# BEZ: Annual Information Form

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145000

Publisher: asx

Original announcement: 2026-09-28T22:06:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-29T17:16:30.929Z

Atlas analysis updated: 2026-09-29T17:16:30.929Z

- Company: Besra Gold Inc.

- Ticker: BEZ

- Exchange: ASX

- Region: Sarawak, East Malaysia

- Primary commodity: Gold

- Secondary commodities: Arsenic, Antimony, Sulfur

- Document categories: Resource update, Metallurgy, Other

- Extracted: 2026-09-29 17:16:31 UTC

Narrative sentiment: -0.20 · Bearish

## Minestarters Atlas summary

Besra Gold Inc. has released its Annual Information Form for the year ended June 30, 2026, detailing its operations, financial position, and risks. The company reported an updated Mineral Resource Estimate for its Bau Gold Project in Malaysia, totaling 2.28 million ounces of gold, which reflects a decrease in total contained gold but an increase in measured resources and overall grade. Key mining lease ML 05/2012/1D for the Jugan deposit received conditional renewal. However, the company faces ongoing challenges including a cease trade order, multiple legal proceedings, and uncertainties regarding funding from its major shareholder, Quantum.

Reasoning: The Annual Information Form presents a mixed outlook, with positive resource updates and permitting milestones offset by a reduction in overall contained gold, significant legal and regulatory challenges, and funding uncertainties. The refractory nature of the ore and limited recent metallurgical testwork also pose technical risks.

- Positive factor: Updated Mineral Resource Estimate for the Bau Gold Project, increasing measured resources and overall grade.

- Positive factor: Conditional renewal of key mining lease ML 05/2012/1D for the Jugan deposit.

- Positive factor: Compliance with NI 43-101 and JORC 2012 reporting standards.

- Negative factor: Overall decrease in total contained gold and tonnage in the Bau Gold Project MRE.

- Negative factor: Significant portion of resources remain in the Inferred category across multiple deposits.

- Negative factor: Ongoing cease trade order \(CTO\) from the Ontario Securities Commission.

- Negative factor: Multiple legal proceedings against the company and its directors.

- Negative factor: Uncertainty regarding future funding from major shareholder Quantum due to insolvency proceedings.

- Negative factor: Refractory nature of gold mineralization requiring complex processing routes.

- Negative factor: Metallurgical testwork primarily based on modelling or historical bench-scale tests, with no recent follow-up studies.

Facts used in scoring: 26

## Classification and evidence

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The AIF states that disclosure regarding mineral properties was prepared in accordance with National Instrument 43-101.

Evidence · text

> Disclosure regarding the Company’s mineral properties, including with respect to mineral reserve and mineral resource estimates included in this AIF, was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects \(“NI 43-101”\).

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Mineral Resource classification for the Bau Gold Project is in accordance with the 2012 Edition of the JORC Code.

Evidence · text

> The Mineral Resource classification has been reviewed and the MRE has been classified in the Measured, Indicated and Inferred categories in accordance with the 2012 Edition of the Joint Ore Reserves Committee \(“JORC”\) Code.

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The MREs were completed by independent consultant Widenbar & Associates Pty Ltd.

Evidence · text

> The MRE was completed by independent consultant Widenbar and reflects more current and representative estimation assumptions

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: Cut-off grades for open pit, crown pillar, and underground material are clearly stated for the Bau Gold Project MRE.

Evidence · text

> Open pit material uses a 0.3 g/t Au cutoff, crown pillar a 0.6 g/t and underground has a cut-off of 1.2 g/t.

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The updated MRE for the Bau Gold Project delivers an increase in the measured resource.

Evidence · text

> The updated MRE represents a decrease in the total contained gold and tonnage, however, it delivers an increase in both the measured resource and the overall grade.

**Grade Improvement**

Polarity: positive

Definition: Average resource grade improved vs prior estimate — better deposit economics.

