meet the team, examine the drill core and see the current status of on-site activities. The visit has well and truly cemented the Board's belief in the Bau Project's strong prospectivity and robust development potential."

"We were very pleased to have had the opportunity of meeting local government representatives, which included a multi-government department site visit to the Bau Project which coincided with the Board's time on site. Our meetings with government representatives were all very positive and we look forward to working closely with the relevant departments over the coming weeks and months, particularly as we work to confirm the renewal of the key Jugan Mining Lease, ML 05/2012/1D."

"Given the significant exploration, project development and mining expertise of the new Board members, our first step will be the completion of a detailed strategic review that will cover all aspects of the Bau Project, including an interrogation of all historical exploration data and the proposed development plans. The review will also cover Besra's corporate activities, including contracts and corporate overheads, to ensure the Company's balance sheet is being deployed effectively and cash burn is minimised."

"We expect this review will be completed before the end of the year, providing a clear path forward for the Board to deliver growth and value for Besra shareholders."

This announcement was authorised for release by the Board of Besra Gold Inc.

For further information, please contact:

Investors:
Michael Higginson
Company Secretary
michael.higginson@besra.com

Media:
Nicholas Read / Kate Bell
Read Corporate
0419 929 046
N. America Contact:
James Hamilton
M +1-416-471-4494
E jim@bwsra.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261542

FAQ

Who are the newly appointed directors of Besra Gold Inc. (ASX: BEZ)?

The newly appointed directors are David Izzard (Chairman), Matthew Greentree, and John Blake, all serving as independent Non-Executive Directors with extensive experience in managing ASX-listed companies.

What is the timeline for Besra Gold's strategic review completion?

The strategic review is expected to be completed and announced during the December 2025 Quarter.

What are the main focus areas of Besra Gold's strategic review?

The review focuses on assessing the Bau Project's status (including licensing and exploration), reviewing company strategy, analyzing contracts and corporate overheads, and improving transparency and communication.

What immediate changes has Besra Gold implemented to reduce costs?

Besra Gold has relocated its head office from Melbourne to Perth to reduce costs and be closer to key suppliers in the exploration and mining sectors.

What is the status of the Jugan Mining Lease at the Bau Gold Project?

The company is currently working with government departments to confirm the renewal of the key Jugan Mining Lease (ML 05/2012/1D).