1. Domestic Gold Custody

• Physical gold remains in designated domestic bank vaults, subject to independent verification, documented ownership, secure custody and applicable national regulations.

3. Digital Representation

• Eligible gold-backed rights may be digitally represented through the proposed dFMI ISA infrastructure, with issuance controls and reconciliation against verified gold inventories.

STRATEGIC VALUE FOR SOVEREIGN GOLD OWNERS

• Preserve domestic custody: retain physical gold within the national jurisdiction.

• Explore additional liquidity: assess financing opportunities against verified gold assets without an outright sale of the underlying metal.

• Support domestic gold value chains: evaluate the inclusion of eligible, refined local gold production.

• Enable development financing: explore transparent, milestone-based funding structures for strategic infrastructure, mineral exploration, geothermal energy and other national priorities.

• Strengthen governance: establish independent verification, legal safeguards, risk controls and auditable transaction procedures.

2. Sovereign Credit Rights (SCR)

• Verified gold holdings may be documented through allocated depository certificates and an appropriately structured Sovereign Credit Rights framework, subject to legal validation and central-bank approval.

4. Institutional Liquidity

• Subject to counterparty acceptance, regulatory authorisation and executed financing agreements, the structure may facilitate discussions regarding secured credit facilities, repo or swap transactions and other eligible institutional liquidity arrangements.

PROPOSED PILOT PROGRAMME

BSV proposes a three-month controlled pilot, subject to preliminary feasibility assessment and the agreement of the relevant authorities:

• Custody and legal review-verify gold inventory, ownership, encumbrances, custody arrangements and regulatory eligibility.

• Technical and financial validation-assess SCR documentation, digital integration, risk haircuts, eligible counterparties and indicative financing terms.

• Controlled transaction testing-evaluate settlement workflows and potential liquidity arrangements within an approved regulatory and operational framework.