Besra

What Besra does

Besra Gold Inc is a publicly listed gold exploration and development company (ASX: BEZ; OTC pink: BSRAF) headquartered in Subiaco, Perth, with operational offices in Bau, Sarawak, East Malaysia. Its flagship asset is the Bau Gold Project, in which it controls a 98.5% interest (93.8% on an equity-adjusted basis) through majority ownership of North Borneo Gold Sdn Bhd. The project hosts JORC 2012 compliant mineral resources of approximately 3.3 million ounces of gold across multiple deposits — Jugan (most advanced), Pejiru, Bekajang and Sirenggok — within an 8km x 15km mineralised corridor, with an additional Exploration Target of 4.89–9.27Moz Au representing significant upside.

The company's core technology stack centres on conventional diamond drilling (DDH) and refractory gold processing via flotation, with the pilot plant design (~200 TPD) being engineered for the Jugan deposit by ZJH Minerals of China. Besra's technical differentiator is the depth and quality of its geological and metallurgical database — over 250,000 metres of historical drilling plus comprehensive geophysical, geochemical and metallurgical test work — supported by SGS assay services and Drillcorp Malaysia drilling rigs under a 2021–2026 Landmark Drilling Program. The project is well-serviced by existing Sarawak infrastructure including deep water ports, grid power and an international airport.

Commercially, Besra is pre-revenue and does not yet sell gold or any other product. Its business model is capital-raising-led: equity issued through the ASX (A$10 million IPO in October 2021, ~A$58.8M market cap at listing, EV/oz ~A$15), strategic offtake financing via the US$300 million Quantum Metal Recovery facility (2023, only partially drawn), and minority-interest consolidation transactions. The company has no identified end-market commercial customers at present; its target "customers" are institutional and retail capital providers, with GTM executed through ASX disclosures, investor webinars and its corporate website. A 5% gold royalty applies on the renewed Jugan Mining Lease, replacing the prior 0% royalty framework for that tenement.

Name

Besra

Legal name

Besra Gold Inc.

Website

https://besra.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Besra Gold Inc is a pre-revenue gold exploration and development company (ASX: BEZ) advancing the Bau Gold Project in Sarawak, East Malaysia, which hosts 3.3Moz of JORC 2012 compliant resources and an additional 4.89–9.27Moz exploration target across multiple deposits led by Jugan. The company raises capital via equity markets and a US$300M QMR offtake funding facility.

Ownership category

akta.pro rank

Product category

Gold Exploration and Development

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Gold exploration
• Gold mining
• Mineral resource development
• Drilling programs
• Ore processing

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Gold Production (Future): As a pre-production gold exploration and development company, Besra does not currently generate revenue. Future revenue will derive from gold production and concentrate sales from the Bau Gold Project once development is completed. The company is working towards a definitive feasibility study and pilot plant at Jugan to support future mining operations.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Besra Gold is a pre-production gold exploration and development company advancing the Bau Gold Project in Sarawak, East Malaysia, which controls 98.5% interest (93.8% equity-adjusted) in JORC 2012 compliant resources of 3.3Moz Au. The company conducts diamond drilling, metallurgical test work, and feasibility studies targeting future gold concentrate production from multiple deposits including Jugan, Pejiru, Bekajang, and Sirenggok.

Product overview

Besra Gold Inc is a gold mining company focused on exploration and development of the Bau Goldfield in East Malaysia. The company's primary offering is its flagship Bau Gold Project, which contains significant gold mineralisation confirmed by drilling. The project encompasses multiple deposits including Jugan (the most mature), Pejiru, Bekajang, and Sirenggok. Besra controls a 98.5% interest (93.8% on an equity-adjusted basis) in the Bau Gold Project located in Sarawak, East Malaysia. The company also conducted a Stage 1 Feasibility Study to guide future development strategy.

Differentiator

Problem solved

Functional benefit

Products and services

• Bau Gold Project Flagship gold asset of Besra Gold located in Sarawak, East Malaysia, hosting JORC 2012 compliant mineral resources exceeding 3.3Moz of gold across multiple deposits including Jugan, Pejiru, Bekajang, and Sirenggok. The project covers an 8km x 15km gold-endowed corridor and benefits from existing infrastructure including deep water ports, international airport, grid power, and communications.
• Jugan Deposit The most mature deposit within the Bau Gold Project, hosting a Measured + Indicated Resource of 870,000 oz at 1.5 g/t Au and an Inferred Resource of 90,000 oz at 1.6 g/t Au, with an additional Exploration Target of 2.0–3.2 Moz. Subject of the Bau Stage 1 Feasibility Study and a planned ~200 TPD flotation pilot plant.
• Pejiru Deposit Deposit within the Bau Gold Project hosting an Inferred Resource of 0.97 Moz at 1.2 g/t Au, with an additional Exploration Target of 1.7–3.3 Moz at 1.7–2.4 g/t Au.
• Bekajang Deposit Deposit within the Bau Gold Project hosting a combined Indicated Resource of 120,400 oz at 2.0 g/t Au and an Inferred Resource of 524,100 oz at 1.5 g/t Au, with an additional Exploration Target of 0.50–0.80 Moz at 2.0–3.0 g/t Au.
• Bau Stage 1 Feasibility Study Feasibility study released in January 2014 covering an effective standalone development at the Jugan Hill deposit, providing guidance for optimizing development of the Bau Gold Project.

