Ann: Change in substantial holding, page-82

Had JB not been selling her shares over the last 4 months I think sp would be sitting at around 60c-70c right now.

It is crazy to think about it.

Gold price at the time of Besra started negotiating with Quantum about the off-take and funding deal was USD $1700-$1800 per Oz in Nov 2022. Today it is consolidating around USD $2050 and very likely to go to $2200-$2500 in the next few years as soon as the Fed starts cutting interest rates around mid-2024. That is a massive buffer zone in terms of BAU project's profitability. Massive!

USD $300mil funding deal signed and the first 4 rounds of payments into drawdown account have been transferred.


Quantum appointed 2 of its own key personels to BEZ's board of directors.

3.3mil Oz gold resource.

5mil - 9mil ounces of gold resource potential upgrade. Massive!

More drilling ongoing.

Pilot plant design and construction are being progressed.

Quantum is also the biggest shareholder of BEZ at 30% holdings.

Quantum's enjoys 10% discount on gold price at USD $2200 on 3mil ounces of gold delivery = 10% × USD $2200 × 3mil Oz ÷ 0.68 FX rate = almost AUD $1bil. This is just the bonus 10% discount that Quantum enjoys with the funding deal.

Quantum will earn 30% of all profit that BEZ makes as a 30% shareholder.

Quantum will also make massive profit as a gold bullion supplier to its worldwide customers on the 3mil Oz of gold received from Besra.

Quantum will also make big money on its 30% shareholdings as sp will eventually rise 10-folds, 20 folds and even further in 5 years, 10 years down the track as it turns BAU gold project into a cashcow.

Clearly, Quantum is the biggest beneficiary party to the success of BAU and it is in the interest of Quantum to bring BAU project into production. This is why the fact that the founder/MD of Quantum and another director are now sitting on the board of directors of BEZ is to make sure they manage the project to successful production stage IMO.



MC = $60mil, instead of $400mil-$600mil where it deserves to be.

DYOR.