BZT Bezant Resources Plc

30 January 2025

Bezant Resources PLC

("Bezant" or the "Company")

Hope & Gorob Mine Planning Update

Following the granting of Mining Licence M246, subject to statutory approval (the "Mining Licence"), and confirmation of the renewal of adjoining exploration licences, including EPL 5796 surrounding the Mining Licence, Bezant Resources ("Bezant" or the "Company") has continued to move the Hope & Gorob Project towards development-ready status pending the granting of an Environmental Clearance Certificate ("ECC") for which the Company is awaiting approval.

During this intervening period whilst the Company awaits the granting of the ECC, Bezant is using the time to refine and update both technical and contractual matters aimed at improving anticipated processing recoveries, mine scheduling and cash flow projections. 

Highlights

·    The Company has negotiated access to a Namibian-based ore sorter unit with the specifications corresponding in size, throughput and sensor types to the equipment selected for the Hope & Gorob ore sorting.

·   Commencement of optimisation of ore sorting recoveries by a leading provider of ore sorting solutions. To this end Bezant has supplied a one tonne ore sample obtained from its recently completed drilling programme at Hope.

·    Optimisation results will inform the financial model as to the anticipated cash flow relative to run of mine ore upgrade and ore sorter recovery associated with multiple variable sensor testing.

·    Encouraging pricing meetings undertaken with contractors responsible for drilling and blasting, in-pit mining and haulage and outbound logistics for the transport and delivery of pre-concentrate to the copper concentrator for the open pit mining at Hope.

·    Ongoing negotiations regarding heavy plant and equipment to be used for mining and ore - waste haulage.

Colin Bird, Executive Chairman of Bezant, commented "Development of a metallurgically simple copper - gold resource amenable to ore sorting and modest capex with a 5 - year open pit starter ore body would be an ideal asset for the Company at a time when my belief is that the copper price has the potential to fluctuate between US$8,500 and US$11,000 per tonne. The excellent work of our highly skilled and experienced external contractors and advisers gives us confidence in our ability to develop Hope & Gorob. We look forward to notifying the market of the receipt of the ECC and the next stage of development of the mine."

Bezant has commenced a programme of detailed optimisation of ore sorting recoveries for a variety of sensor responses for the Hope & Gorob Project. A one tonne sample of fresh mineralisation has been delivered to a Namibian testing facility where an ore sorting unit with dimensions, throughput capacity and ore sorting sensors similar to the unit selected for Hope & Gorob is currently available for use. Access to equipment to undertake advanced analysis and the refinement of optimisation ahead of Project construction is an opportunity not to be missed.

The Company is also pleased to confirm pricing meetings have been held on-site with Namibian-based selected contractors who will be responsible for drilling and blasting, in-pit mining and haulage and outbound logistics for the transport and delivery of pre-concentrate to the copper concentrator for the open pit mining at Hope.  Discussions specifically related to detailed costing and manpower requirements consistent with the advanced stage of development of the Project.

The Company has also agreed with the same contractors, on the quantity and type of heavy plant and equipment to be utilised during the first 4 to 5 years of production.

Further detail on the Project can be obtained from an independent report generated by Sound Mining and announced on 15 November 2024. The report can be accessed from http://www.rns-pdf.londonstockexchange.com/rns/4529M_1-2024-11-15.pdf

For further information, please contact:

or visit http://www.bezantresources.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.