BEZ – Besra Gold Inc
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DECEMBER 2025 QUARTERLY ACTIVITIES REPORT
HIGHLIGHTS
Strategic and cost review – the Board’s company-wide review of operations, contracts and governance, with a focus on capital discipline and technical credibility of the Company, including:
• Independent review of the Bau gold assets, including Resource estimate and Project Study Review.
• Restructuring of its Malaysian operations to strengthen the primary focus on securing the renewal of licences.
• Rationalisation and consolidation of Besra’s administration to the registered Perth business office, including announcement of new Company Secretary arrangements.
Resource Review and updated JORC Mineral Resource Estimate for the Bau Gold Project of 53.0Mt @ 1.3g/t Au for 2.28 million ounces of gold:
• Resource Estimate completed by independent consultant, Widenbar and Associates Pty Ltd, reflecting more realistic estimation assumptions and updated mine design parameters.
• Includes all drilling completed up to February 2025, with an additional 8,881m of drilling undertaken since the last major Resource update in 2021.
• The updated Resource represents a decrease in the total contained gold and tonnage but, importantly, delivers an increase in both the Measured Resource and the overall grade.
• Land use and access for any potential mining operation, including urban encroachment and gazetted National Parks. Independent technical review, undertaken by leading mining consultancy group Minescope Services, has provided the following key high-level findings:
• Tenure is the key issue facing the Bau Project – while Besra’s new Board has been working closely with Malaysian Government agencies to secure the renewal of the key ML 05/2012/1D Mining Lease, there is no assurance this tenure will be granted.
• Metallurgical complexity – differing mineralisation styles and metallurgical characteristics across the deposits will require further metallurgical test work to determine a suitable flowsheet to produce saleable concentrate or gold doré.
• Growth opportunities – the southern portion of the Bau Project, including the Pejiru area, has a large Inferred Mineral Resource. An exploration campaign to extend the mineralisation and upgrade Inferred Resource areas to Measured and Indicated status in this area is recommended.
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and today
RENEWAL OF ML 05/2012/1D MINING LEASE AT THE BAU GOLD PROJECT CONDITIONALLY APPROVED
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.
