Besra Gold Announces Market Update

Rhea-AI Summary

Besra Gold Inc (ASX: BEZ) has released a market update regarding an ongoing investigation into the transfer of 40,000,000 CDIs from Quantum Metal Recovery Inc to a nominee company on February 3, 2025.

The investigation reveals conflicting information about Quantum's shareholding:

• On February 24, 2025, Quantum's lawyers stated the company owned 124,938,256 shares (approximately 30% ownership)
• On March 6, 2025, they revised this statement to 84,938,256 shares (approximately 20% ownership)

Despite multiple inquiries, including during a March 3 Board Meeting where Quantum's controller Dato Lim stated there had been "no change of beneficial ownership," Besra has not received clear confirmation regarding the potential sale of CDIs. The company continues its investigation pending responses from Quantum and relevant nominee companies.

Positive

• Board actively investigating potential unauthorized share transfers
• Company maintaining transparent communication with market regarding ownership concerns

Negative

• Discrepancy in major shareholder Quantum's reported ownership (30% vs 20%)
• Lack of transparency regarding 40,000,000 CDI transfer
• Inconsistent statements between Quantum's legal communications and director's board meeting statement

Melbourne, Victoria, Australia--(Newsfile Corp. - March 10, 2025) - Besra Gold Inc (ASX: BEZ) ("Besra" or the "Company") refers to a market update announcement dated 25 February 2025 wherein it advised that "…the Board is investigating circumstances surrounding the transfer of CDIs from Quantum Metal Recovery Inc" (Quantum). The transfer being investigated involves the transfer of 40,000,000 Besra CDIs on 3 February 2025, which were transferred by Quantum to a nominee company.

As part of this investigation, Besra has enquired of Dato Lim (the controller of Quantum and a director of Besra) on a number of occasions whether Quantum has sold any Besra CDIs. Most recently, at a Board Meeting held on Monday 3 March 2025, Dato Lim responded that "…there has been no change of beneficial ownership."

On 24 February 2025, Quantum's lawyers provided Besra with a letter dated 24 February 2025, which stated as follows:

"…our client owns 124,938,256 common shares in the capital of the Corporation which equates to approximately 30% of the issued and outstanding capital of the Corporation."

Subsequently, on 6 March 2025, Besra received another letter from Quantum's lawyers which stated:

"Quantum Metal Recovery Inc. ("Quantum") holds 84,938,256 common shares equating to approximately 20% of the issued and outstanding capital of the Corporation."

Since receipt of the most recent email from Quantum's lawyers, Besra has again requested confirmation whether Quantum has sold CDIs and has not received a response at this time. Accordingly, Besra's investigations are continuing pending receipt of responses from Quantum and the relevant nominee companies.

This announcement was authorised for release by the Company's Chair, Jon Morda.

Michael Higginson
Director and Company Secretary

James Hamilton
Investor Relations
M +1 -416-471-4494

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243953

FAQ

What is the size of the CDI transfer under investigation at Besra Gold (BESAF)?

The investigation concerns the transfer of 40,000,000 Besra CDIs that were transferred by Quantum Metal Recovery to a nominee company on February 3, 2025.

How much has Quantum's reported shareholding in Besra Gold (BESAF) changed between February and March 2025?

Quantum's reported shareholding changed from 124,938,256 shares (30%) as stated on February 24, to 84,938,256 shares (20%) as reported on March 6, 2025.

What was Dato Lim's response regarding Quantum's CDI transfers at Besra's March 2025 board meeting?

At the March 3, 2025 Board Meeting, Dato Lim stated that 'there has been no change of beneficial ownership.'

What percentage of Besra Gold (BESAF) does Quantum Metal Recovery currently claim to own as of March 2025?

According to the latest communication on March 6, 2025, Quantum claims to hold approximately 20% of Besra's issued and outstanding capital.