# BEZ: Management's Discussion and Analysis Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/bez-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03144999 Publisher: asx Original announcement: 2026-09-28T22:06:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T17:13:17.963Z Atlas analysis updated: 2026-09-29T17:13:17.963Z - Company: BESRA GOLD INC. - Ticker: BEZ - Exchange: ASX - Region: Sarawak, Malaysia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Drill results, Metallurgy - Extracted: 2026-09-29 17:13:18 UTC Narrative sentiment: -0.10 · Bearish ## Minestarters Atlas summary Besra Gold Inc. released its MD&A for the period ending June 30, 2026, detailing an updated Mineral Resource Estimate for the Bau Gold Project that shows a reduction in total contained gold and tonnage but an increase in Measured resources and overall grade. The company reported positive drill intercepts from the Jugan Project and successful metallurgical testwork demonstrating high gold recoveries for refractory ore. Despite these operational advancements and the conditional renewal of a key mining lease, the company continues to face financial losses, decreasing liquidity, and ongoing uncertainties with other lease renewals and a Canadian Cease Trade Order. Reasoning: The document, an MD&A, presents a mixed bag of operational progress and financial challenges. While there are positive developments in resource confidence, drill results, and metallurgical viability for refractory ore, these are overshadowed by an overall reduction in resource scale, significant financial losses, and ongoing permitting and regulatory uncertainties, including a Cease Trade Order. - Positive factor: Conditional renewal of the key Jugan mining lease \(ML 05/2012/1D\) provides tenure security for the most advanced project. - Positive factor: Updated MRE shows an increase in Measured resources and overall grade, indicating improved confidence and quality of a portion of the resource. - Positive factor: Drill intercepts at Jugan include high-grade zones and extend mineralization at depth, suggesting potential for underground resources. - Positive factor: Metallurgical testwork demonstrated successful flotation and gold extraction for refractory sulphide ore, confirming technical viability for a challenging ore type. - Positive factor: Technical disclosures are signed off by Qualified/Competent Persons, enhancing credibility. - Negative factor: The updated MRE shows a reduction in total contained gold and tonnage, indicating an overall decrease in the project's scale. - Negative factor: The company continues to incur significant financial losses and experience decreasing cash and working capital, highlighting ongoing funding challenges. - Negative factor: Reliance on external funding and capital markets, coupled with a Canadian Cease Trade Order, poses liquidity risks. - Negative factor: Uncertainty persists regarding the renewal of other mining leases, which could impact future development activities. - Negative factor: The refractory nature of the gold mineralization at Jugan implies complex and potentially costly processing requirements. - Negative factor: Legal proceedings and risks associated with foreign operations and artisanal mining add to operational uncertainties. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 18 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document explicitly announces an 'Updated Mineral Resource Estimate' for the Bau Gold Project. Evidence · text > Updated Mineral Resource Estimate. Following an update on the Jugan Project Area Mineral Resource Estimate announced on 31 March 2025, the Company announced, on October 21, 2025, that it obtained an updated JORC \(2012\) compliant Mineral Resource Estimate \(“MRE”\) in respect of all four project areas within the Company’s Bau Goldfield corridor. **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The updated resource 'delivers an increase in both the measured resource', indicating an improvement in resource confidence. Evidence · text > the updated resource represents a decrease in the total contained gold and tonnage, however, importantly, 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 resource 'delivers an increase in both the measured resource and the overall grade', indicating better deposit economics. Evidence · text > the updated resource represents a decrease in the total contained gold and tonnage, however, importantly, 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 resource 'represents a decrease in the total contained gold and tonnage' compared to the prior estimate. Evidence · text > The updated resource represents a decrease in the total contained gold and tonnage, however, importantly, 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 resource 'represents a decrease in the total contained gold and tonnage' compared to the prior estimate. Evidence · text > The updated resource represents a decrease in the total contained gold and tonnage, however, importantly, it delivers an increase in both the measured resource and the overall grade. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is explicitly stated as 'JORC \(2012\) compliant'. Evidence · text > obtained an updated JORC \(2012\) compliant Mineral Resource Estimate \(“MRE”\) **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: Mr. Lynn Widenbar, a Competent Person, and Mr. Kevin Wright, a Qualified Person, have reviewed and approved the technical information. Evidence · text > The information in this MD&A that relates to the Mineral Resources Estimate released on 21 October 2025 was prepared based on information compiled by Mr. Lynn Widenbar, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. ... The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves, other than those attributable to Mr. Lynn Widenbar, is based on information compiled by Mr. Kevin J Wright, a Competent Person who is a Fellow of the Institute of Materials, Minerals and Mining \(FIMMM\), a Chartered Engineer \(C.Eng\) and a Chartered Environmentalist \(C.Env\). **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 updated MRE \(40.5 Mt\) is classified as Inferred, which is a speculative category. Evidence · table > 40.5 Context: Inferred **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The document states specific cut-off grades used for different mining methods in the resource estimate. 