Besra Gold Announces Status of Mining Licence Renewal

Rhea-AI Summary

Besra Gold Inc (ASX: BEZ) has provided an update on the renewal status of its Jugan Concession (ML 05/2012/1D). The renewal process requires approval from the State Mining Mineral Authority (SMMA), whose meetings are chaired by the Premier of Sarawak and held infrequently. The company awaits confirmation of the next SMMA meeting date, where they expect their application to be reviewed.

This renewal represents the first 'heavy mining' ML to be considered by Sarawak authorities in recent times, making the timeline less predictable compared to similar applications in other regions like Australia. Following renewal, North Borneo Gold Sdn Bhd, Besra's Malaysian subsidiary, will apply to replace Gladioli Enterprises as the registered holder of the Concession.

Positive

• None.

Negative

• Mining license renewal pending with uncertain timeline
• Regulatory process delays due to infrequent SMMA meetings
• First 'heavy mining' application in region causing additional uncertainty

Melbourne, Victoria, Australia--(Newsfile Corp. - December 16, 2024) - The Board of Besra Gold Inc (ASX: BEZ) (Besra or the Company) refers to its Management's Discussion and Analysis document lodged with ASX on 28 November 2024, wherein Besra provided details of the status of the renewal of Jugan Concession (ML 05/2012/1D).

Besra confirms that the renewal application process requires obtaining approval from the State Mining Mineral Authority (SMMA). Meetings of the SMMA are held infrequently and are Chaired by the Premier of Sarawak. Whilst Besra is of the view that its renewal application will be included in the agenda of the next SMMA meeting, confirmation of the date of that meeting has yet to be received.

This renewal is the first "heavy mining" ML considered by the Sarawak authorities for some time, who deal primarily with quarry-scale activities. Accordingly, the timetable for renewal is not as predictable as counterpart applications made in, for example, Australia.

Expeditiously following the renewal of ML05/2012/1D, North Borneo Gold Sdn Bhd (Besra's Malaysian subsidiary) will apply to be the registered holder of the Concession, replacing Gladioli Enterprises Sdn Bhd (Gladioli) who is presently the registered holder.

Besra wishes to clarify that its relationship with Gladioli is strictly contractual and pertains solely to matters associated with Besra's gold mining concessions. Besra is not a party to, nor involved in any capacity with, Gladioli's dealings with the Government of Sarawak.

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

Michael Higginson
Director and Company Secretary

North American Contact:
James Hamilton
Investor Relations Services
M +1-416-471-4494
E jim@besra.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233981

FAQ

What is the current status of Besra Gold's (BESAF) Jugan Concession renewal?

The renewal application is awaiting review by the State Mining Mineral Authority (SMMA) of Sarawak, with the meeting date yet to be confirmed.

Why is Besra Gold's (BESAF) mining license renewal process taking longer than expected?

The renewal process is delayed because SMMA meetings are held infrequently and this is the first 'heavy mining' license to be considered by Sarawak authorities in recent times.

Who will be the registered holder of the Jugan Concession after renewal for BESAF?

After renewal, North Borneo Gold Sdn Bhd, Besra's Malaysian subsidiary, will apply to replace Gladioli Enterprises as the registered holder.

What is the relationship between Besra Gold (BESAF) and Gladioli Enterprises?

The relationship is strictly contractual and pertains solely to matters associated with Besra's gold mining concessions, with no involvement in Gladioli's government dealings.