Why it applies: The updated MRE for the Bau Gold Project delivers an increase in the overall grade.

Evidence · text

> The updated MRE represents a decrease in the total contained gold and tonnage, however, it delivers an increase in both the measured resource and the overall grade.

**Contained Metal Decline**

Polarity: negative

Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: The updated MRE for the Bau Gold Project represents a decrease in the total contained gold.

Evidence · text

> The updated MRE represents a decrease in the total contained gold and tonnage, however, it delivers an increase in both the measured resource and the overall grade.

**Tonnage Decline**

Polarity: negative

Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: The updated MRE for the Bau Gold Project represents a decrease in total tonnage.

Evidence · text

> The updated MRE represents a decrease in the total contained gold and tonnage, however, it delivers an increase in both the measured resource and the overall grade.

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: A significant portion of the Bau Gold Project's total resource \(40.5 Mt\) is classified as Inferred.

Evidence · table

> 40.5

Context: Inferred

**All Inferred**

Polarity: negative

Definition: 100% of resource is Inferred category — very early stage, no engineering confidence.

Why it applies: The Sirenggok, Pejiru-Bogag, Pejiru Extension, Kapor, and Boring deposits are entirely classified as Inferred resources.

Evidence · text

> Widenbar \(2025\) noted all mineralised blocks at Sirenggok have been classified in the Inferred category... Widenbar \(2025\) noted that all mineralised blocks at Pejiru have been classified Inferred category

**Refractory Ore**

Polarity: negative

Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk.

Why it applies: The gold mineralization across Sirenggok, Bekajang, and Pejiru deposits is described as sub-microscopic and refractory, requiring oxidative pre-treatment.

Evidence · text

> Gold is overwhelmingly sub-microscopic \(refractory\) hosted preferentially in arsenopyrite... Direct whole-ore cyanidation is not viable for Bekajang due to refractory/sub-microscopic Au... Gold occurs as sub-microscopic \(refractory\) and fine native gold

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: Metallurgical testwork for Sirenggok and Bekajang is based on modelling, and Pejiru relies on historical bench-scale leach tests with no recent follow-up studies.

Evidence · text

> Modelling indicates high flotation recoveries \(~94%\) for Sirenggok... AMTEL’s modelling indicates \(order-of-magnitude\) flotation recoveries in the ~41–65% range for Bekajang... AMTEL’s whole-ore NaCN leach on Pejiru material returned ~40–50% extraction... No recent follow-up metallurgical and processing studies have been undertaken.

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces an updated Mineral Resource Estimate for the Bau Gold Project.

Evidence · text

> On 21 October 2025, the Company announced an updated MRE for the Bau Gold Project of 53.0 million tonnes at 1.3 g/t gold, containing approximately 2.28 million ounces of gold.

**Permitting Risk**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The renewal of mining lease ML 05/2012/1D is conditional, and discussions are ongoing for other concessions, indicating potential permitting delays or changes.

Evidence · text

> On 25 February 2026 the Company announced that mining lease ML 05/2012/1D, concerning the Jugan deposit, would be conditionally renewed by the Sarawak Government for a three-year term, with details of the renewal conditions to follow. ... Discussions continue with Sarawak Government authorities involving concession management and renewal processes for the Company’s interests elsewhere along the Bau Goldfield Corridor

**Legal Proceedings**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The company is involved in multiple legal proceedings, including claims of oppression and breach of fiduciary duties.

Evidence · text

> On 27 September 2024, the Board advised that the Company has received a Statement of Claim in respect of the commencement of legal proceedings in the Superior Court of Justice \(Commercial List\) \(Ontario\) against Besra along with other defendants

**Cease Trade Order**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: A cease trade order was issued by the OSC against the Company due to late filing of interim financial statements.

