Quantum Metal Sdn Bhd

The Board of Besra Gold Inc (Besra or the Company) refers to recent reports regarding a petition for the winding-up by the High Court of Malaysia of Quantum Metal Sdn Bhd (incorporated in Malaysia) (QM Malaysia) that was presented by the Government of Malaysia (Petition).

Quantum Metal Recovery Inc (being Besra’s largest CDI holder and the contracting party for the Company’s Gold Purchase Agreement) has advised Besra that QM Malaysia is a wholly owned subsidiary of Quantum Metal Exchange Inc (incorporated in the USA) and that the Petition exclusively involves QM Malaysia and does not affect in any way Quantum Metal Recovery Inc and/or Besra.

The Petition for the winding-up was issued as a result of a delay in the payment of tax to the Government of Malaysia. QM Malaysia advises that on 8 November 2024 it submitted to the Government’s Inland Revenue Department an instalment proposal for their approval. As advised by Mr Dato Lim, once approved it is expected that the Petition will be withdrawn by the Inland Revenue Department.

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