13 June 2024

Bezant Resources PLC

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

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

Bezant Resources ("Bezant" or the "Company") is pleased to provide an update on the Hope & Gorob Copper - Gold Project in Namibia. Letters of preparedness have been received from the main contractors responsible for future mining, processing plant construction and concentrate haulage and Letters of Intent and offers for financing of an off-grid hybrid renewable power supply for the Project. 

Whilst the mining licence is pending, the Company has progressed all other technical aspects of the Project including the finalisation of infrastructure, mine and pre-concentrator  final designs,  audit and costing for the repurposing of an existing flotation plant located within trucking distance of Hope & Gorob to process pre-concentrate from the new mine and the adoption of a renewable energy solution building on existing environmental initiatives included in plant design. Other environmental initiatives include, amongst others, minimising water consumption on site through the use of dry ore sorting as a pre-concentration step.

Highlights

·    A leading contracting group has provided a final set of competitive unit costs for mining, ore haulage to the ore sorting plant, haulage of pre-concentrate and the transfer of a final concentrate to Walvis Bay for export. Individual unit costs are in line with costs used in financial modelling.

·    An international engineering group has confirmed its' readiness for the construction and installation of the front-end crushing, ore sorting and conveying circuits. With offices and workshops located in Swakopmund, the group is well-placed to complete the project and provide continuous support and maintenance services.

·    Preferred engineering, construction, and project management ("EPCM") supplier has been identified and proposal received for the upgrading and repurposing of the existing available flotation plant and Tailings Storage Facility ("TSF")

·    Technical design and costing of a hybrid power supply solution including renewables for the mine site has been completed and discussions are underway to finalise a Power Purchase Agreement ("PPA") for the installation of the bulk power supply.

Commenting on progress, Colin Bird Chairman said "We are pleased we have completed the chain of contractor services that will make up the Hope & Gorob mining operation. We are delighted with the feedback and response from the contracting community, and we look forward to working with quality names in a quality jurisdiction on a quality project.

In essence all the components required to start a new project are in place and the Hope & Gorob has the makings of a pathfinder project for Bezant's mining aspirations in southern Africa.

The project will be launched with a modest and readily achievable output of copper together with a well-recognised potential to grow into a medium scale operation and accordingly we intend to divert cashflow into a significant exploration programme, the success of which will benefit all stakeholders".

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.