Quantifiable outcome

• JORC 2012 resource base of 3.3Moz Au with 4.89-9.27Moz Exploration Target upside
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered minor, major and core.

• Zhengzhou Zhonjia Heavy Industry Co. (HZJ / ZJH Minerals Company Ltd)minorStrategic or Co-development Partner · 1 January 2022ZJH Minerals Company Ltd of Zhengzhou, China was mandated to undertake test work including crushing, grinding, conditioning, reagent responses, flotation, dewatering and drying for selected representative bulk samples from the Jugan Prospect. Results will be used to prepare a test report and flow chart for designing a ~200 TPD flotation plant.
• Chemsain Konsultant Sdn BhdminorImplementation/ SI/ Consulting Partner · 1 January 2022Chemsain Konsultant Sdn Bhd was mandated to undertake the Environmental Impact Assessment (EIA) for the Jugan Project, an area of approximately 300 hectares encompassing MLs 140 and 1/2013/1D. The EIA evaluates likely environmental impacts of a future proposed development involving mining and processing, for submission to the Natural Resources and Environment Board of Sarawak.
• Drillcorp Malaysia Sdn BhdmajorImplementation/ SI/ Consulting Partner · 1 January 2021Drillcorp Malaysia Sdn Bhd was contracted to provide two diamond drill rigs for Besra's 2021-2026 Landmark Drilling Program at the Bau Gold Project. The company has provided fully cored diamond drilling services at Jugan, Pejiru, and Bekajang prospects, with approximately 2,022m of drilling completed at Jugan as part of the initial 3,000-4,000m program.
• SGS LaboratoriesmajorTechnology or Integration · 1 January 2021SGS Laboratories (Malaysia) provides assaying and analysis services for Besra's drilling core samples from the Bau Gold Project. Core samples are despatched to SGS facilities in Port Klang, Malaysia, for sample preparation and gold assay analysis. An on-site independent gold assay lab operated by SGS is also referenced at the Bau site.
• Geoimpact ResourcesminorImplementation/ SI/ Consulting Partner · 1 January 2021Geoimpact Resources provides technical and logistical support for drilling operations at the Bau Gold Project. The team includes experienced geologists and operational specialists, several of whom had previously worked at Bau with Besra. Overall supervision is provided by Kevin Wright as Project Manager.
• North Borneo Gold Sdn Bhd (NBG)coreStrategic or Co-development PartnerBesra Gold holds its interest in the Bau Gold Project through its direct and indirect ownership in North Borneo Gold Sdn Bhd (NBG). Besra's interest in NBG was increased to 97.8% (92.8% equity-adjusted) following the SPSA Variation in 2021. NBG owns rights to the mining tenements covering the Bau Goldfield in Sarawak through a consortium with a Malaysian company with material Bumiputra interest.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Pantoro Limited: ASX-listed gold producer operating the Norseman Gold Project. Comparable junior-to-mid-tier gold producer with single-jurisdiction operating focus.
• Emerald Resources NL: ASX-listed single-asset gold developer/producer at the Okvau Gold Project in Cambodia. Directly comparable stage (developer transitioning to producer) and Southeast Asia regional focus to Besra.
• Medusa Mining Limited: Australia-listed gold producer focused on the Co-O Mine in the Philippines. Comparable as a Southeast Asia-focused single-asset gold operator with similar geology and jurisdictional profile.
• RTG Mining Inc. Junior gold developer with primary interests in Southeast Asia (Mabilo project, Philippines). Comparable stage of development, regional focus, and pre-revenue status.
• Capricorn Metals Limited: ASX-listed gold producer/developer that progressed the Karlawinda project from exploration to production. Highly comparable developer-stage peer with similar single-asset focus.
• Dacian Gold Limited: ASX-listed gold company that developed the Mt Morgans Gold Project in Western Australia. Comparable developer-stage junior transitioning toward production.

Regional players

• Kingsgate Consolidated Limited: ASX-listed gold miner historically operating the Chatree mine in Thailand. Highly comparable as a Southeast Asia gold miner, though currently in transition/care-and-maintenance rather than active development.

Broad incumbents

• Perseus Mining Limited: Mid-tier gold producer with three operating mines in West Africa. Broader incumbent in the same gold producer category, useful for benchmarking economics and growth trajectory.
• OceanaGold Corporation: Mid-tier gold/copper producer with operations across the Philippines, New Zealand, and the United States. Broad incumbent with significant Philippines/Southeast Asia overlap with Besra's operating geography.
• Ramelius Resources Limited: ASX-listed mid-tier gold producer operating multiple mines in Western Australia. Useful peer for benchmarking a successful junior-to-mid-tier gold developer trajectory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/BesraGold
• LinkedInlinkedin.com/company/2778624

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Besra