Leadership Changes at BesraGoldInc Chess Depositary Interests 1:1

Besra Gold Welcomes Distinguished Chair and Director to Lead Its Transformation Journey

Besra Gold Inc (ASX:BEZ) has strengthened its leadership team with the strategic appointment of two highly credentialed mining industry veterans to its Board of Directors, setting the stage for the company's evolution from explorer to gold producer.

High-Caliber Board Appointments Transform Besra's Leadership

In a significant corporate development, Besra Gold has appointed Mr. David Potter as independent Non-Executive Chair and Mr. Sean Williamson as independent Non-Executive Director. These leadership changes at Besra Gold Inc Chess Depositary Interests 1:1 come at a pivotal moment as the company prepares to transition from exploration to development and ultimately production at its flagship Jugan Project.

The new leadership structure sees Mr. Jon Morda step aside as interim Chair but remain as a Non-Executive Director, while Mr. Michael Higginson has stepped down from the Board but continues as Chief Corporate Officer and Company Secretary.

"I am delighted that Besra has been able to attract independent Board nominees of the calibre, qualifications and expertise of Messrs Potter and Williamson. Going forward, I am very confident that under the stewardship of our new Chair, coupled with the expert strategic and legal guidance of Sean, that our new Board is well positioned to meaningfully contribute to and achieve Besra's gold mining aspirations."
— Jon Morda, Outgoing Chair

David Potter: Bringing 30+ Years of Resource Sector Excellence

Mr. Potter brings to Besra more than three decades of comprehensive resource sector experience, having built and led specialized teams across technical, financial, and strategic functions for numerous mining operations and feasibility studies.

His professional background includes executive positions at:

• Reed Resources
• Excelsior Gold
• Round Oak Minerals (a Washington Soul Pattinson subsidiary)

Academically well-credentialed, Mr. Potter holds:

• Bachelor of Science (geology)
• Master of Science (mineral economics)
• Diploma in Financial Investment and Analysis

As a member of the Australasian Institute of Mining and Metallurgy, he is qualified to act as a JORC competent person for various deposit styles—a significant asset as Besra works to advance its resource base. This expertise is particularly valuable as the industry has recently seen high-grade gold discoveries at Fortitude North which have attracted market attention.

Sean Williamson: International Mining Legal Expertise

Mr. Williamson brings valuable corporate and securities law expertise to Besra, with significant experience in both private practice and in-house roles at major gold mining companies.

Currently serving as Director, Corporate Counsel of Dundee Precious Metals Inc, a CA$3.5 billion TSX-listed gold producer (261,000 oz gold in 2024), Mr. Williamson has handled complex multi-jurisdictional legal matters and corporate governance frameworks.

His impressive career includes:

• Senior Legal Counsel and Associate Corporate Secretary at Iamgold Corp (2021-2023)
• Senior Associate at Norton Rose Fulbright Canada LLP (6 years)
• Juris Doctorate from the University of Windsor (2011)

Based in Toronto, Mr. Williamson's appointment also satisfies Canadian regulatory requirements for Besra's board composition, further strengthening the leadership changes at Besra Gold Inc Chess Depositary Interests 1:1.

Understanding Market Disconnect: Besra's Value Proposition

One of the most compelling aspects of the Besra story is the significant disconnect between the company's fundamental value and its current market valuation.

"It is a privilege to be appointed as a Director and Chair of Besra. In my experience, there have been few ASX gold focused listed companies with Besra's combination of material JORC 2012 compliant gold resources of circa 2.8Moz and a cash backing of circa A$20m, but a modest market capitalisation of only circa A$18m. This is a compelling turnaround opportunity."
— David Potter, Incoming Chair

This value proposition can be illustrated in the following comparison:

This unusual situation where market capitalisation sits below cash backing presents both a challenge and opportunity for the new leadership team. Moreover, such strategic positioning comes at a time when companies like Inca Minerals gain majority control in significant takeovers, demonstrating the importance of strong leadership in executing corporate strategies.

