Bez's BAU project versus peers, page-8

Quantum is here to stay. Quantum is good for Besra. And Quantum is 30% shareholder and has every incentive to see Bau project successfully moving to production.

Your somehow weird thought of Quantum is bad for Besra couldn't be more wrong. As a shareholder I want to see Quantum here and more so of its involvement and more off-takes for the years to come. It is very weird that we as shareholders want more of Quantum involvement while you as non-holder don't want Quantum's involvement. Who has more legitimate wish here I wonder.

You talked about risks here before and I did reply back to you: risk-reward. You cannot talk about risk without talking about reward.

4-5 weeks ago you when sp was at 5c, you said it was too risky for you. Today at 11c you still talk about risk. I bet you when it is 20c, then 50c you still talk about risk.

What strike me most about your sense of risk-reward is the last time at 5c sp you complaint that there is no pilot plant yet even though you know the company has spent USD $1.2mil (AUD $1.8mil) to order the pilot plant equipments and you knew that the pilot plant equipments have arrived at the port. You also knew that the company has signed a 15 years lease contract for land access for the pilot plant. Complaining that the pilot plant was not up and running at this stage is like comparing that AGC has not paid out dividend yet. Remember that was my response to your risk assessment?


I seriously question your sense of risk-reward in intellectual sense. I seriously do. Why? It is because of that complaint about the pilot plant for a 3mil oz gold project with 5mil oz target for next MRE upgrade with $27mil cash on hand and he'll lot of important works that have been done that all in all would cost other project $100mil-$150mil to come to this stage and MC was at $21mil few weeks ago. I mean where is your sense of risk and reward? Where is your sense of relevant comparativeness?

What also strike me is your saying current coup leaders in Birkina Faso has moved to protect PDI's project. That is shocking naive to me. That part of the world has witnessed so many changes of government controls over the years and decades. Who the hell will guarantee you that protection will exist with the next coup leaders and the next next coup leaders?

Where is your sense of risk-reward when you yourself acknowledge BEZ's gold assets is brilliant but its MC is just a fraction of what it should be? Let me ask you this: if a company is worth $500mil but is valued by the market at $400mil. You say it is risky. When MC is at $300mil, is the risk-reward the same as when it is at $400mil MC? And at $200mil, $100mil, $50mil, $20mil, do your assessment of risk-reward stay the same? Where does it end? When is your risk becomes an amazing opportunity? There is no such thing as risk-free in this world.


Worst of all, you have never called the company, talked to the company, asked questions about the off-take deal structure, the terms and conditions, the rights of Besra with regards to the money that has been transferred to Besra's account. You have done nothing, and I mean nothing, to seek clarification to the pre-payment money to Besra. Instead, you only chose to resort to baseless speculation without any knowledge of how the deal work, what is the support that Quantum has been willing to do for Besra to help Besra move to closer to development and production stage. I have talked to the company many times and many top 40 shareholders have talked to the company, seek clarification and feel confident to accumulate shares.

I'm fact let me tell you this: you know nothing about what's going behind the scene. Trust me, you know nothing. Lot of work to clean up the bad wood has taken place and Besra is ready to move rapidly forward. Just look at the new MD and the new CFO recruitments over the last few weeks. It tells a story if you are not too ignorant.

I thought you was genuinely interested to discuss the risk-reward and the opportunity here but it is now confirmed to me that you are not.

So, this is my second reply to you and also the last. As you know I have never ever engaged in downramping any stock or personal mud-slinging. Not my interest, not my style, not my focus.

I have to put you on ignore for a while NOW.

Good luck with whatever other stocks you hold or will be holding.

Won't see your reply and won't reply you again after this post. And not interested in your "risks" either.

Bye.