Besra Gold : Q2 2021 Financial Results in compliance with Canadian FIling

ASX ANNOUNCEMENT

02 MARCH 2022 ASX : BEZ

For personal use only

FILINGS' NOTIFICATION

Besra Gold Inc ("Besra" or "the Company", ASX: BEZ) advises that in compliance with its Canadian filing obligations it has lodged its Condensed Interim Consolidated Financial Statements, for the 3 and 6 Months ended 31 December, together with Management's Discussion and Analysis (" MD & A") Report for the corresponding period.

Copies of these documents are attached, for convenience, and may also be accessed via Besra Gold Inc's Company Announcements on the SEDAR platform at https://www.sedar.com

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

Ray Shaw

Chief Executive Officer [e-mail]

For further information:
Australasia	North America
Ray Shaw	James Hamilton
Chief Executive Officer	Investor Relations Services
Email:[e-mail]	Mobile:[phone]
	Email:	[e-mail]

Besra (Accipiter virgatus), also called the besra sparrowhawk, occurs throughout southern and eastern Asia. It is a medium sized raptor with short broad wings and a long tail making it very adept at manoeuvring within its environment and an efficient predator.

ASX : BEZ	E: [e-mail]	A: 45 Ventnor Ave, Perth
ARBN : 141 335 686	T: [phone]	Western Australia, 6005
	W: www.besra.com

For personal use only

BESRA GOLD INC.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED 31 DECEMBER 2021

(In United States dollars)

(Unaudited)

NOTICE TO THE READER

The accompanying unaudited interim consolidated financial statements of the Company have been prepared by and are the responsibility of management. The unaudited interim consolidated financial statements have not been reviewed by the Company's auditors.

For personal use only

BESRA GOLD INC.

Condensed Interim Consolidated Statement of Financial Position

	in USD			Notes			As at			As at
					31 December 2021			30 June 2021
ASSETS
Current
	Cash and cash equivalents				3,468,863		11,146
	Tax and other receivables				9,988		25,511
	Prepaid expenses				3	7,486
						3,478,854		44,143
Non-current
	Property plant and equipment				7,035		14,235
	Exploration & evaluation	4	17,842,848		17,506,422
						17,849,883		17,520,657
TOTAL ASSETS				21,328,737		17,564,800
LIABILITIES
Current
	Trade and other payables	5	947,518		5,538,254
	Derivative liability	7	-		21,778,785
	Loans and borrowings	6	243,628		4,793,593
						1,191,146		32,110,632
Non-current
	Loans and borrowings	6	114,619		251,592
TOTAL LIABILITIES
			1,305,765		32,362,224
EQUITY
Issued capital	9	182,816,338		141,517,358
Reserves	10		2,707,000		-
Deficit				(164,637,525)		(154,874,482)
						20,885,813		(13,357,124)
Non-controlling interest				(862,841)		(1,440,300)
TOTAL EQUITY				20,022,972		(14,797,424)
TOTAL LIABILITIES AND EQUITY				21,328,737		17,564,800

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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For personal use only

BESRA GOLD INC.

Condensed Interim Consolidated Statement of Profit (Loss) and Comprehensive Profit (Loss)

in USD	Note	Three Months to 31	Six Months to 31
		December	December
		2021	2020	2021	2020
Revenue		-	-	-	-
Corporate and administrative
expense		(604,214)	(850,516)	(943,888)	(1,584,571)
Creditor settlements	5	(320,589)	-	2,738,130	-
Exploration expense		156,090	196,630	103,381	113,922
Depreciation and amortization		(3,600)	(3,600)	(7,200)	(11,017)
Finance charges	11	(291,164)	(26,831)	425,241	(110,882)
Derivative fair value revaluation		-	(574,032)	593,230	(727,847)
Fair value loss on settlement of loans	6	(4,609,328)	-	(4,609,328)	-
Share based payments	10	(2,707,000)	-	(2,707,000)	-
PROFIT (LOSS) BEFORE INCOME TAX		(8,379,845)	(1,258,349)	(4,407,434)	(2,320,395)
Income tax (recovery)	8	-	-	-	-
PROFIT (LOSS) FOR THE PERIOD		(8,379,845)	(1,258,349)	(4,407,434)	(2,320,395)
COMPREHENSIVE PROFIT (LOSS)
FOR THE PERIOD		(8,379,845)	(1,258,349)	(4,407,434)	(2,320,395)
Comprehensive income (loss) for the
period attributable to:
Shareholders of the parent		(8,390,800)	(1,277,304)	(4,414,691)	(2,335,137)
Non-controlling interests		10,955	18,955	7,257	14,742
Basic and diluted (loss) per share	12	(0.028)	(0.146)	(0.015)	(0.266)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

Page 3 of 16

For personal use only

BESRA GOLD INC.

Condensed Interim Consolidated Statement of Cash Flows

in USD	Notes	Six Months Ended		Six Months Ended
		31 December 2021		31 December 2020
OPERATING ACTIVITES
Comprehensive Profit (loss) for the period		(4,407,434)		(2,320,395)
Items not affecting Cash
Creditor settlements	5	(2,738,130)		-
Depreciation & amortization		7,200		11,017
Fair value loss on settlement of loans	6	4,609,328		-
Finances costs (recovered) charged		(869,676)		(37,372)
Forex adjustments		(75,293)		170,803
Derivative revaluation	13	(593,230)		727,847
Share based payments	10	2,707,000		-
Changes in non-cash working capital balances
Trade and other receivables and other
financial assets		23,005		(9,488)
Trade and other payables		(1,515,610)		310,321
Cash used in operating activities		(2,852,840)		(1,147,267)
INVESTING ACTIVITIES
Exploration and evaluation costs	4	(336,426)		-
Cash used in investing activities		(336,426)		-
FINANCING ACTIVITIES
Proceeds from share capital	9	7,383,122		-
Proceeds from financing loan	13	398,948		1,345,756
Repayment of loans	13	(1,176,396)		(192,203)
Cash provided by financing activities		6,605,674		1,153,553
Increase in cash during the period		3,416,408		6,286
Cash - beginning of the period		11,146		31,260
Effect of exchange rate on cash		41,309	-	1,130
Cash - end of the period		3,468,863		38,675

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

Page 4 of 16