On 15 May 2025, QMRI initiated legal proceedings in the Superior Court of Justice (Ontario), seeking relief related to its ongoing effort to replace Besra's incumbent board. The Notice of Application is publicly filed and available here. QMRI intends to pursue this effort either through the scheduled shareholders' meeting or by court order.

As part of its continued commitment to shareholder interests, QMRI has nominated three independent directors with extensive mining industry experience:

• Mr. David Izzard, a Certified Practicing Accountant and experienced board director with strong commercial, strategic, and financial management background in listed companies.
• Dr. Matthew Greentree, a mining executive and geologist with over 25 years in exploration and development, formerly Managing Director and CEO of Ausgold Limited.
• Dr. William John Blake, a qualified Mining Engineer and former CEO with over 35 years of international experience in mining operations across Asia-Pacific and the Americas.

Contrary to the Management Circular, QMRI's nominees to the board of Besra are at arm's length to QMRI and Dato Lim and were independently selected by an executive recruitment agency for their industry experience and specialised knowledge in international mining projects, including gold projects.

Despite Besra's recent interim board appointments, QMRI expresses concern that meaningful progress on the Bau Gold Project has stalled. It believes its proposed nominees will bring transparency, expertise, and effective oversight to realign the company with its contractual obligations and shareholder expectations.

To view the full statement and supporting details, including the legal filing, please click here.

Media Contact: Corporate Communications Department
Quantum Metals Recovery Inc.
qmri.press@gmail.com