BEZ A Golden Year in 2024, page-86

Quantum is an off-take customer to BEZ. In worst case scenario, let's say it won't pay the USD $9.827mil for some time for the next few months. So, that means BEZ only received USD $25,646,325 = AUD $38mil (look at the table above with the first 4 payments that have been received) for 274440 oz of gold deliveries in the future.

Let's put it this way:

There is a gold exploration company out there today on ASX with 3.3mil Oz resource with 4.9mil oz - 9.3mil oz Exploration Target, that announced today it has signed an off-take agreement with a customer for 274440oz of gold worth roughly 274440oz × USD $1900 ÷ 0.68 AUD/USD = AUD $760mil with pre-payment of AUD $38mil already paid and received by the company.


- Off-take agreement worth AUD $760mil
- With cash on hand of $36mil (after deducting 5% commission to Noble Venture for introducing the off-take customer to Besra).
- MC = $54mil
- EV = $18mil.
- Pilot plant construction in Q3 2024

What do you think that gold stock should be valued at? Shouldn't it be valued at $300mil at least?

I bet you this: every one would have screamed out this 3.3mil Oz resource stock should be worth hundreds of million dollars upon its announcement of the first off-take agreement of AUD $760mil with AUD $38mil pre-payment received.

The bottom line is QM is a 32% shareholder and a $760mil contracted off-take customer and I do not think it will just stop here. It may find it harder now to raise more fund to lock in more gold purchase contracts with BEZ but it won't stop there. And keep in mind Besra can always go to other potential off-take customers, just like any other gold exploration companies out there on ASX.


Show me any gold stock on ASX with first off-take of AUD $760mil contract, with $36mil cash on hand, with 3.3mil Oz of gold resource that has EV of only $18mil.