Evidence · text

> On 21 February 2025, the Ontario Securities Commission \(“OSC”\) issued a cease trade order \(“CTO”\) in respect of Besra’s securities due to the late filing of interim financial statements and related management’s discussion and analysis for the period ended 31 December 2024

**Funding Risk**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: No funds have been received under the Gold Purchase Agreement since November 2023, and there are uncertainties due to Quantum Group insolvency proceedings.

Evidence · text

> Besra received no further drawdowns from Quantum under the GPA during the fiscal year, cumulative deposits received remained at US$25,646,326. ... No amounts have been received pursuant to the GPA since the Company’s receipt of $10,646,326 from Quantum pursuant to the GPA in November 2023.

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a mill\_cil route \("CIL"\)

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("gravity"\)

**POX/BIOX Route**

Polarity: neutral

Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.

Why it applies: the document describes a pox\_biox route \("POX"\)

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 26. Some facts used in scoring do not have a stored record.

## Resource Estimates (23)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-0)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar & Associates Pty Ltd
- Resource group id: resource:344a5634fea7f8bb0d8d
- Mining method: combined

#### Resource Data

- Category: measured
- Tonnes: 3900000
- Grade: 1.68
- Grade Unit: g/t
- Contained Metal: 209000
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Measured resource category indicates high geological confidence and forms a robust basis for future economic studies, contributing positively to the project's de-risking.

- Positive factor: Highest confidence category \(Measured\) for a significant portion of the resource.

- Positive factor: Grade of 1.68 g/t Au is strong for an open pit scenario.

- Positive factor: Part of an updated MRE that increased overall grade and measured resources.

Evidence · table

> 1.68

Context: 3.9

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: The resource is classified as Measured, indicating the highest level of geological confidence.

Evidence · table

> 3.9

Context: Measured

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-1)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar & Associates Pty Ltd
- Resource group id: resource:14df22646550336f14ff
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 8700000
- Grade: 1.67
- Grade Unit: g/t
- Contained Metal: 467000
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Indicated resource category supports mine planning and economic viability assessments, representing a good level of confidence for the project.

- Positive factor: Indicated resource category provides reasonable geological confidence for mine planning.

- Positive factor: Grade of 1.67 g/t Au is strong for an open pit scenario.

- Positive factor: Part of an updated MRE that increased overall grade and measured resources.

Evidence · table

> 1.67

Context: 8.7

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-2)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar & Associates Pty Ltd
- Resource group id: resource:e1249f27a08699b9b75d
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 40500000
- Grade: 1.24
- Grade Unit: g/t
- Contained Metal: 1609000
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: While the Inferred resource adds to the overall contained metal, its lower confidence level means further drilling is required to upgrade it to higher categories before it can be fully incorporated into economic studies.

- Positive factor: Significant tonnage in the Inferred category indicates future exploration potential.

- Positive factor: Part of an updated MRE that increased overall grade and measured resources.

- Negative factor: Inferred category has lower geological confidence and cannot support economic studies alone.

Evidence · table

> 1.24

Context: 40.5

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 40.5

Context: Inferred

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-3)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar & Associates Pty Ltd
- Resource group id: resource:3b3e897a4b31fae82ca9
- Mining method: combined

#### Resource Data

- Tonnes: 53000000
- Grade: 1.3
- Grade Unit: g/t
- Contained Metal: 2285000
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The updated total resource provides a comprehensive overview, but the reduction in contained metal and tonnage, despite grade improvement, indicates a mixed outcome for the project's overall scale.

- Positive factor: Updated MRE provides a current baseline for the project.

- Positive factor: Increase in overall grade and measured resources is a positive development.

- Negative factor: Overall decrease in total contained gold and tonnage compared to prior estimates.

- Negative factor: Significant portion of the resource remains in the Inferred category.

Evidence · text

> On 21 October 2025, the Company announced an updated MRE for the Bau Gold Project of 53.0 million tonnes at 1.3 g/t gold, containing approximately 2.28 million ounces of gold.

