REG - Bezant Resources PLC - Half-year Report
29/09/2023 07:00
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RNS Number : 0527O Bezant Resources PLC 29 September 2023
29 September 2023
Bezant Resources Plc
("Bezant" or the "Company")
Interim Results for the Six Months Ended 30 June 2023
Bezant (AIM: BZT), the copper-gold exploration and development company,
announces its unaudited interim results for the six months ended 30 June 2023.
Chairman's Statement
Dear Shareholder,
The focus of the first half of 2023 continues to be Southern Africa.
Financial highlights:
£463K loss after tax (2022: £348K)
Approximately £365K cash at bank at the period end (31 December 2022: £57K).
Operational and corporate events in six months to 30 June 2023:
In Namibia at our Hope & Gorob project we await the issue of a mining
licence and in the meantime have been working on technical and other studies
targeting a 8,000, tonnes contained copper p.a. open pit copper / gold mining
operation in 2024, obtaining non-equity financing for the mining operation and
the finalization of an updated mineral resource estimate.
In Botswana at our Kanye project we have focused on metallurgical work to test
that manganese can be extracted from the deposit to produce leach solutions
with high manganese concentrate via standard leaching processing technologies.
Eureka Project Argentina: We maintain our Eureka Project in good standing and
during the period we had an updated Environmental Impact Assessment approved
which provides for environmental monitoring and a drill program encompassing 9
drill holes of 200-300 metres each. The Company will engage an environmental
consultant to conduct the environmental monitoring in 2H 2023 and we are
seeking a joint venture partner for the exploration of the Eureka Project. In
2021 and into 2022 this was hampered by COVID restrictions in Argentina, but
we have in the period received expressions of interest in the project and our
focus remains to joint venture or monetise this unique red bed copper
occurrence.
Investment in Mankayan Project in Philippines: On 27 March 2023 the Company
announced the completion of its share swap sale of its investment in IDM
Mankayan Pty Ltd for shares in IDM International Ltd. Our investment in IDM
International Ltd (see note 7.1) is held at fair value of £2.2m. At the time
of writing we hold a 24.2% investment in IDM International Limited. We are
looking for this investment to be monetised either by direct trade sale or
flotation on an individual or combined project basis. IDM International
Limited and Crescent Mining Development Corporation the licence holder are
actively progressing the project, whilst pursuing the various avenues to
secure and advance what is a very large project in a copper hungry world.
Funding: On 15 June 2023, the Company announced, that it had agreed with
Sanderson Capital Partners Limited ("Sanderson") a long-term shareholder in
the Company to extend the repayment date for the £700,000 drawn down under
the unsecured convertible loan funding facility entered into with Sanderson on
22 November 2021 until 23 December 2024 which is now convertible by Sanderson
at the fixed price of 0.08 pence per share.
Issue of Equity: During the period we announced, on the dates indicated below,
the following issues of new ordinary shares ("Shares") to raise funds and
settle accrued fees to conserve the Company's working capital:
a) On 9 January 2023 the issue of 7,926,024 new Shares to settle £6,000
of consultancy fees;
b) On 12 April 2023 a fundraising of £750,000 from existing shareholders
and investors for 1,875,000,000 Shares which included £40,000 from directors,
the issue of 218,700,942 Shares to Directors and a PDMR at a premium to the
share price and the fundraising price to settle £174,961 of accrued fees for
the period March 2022 to March 2023 and the issue of 246,808,068 Shares to
settle £101,250 of consultancy fees at the fundraising price to conserve the
Company's working capital:
c) On 5 May 2023 the issue of 104,875,000 Shares to settle professional
fees of £41,950; and
d) On 15 June 2023, the issue of 87,500,000 Shares to settle fees of
£70,000 due in relation to the extension of the Sanderson unsecured
convertible loan funding facility equivalent to 6.67% per year at a premium to
the share price and the issue of 437,500,000 warrants over Shares exercisable
at 0.12 pence per Share exercisable for two years.
Operational and corporate post period end events:
On 24 July 2023 and 6 September 2023 we announced the results of the
metallurgical test work at the Kanye project which in essence verify that
manganese can be extracted from the deposit to produce leach solutions with
high manganese concentrate via standard leaching processing technologies with
extremely high recoveries.
A revised mineral resource statement in relation to the Hope & Gorob
project is being finalised by Addison Mining Services which will incorporate
recent metallurgical test work and the Company expects to announce this in
October 2023.
Outlook: During the period the copper price has continued to be volatile, but
the consensus remains that there is an impending shortage of copper supplies.
We believe we have an above average copper project portfolio, and we continue
to have several discussions regarding finance and resource collaboration for
their advancement. At the time of writing, we are still in discussions and
negotiations regarding portfolio advancement.
