Besra Gold Announces: Approved Environmental Impact Assessment

Perth, May 29, 2023 - Besra Gold Inc. (ASX: BEZ) ("Besra" or the "Company") is pleased to advise that the Natural Resources and Environment Board (NREB) Sarawak has approved the Environmental Impact Assessment (EIA) for the proposed test/pilot gold mining and processing at its Jugan Project (Jugan) located in the Bau Gold Field corridor.

The EIA, together with the ancillary documentation relating to mine rehabilitation and details of the pilot plant specifications (in compliant format), will now be lodged with the Land & Survey Department of the Ministry of Natural Resources and Urban Development for approval to commence "mining activities" within ML 01/2013/1D (Figure 1).

There are no exceptional conditions attached to the EIA approval which has been granted with general terms and conditions, including the quarterly reporting of environmental monitoring as which is customary for an undertaking of this nature.

EIA approval is a long lead time item, imperative for the construction and operation of our proposed test/pilot plant processing facility and the associated mine pit. The pilot plant will have an initial nominal throughput capacity of 50 tpd, although it can be expanded to 400 tpd. This throughput range will ensure, as far as possible, valid commercial scalability of the processing results which will be incorporated into the final feasibility study for Jugan.

Until this formal approval is received from the Ministry of Natural Resources and Urban Development, Besra is continuing with preliminary activities under the Early Commencement Works approval granted in December 2022^[1]. This includes "sterilisation drilling" to ensure that the proposed pilot plant infrastructure will not sterilise access to potential commercial mineralisation. In the interim, the design of the pilot processing plant is largely completed and procurement requirements are sourced. To ensure the build and commissioning of the operation meets the December 2023 schedule, arrangements are currently being advanced for the engagement of civil engineering and fabrication contractors.

The EIA application, comprising a 630-page document prepared by Chemsain Konsultants Sdn Bhd, was lodged on 22 December 2022 and approved by the NREB within five months, despite that period encompassing several significant Muslim, Christian and Chinese religious holiday periods.

Figure 1 - Jugan Project location showing drill hole locations (yellow dots), Resource wireframe (red), boundary of ML/05/2012/1D (green outline), and boundary of ML 01/2013/1D (pink outline).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3448/167865_besra_figure1_550.jpg

This announcement was authorised for release by the Board of Besra Gold Inc.

Michael Higginson
Company Secretary

For further information:

John Seton
Executive Director
Email: john@besra.com

James Hamilton (North America)
Investor Relations Services
Mobile: +1-416-471-4494
Email: jim@besra.com

Disclaimer

This Announcement may contain certain forward-looking statements and forecasts concerning future activities, including potential delineation of resources. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Besra Gold Inc. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending upon a variety of factors. Nothing in this Announcement should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

Unless otherwise indicated, all mineral resource estimates and Exploration Targets included or incorporated by reference in this Announcement have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists.

^[1] Refer Besra ASX Announcement "January 2023 Investor Update" dated 20 January 2023.

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