#### Tags used in scoring

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces an updated Mineral Resource Estimate for the Bau Gold Project.

Evidence · text

> On 21 October 2025, the Company announced an updated MRE for the Bau Gold Project of 53.0 million tonnes at 1.3 g/t gold, containing approximately 2.28 million ounces of gold.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-4)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:ed3c2e096f667c8615ec
- Deposit or zone: Sirenggok
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 8630000
- Grade: 0.99
- Grade Unit: g/t
- Contained Metal: 275400
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Sirenggok deposit, while contributing to the overall resource, is entirely in the Inferred category with moderate grade, suggesting it requires significant further work to increase confidence and economic viability.

- Positive factor: Contributes to the overall Bau Gold Project resource base.

- Negative factor: All mineralized blocks are classified as Inferred, indicating low confidence.

- Negative factor: Relatively limited downhole survey and density data preclude higher classification.

- Negative factor: Grade of 0.99 g/t Au is moderate for an open pit scenario.

Evidence · table

> 0.99

Context: 8,630,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 8,630,000

Context: Inferred

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-5)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:aa16593cb11c943d9a6f
- Deposit or zone: Bekajang BYG-Krian
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 374500
- Grade: 2.73
- Grade Unit: g/t
- Contained Metal: 32900
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The BYG-Krian Indicated resource at Bekajang shows good grade and confidence, making it a positive component of the overall project.

- Positive factor: Indicated resource category provides reasonable geological confidence.

- Positive factor: High grade of 2.73 g/t Au is strong for an open pit scenario.

Evidence · table

> 2.73

Context: 374,500

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-6)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:24e40310de466867ac69
- Deposit or zone: Bekajang BYG-Krian
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 100100
- Grade: 1.62
- Grade Unit: g/t
- Contained Metal: 5200
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The BYG-Krian Inferred resource adds to the total, but its lower confidence and moderate grade mean it requires further work to be considered economically viable.

- Positive factor: Contributes to the overall resource base.

- Negative factor: Inferred category indicates lower confidence.

- Negative factor: Grade of 1.62 g/t Au is moderate for an open pit scenario.

Evidence · table

> 1.62

Context: 100,100

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 100,100

Context: BYG-Krian

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-7)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:29bde079834fc1ace07d
- Deposit or zone: Bekajang South
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 5286000
- Grade: 1.11
- Grade Unit: g/t
- Contained Metal: 188200
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Bekajang South Inferred resource adds to the total, but its lower confidence and moderate grade mean it requires further work to be considered economically viable.

- Positive factor: Contributes to the overall resource base.

- Negative factor: Inferred category indicates lower confidence.

- Negative factor: Grade of 1.11 g/t Au is moderate for an open pit scenario.

Evidence · table

> 1.11

Context: 5,286,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 5,286,000

Context: Bekajang South

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-8)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:0ebf70a8b183b0521d5a
- Deposit or zone: Bekajang North
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 1753400
- Grade: 2.26
- Grade Unit: g/t
- Contained Metal: 127500
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Bekajang North Inferred resource has a strong grade, but its lower confidence level means further work is needed to confirm economic viability.

- Positive factor: Grade of 2.26 g/t Au is strong for an open pit scenario.

- Negative factor: Inferred category indicates lower confidence.

Evidence · table

> 2.26

Context: 1,753,400

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 1,753,400

Context: Bekajang North

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-9)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:3d249d8cfb25358ba45f
- Deposit or zone: Bekajang Tailings
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 1032400
- Grade: 1.37
- Grade Unit: g/t
- Contained Metal: 45600
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Bekajang Tailings Inferred resource offers potential for future recovery, but its lower confidence and moderate grade require further evaluation.

- Positive factor: Tailings resource represents potential for reprocessing and adds to the overall resource base.

- Negative factor: Inferred category indicates lower confidence.

- Negative factor: Grade of 1.37 g/t Au is moderate for an open pit scenario.

