Besra Gold: Renewal of ML 05/2012/1D Mining Lease at the Bau Gold Project Conditionally Approved

Rhea-AI Summary

Besra Gold (OTC: BESAF) says the Sarawak Government has conditionally renewed Mining Lease ML 05/2012/1D, which covers the Jugan deposit at the Bau Gold Project.

The renewal secures continuity of tenure for Jugan, is the first mining lease renewal since listing in October 2021, and comes with formal conditions yet to be provided. Besra will continue engagement with authorities to clarify conditions and progress other renewals.

Positive

• Renewal of ML 05/2012/1D secures Jugan tenure
• First mining lease renewal since October 2021
• Allows allocation of resources to Bau technical assessments

Negative

• Formal renewal conditions not yet provided
• No assurance on timing or outcome of other renewals
• Tenure security remains a previously identified high risk

HIGHLIGHTS

• Sarawak Government grants the renewal of ML 05/2012/1D, subject to conditions to be advised.

• The renewal secures continuity of tenure over the Jugan deposit within the Bau Gold Project.

• Besra will continue its positive engagement with local authorities regarding renewal conditions for the Mining Lease and to progress the status of other applications within Bau Gold Project.

Perth, Western Australia--(Newsfile Corp. - February 24, 2026) - The Board of Besra Gold Inc (ASX: BEZ) ("Besra" or "the Company") is pleased to advise that the Sarawak Government has granted the renewal of Mining Lease ML 05/2012/1D, with formal conditions yet to be provided.

ML 05/2012/1D covers the Jugan deposit area within the Bau Gold Project in Sarawak, Malaysia, and represents the first stage in the renewal of the Company's broader regional tenure position within the highly prospective Bau gold district. The lease is strategically located within the broader project area and has been a focus of technical evaluation, reflecting its importance in the context of the Company's wider district-scale advancement strategy.

The renewal ensures continuity of tenure over the Jugan area and confirms the Sarawak Government's acknowledgement of Besra Gold's commitment to continue its technical, environmental and stakeholder engagement programs within the renewed lease term.

Besra intends to continue constructive engagement with relevant authorities regarding:

• The formalisation and clarification of the renewal conditions;

• The administrative process applicable to other Mining Lease renewals previously lodged; and

• Alignment of regulatory requirements with project planning activities.

No assurances can be given at this time regarding the outcome or timing of other renewal applications.

Security of tenure has been consistently identified by the Board as a high risk to the Company and its plans to progress the development of the Bau Gold Project. The renewal of ML 05/2012/1D, and tenure security over the Jugan deposit represent an important step in addressing this requirement and provides greater clarity over the Company's main asset.

This represents the first Mining Lease renewal secured since Besra's listing on the ASX in October 2021 and follows extensive engagement with Government agencies and stakeholders.

The Company acknowledges and appreciates the consideration given by the Sarawak Government in granting this renewal.

Non-Executive Chairman, Dr John Blake, stated:

"The renewal of ML 05/2012/1D represents a significant milestone for Besra. Security of tenure reduces project risk and is fundamental to progressing towards commercial development at Bau. With this renewal in place, we can now allocate resources to systematic, technically driven assessments across the Bau corridor to advance our portfolio in a disciplined and responsible way.

We appreciate the Sarawak Government's positive engagement and look forward to continued constructive dialogue on the remaining renewal applications. The governance and stakeholder engagement measures introduced by the Board in December 2025 are delivering positive outcomes and achieving their strategic intent."

The Company will continue to engage with the relevant authorities to clarify renewal conditions and progress the remaining applications, reducing regulatory and operational risk to facilitate a disciplined advancement of the Bau Goldfield assets in line with regulatory, environmental and market requirements.

Further updates will be provided as material developments occur.

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

For further information, please contact:

Investors: John Blake Non-Executive Chairman info@besra.com

Media: Nicholas Read / Kate Bell Read Corporate info@readcorporate.com.au

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285207

FAQ

What did Besra Gold (BESAF) announce about ML 05/2012/1D on February 25, 2026?

The company announced a conditional renewal of Mining Lease ML 05/2012/1D covering Jugan. According to the company, the Sarawak Government granted the renewal but formal conditions are yet to be provided, and Besra will continue engagement to clarify those conditions.

How does the ML 05/2012/1D renewal affect tenure at the Bau Gold Project (BESAF)?

The renewal secures continuity of tenure over the Jugan deposit, reducing tenure-related risk. According to the company, this provides greater clarity over its main asset and supports disciplined technical work across the Bau corridor.

Does the Besra announcement confirm other lease renewals for Bau (BESAF)?

No, the announcement does not confirm other renewals or timing. According to the company, no assurances can be given currently regarding the outcome or timing of other renewal applications.

What remaining steps did Besra (BESAF) say it will take after the ML 05/2012/1D renewal?

Besra will engage with authorities to formalise renewal conditions and progress other applications. According to the company, it will clarify conditions, address administrative processes, and align regulatory requirements with project planning activities.

Why is the ML 05/2012/1D renewal significant for Besra Gold shareholders (BESAF)?

The renewal is a milestone that reduces a key project risk and enables focused technical work. According to the company, securing Jugan tenure allows resource allocation to systematic assessments and advances the company's district-scale strategy at Bau.