9 February 2024

Bezant Resources PLC

("Bezant Resources", "BZT" or "the Company")

Update for the Hope & Gorob Copper - Gold Project, Namibia

Bezant Resources Plc ("Bezant Resources", "BZT" or the "Company") is pleased to provide an update for Hope and Gorob copper-gold project situated within EPL 5796 ("the "Project") in central Namibia, approximately 100km SW of Windhoek, the capital city, and 120km SE of the major African port of Walvis Bay. BZT holds a 70% interest in the Project.

The Company has undertaken a Social and Environmental Impact Assessment (ESIA), which has been submitted to interested and affected parties for comments, in anticipation of a near-term issue by the Namibian Government of a Mining Licence. In addition, a significant amount of supplementary work has been completed that will aid optimisation of the process flowsheet, final mine design and eventual commencement of the operation.

Highlights

·    On 27 October, 2023 the company reported an updated JORC-2012 compliant Mineral Resource Estimate (MRE) completed by Addison Mining Services (AMS) of 15 Mt @ 1.2% Cu and a projected average grade of 0.4 g/t Au amenable to a Phase 1 open-pit operation and Phase 2 underground mine. The MRE includes 1.24 Mt @ 1.6% Cu and 0.4 g/t Au (Indicated) and 14 Mt @ 1.2% Cu (Inferred) across Hope, Gorob Vendome and Anomaly deposits within which lies 3 Mt @ 1.7% Cu and 0.4g/t Au at the Hope project alone (gross*).

·     AMS estimates 2.4Mt of ore as potentially amenable to an initial, low-cost, open-pit mine

·    Following the completion of ore sorting, magnetic separation, and flotation test work, it has been possible to advance workstreams for a variety of different Project inputs with the express purpose of maintaining momentum and preparing Hope & Gorob for rapid progression into production.

·    Social and Environmental Impact Assessment (ESIA) scoped, managed and undertaken by EnviroNam Consultants and has been submitted to interested and affected parties for comments.

·    Further studies aimed largely at design optimisation and contract negotiations linked to initial development are also underway including project based financing.

*Gross representing 100% estimated Resources - Bezant has a 70% interest in the Hope and Gorob Project

Colin Bird, Executive Chairman of Bezant, commented "We have continued to advance the Project pending the anticipated award of the Mining Licence. Our time has been well-spent confirming the suitability of Hope & Gorob ore to dry sorting technologies together with the optimisation of various aspects of the future operation. In the interim we will continue with essential work largely linked to project development and keep shareholders informed of progress."

Location: The Hope and Gorob project lies within (1) the Swakopmund District, Erongo Region, and (2) the highly prospective Matchless Copper Belt that hosts multiple high-grade copper-gold deposits. The historic Otjihase mine (>16Mt @ 2.2% Cu & 1.2g/t Au) is located 200km NE of the Hope sub-property. Bezant owns 70% of Hope and Gorob Mining Pty Ltd

incorporated in Namibia. This in turn owns EPL 5796 and also 80% of Hope Namibia Mineral Exploration Pty Ltd which owns adjacent licences, EPL 6605 and EPL 7170 which are under renewal. The balance of the Hope and Gorob project is held by local Namibian partners.

Resources: The current JORC 2012-compliant Mineral Resource Estimate (MRE) for Hope and Gorob (gross*), updated for Bezant by the independent consultants Addison Mining Services (AMS) was announced on 27 October, 2023, believed to be amenable to a Phase 1 open-pit operation and Phase 2 underground mine, is: 15 Mt @ 1.2% Cu and a projected average grade of 0.4 g/t Au. The MRE includes 1.24 Mt @ 1.6% Cu and 0.4 g/t Au (Indicated) and 14 Mt @ 1.2% Cu across Hope, Gorob and associated deposits within which lies 3 Mt @ 1.7% Cu and 0.4g/t Au at the Hope project alone. The MRE is equivalent to 190,000t of contained copper. AMS have identified significant potential for open pit extraction of 2.4Mt and the prospects for increasing the size of the open pit resource for a further 700Kt to 1 Mt thus postulating an initial open pit with 5 years mine life at an annual rate of 500Kt per year.

*Gross representing 100% estimated Resources - Bezant has a 70% interest in the Hope and Gorob Project

The Company has been actively working on developing a work programme to prepare the project for rapid progression into execution. The early stages of the work programme include:

      Optimisation Metallurgical Test Work: Final test work to confirm processing design parameters is to be completed and will include Drilling of further PQ sized core samples from selected positions in the Hope deposit to generate a 1-tonne composite sample representative of material to be recovered by open pit mining and processed.

·    Detailed ore sorter design test work on coarse fraction (Steinert Sensor Sorting Systems, Germany).

·    Magnetic separation test work on fines fraction (Steinert Sensor Sorting Systems, Germany).

·    Final process design flotation test work and circuit optimization (SGS, South Africa).

Opencast mine design: A southern African specialist group has been appointed to provide final mine design and production profiles that are to be used for tendering of the mining contract as well as implementation. This will also include detailed geotechnical evaluations based on the drilling that is to be conducted.

Opencast mining contract: Several contract mining contractors that have offered their services have been approached with a view to supplying an outsourced mining solution. These include contractors that have expressed interest in providing a total logistics solution (including pre-concentrate transport). Final contract mining quotes will be obtained on completion of the final project production plan.

Underground mine design: On completion of the opencast mine design, the decline access and underground mine design are to be completed and external consultants have been approached to assist with this work stream. An underground mining engineer has been appointed to supervise mine design, the application of optimised mining methods leading to detailed scheduling and production planning.

Bulk renewable energy supply: A potential provider has been approached to supply a design and costing for a hybrid renewable energy solution for the mine site. As part of the early works programme a detailed evaluation, design and costing of the energy supply solution is to be conducted based on final plant design parameters. The supplier has also indicated interest in funding and supplying the solution on an IPP basis that can be concluded once final design and costing have been completed. This detailed design will also form the basis of licensing and permitting applications for the bulk energy supply solution.

Infrastructure: A potential supplier has submitted a budget, design and costing for the supply of major infrastructure (accommodation, workshops, offices etc.). On the completion of detailed engineering design, final requirements can be established and the design adjusted accordingly.

Update on other Bezant projects

At Kanye manganese project in Botswana the Company focus is on a preliminary in-house Mineral Resource estimation and planning for follow-up drilling. In the meantime, the Company's environmental management plan has been renewed through to 29 January 2025.

IDM International Ltd through Crescent Mining Development Corporation ("Crescent") is continuing to work on initial Pre-Feasibility Studies on the Mankayan copper-gold project in the Philippines which they anticipate completing later in 2024 with the aim of presenting the Mankayan Project as a globally significant copper-gold project. In the meantime, Crescent is continuing with its community development program in the Mankayan area.

At Eureka project in Argentina the Company is maintaining licence holding costs and has continued dialogue with third parties interested in acquiring or earning into the project.

https: www.bezantresources.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). 

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.

Qualified Person:

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, CC.ENG, FIMMM, South African and UK Certified Mine Manager and Director of African Pioneer plc, with more than 40 years' experience mainly in hard rock mining.

Glossary

A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

"Au"     Gold

"Cu"    Copper

"g/t"    grammes per tonne

"Kt"     thousand tonnes

"Mt"    million tonnes

"IPP"  Independent Power Provider