Besra Gold Inc. (ASX: BEZ) December 2024 Quarterly Activities Report
Cash Position
Besra Gold Inc. (ASX: BEZ) reported a cash balance of A$23.2 million, sufficient to support the Jugan Bankable Feasibility Study (BFS), which includes the commissioning of the Jugan Pilot Plant and processing trials.
Jugan Project Update
The Jugan Project’s Mining Lease ML 05/2012/1D renewal remains pending. The company engaged with key Malaysian government decision-makers, receiving positive feedback. A decision is anticipated post the Chinese New Year holiday, potentially late February or early March 2025.
During the December quarter, the Jugan BFS expanded to include a conceptual hybrid open pit and underground mine design, expected to minimise the mining surface footprint. Long lead and critical path items, including metallurgical testing and geotechnical diamond drilling, commenced. Tenders for earthworks packages were distributed, with further tenders to be released in March 2025. A Jugan resource update is expected in the March quarter.
Development Strategy
Under the leadership of Matthew Antill, Jugan’s development strategy is under active review, focusing on balancing economic and sustainability priorities. The Company aims for a hybrid mining design, leveraging the underground mining component to enhance operational efficiencies while addressing environmental concerns.
Mineable Resource Estimations
Widenbar and Associates Pty Ltd has been commissioned to review Jugan’s resource estimates. This will include assessments of surface and underground mining constraints. It is anticipated that a revised mine design concept will emerge, allowing for reductions in open pit depth and an increase in mineable resources.
Metallurgical Studies
Metallurgical testing continued, with two deep drillholes drilled to provide representative samples for analyses. Up to 4 tonnes will be sent for critical evaluations related to the BFS.
Pilot Plant and Environmental Studies
The Jugan Pilot Plant activities included sterilisation drilling and reviewing suppliers for key construction aspects. Environmental, social, and governance (ESG) initiatives are underway with scoping for eco-friendly energy solutions. The Company is also considering underground tailings disposal solutions to mitigate environmental impact.
Corporate Developments
Matthew Antill has been appointed as Managing Director of Besra’s Malaysian operating subsidiary, North Borneo Gold Sdn Bhd. The Company continues to prioritise the renewal of its mining leases, consolidating its operational footprint in the region.
Future Outlook
Besra Gold aims to advance its BFS with significant progress expected in 2025. Key focuses will include the hybrid mine design, metallurgical testing, and the planned construction of the Jugan Pilot Plant. Strategies for land access for commercial development will be activated in the upcoming quarter.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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