What is a JORC Resource and Why It Matters

For investors new to mining stocks, understanding JORC resources is essential to evaluating Besra's potential.

JORC (Joint Ore Reserves Committee) is the Australasian code for reporting exploration results and mineral resources. A JORC-compliant resource estimate provides investors with a standardised, reliable assessment of a deposit's potential economic value.

Besra's 2.8 million ounce JORC 2012 compliant gold resource represents a significant asset that has been assessed according to industry-standard guidelines. This measurement is crucial because:

1. It provides confidence in the quality and quantity of the resource
2. It allows for meaningful comparisons with other gold projects
3. It serves as the foundation for future feasibility studies and mine development plans
4. It represents a tangible asset that can be valued by investors and potential partners

The fact that Besra trades below its cash value despite this substantial gold resource highlights the potential for significant revaluation as the company executes on its development plan. This approach mirrors recent industry moves where companies have secured game-changing opportunities in historic mining districts.

Strategic Roadmap: From Exploration to Production

Incoming Chair David Potter has outlined a clear strategic vision for Besra, focusing on several key priorities:

1. Site assessment: Planning a visit to the Jugan Project in June 2025
2. Government engagement: Re-energising interactions with the Sarawak Government to secure renewal of ML 05/2012/1D
3. Community partnership: Building relationships focused on education and sustainable development
4. Operational excellence: Developing environmentally friendly and sustainable mining operations
5. Governance reform: Implementing robust corporate governance to address past challenges

"My mission is to oversee, for the benefit of all shareholders, Besra's evolution into a gold producer, ensuring irreproachable corporate governance and to work closely with our in-country team and the authorities in Sarawak to prudently unlock the considerable latent potential in our exploration and mining assets. Recent years have been tumultuous for our shareholders and it is my expectation that this Board renewal process will presage a resolution of those issues which have severely restrained the market's appreciation for Besra's assets."
— David Potter, Incoming Chair

Corporate Governance as a Strategic Priority

Both new board members have emphasised the importance of strong corporate governance as a foundation for Besra's future success. The leadership changes at Besra Gold Inc Chess Depositary Interests 1:1 reflect a concerted effort to enhance the company's governance framework.

"As a Non-Executive Director, I see my role as bringing an independent perspective, upholding the highest standards of corporate governance and ensuring that strategic decisions are made with a long-term view towards value creation and responsible resource development."
— Sean Williamson, Incoming Non-Executive Director

This focus on governance represents a strategic priority for Besra, addressing what Potter referred to as "issues which have severely restrained the market's appreciation for Besra's assets." The implication is clear: resolving governance concerns could be a catalyst for market revaluation of the company. In the mining sector, robust governance is increasingly essential, as seen with companies that have completed environmental and social planning for major projects.

Why Investors Should Follow Besra Gold

Besra Gold presents a compelling investment case based on several key factors:

1. Significant resource-to-valuation disconnect: With 2.8 million ounces of JORC 2012 compliant gold resources and a market cap below its cash holdings, Besra represents a distinctive value proposition in the gold sector.

2. Strong financial position: Approximately A$20 million in cash provides runway for development activities without immediate dilution concerns.

3. Renewed leadership: The leadership changes at Besra Gold Inc Chess Depositary Interests 1:1 through the appointment of highly credentialed mining industry professionals signals a transformation in the company's strategic direction and governance.

4. Clear path to value creation: The strategic roadmap from exploration to production at the Jugan Project provides multiple potential catalysts for revaluation.

5. Global gold market strength: In a strong gold price environment, development-stage companies with substantial resources offer leveraged exposure to the sector, similar to the excitement generated by recent bonanza gold discoveries in other regions.

For investors seeking exposure to the gold sector, Besra represents a potentially undervalued opportunity with new leadership focused on unlocking significant shareholder value through improved governance, strategic development, and ultimately production at its flagship Jugan Project.

With cash exceeding its current market capitalisation and 2.8 million ounces of gold resources, Besra offers a favourable risk-reward profile as it embarks on this new corporate chapter under the leadership of David Potter and Sean Williamson.

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