Highlights

  • Discussions continued with the Sarawak State Government on securing tenure across the broader Bau project.
  • The company progressed filings aimed at removing the Ontario Securities Commission cease trade order.
  • Management presented to a whole-of-government Steering Committee on 20 July 2026 on the proposed Jugan work program.
  • Roger Walsh joined the Board as an independent non-executive director, and cash stood at $7.586m at quarter end.

Besra Gold Inc (ASX:BEZ) has released its quarterly activities report for the period from 1 July to 30 September 2026. The quarter centred on tenure discussions for its Bau project in Sarawak, Malaysia, regulatory compliance in Canada and changes to the Board.

Bau Project Tenure Discussions

Joint venture partner Gladioli Group accepted a conditional renewal offer for mining licence ML 05/2012/1D, which covers the central Jugan deposit. Besra is seeking clarification of the terms to gain more flexibility in the formal renewal agreement. The original renewal application was lodged in May 2024.

The company said the original Pilot Plant proposal is no longer technically relevant and has proposed replacing it with new technical studies. These were presented to a Steering Committee chaired by the Deputy Premier on 20 July 2026. Besra has also proposed a systematic rationalisation of its Bau Goldfield Corridor concessions, and its preferred amendments would not create a binding undertaking to bring Jugan into production.

After the quarter, the company began preparing a formal request for its preferred amendments for submission to the State Minerals Management Authority. It noted that the timing of any Government decision is uncertain and may be affected by the State election period.

Canadian Compliance and Shareholder Matters

A cease trade order (CTO) issued by the Ontario Securities Commission has been in place since 12 March 2025. Annual financial statements and MD&A filings were lodged on 28 September 2026, and a further response on governance compliance was submitted in October. Lifting the CTO requires an updated NI 43-101 Technical Report, which the company is preparing.

Besra also received a series of purported shareholder requisitions. The company determined that a requisition dated 14 July 2026 was not valid and that it was not required to convene a meeting for a later requisition. The 2026 AGM will be held on 7 December 2026 (Toronto time).

Board Changes and Financial Position

Daniel Coletta of Mirador Corporate was appointed Company Secretary on 4 August 2026. Roger Walsh was appointed an independent non-executive director and joined the Audit and Risk Committee, which now comprises three independent directors.

Net operating cash outflow was $1.540m, including $511k on exploration and evaluation and $897k on administration and corporate costs. Closing cash was $7.586m, and the Appendix 5B estimates about 4.9 quarters of funding.

Key Takeaways

  • Securing tenure across Bau remains the company's central priority.
  • Besra has shifted from a pilot plant approach to a staged program of technical studies.
  • Lifting the Ontario cease trade order depends on filing an updated technical report.
  • The company holds $7.586m in cash with an estimated runway of nearly five quarters.