I would like to thank my fellow directors and management for their untiring
efforts to maintain and advance our projects to a point where our portfolio is
well understood by the trade and therefore financeable going forward.
Colin Bird
Executive Chairman
29 September 2023
For further information, please contact:
Bezant Resources Plc
+44 (0)20 3416 3695
Colin Bird Executive Chairman
Beaumont Cornish (Nominated Adviser) +44 (0) 20 7628 3396
Roland Cornish / Asia Szusciak
Novum Securities Limited (Joint Broker)
Jon Belliss +44 (0) 20 7399 9400
Shard Capital Partners LLP (Joint Broker)
Damon Heath +44 (0) 20 7186 9952
Beaumont Cornish (Nominated Adviser)
Roland Cornish / Asia Szusciak
+44 (0) 20 7628 3396
Novum Securities Limited (Joint Broker)
Jon Belliss
+44 (0) 20 7399 9400
Shard Capital Partners LLP (Joint Broker)
Damon Heath
+44 (0) 20 7186 9952
or visit http://www.bezantresources.com (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).
Group Statement of Profit and Loss
For the six months ended 30 June 2023
Notes Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2023 2022
£'000 £'000
CONTINUING OPERATIONS
Group revenue - -
- -
Cost of sales
Gross profit - -
Operating expenses (463) (319)
Share based payments 4 - (29)
(463) (348)
Group operating loss
Interest income - -
Loss before taxation (463) (348)
- -
Taxation
Loss for the period (463) (348)
Loss per share (pence)
Basic and diluted from continuing operations 4 (0.01) (0.01)
Group Statement of Other Comprehensive Income
For the six months ended 30 June 2023
Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2023 2022
£'000 £'000
Other comprehensive income:
Loss for the period (463) (348)
Items that may be reclassified to profit or loss:
Foreign currency reserve movement (179) 9
(642) (339)
Total comprehensive loss for the period
Group Statement of Changes in Equity
For the six months ended 30 June 2023
Share Capital Share Premium Other Reserves(1) Retained Losses Non-Controlling interest Total
£'000 £'000 £'000 £'000 Equity
£'000
Unaudited - six months ended 30 June 2023
Balance at 1 January 2023 2,079 39,507 3,672 (35,551) - 9,707
Current period loss - - - (463) - (463)
Foreign currency reserve - - (179) - - (179)
Total comprehensive loss for the period - - (179) (463) (642)
-
Proceeds from shares issued 37 713 - - - 750
Share issue costs - (81) 21 - - (60)
Shares issued - in lieu of fees 14 422 - - - 436
Equity component of borrowings - - 272 - - 272
2,130 40,561 3,786 (36,014) 10,463
Balance at 30 June 2023 -
Share Capital Share Premium Other Reserves(1) Retained Losses Non-Controlling interest Total
£'000 £'000 £'000 £'000 Equity
£'000
Unaudited - six months ended 30 June 2022
Balance at 1 January 2022 2,076 39,303 3,781 (36,952) (12) 8,196
Current period loss - - - (348) - (348)
Foreign currency reserve - - 9 - - 9
Total comprehensive loss for the period - - - (348) (339)
-
Proceeds from shares issued - - - - - -
Shares issued - in lieu of fees 2 147 - - - 149
Warrants exercised - 18 - 44 - 62
Share options granted - - - - -
2,078 39,468 3,790 (37,256) 8,068
Balance at 30 June 2022 (12)
(1) Other reserves is made up of the share-based payment and foreign exchange
reserve.
Group Balance Sheet
As at 30 June 2023
Unaudited Audited
30 31
June December
2023 2022
Notes £'000 £'000
ASSETS
Non-current assets
Plant and equipment 6 2 2
Investments 7 2,260 2,260
Exploration and evaluation assets 8 8,435 8,398
Total non-current assets 10,697 10,660
Current assets
Trade and other receivables 56 76
Cash and cash equivalents 365 57
Total current assets 421 133
TOTAL ASSETS 11,118 10,793
LIABILITIES
Current liabilities
Trade and other payables 220 463
Borrowings 9 435 623
Total current liabilities 655 1,086
10,463 9,707
NET ASSETS
EQUITY
Share capital 10 2,130 2,079
Share premium 10 40,561 39,507
Share-based payment reserve 1,201 1,181
Foreign exchange reserve 328 506
Merger reserve 1,831 1,831
Other reserves 426 154
Retained losses (36,014) (35,551)
10,463 9,707
TOTAL EQUITY
Group Statement of Cash Flows
For the six months ended 30 June 2023
Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2023 2022
Notes £'000 £'000
Net cash outflow from operating activities 11 (246) (238)
Cash flows from/(used) in investing activities
Deferred exploration expenditure (149) (474)
(149) (474)
Cash flows from financing activities
Proceeds from issuance of ordinary shares 703 19
Borrowings - 250
703 269
Increase/(decrease) in cash 308 (443)
Cash and cash equivalents at beginning of period 57 728
Foreign exchange movement - 4
Cash and cash equivalents at end of period 365 289
Notes to the interim financial information
For the six months ended 30 June 2023
1. Basis of preparation
The unaudited interim financial information set out above, which incorporates
the financial information of the Company and its subsidiary undertakings (the
"Group"), has been prepared using the historical cost convention and in
accordance with International Financial Reporting Standards ("IFRS"),
including IFRS 6 'Exploration for and Evaluation of Mineral Resources', as
adopted by the European Union ("EU") and with those parts of the Companies Act
2006 applicable to companies reporting under IFRS.