Evidence · table

> 1.37

Context: 1,032,400

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 1,032,400

Context: Tailings

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-10)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:cfa93699a6024bb530b1
- Deposit or zone: Pejiru-Bogag
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 11218900
- Grade: 1.09
- Grade Unit: g/t
- Contained Metal: 393200
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Pejiru-Bogag Inferred resource contributes a substantial amount of gold to the overall project, but its lower confidence level requires further work to de-risk.

- Positive factor: Significant tonnage in the Inferred category indicates future exploration potential.

- Negative factor: Inferred category indicates lower confidence.

- Negative factor: Grade of 1.09 g/t Au is moderate for an open pit scenario.

Evidence · table

> 1.09

Context: 11,218,900

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 11,218,900

Context: Pejiru-Bogag

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-11)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:53faeaafb2b25cce70dd
- Deposit or zone: Pejiru Extension
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 5455600
- Grade: 1.09
- Grade Unit: g/t
- Contained Metal: 191000
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Pejiru Extension Inferred resource adds to the total, but its lower confidence and moderate grade mean it requires further work to be considered economically viable.

- Positive factor: Contributes to the overall resource base.

- Negative factor: Inferred category indicates lower confidence.

- Negative factor: Grade of 1.09 g/t Au is moderate for an open pit scenario.

Evidence · table

> 1.09

Context: 5,455,600

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 5,455,600

Context: Pejiru Extension

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-12)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:2435e875b7ba0bee53da
- Deposit or zone: Kapor
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 4254400
- Grade: 1.88
- Grade Unit: g/t
- Contained Metal: 257400
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Kapor Inferred resource has a strong grade, but its lower confidence and noted higher arsenic levels suggest potential processing complexities that need further investigation.

- Positive factor: Grade of 1.88 g/t Au is strong for an open pit scenario.

- Negative factor: Inferred category indicates lower confidence.

- Negative factor: Higher arsenic levels noted, which could pose processing challenges.

Evidence · table

> 1.88

Context: 4,254,400

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 4,254,400

Context: Kapor

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-13)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- QP Signed: Yes
- Qualified person names: Widenbar
- Resource group id: resource:6c6c87aa54a16399c820
- Deposit or zone: Boring
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 1446900
- Grade: 1.03
- Grade Unit: g/t
- Contained Metal: 47700
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-10-21

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Boring Inferred resource adds to the total, but its lower confidence and moderate grade mean it requires further work to be considered economically viable.

- Positive factor: Contributes to the overall resource base.

- Negative factor: Inferred category indicates lower confidence.

- Negative factor: Grade of 1.03 g/t Au is moderate for an open pit scenario.

Evidence · table

> 1.03

Context: 1,446,900

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 1,446,900

Context: Boring

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-14)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar and Associates Pty Ltd
- Resource group id: resource:0e16bfb0ed07303e96a6
- Deposit or zone: Jugan Hill
- Mining method: combined

#### Resource Data

- Category: measured
- Tonnes: 3870000
- Grade: 1.68
- Grade Unit: g/t
- Contained Metal: 209000
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Measured resource category indicates high geological confidence and forms a robust basis for future economic studies, contributing positively to the project's de-risking.

- Positive factor: Highest confidence category \(Measured\) for a significant portion of the resource.

- Positive factor: Grade of 1.68 g/t Au is strong for an open pit scenario.

Evidence · table

> 1.68

Context: 3.87

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: The resource is classified as Measured, indicating the highest level of geological confidence.

Evidence · table

> 3.87

Context: Measured

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-15)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar and Associates Pty Ltd
- Resource group id: resource:5c347686f7f70b18c0b3
- Deposit or zone: Jugan Hill
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 8320000
- Grade: 1.62
- Grade Unit: g/t
- Contained Metal: 434000
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Indicated resource category supports mine planning and economic viability assessments, representing a good level of confidence for the project.

