ASX gold stock Besra Gold Inc (ASX: BEZ) shares were up 52% at lunchtime on Thursday, trading at 9.1 cents apiece. Shares in the small-cap have since slipped slightly to 8.8 cents at the time of writing.
Investors have reacted positively to a company announcement today advising that an "experienced mining professional" will head up the company's Besra's Jugan Gold Project in Indonesia.
Meanwhile, the spot price of gold has lifted overnight to trade at US$2,443 per ounce. It is up 27% in the past year.
Let's see why investors are buying this ASX gold stock today.
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ASX gold stock surges on new appointment
Besra Gold advised today that it has appointed Matthew Antill as the managing director of its Malaysian operating subsidiary, North Borneo Gold Sdn Bhd.
Antill is said to bring more than three decades of experience in mining and mine development, with a focus on gold, including "refractory and narrow vein operations".
His most recent role was chief production and mine development officer at Monument Mining Limited.
The ASX gold stock said the appoinment was a positive move.
Mr Antill will have responsibility for moving the Jugan Project towards commercialisation, through Pilot Production and delivery of the Definitive Feasibility Study…
…Known for his practical and innovative mine design solutions, Matthew leads by example with a hands-on management style, building diverse and high-performing teams to execute plans.
Antill is set to commence his new role on 1 November 2024.
Quarterly cash flow highlights
Besra Gold also released its quarterly activities and cash flow report for the June 2024 quarter this week.
The ASX gold stock reported a cash balance of $27.2 million by quarter end. It says this "more than satisfies" the funding requirements to complete the Jugan Definitive Feasibility Study (DFS) and commission the Jugan Pilot Plant.
Management also said the final batch of Jugan Pilot Plant processing equipment arrived in Sarawak in late July.
Based on these updates, the company said it was well-positioned moving forward.
With its strong cash position, the Company continues to execute its 2024 activities without reliance on equity market funding.
Construction of the Jugan Pilot Plant can commence once the authorities have renewed ML 05/2012/1D and approved it for mining activities. Infill Resource drilling at Jugan will also continue during the September Quarter 2024…
Beras share price snapshot
Besra Gold's recent announcements have evidently boosted investor confidence, driving the ASX gold stock up by 52% in a single day.
The new appointment and cash flow report underlines the company's position concerning its projects.
Investors will be keenly watching Besra's progress. It is moving closer to commercialisation, along with further development of its gold assets.
As always, it is critical to conduct your own due diligence when analysing ASX gold stocks.