These interim results for the six months ended 30 June 2023 are unaudited and
do not constitute statutory accounts as defined in section 434 of the
Companies Act 2006. The financial statements for the year ended 31 December
2022 have been delivered to the Registrar of Companies and the auditors'
report on those financial statements was unqualified and contained a material
uncertainty pertaining to going concern.
Going concern basis of accounting
The Group made a loss from all operations for the six months ended 30 June
2023 after tax of £0.5 million (2022: £0.4 million), had negative cash
flows from operations and is currently not generating revenues. Cash and cash
equivalents were £365,000 as at 30 June 2023.
On 12 April 2023 the Company announced a £750,000 fundraising from directors,
existing shareholders and investors to advance the Hope Copper-Gold Project in
Namibia whilst the Company awaits the award of a mining licence ahead of
facilitating copper gold mining operations, for the metallurgical test work on
the Kanye manganese project in Botswana and for the Company's other projects
as well as working capital. The Company also issued shares to Directors and
PDMR at a premium to the share price to settle £174,961 of accrued fees
("Conversion Shares") and the settling of £101,250 of consultancy fees by the
issue of shares to consultants ("Consultant Shares") to conserve the Company's
working capital.
On 15 June 2023, the Company announced, that it had agreed with Sanderson
Capital Partners Limited ("Sanderson") a long-term shareholder in the Company
to extend the repayment date for the £700,000 drawn down under the unsecured
convertible loan funding facility entered into with Sanderson on 22 November
2021 until 23 December 2024 which is now convertible by Sanderson at the fixed
price of 0.08 pence per share.
An operating loss is expected in the year subsequent to the date of these
accounts and as a result the Company will need to raise funding to provide
additional working capital to finance its ongoing activities. Management has
successfully raised money in the past, but there is no guarantee that adequate
funds will be available when needed in the future.
Based on the Board's assessment that the Company will be able to raise
additional funds, as and when required, to meet its working capital and
capital expenditure requirements, the Board have concluded that they have a
reasonable expectation that the Group can continue in operational existence
for the foreseeable future. For these reasons the Group continues to adopt the
going concern basis in preparing the annual report and financial statements.
There is a material uncertainty related to the conditions above that may cast
significant doubt on the Group's ability to continue as a going concern and
therefore the Group may be unable to realize its assets and discharge its
liabilities in the normal course of business.
The financial report does not include any adjustments relating to the
recoverability and classification of recorded asset amounts or liabilities
that might be necessary should the entity not continue as a going concern.
2 Significant accounting judgments, estimates and assumptions
The carrying amounts of certain assets and liabilities are often determined
based on estimates and assumptions of future events. The key estimates and
assumptions that have a significant risk of causing a material adjustment to
the carrying amounts of certain assets and liabilities within the next annual
reporting year are:
Share-based payment transactions:
The Group measures the cost of equity-settled transactions with directors,
consultants and employees by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is
determined by using a Black and Scholes model which takes into account
expected share volatility, strike price, term of the option and the dividend
policy.
Impairment of investments, options and deferred exploration expenditure:
The Group determines whether investments (including those acquired during the
period), options and deferred exploration expenditure are impaired when
indicators, based on facts and circumstances, suggest that the carrying amount
may exceed its recoverable amount. Such indicators include the point at which
a determination is made as to whether or not commercial mining reserves exist
in the subsidiary or associate in which the investment is held or whether
exploration expenditure capitalised is recoverable by way of future
exploitation or sale, obviously pending completion of the exploration
activities associated with any specific project in each segment.
Fair value of assets and liabilities acquired on acquisition of subsidiaries
The Group determines the fair value of assets and liabilities acquired on
acquisition of subsidiaries by reference to the carrying value at the date of
acquisition and by reference to exploration activities undertaken and/or
information that the Directors become aware of post acquisition (note 8).
Investments at fair value through profit and loss ('Equity investments')
Equity investments are initially measured at cost, including transaction
costs. At each reporting date, the fair value is assessed and any resultant
gains and losses are included directly in the Consolidated Statement of Profit
and Loss under IFRS 9.
