Besra Gold Refers To: Quantum Metal Sdn Bhd

Rhea-AI Summary

Besra Gold Inc. (ASX: BEZ) has addressed recent reports regarding a winding-up petition filed by the Malaysian Government against Quantum Metal Sdn Bhd (QM Malaysia). The petition was filed due to delayed tax payments. QM Malaysia, a subsidiary of Quantum Metal Exchange Inc, submitted an installment proposal to Malaysia's Inland Revenue Department on November 8, 2024. Besra clarified that this petition exclusively involves QM Malaysia and does not affect Quantum Metal Recovery Inc, Besra's largest CDI holder and Gold Purchase Agreement partner. The Inland Revenue Department is expected to withdraw the petition upon approval of the installment proposal.

Positive

• Quantum Metal Recovery Inc's Gold Purchase Agreement with Besra remains unaffected by the petition

Negative

• Besra's largest CDI holder's subsidiary (QM Malaysia) faces winding-up petition from Malaysian government
• Tax payment delays by related party could indicate potential financial instability in the corporate structure

Melbourne, Victoria, Australia--(Newsfile Corp. - November 11, 2024) - The Board of Besra Gold Inc. (ASX: BEZ) (Besra or the Company) refers to recent reports regarding a petition for the winding-up by the High Court of Malaysia of Quantum Metal Sdn Bhd (incorporated in Malaysia) (QM Malaysia) that was presented by the Government of Malaysia (Petition).

Quantum Metal Recovery Inc (being Besra's largest CDI holder and the contracting party for the Company's Gold Purchase Agreement) has advised Besra that QM Malaysia is a wholly owned subsidiary of Quantum Metal Exchange Inc (incorporated in the USA) and that the Petition exclusively involves QM Malaysia and does not affect in any way Quantum Metal Recovery Inc and Besra.

The Petition for the winding-up was issued due to a delay in tax payment to the Government of Malaysia. QM Malaysia advises that on 8 November 2024, it submitted an installment proposal to the Government's Inland Revenue Department for their approval. As advised by Mr Dato Lim, once approved it is expected that the Inland Revenue Department will withdraw the Petition.

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

Michael Higginson
Director and Company Secretary

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229487

FAQ

Why is Quantum Metal Sdn Bhd facing a winding-up petition in Malaysia?

Quantum Metal Sdn Bhd is facing a winding-up petition from the Malaysian Government due to delays in tax payments.

How does the winding-up petition affect Besra Gold's operations (ASX: BEZ)?

According to Besra Gold, the petition exclusively involves QM Malaysia and does not affect Besra's operations or its Gold Purchase Agreement with Quantum Metal Recovery Inc.

What solution has Quantum Metal Sdn Bhd proposed to resolve the winding-up petition?

On November 8, 2024, Quantum Metal Sdn Bhd submitted an installment proposal to Malaysia's Inland Revenue Department for their approval to resolve the tax payment issue.