30 October 2025

Bezant Resources Plc

("Bezant" or the "Company")

Hope and Gorob Project Study Report

Change of Advisor name

Bezant (AIM: BZT), the copper-gold exploration and development company, announces the publication of a Feasibility Study Report Summary in relation to the Hope and Gorob mining project (the "Project") (the "Report") which has been prepared by independent consultants Sound Mining International Limited ("Sound Mining").

Colin Bird, Executive Chairman of Bezant, commented

"Since 2022, various companies and sub-consultants have collaborated on the development and feasibility of the Hope and Gorob project however a single consolidated report encompassing all contributions has not been compiled.  The Report is a summary of these contributions including a technical report on how the NLZM Processing Plant, following completion of the proposed acquisition, will be used in the development of the Hope and Gorob mine.  This Report provides shareholders with a summary of the work done to date and how Hope and Gorob will be developed." 

Highlights of Report

·    Proposed use of NLZM Plant:  The Run of Mine ("RoM") ore mined at the Project mine site will be pre-concentrated on-site using multi-sensor dry ore sorting technology before being trucked to the NLZM Processing Plant for concentration and production of a final product for sale.  The NLZM Processing Plant is approximately 190Km from the Project mine site.   

·    Epoch Resources (Pty) Ltd ("Epoch"), a qualified tailings deposition engineering company based in South Africa, was engaged by the NLZM Processing Plant operator to design a Tailings Storage Facility ("TSF") with a total capacity of 1,520,000 tonnes at an average deposition rate of 217ktpa. The new TSF was constructed according to the Epoch TSF design with an estimated total of 100kt having been deposited in the TSF prior to the NLZM mine and plant going under care and maintenance. This results in a remaining designed and permitted capacity 1,420,000 tonnes with deposition rates of up to 217ktpa achievable. The Hope and Gorob project has an estimated annual deposition rate of 160ktpa (180ktpa plant feed less concentrate extracted) which is well below design deposition rates of 217ktpa and amounts to a remaining life of facility of 9 years before an expansion to the TSF is required.

·    Technical Report on NLZM Processing Plant: Section 10 of the Report is an independent technical report on the NLZM Processing Plant and describes how the NLZM Processing Plant will be used to process a copper-gold preconcentrate produced at the Hope and Gorob mine site using multi-sensor dry ore sorting.

·    As detailed in Section 10 MetalX provided a site review report detailing findings and recommendations following a site audit of the NLZM Processing Plant, commissioned by Bezant Resources.  The audit assessed the NLZM Processing Plant's readiness to transition from lead-zinc processing to a dual copper oxide and sulphide flotation system, in preparation for preconcentrate from the Hope and Gorob mine. Key recommendations include upgrading flotation circuits, improving milling and dewatering systems, and implementing modern automated controls.  Flexibility to revert to lead-zinc processing was also advised.  MetalX proposed a two-phase plan for the NLZM beneficiation plant upgrade, starting with detailed engineering to refine costs and schedules, followed by execution involving procurement, construction and commissioning - all aligned with Bezant Resources' strategic goals.

·    Financial Summary:  The financial model summarised  in Section 11 of the Report was conducted and signed off by ENC Minerals (Proprietary) Limited, with cost contributions from the relevant subcontractors involved in the Project.  The model was developed using the mine plan and schedule provided by Sound, covering the Hope, Vendome and Gorob areas.  The RoM mine plan and schedule was adjusted by a factor of 0.8 to allow for the inclusion of Inferred Mineral Resources in the mine plan and any unforeseen factors impacting on production outputs.

·    To ensure the pit design and scheduling accurately reflected current cost assumptions, the mining input costs were sourced from a cost proposal by the preferred mining contractor, Unitrans Namibia (Pty) Ltd.  This ensured alignment between operational planning and financial modelling, resulting in a more robust and realistic project evaluation.  The financial model incorporates RoM material upgraded via ore sorting to produce a preconcentrate to reduce transport costs to the NLZM concentrator, located approximately 190km from the mining site at the Project. It assumes that 25% of RoM fines are sent directly to the concentrator, while the remaining material is processed through a multi-sensor ore sorter. The input parameters used in the financial model are shown in Table 1 (below) and the Financial Outcome from the financial model are shown in. Table 2 (below) and include an IRR of 62%, NPV of USD46.2M  and net profit of USD104M.

·    Contents and consultants and contributors to the Report: The Report includes an executive summary and introduction and sections on geology, drilling, mineral resource estimate, mining, legal and environmental, laboratory services, metallurgy and mineral processing, engineering, NLZM Processing Plant, Financials, Sound Mining capability statement, references (including glossary and abbreviations) and report compilation statement.  Table 1 in the Report is a summary of the consultants and companies that contributed to the work referenced in the Report.

·    Conclusion:  The acquisition of the NLZM Processing Plant significantly enhances the overall profitability of the Hope and Gorob Project.   By eliminating the need for a new plant construction, both capital expenditure and project lead time are substantially reduced. Additionally, the use of an existing, permitted facility minimises the time and complexity associated with regulatory approvals, offering a streamlined path to production compared to developing a greenfield processing site.  The financial model presents a strong economic case for the Project, justifying the decision to advance to the execution phase.

·    Availability of Report: The Report willshortly be published on Bezant Resources' website at http://www.bezantresources.com  and extracts will be included in the general meeting circular that Bezant Resources is preparing in connection with obtaining shareholder approval for the acquisition of a 90% shareholding in Namib Lead and Zinc Mining (Proprietary) Limited ("NLZM") which owns the NLZM Processing Plant. 

            Table One : Financial Model Input Parameters

Source: Table 31, Section 11 of the Report

            Table 2: Financial Model Financial Outcomes

Source: Table 32, Section 11 of the Report

Change of Advisor Name:   The Company's Joint Broker, Novum securities Limited, has combined with Peterhouse Capital Limited and the combined firm has been renamed AlbR Capital Limited 

For further information 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.

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.

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.