Valuation of Equity Instruments Convertible Loan (Borrowings)
Convertible instruments can be complex, containing a number of features which
can have a significant impact on the accounting under IFRS 9 Financial
Instruments and IAS 32 Presentation of Financial Instruments. The Company
determined that the £700,000 convertible note whose terms was modified during
the period (note 9) was substantially different as the discounted present
value of the cash flows under the new terms including any fees paid net of any
fees received discounted using the original effective interest rate was more
than 10% different from the discounted present value of the remaining cash
flows of the original financial liability. Therefore, the original £700,000
convertible note ("Original 2022 Convertible Loan") was treated as being
repaid on 14 June 2023 and a new £700,000 convertible note loan taken out on
14 June 2023 under the new the modified terms ("Modified 2023 Convertible
Loan"). The Company determined that the Modified 2023 Convertible Loan was an
equity instrument as the conversion feature results in the conversion of a
fixed amount of stated principal into a fixed number of shares, it satisfies
the 'fixed for fixed' criterion and, therefore, it is classified as an equity
instrument which requires the valuation of the liability component and the
equity conversion component. The fair value of the liability component,
included in current borrowings, at inception was calculated using a market
interest rate for an equivalent instrument without conversion option. The
discount rate applied was 25%.
3. Segment reporting
For the purposes of segmental information, the operations of the Group are
focused in geographical segments, namely the UK, Argentina, Namibia, and
Botswana, and comprise one class of business: the exploration, evaluation and
development of mineral resources. The UK is used for the administration of the
Group and includes equity investments in non-group companies.
The Group's loss before tax arose from its operations in the UK, Argentina
Namibia and Botswana.
For the six months ended 30 June 2023 - unaudited
UK Argentina Namibia Botswana Total
£'000 £'000 £'000
Consolidated loss before tax (418) (45) (463)
- -
Included in the consolidated loss before tax are the following
income/(expense) items:
Foreign currency gain - - - - -
Total Assets 2,663 4,867 2,536 1,052 11,118
Total Liabilities (601) (54) - - (655)
For the six months ended 30 June 2022 - unaudited
UK Argentina Namibia Botswana Total
£'000 £'000 £'000
Consolidated loss before tax (288) (59) (348)
(1) -
Included in the consolidated loss before tax are the following
income/(expense) items:
Foreign currency gain - - - -
Total Assets 361 5,338 2,418 885 9,002
Total Liabilities (892) (42) - - (934)
4. Share based payments
6 months ended 30 June 2023 6 months ended 30 June 2022
£'000 £'000
Share option expense - Directors - 18
Share option expense - Management - 11
- 29
5. Loss per share
The basic and diluted loss per share have been calculated using the loss
attributable to equity holders of the Company for the six months ended 30
June 2023 of £463,000 (2022: £348,000). The basic loss per share was
calculated using a weighted average number of shares in issue of 6,139,789,530
(2022: 5,025,497,800).
The weighted average number of shares in issue and to be issued if calculating
the diluted loss per share would amount to 7,200,975,826 (2022:
6,355,967,563).
The diluted loss per share and the basic loss per share are recorded as the
same amount, as conversion of share options decreases the basic loss per
share, thus being anti-dilutive.
6. Plant and equipment
Unaudited Audited
30 June 2023 31
December
2022
£'000 £'000
6.1 Cost
Balance at beginning of period 67 67
Exchange differences - -
At end of period 67 67
6.2 Depreciation
Balance at beginning of period 65 65
Charge for the period - -
At end of period 65 65
2 2
Net book value at end of period
7. Investments
Unaudited Audited
30 31
June December
2023 2022
£'000 £'000
Investments under fair value through profit and loss (note 7.1) 2,182 2,182
Debt instruments under fair value through profit and loss (note 7.2) 78 78
2,260 2,260
7.1 Investments
On 13 September 2021 the Company, entered into a conditional agreement with
IDM Mankayan Pty Ltd ("IDM Mankayan"), a company incorporated in Australia, to
take the Mankayan Project in the Philippines forward (the "IDM Mankayan
Agreement"). The IDM Mankayan Agreement completed on 20 October 2021 and the
Company paid A$90,000 (GBP49K)_to IDM Mankayan and owns 44 IDM Mankayan
shares (the "IDM Mankayan Investment") of the 160 shares issued by IDM
Mankayan but has no management control over or right to appoint directors of
IDM Mankayan which is why the IDM Mankayan Investment is held as an equity
investment under IFRS 9. The Mankayan project's MPSA was originally issued for
a standard 25 year period, which expired on 11 November 2021, and as
announced by the Company on 18 March 2022 has been renewed for a second 25
year term with effect from 12 November 2021.