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. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The historical 2013 mineral reserve estimate is explicitly stated as outdated, with no current reserves declared. Evidence · text > The Company also considered the results of the updated technical and mineral resource estimates for the four principal project areas of the Bau Gold Project and determined the historical 2013 mineral reserve estimate is outdated. No current mineral reserves have been declared. **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release mentions samples being sent to reputable laboratories \(Intertek, ALS\) for assay and metallurgical testwork. Evidence · text > Half core samples were sent to Intertek’s laboratories in Indonesia \(PT Intertek Utama Services\) for gold assay analysis and the two deeper holes \(JUDDH-127 & -129\) were dispatched to ALS Laboratories in Perth for advanced metallurgical test work. **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: Gold mineralization at Jugan is associated with sulphide minerals, including arsenic-bearing minerals, indicating potential processing challenges. Evidence · text > Gold mineralisation at Jugan is intimately associated with sulphide mineralisation. An independent revised Mineral Resource Estimate for the Jugan Project was disclosed on 31 March 2025. That revised Resource Estimate formed part of the MRE for the Bau Gold Project. The Jugan Resource Estimate totals 13.5 million tonnes 1.67 g/t Au for 721 koz \(Measured 209 koz; Indicated 434 koz and Inferred 78 koz\). The Jugan Mineral Resource Estimate incorporates updated geological and metallurgical interpretations and is based on 231 drillholes totaling 33,492 metres. **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drilling extended gold mineralization to a depth where an underground mineral resource may be warranted, indicating an extension beyond previously defined limits. Evidence · text > This drilling extended the gold mineralisation to a depth extent where the definition of an underground mineral resource may be warranted. **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: Drill intercepts are reported as downhole lengths without true width or drill orientation information. Evidence · text > 10m @ 1.49g/t Au from 13m to 23m **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Flotation recoveries of 95% for fresh ore and 88% for transitional ore are strong to exceptional for gold. Evidence · text > Successful flotation upgrading of both fresh and transitional ores, producing sulphide concentrates with gold recoveries of approximately 95% \(fresh ore\) and 88% \(transitional ore\). **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical testwork is described as 'scoping-level' and 'Laboratory testwork', indicating preliminary bench-scale tests without locked-cycle or pilot plant work. Evidence · text > NBG engaged Dundee Technologies Inc. \(Canada\) to undertake scoping-level metallurgical testwork as part of the broader technical review and pilot-plant program for the Jugan deposit within the Bau Goldfield. **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The document explicitly states that Jugan gold mineralization is refractory and associated with sulphide and arsenic-bearing minerals, requiring complex processing. Evidence · text > Much of the Bau District gold mineralisation, including that at Jugan, is refractory, with gold principally associated with sulphide minerals, including arsenic-bearing minerals. **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Laboratory testwork was conducted on 'representative fresh and transitional ore samples', indicating some variability testing across different ore domains. Evidence · text > Laboratory testwork was conducted on representative fresh and transitional ore samples, incorporating flotation concentration followed by thermal pre-treatment to remove and stabilize arsenic, and subsequent gold extraction. **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: The processing route includes 'thermal pre-treatment to remove and stabilize arsenic', which is a form of oxidation for refractory ore. Evidence · text > Thermal pyrolysis treatment achieved arsenic removal of greater than 96% from flotation concentrates, reducing residual arsenic levels to approximately 0.15–0.16% by weight. **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 \("CIL"\) **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: 18. Some facts used in scoring do not have a stored record. ## Resource Estimates (17) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/bez-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-0) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:4cfd630a8766081cea3d #### 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 represents the highest level of geological confidence, and the reported grade is strong for gold, contributing positively to project de-risking. - Positive factor: Highest confidence category \(Measured\) for a significant portion of the resource. - Positive factor: Good gold grade \(1.68 g/t\) for a Measured resource. - Positive factor: Part of an overall increase in Measured resources, indicating improved geological confidence. 