Besra nabs additional US$10 million from Quantum

Besra Gold (ASX:BEZ) has received US$10 million from major shareholder Quantum Metal Recovery as part of a US$300 million gold purchase agreement (GPA) announced in May this year. 

Besra says under the terms of the GPA, it will supply a quantity of refined gold to Quantum from the Bau Gold Project in Malaysia. 

The company will continue supplying the gold until 3 million ounces of refined gold have been received by Quantum or aggregate deposits in an amount equivalent to US$300 million have been received by Besra.  

The company says it has now received a total of US$15 million from Quantum, comprising today’s (11 October 2023) US$10 million and an earlier deposit of US$5 million. 

Besra also notes it is entitled to deploy the proceeds of the facility for a variety of uses, including exploration, mine development purposes, working capital and feasibility studies. 

The company states the commissioning of a pilot plant and an update to a 2012 Jugan feasibility study leading to commercial development remain its current primary objectives.  

Besra Gold Executive Chair Dato’ Lim Khong Soon says this payment represents the progress made by the company since listing only 2 years ago. 

“Coming on the second anniversary of Besra’s listing, the transfer of the first US$10 million underscores the progress Besra has made since listing and sets the company up well for its move back into commercial production, unlocking the undoubted potential of our exciting Bau project

“Coming on the second anniversary of Besra’s listing, the transfer of the first US$10 million underscores the progress Besra has made since listing and sets the company up well for its move back into commercial production, unlocking the undoubted potential of our exciting Bau project.”

Besra Gold is scheduled to exhibit at the upcoming International Mining and Resources Conference (IMARC) in Sydney from 31 October to 2 November 2023.

Mining.com.au is an official media partner of IMARC, which will showcase 500-plus mining leaders and resource experts throughout 7 concurrent conferences. 

Besra Gold is a gold-focused explorer and developer actively working in the Bau Goldfield in East Malaysia. 

Quantum Metal Recovery is Besra’s largest chess depository interest (CDI) holder after acquiring Besra’s CDIs from Pangaea Resources. 

Besra had $1.023 million cash and cash equivalents as of 30 June 2023, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Besra Gold
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.