On 26 October 2022 the Company entered into a conditional share purchase
agreement with IDM International Ltd ("IDM International") the parent company
of IDM Mankayan to sell the IDM Mankayan Investment for 19,381,054 fully paid
ordinary shares of IDM International (the "IDM International SPA"). The IDM
International SPA was conditional on approval of the IDM International SPA by
the shareholders of IDM International and completed during the period on 27
March 2023.
7.2 On 26 October 2022 the Company entered into a convertible loan note agreement
with IDM International to invest A$137,500 (GBP 78K) in IDM International to
acquire 137,500 notes (the "IDM International Convertible Loan Note
Investment"). The Company has the right to convert the whole but not part of
the face value of each Note into IDM International Shares at A$0.20 at any
time (and as many times) prior to the Maturity Date which is 11 November 2026.
As at 30 June 2023, the fair value of the debt instrument was £78k and no
unrealised gain/loss was recognised.
Unaudited Audited
30 June 2023 31 December 2022
£'000 £'000
Investments under fair value through profit and loss
Unquoted investments 1 January 2023 2,182 49
Increase in fair value during year(1) - 2,133
Unquoted investments at 30 June 2023
2,182 2,182
(1) 19,381,054 shares valued at AUD$0.20 (£0.112) being the share
subscription price at which at which third parties subscribed for shares in
IDM International on 4 April 2023.
Investments are initially valued at cost. At each reporting date these
investments are measured at fair value with any gains or losses recognised
through the Consolidated Statement of Profit and Loss. In 2023, the Group and
Company had unrealised gains of £2,133,000.
This along with other valuations are estimates based on the Directors'
assessment of the performance of the underlying investment and reliable
information such as recent fundraising. There is however inherent uncertainty
when valuing private companies such as these in the natural resources sector.
(1) 19,381,054 shares valued at AUD$0.20 (£0.112) being the share
subscription price at which at which third parties subscribed for shares in
IDM International on 4 April 2023.
Investments are initially valued at cost. At each reporting date these
investments are measured at fair value with any gains or losses recognised
through the Consolidated Statement of Profit and Loss. In 2023, the Group and
Company had unrealised gains of £2,133,000.
This along with other valuations are estimates based on the Directors'
assessment of the performance of the underlying investment and reliable
information such as recent fundraising. There is however inherent uncertainty
when valuing private companies such as these in the natural resources sector.
8. Exploration and evaluation assets
Unaudited Audited
30 31
June December
2023 2022
£'000 £'000
Balance at beginning of period 8,398 7,692
Acquisitions during period
Exploration expenditure 37 934
Write back of liability in relation to joint venture expenditure (note 8.1) - (228)
8,435 8,398
Carried forward at end of period
8.1 Exploration Assets
Argentina
The amount of capitalised exploration and evaluation expenditure relates to 12
licences comprising the Eureka Project and are located in north-west Jujuy
near to the Argentine border with Bolivia and are formally known as Mina
Eureka, Mina Eureka II, Mina Gino I, Mina Gino II, Mina Mason I, Mina Mason
II, Mina Julio I, Mina Julio II, Mina Paul I, Mina Paul II, Mina Sur Eureka
and Mina Cabereria Sur, covering, in aggregate, an area in excess of
approximately 5,500 hectares and accessible via a series of gravel roads. All
licences remain valid.
Anew Environmental Impact Assessment (EIA) was presented in 2021 and approved
in February 2023 in respect of Mina Eureka, Mina Gino I, Mina Gino II, Mina
Mason I, Mina Mason II, Mina Julio I, Mina Julio II, Mina Paul I, Mina Paul
II, being the 9 northern most licences which are the intended focus of a
future exploration programme. The new EIA approval covers environmental
monitoring and a drill program encompassing 9 drill holes of 200-300 metres
each. The Company will engage an environmental consultant to conduct the
environmental monitoring in 2H 2023 and is seeking a joint venture partner to
work with in relation to an exploration drilling programme.
Notwithstanding the absence of new exploration activities on-site during the
period the directors, given their intention post COVID-19 in Argentina to
focus on finding a joint venture partner for the project have assessed the
value of the intangible asset having considered any indicators of impairment,
and in their opinion, based on a review of the expiry dates of licences,
future expected availability of funds to develop the Eureka Project and the
intention to continue exploration and evaluation, no impairment is necessary.
The capitalised cost at 30 June 2023 was £4,847,000.
8.2 Namibia
On 14 August 2020 the Company completed the acquisition of 100% of Virgo
Resources Ltd and its interests in the Hope Copper-Gold Project in Namibia
which comprise i) 70% of Hope and Gorob Mining Pty Ltd incorporated in Namibia
which owns EPL5796, and ii) 80% of Hope Namibia Mineral Exploration Pty Ltd
Incorporated in Namibia which owns EPL6605 and iEPL7170. The balance of the
project is held by local Namibian partners.