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: category is "measured" **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bez-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-1) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:634c2a8ef067d6307279 #### 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 represents a substantial portion of the resource with good confidence and grade, supporting future economic studies. - Positive factor: Indicated resource category provides good geological confidence, suitable for pre-feasibility studies. - Positive factor: Good gold grade \(1.67 g/t\) for an Indicated resource. Evidence · table > 1.67 Context: 8.7 #### 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 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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-2) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:82dbad92252f3a04c166 #### 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 providing substantial exploration upside, the large Inferred component indicates early-stage confidence for a significant portion of the resource. - Positive factor: Significant tonnage in the Inferred category provides future exploration potential. - Positive factor: Moderate gold grade \(1.24 g/t\) for an Inferred resource. - Negative factor: Inferred category has the lowest geological confidence and cannot be used for economic studies without further drilling. 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: category is "inferred" **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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-3) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:27984e3d641ec889d086 - Deposit or zone: Bekajang South #### 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 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 Bekajang South resource provides additional exploration potential, but its Inferred classification and moderate grade suggest early-stage confidence. - Positive factor: Moderate gold grade \(1.11 g/t\) for an Inferred resource in an open pit scenario. - Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade. 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 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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-4) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:b42910f41360ebe028d3 - Deposit or zone: Bekajang North #### 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 Au #### Prior Estimate - Resource Date: 2025-10-21 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Bekajang North shows a strong gold grade for an Inferred resource, indicating good potential, but requires further work to improve confidence. - Positive factor: Strong gold grade \(2.26 g/t\) for an Inferred resource in an open pit scenario. - Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade. 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 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bez-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-5) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:5c09d56a9b1c4ed6e1d1 - Deposit or zone: BYG – Krian #### 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 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 BYG – Krian Indicated resource shows a strong grade with good confidence, though its smaller scale limits overall materiality. - Positive factor: Strong gold grade \(2.73 g/t\) for an Indicated resource in an open pit scenario. - Positive factor: Indicated category provides good geological confidence. - Negative factor: Relatively small tonnage for this resource category. 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 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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-6) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:b0352a854d86ab913d33 - Deposit or zone: BYG – Krian #### 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 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 BYG – Krian Inferred resource is small but shows a moderate grade, indicating some potential for future exploration. - Positive factor: Moderate gold grade \(1.62 g/t\) for an Inferred resource in an open pit scenario. - Negative factor: Very small tonnage for this resource category. - Negative factor: Inferred category indicates lower geological confidence. 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 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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-7) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:3ac1cb2df5402aed5f6e - Deposit or zone: Tailings #### 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 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 tailings resource offers potential for reprocessing with a moderate gold grade, but its Inferred classification and specific nature require further evaluation. - Positive factor: Moderate gold grade \(1.37 g/t\) for a tailings resource, representing potential reprocessing opportunity. - Negative factor: Inferred category indicates lower geological confidence. - Negative factor: Tailings resources can have specific processing challenges and environmental considerations. 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 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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-8) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:bdb456eb2c8eb178b8a5 - Deposit or zone: Pejiru-Bogag #### 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: Pejiru-Bogag offers substantial Inferred tonnage with a moderate gold grade, but the confidence is limited by the Inferred classification and drilling issues. - Positive factor: Significant tonnage in the Inferred category provides future exploration potential. - Positive factor: Moderate gold grade \(1.09 g/t\) for an Inferred resource in an open pit scenario. - Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade. - Negative factor: Resource classification is limited by observed smearing within reverse circulation holes. 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: category is "inferred" **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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-9) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:086c60df04d32b55ee7a - Deposit or zone: Pejiru Extension #### 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: Pejiru Extension adds to the overall Inferred resource with a moderate gold grade, but its early-stage confidence is noted. - Positive factor: Moderate tonnage in the Inferred category provides future exploration potential. - Positive factor: Moderate gold grade \(1.09 g/t\) for an Inferred resource in an open pit scenario. - Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade. - Negative factor: Resource classification is limited by observed smearing within reverse circulation holes. 