ASX ANNOUNCEMENT
4 March 2025
ASX: BEZ
Besra Gold Inc (ASX:BEZ) (Besra or the Company) today releases its Management Discussion and
Analysis (MD&A) report and its un-audited financial statements for the 3 and 6 months ended 31
December 2024. Shareholders are encouraged to read the MD&A and the accompanying financial
statements.
Financial Result
For the 6 months ended 31 December 2024 the Company reported a loss for the half-year
attributable to Besra of US$19.6m (2023: US$9.8m). The key factor behind this result was an
impairment expense (non-cash) of US$14.8m (2023: US$3m) related to expired Mining Leases. Of this,
approximately US$13.3m relates to MLs KD/01/1994, 01/2012/1D; 02/2012/1D and 05/2012/1D, all of
which are subject to renewal applications lodged by our Sarawak counterparty on behalf of the
Company, whilst the balance relates to ML 04/2012/1D, which expired without renewal being
sought.
Should the expired mining licenses (for which renewal applications have been lodged) that were
impaired during the period be renewed, then an impairment amount of US$13.3m could be
reversed.
Impacting the result, but to a lesser extent, is an accretion expense for the 6 months of US$3.9m. This
accretion expense relates to the financing component (contract discount) of the Gold Purchase
Agreement (GPA) and has accumulated in the balance sheet as a non-current liability, which as at
31 December 2024 totalled US$34,170,155. This non-current liability will only be satisfied by Besra with
the delivery of gold pursuant to the GPA (ie not in cash) and such settlement to occur concurrently
with the delivery to Besra (in cash) of the remaining 85% of the contracted price for the to be
delivered 274,439.61 ounces of gold, being a total amount of US$434,906,097 (refer note 20 of the
un-audited financial statements).
Cash outflows
For the 6 months ended 31 December 2024 the Company reported net cash used in operating
activities of US$2.2m. These outflows include the following:
Recent Announcements
The Company notes its recent announcements to the ASX post 31 December 2024:
28 January 2025 – Legal Proceedings [1]
14 February 2025 – Board Changes[2]
25 February 2025 – Market Update[3]
25 February 2025 – Shareholder Special Meeting[4]
The Company is highly cognisant of our shareholders’ interest in the matters covered in these announcements. It continues to pursue the activities noted therein and will update the market accordingly.
This announcement was authorised for release by Executive Director, Kenny Lee.
Michael Higginson
Director and Company Secretary
- https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02906227-6A1248379
- https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02913007-6A1251403
- https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02916948-6A1252845
- https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02916951-6A1252839