JORC Resource: The Hope project area on EPL5796 contains a combined gross
mineral resource within three closely-spaced deposits (namely Hope,
Gorob-Vendome and Anomaly) of 10.18Mt at 1.89% Cu and 0.3 g/t Au at 0.7% Cu
cut-off reported in accordance with the JORC code (2012), with 192kt of
contained Cu and 3,190kg of contained Au. Approximately 30% of the Mineral
Resource tonnage is classified in the Indicated Mineral Resource category with
the balance in the Inferred Mineral Resource category and was based on 339
drill holes for a total of 63,855 metres.
The Hope deposit itself has an Indicated Mineral Resource of 3.09Mt @ 2.53%
Cu and 0.84g/t Au at a 0.7% Cu cut-off. Historic drill intersections
include 23.31m @ 1.59% Cu & 0.23g/t Au from 464.09m, including 9.68m @
3.18% Cu & 0.42g/t Au from 477.17m (hole HDD82) and 10.12m @ 5.72% Cu
& 0.56g/t Au from 525.57m (hole HDD91).
During 2022 on 7 February 2022, 15 March 2022, 14 June 2022 and 9 August 2022
the Company announced positive results in relation to exploration activities
undertaken post acquisition which support the Company's confidence in the Hope
Copper-Gold Project. The 9 August 2022 announcement highlighted that; the
Company has submitted a mining licence application for the Hope-Gorob
copper-gold project area on EPL5796 to the Namibian authorities; the Mining
Licence application is based on an updated Scoping Study completed in May 2022
by external consultants incorporating historic mineral resource estimates
which did not yet include additional near-surface copper-gold resources
generated by the Company's shallow drill programme completed in early 2022;
the Scoping Study indicated that the potential for the development of a
surface and underground copper mine exists at the Hope and Gorob deposits and
recommended completion of the additional work required for optimisation of
mine development plans including the work necessary to obtain granting of
environmental permits and also recommended that further exploration work
continues to fully define resource potential at these deposits; the shallow
drilling completed in 2022 has continued to extend the strike and up-dip
extension of mineralisation at both the Hope and Vendome prospects. The 2022
drillholes have added more than 1.5km to the mineralised strike length, with
the potential to add significantly to the previously estimated mineral
resource; and continuous copper and gold mineralisation has been intersected
in drill intercepts over substantial downhole widths of up to 29.74m.
Reported downhole assay peak intercepts from the shallow drill programme on
EPL5796 include:
o 4.6% Cu, 2.80g/t Au over 3.81m from 39.32m depth in hole VED001
o 2.4% Cu, 0.36g/t Au over 14.28m from 25.2m depth in hole HPD003
o 1.90% Cu, 0.36g/t Au over 9.30m from 33.80m depth in hole HPD005
o 1.49% Cu, 0.23g/t Au over 16.97m from 15.50m depth in hole HPD004
It was also noted that gold values typically return grades of approximately
0.3g/t Au providing a significant potential by-product value addition; and the
drill programme was successful in confirming the presence of shallow
mineralisation at three prospects to date. Results are sufficiently
encouraging to warrant further drilling along strike to evaluate an estimated
additional linear 10km or more of projected mineralisation never previously
tested.
Arenewal application has been made for EPL6605 to be renewed to 25 September
2024 which the Company anticipates will be granted once the Ministry of Mines
and Energy review has been completed.
Post acquisition there have been no indications that any impairment provisions
are required in relation to the carrying value of the Hope Copper-Gold
Project. The capitalised cost at 30 June 2023 was £2,536,000.
8.3 Botswana
On 12 February 2021 the Company further to its announcement on 22 December
2020 announced the completion of the acquisition of 100% of Metrock Resources
Ltd ("Metrock") and its manganese mineral exploration licences in Southern
Botswana comprising the Kanye Manganese Project (the "Kanye Manganese
Project"). The Kanye Manganese Project i) comprises a 1,668 sq. km land
package with 125 km of potential on trend manganese mineralisation across the
licences ii) has historical trenching results have yielded in the case on one
prospect of between 53% and 74% manganese oxide ("MnO"), and iii) project area
is near the ground of a TSX listed public company that has a preliminary
economic assessment showing high rates of return based on a MnO grade of 27.3.
The Kanye Manganese Project comprises collection of five prospecting licenses,
namely PLs 129/2019 , 421/2018, 423/2018, 424/2018, and PL 425/2018 (the
"Project Licences"), located in south-central Botswana south of the town of
Jwaneng and west of the town of Kanye and 150 km by road from the capital
Gaborone. The licenses cover a total area of 1,668 sq. km and provide the
holder with the right to prospect for Metals. Four licenses are held by
Cypress Sources Pty Ltd, a 100% owned subsidiary of Coastal Resources Pty Ltd
which in turn is 100% owned by Metrock Resources Limited. The fifth licence PL
129/2019 is held by Coastal Minerals Pty Ltd which is 100% owned by Coastal
Resources Pty Ltd.