- Positive factor: Indicated resource category provides reasonable geological confidence for mine planning.

- Positive factor: Grade of 1.62 g/t Au is strong for an open pit scenario.

Evidence · table

> 1.62

Context: 8.32

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-16)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Widenbar and Associates Pty Ltd
- Resource group id: resource:a264429f25a6bf1b7f35
- Deposit or zone: Jugan Hill
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 1280000
- Grade: 1.9
- Grade Unit: g/t
- Contained Metal: 78000
- Contained Unit: oz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2025-03

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Inferred resource at Jugan Hill has a strong grade, but its lower confidence level means further work is needed to confirm economic viability.

- Positive factor: Grade of 1.90 g/t Au is strong for an open pit scenario.

- Negative factor: Inferred category indicates lower confidence.

Evidence · table

> 1.90

Context: 1.28

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource is classified as Inferred, indicating lower geological confidence.

Evidence · table

> 1.28

Context: Inferred

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-20)

Taiton BYG portion of the · gold

#### Identity

- Project: Taiton BYG portion of the
- Commodity: gold
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- Resource group id: resource:899418a8ab4ad09669c2
- Mining method: combined

#### Resource Data

- Category: indicated
- Tonnes: 374500
- Grade: 2.73
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 2.73

Context: 374,500

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-21)

Taiton BYG portion of the · gold

#### Identity

- Project: Taiton BYG portion of the
- Commodity: gold
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- Resource group id: resource:fa5eeb27900e4cf0dae7
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 100100
- Grade: 1.62
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 1.62

Context: 100,100

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-22)

Taiton BYG portion of the · gold

#### Identity

- Project: Taiton BYG portion of the
- Commodity: gold
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- Resource group id: resource:7e5efdb17b722a5b5fb4
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 5286000
- Grade: 1.11
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 1.11

Context: 5,286,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-23)

Taiton BYG portion of the · gold

#### Identity

- Project: Taiton BYG portion of the
- Commodity: gold
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- Resource group id: resource:7be68cac6a95bf2d191e
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 1753400
- Grade: 2.26
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 2.26

Context: 1,753,400

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-24)

Taiton BYG portion of the · gold

#### Identity

- Project: Taiton BYG portion of the
- Commodity: gold
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- Resource group id: resource:05e6363cba2344e0c625
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 0
- Grade: 0
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0

Context: 0

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-resource-facts-25)

Taiton BYG portion of the · gold

#### Identity

- Project: Taiton BYG portion of the
- Commodity: gold
- Ticker: BEZ

#### Resource scope

- Estimate type: resource
- Reporting standards: ni\_43\_101, jorc
- Resource group id: resource:a6f3743e24c23c797c15
- Mining method: combined

#### Resource Data

- Category: inferred
- Tonnes: 1032400
- Grade: 1.37
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 1.37

Context: 1,032,400

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

## Metallurgical Results (3)

### modelling

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-metallurgical-facts-17)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Test Work

- Program Status: scoping
- Test Type: modelling
- Processing Route: flotation with tails leach and oxidative pre-treatment \(POX or BIOX\)
- Sample: sub-microscopic \(refractory\) gold hosted preferentially in arsenopyrite, secondarily in pyrite

#### Recovery

- Recovery: 95 %
- Recovery Basis: theoretical
- Mass Pull: 3.5 %

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Sirenggok deposit shows high theoretical gold recovery but is refractory, necessitating complex processing. The reliance on modelling and lack of recent testwork reduce the confidence in these results.

- Positive factor: High indicated recovery of ~95% for gold.

- Positive factor: Low mass pull of ~3.5% for flotation, indicating good selectivity.

- Negative factor: Recovery is based on modelling, not actual testwork, reducing confidence.

- Negative factor: Gold is refractory, requiring complex and costly oxidative pre-treatment \(POX or BIOX\).

