REG - Bezant Resources PLC - Additional 20% interest in Hope and Gorob

Bezant ResourcesAnnouncement

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RNS Number : 9432X  Bezant Resources PLC  24 March 2026

 

24 March 2026

 

Bezant Resources Plc

("Bezant" or the "Company")

 Acquisition of Additional 20% interest in Hope & Gorob project,

Issue of Equity and TVR

 

Bezant Resources Plc ("Bezant") the copper-gold exploration and resource
development company is pleased to announce the purchase by the group of an
additional 20% shareholding in Hope and Gorob Mining Pty Limited (the "Hope
& Gorob"), its 70% owned Namibian registered holder of the Hope and Gorob
mining project. As a result of the purchase of a 20% shareholding from the
Company's Namibian partner MKH Tangible Investments CC ("MKH"), the Bezant
group, will hold a 90% shareholding in Hope & Gorob. MKH will retain a 10%
interest in Hope & Gorob and its' representative Mr Tango Kandjaba will
continue in his role as a director of Hope & Gorob.

 

The purchase of the additional 20% shareholding in Hope & Gorob is being
made by reference  to the original agreement between MKH and the previous
owner of the Hope & Gorob project in 2018 ("Original 2018 Agreement")
which contemplated inter alia the acquisition of an additional 20% in Hope
& Gorob.  The consideration now agreed payable for the additional 20%
shareholding as well as covering any remaining  obligations under the
Original 2018 Agreement, is GBP1,114,000 to be settled GBP557,000 by the issue
of 515,263,645 fully paid ordinary shares of 0.002p each in the Company at a
price of 0.10810 pence per share (the "Consideration Shares") and GBP577,000
in staged cash payments (GBP150,000 by 31 March 2026 and GBP396,000 by 15 May
2026) (the "Cash Consideration") (the "Acquisition").

 

Colin Bird, Executive Chairman of Bezant, commented "I am pleased we have
agreed to acquire the further 20% in our main Hope & Gorob project which
demonstrates the Company's confidence in the Hope & Gorob Project.  Our
partner MKH has been very supportive throughout the process, and we look
forward to a continuing relationship as Hope & Gorob moves as planned into
production."

 

Tango Kandjaba, Chairman of MKH and Namibian project partner, commented "I
have enjoyed working with the Bezant Team during the exploration, evaluation
and pre-production stage and I am looking forward to the start-up of
operations and concentrate production. I am particularly pleased to be part of
a project that is contributing to the creation of jobs, generation of revenue
for the Country whilst also improving the welfare of the local community."

 

Further information on the Acquisition:

The agreed total consideration payable is GBP1,114,000 to be settled
GBP557,000 by the issue of the 515,263,645 Consideration Shares at 0.10810
pence per share and GBP577,000 in staged cash payments (GBP150,000 by 31 March
2026 and GBP396,000 by 15 May 2026).

 

An initial additional 10% shareholding in Hope & Gorob will be acquired by
the Bezant group on the issue of the Consideration Shares and the second
additional 10% on the payment of the Cash Consideration.

 

The Consideration Shares when issued will rank pari passu with the existing
ordinary shares in the Company and will be subject to the following lock up
and orderly market arrangements which Bezant can agree to vary:

 

 Period                     Lock up %  Orderly Market %
 Up to 6 months from issue  100%       Nil
 6 to 12 months from issue  50%        50%
 After 12 months            0%         100%

 

During the orderly market period Bezant will have 60 days to arrange the sale
of the Consideration Shares at a price agreed with MKH prior to MKH selling
the Consideration Shares in the market.

 

Related Party Transaction:

As Mr. Tango Kandjaba the Chairman of MKH is a director of the Company's 70%
subsidiary Hope & Gorob, the Acquisition is a Related Party Transaction
pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the
Directors, all of whom are independent of the Acquisition, having consulted
with the Company's Nominated Adviser, Beaumont Cornish Limited, consider the
Acquisition to be fair and reasonable insofar as the Company's shareholders
are concerned.

 

Schedule Four disclosures:

The Hope and Gorob project is the main asset of Bezant as reported on in its
various announcements and financial reports. On 30 October 2025 the Company
published a Feasibility Study Report Summary in relation to the Hope and Gorob
Project prepared by independent consultants Sound Mining International Limited
(the "Report").  The key metrics of the Report include an IRR of 62%, NPV of
USD46.2M (10% discount rate) and net profit of USD104M in relation to 100% of
the project based on a copper price of US$9,300 per tonne and gold price of
USD2,800 per oz. Yesterday's LME spot copper price was USD12,167 per tonne and
the gold price was approximately USD4,400 per oz. For further information,
background and full parameters please refer to the RNS published on 30 October
2025  Hope and Gorob Project Study Report - 07:00:09 30 Oct 2025 - BZT News
article | London Stock Exchange
(https://www.londonstockexchange.com/news-article/BZT/hope-and-gorob-project-study-report/17302327)
or the Report itself
2025-10-26-Hope-and-Gorob-Feasibility-Study-Report-Summary-signed-Sound-WEF-1-Oct-2025.pdf
(https://www.bezantresources.com/wp-content/uploads/2025/10/2025-10-26-Hope-and-Gorob-Feasibility-Study-Report-Summary-signed-Sound-WEF-1-Oct-2025.pdf)

 

Application to trading on AIM:

Application will be made to the London Stock Exchange for the Consideration
Shares to be admitted to trading on AIM. It is expected that admission will
become effective and that dealings in the Consideration Shares will commence
at 8.00 a.m. on or around 2 April 2026 (the "Admission").

 

Total Voting Rights:

Following the issue of the Consideration Shares the Company's total issued
share capital will consist of 18,662,417,771 Ordinary Shares with voting
rights. The Company does not hold any Ordinary Shares in treasury and
accordingly there are no voting rights in respect of any treasury shares.

 

On Admission, the above mentioned figure of 18,662,417,771 Ordinary Shares may
be used by shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or a change to their interest in, Bezant under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.

 

For further information:

 Bezant Resources Plc

 Colin Bird Executive Chairman                   +44 (0) 20 3416 3695

 Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish / Asia Szusciak

                                               +44 (0) 20 7628 3396

 AlbR Capital Limited (Joint Broker)

 Jon Belliss                                     +44 (0) 20 7399 9425

 Shard Capital Partners LLP (Joint Broker)

 Damon Heath                                     +44 (0) 20 7186 9952

 

or visit http://www.bezantresources.com (http://www.bezantresources.com)

 

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.

 

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