Reconnaissance mapping, prospecting and sampling work on the Kanye property
since acquisition in February 2021 (through October 2022) has been focussed on
PL 129/2019 has highlighted the following; in relation to PL 129/2019 up to
four historic manganese occurrences were successfully located and sampled in
the field within an 8km-belt; 40 grab samples were obtained which assayed from
traces up to high-grade results of 67.18% MnO occurring at the Moshaneng
borrow pit and 68.01% MnO at the Mheelo prospect; geological mapping indicates
that the target horizon hosting high-grade manganese may extend continuously
for at least 4km between the Loltware and Moshaneng prospects on the Bezant
ground; laboratory assays from trench sampling by Bezant at the Loltware
manganese prospect (announced on 22 March 2022) returned in-situ chip/grab
sample peak results of 41.4% MnO, 49.23% MnO and 40.83% MnO from one metre
wide zones of siliceous manganese mineralisation within a continuously
mineralised zone of 40m @ 11.53% MnO; At the Moshaneng Borrow Pit, excavation
of shallow clays by a local contractor for road fill has exposed further
manganese-rich pods over a width of approximately 12-15m and a strike length
of about 300m within a continuous 2km long soil anomaly.
Maiden drill testing for both the Moshaneng and Loltware targets commenced in
October 2022 and comprised 11 mainly shallow, angled RC holes totaling 682m at
Moshaneng prospect as well as one short diamond drill hole at Loltware
prospect the results of which were announced on 9 February2023 and
highlighted; Moshaneng drilling intersected a zone of flat-lying detrital,
supergene manganese-iron mineralisation which appears to infill an irregular
karst surface over a minimum strike length of 400m; potential for at least
another 100m of strike extension to the southeast of holes MS-RC-07 and
MS-RC-012 would extend the total strike length to a minimum of 500m; less than
25% of the more than 2km potential extent of the target defined by soil
geochemistry has been drill tested; grades compare favourably with reported
grades on neighbouring more advanced manganese projects and therefore the
Kanye project warrants detailed evaluation and drilling with a view to
establishing the mineral resource potential; drilling at Loltware encountered
encouraging manganese enhancement in core, warranting further investigation.
The Moshaneng drill results included the following assay intervals:
· 6m @ 28.64% MnO from 6m depth in hole MS-RC-12
§ Including 4m @ 35.38% MnO from 8m depth
· 3m @ 21.85% MnO from 4m depth in hole MS-RC-06
3m @ 21.20% MnO from 2m depth in hole MS-RC-07
Post the period end on 24 July 2023 and 6 September 2023 the Company announced
the results of metallurgical test work at the Kanye project which in essence
verify that manganese can be extracted from the deposit to produce leach
solutions with high manganese concentrate via standard leaching processing
technologies with extremely high recoveries.
Post-acquisition there have been no indications that any impairment provisions
are required in relation to the carrying value of the Kanye Manganese Project.
The capitalised cost at 30 June 2023 was £1,052,000.
A new Environmental Impact Assessment (EIA) was presented in 2021 and approved
in February 2023 in respect of Mina Eureka, Mina Gino I, Mina Gino II, Mina
Mason I, Mina Mason II, Mina Julio I, Mina Julio II, Mina Paul I, Mina Paul
II, being the 9 northern most licences which are the intended focus of a
future exploration programme. The new EIA approval covers environmental
monitoring and a drill program encompassing 9 drill holes of 200-300 metres
each. The Company will engage an environmental consultant to conduct the
environmental monitoring in 2H 2023 and is seeking a joint venture partner to
work with in relation to an exploration drilling programme.
Notwithstanding the absence of new exploration activities on-site during the
period the directors, given their intention post COVID-19 in Argentina to
focus on finding a joint venture partner for the project have assessed the
value of the intangible asset having considered any indicators of impairment,
and in their opinion, based on a review of the expiry dates of licences,
future expected availability of funds to develop the Eureka Project and the
intention to continue exploration and evaluation, no impairment is necessary.
The capitalised cost at 30 June 2023 was £4,847,000.
8.2 Namibia
On 14 August 2020 the Company completed the acquisition of 100% of Virgo
Resources Ltd and its interests in the Hope Copper-Gold Project in Namibia
which comprise i) 70% of Hope and Gorob Mining Pty Ltd incorporated in Namibia
which owns EPL5796, and ii) 80% of Hope Namibia Mineral Exploration Pty Ltd
Incorporated in Namibia which owns EPL6605 and iEPL7170. The balance of the
project is held by local Namibian partners.