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: category is "inferred" **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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-10) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:0f77e2cdaa142610216a - Deposit or zone: Kapor #### 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: Kapor shows a strong gold grade for an Inferred resource, indicating good potential, but requires further work to improve confidence and address drilling issues. - Positive factor: Strong gold grade \(1.88 g/t\) for an Inferred resource in an open pit scenario. - Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade. - Negative factor: Resource classification is limited by observed smearing within reverse circulation holes. 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: category is "inferred" **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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-11) Bau Gold Project · gold #### Identity - Project: Bau Gold Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lynn Widenbar - Resource group id: resource:0d0a92a28e1f9820f777 - Deposit or zone: Boring #### 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: Boring is a small Inferred resource with a moderate gold grade, contributing minor potential but with noted confidence limitations. - Positive factor: Moderate gold grade \(1.03 g/t\) for an Inferred resource in an open pit scenario. - Negative factor: Small tonnage for this resource category. - Negative factor: Inferred category indicates lower geological confidence, requiring further drilling for upgrade. - Negative factor: Resource classification is limited by observed smearing within reverse circulation holes. 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: category is "inferred" **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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-13) The reported mineral resources for the Bekajang · gold #### Identity - Project: The reported mineral resources for the Bekajang - Commodity: gold - Ticker: BEZ #### Resource scope - Estimate type: resource - Resource group id: resource:0cc1743ee4c4e6510253 #### 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 **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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-14) The reported mineral resources for the Bekajang · gold #### Identity - Project: The reported mineral resources for the Bekajang - Commodity: gold - Ticker: BEZ #### Resource scope - Estimate type: resource - Resource group id: resource:bf28ec9dab206101f8e6 #### 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 **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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bez-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-15) The reported mineral resources for the Bekajang · gold #### Identity - Project: The reported mineral resources for the Bekajang - Commodity: gold - Ticker: BEZ #### Resource scope - Estimate type: resource - Resource group id: resource:aa99f7a957f0dce87ab7 #### 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 **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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-16) The reported mineral resources for the Bekajang · gold #### Identity - Project: The reported mineral resources for the Bekajang - Commodity: gold - Ticker: BEZ #### Resource scope - Estimate type: resource - Resource group id: resource:53e14b5e6419ccb02a0c #### 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 **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-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-resource-facts-17) The reported mineral resources for the Bekajang · gold #### Identity - Project: The reported mineral resources for the Bekajang - Commodity: gold - Ticker: BEZ #### Resource scope - Estimate type: resource - Resource group id: resource:a48061ef83bd66ade3c9 #### 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 **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 (1) ### leaching \(conventional cyanidation\) [Link to this fact](https://atlas-staging.minestarters.com/news/bez-management-s-discussion-and-analysis--9104e750-07c9-41ee-80f3-92e773d6ee93#fact-metallurgical-facts-12) Jugan Project · gold #### Identity - Project: Jugan Project - Commodity: gold - Region: sarawak, malaysia - Reported Region: Sarawak, Malaysia - Ticker: BEZ #### Test Work - Program Status: scoping - Test Type: leaching \(conventional cyanidation\) - Processing Route: flotation, thermal pyrolysis, leaching - Sample: following arsenic removal and oxidative thermal treatment #### Recovery - Recovery: 75 % - Recovery Basis: actual\_test #### Lab - Laboratory: Dundee Technologies Inc. - Consultant: Dundee Sustainable Technologies #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Conventional cyanidation provides a viable, albeit moderate, recovery for refractory gold after pre-treatment, but may be less efficient than alternative methods. - Positive factor: Moderate gold recovery \(75%\) using conventional cyanidation after arsenic removal, demonstrating a viable leaching option for refractory ore. - Negative factor: Testwork is at scoping-level \(bench scale only\), requiring further validation at larger scales. - Negative factor: Recovery is moderate, suggesting room for optimization. - Negative factor: Longer leach times \(48 hours\) compared to CLEVR™. Evidence · text > gold recoveries of approximately 75–80% \(after flotation adjustment\) were achieved using both CLEVR™ and conventional cyanidation #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **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.