- Negative factor: No recent follow-up metallurgical and processing studies have been undertaken.

Evidence · text

> Modelling indicates high flotation recoveries \(~94%\) for Sirenggok with a low mass pull \(~3.5%\); leaching the flotation tails adds ~+1% recovery \(i.e., small incremental benefit vs flotation alone\).

#### Tags used in scoring

**POX/BIOX Route**

Polarity: neutral

Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.

Why it applies: processing\_route matches the pox\_biox signal

### modelling

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-metallurgical-facts-18)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Test Work

- Program Status: scoping
- Test Type: modelling
- Processing Route: flotation with tails leach and oxidative pre-treatment \(POX or BIOX\)
- Sample: sub-microscopic \(refractory\) Au predominantly in arsenopyrite/pyrite, minor stibnite, carbonate-rich host rocks

#### Recovery

- Recovery: 76 %
- Recovery Basis: theoretical
- Mass Pull: 5 %

#### Reagents

- Reagent Notes: Acidulation before POX will be required due to carbonate gangue; stibnite can be a nuisance in POX.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Bekajang deposit presents significant metallurgical challenges due to refractory gold, carbonate gangue, and stibnite, requiring complex and potentially costly processing. The reliance on modelling for recovery estimates further reduces confidence.

- Positive factor: Low mass pull of ~1–5% for flotation, indicating good selectivity.

- Negative factor: Recovery is based on modelling, not actual testwork, reducing confidence.

- Negative factor: Gold is refractory, requiring complex and costly oxidative pre-treatment \(POX or BIOX\).

- Negative factor: Carbonate gangue requires acidulation before POX, adding complexity and cost.

- Negative factor: Stibnite presence can be a nuisance in POX, indicating potential processing challenges.

- Negative factor: Recovery range of 49-76% is moderate to weak for a mill route.

Evidence · text

> AMTEL’s modelling indicates \(order-of-magnitude\) flotation recoveries in the ~41–65% range for Bekajang domains at the study grind, with low mass pulls \(~1–5%\) and an additional ~+8–11% Au recovery if leaching flotation tails.

#### Tags used in scoring

**POX/BIOX Route**

Polarity: neutral

Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.

Why it applies: processing\_route matches the pox\_biox signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 76% is below the weak band \(80%\)

### whole-ore NaCN leach

[Link to this fact](https://atlas-staging.minestarters.com/news/bez-annual-information-form--7e872d20-9635-4ce1-8db9-f52a6d8b723d#fact-metallurgical-facts-19)

Bau Gold Project · gold

#### Identity

- Project: Bau Gold Project
- Commodity: gold
- Region: sarawak, east malaysia
- Reported Region: Sarawak, East Malaysia
- Ticker: BEZ

#### Test Work

- Program Status: scoping
- Test Type: whole-ore NaCN leach
- Processing Route: sulphide flotation with CN leach of flotation tails
- Sample: sub-microscopic \(refractory\) and fine native gold; pyrite is principal Au carrier; calcite dominant gangue

#### Recovery

- Recovery: 75 %
- Recovery Basis: actual\_test

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-28T00:00:00.000Z

Reasoning: The Pejiru deposit shows moderate gold recovery with a recommended flowsheet, but the refractory nature of the gold and reliance on historical, bench-scale testwork indicate further metallurgical de-risking is needed.

- Positive factor: Overall gold recovery of ~75% is a reasonable planning basis for the recommended flowsheet.

- Negative factor: Gold is refractory, requiring complex processing \(sulphide flotation with tails leach\).

- Negative factor: Direct whole-ore cyanidation is not recommended.

- Negative factor: Historical testwork, with no recent follow-up studies.

- Negative factor: Bench-scale testwork only.

Evidence · text

> Overall gold recovery ~75% is a reasonable planning basis for Pejiru with a flotation + tails-leach flowsheet.

#### Tags used in scoring

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 75% is below the weak band \(80%\)

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.