JORC Resource: The Hope project area on EPL5796 contains a combined gross
mineral resource within three closely-spaced deposits (namely Hope,
Gorob-Vendome and Anomaly) of 10.18Mt at 1.89% Cu and 0.3 g/t Au at 0.7% Cu
cut-off reported in accordance with the JORC code (2012), with 192kt of
contained Cu and 3,190kg of contained Au. Approximately 30% of the Mineral
Resource tonnage is classified in the Indicated Mineral Resource category with
the balance in the Inferred Mineral Resource category and was based on 339
drill holes for a total of 63,855 metres.
The Hope deposit itself has an Indicated Mineral Resource of 3.09Mt @ 2.53%
Cu and 0.84g/t Au at a 0.7% Cu cut-off. Historic drill intersections
include 23.31m @ 1.59% Cu & 0.23g/t Au from 464.09m, including 9.68m @
3.18% Cu & 0.42g/t Au from 477.17m (hole HDD82) and 10.12m @ 5.72% Cu
& 0.56g/t Au from 525.57m (hole HDD91).
During 2022 on 7 February 2022, 15 March 2022, 14 June 2022 and 9 August 2022
the Company announced positive results in relation to exploration activities
undertaken post acquisition which support the Company's confidence in the Hope
Copper-Gold Project. The 9 August 2022 announcement highlighted that; the
Company has submitted a mining licence application for the Hope-Gorob
copper-gold project area on EPL5796 to the Namibian authorities; the Mining
Licence application is based on an updated Scoping Study completed in May 2022
by external consultants incorporating historic mineral resource estimates
which did not yet include additional near-surface copper-gold resources
generated by the Company's shallow drill programme completed in early 2022;
the Scoping Study indicated that the potential for the development of a
surface and underground copper mine exists at the Hope and Gorob deposits and
recommended completion of the additional work required for optimisation of
mine development plans including the work necessary to obtain granting of
environmental permits and also recommended that further exploration work
continues to fully define resource potential at these deposits; the shallow
drilling completed in 2022 has continued to extend the strike and up-dip
extension of mineralisation at both the Hope and Vendome prospects. The 2022
drillholes have added more than 1.5km to the mineralised strike length, with
the potential to add significantly to the previously estimated mineral
resource; and continuous copper and gold mineralisation has been intersected
in drill intercepts over substantial downhole widths of up to 29.74m.
Reported downhole assay peak intercepts from the shallow drill programme on
EPL5796 include:
o 4.6% Cu, 2.80g/t Au over 3.81m from 39.32m depth in hole VED001
o 2.4% Cu, 0.36g/t Au over 14.28m from 25.2m depth in hole HPD003
o 1.90% Cu, 0.36g/t Au over 9.30m from 33.80m depth in hole HPD005
o 1.49% Cu, 0.23g/t Au over 16.97m from 15.50m depth in hole HPD004
It was also noted that gold values typically return grades of approximately
0.3g/t Au providing a significant potential by-product value addition; and the
drill programme was successful in confirming the presence of shallow
mineralisation at three prospects to date. Results are sufficiently
encouraging to warrant further drilling along strike to evaluate an estimated
additional linear 10km or more of projected mineralisation never previously
tested.
A renewal application has been made for EPL6605 to be renewed to 25 September
2024 which the Company anticipates will be granted once the Ministry of Mines
and Energy review has been completed.
Post acquisition there have been no indications that any impairment provisions
are required in relation to the carrying value of the Hope Copper-Gold
Project. The capitalised cost at 30 June 2023 was £2,536,000.
8.3 Botswana
On 12 February 2021 the Company further to its announcement on 22 December
2020 announced the completion of the acquisition of 100% of Metrock Resources
Ltd ("Metrock") and its manganese mineral exploration licences in Southern
Botswana comprising the Kanye Manganese Project (the "Kanye Manganese
Project"). The Kanye Manganese Project i) comprises a 1,668 sq. km land
package with 125 km of potential on trend manganese mineralisation across the
licences ii) has historical trenching results have yielded in the case on one
prospect of between 53% and 74% manganese oxide ("MnO"), and iii) project area
is near the ground of a TSX listed public company that has a preliminary
economic assessment showing high rates of return based on a MnO grade of 27.3.
The Kanye Manganese Project comprises collection of five prospecting licenses,
namely PLs 129/2019 , 421/2018, 423/2018, 424/2018, and PL 425/2018 (the
"Project Licences"), located in south-central Botswana south of the town of
Jwaneng and west of the town of Kanye and 150 km by road from the capital
Gaborone. The licenses cover a total area of 1,668 sq. km and provide the
holder with the right to prospect for Metals. Four licenses are held by
Cypress Sources Pty Ltd, a 100% owned subsidiary of Coastal Resources Pty Ltd
which in turn is 100% owned by Metrock Resources Limited. The fifth licence PL
129/2019 is held by Coastal Minerals Pty Ltd which is 100% owned by Coastal
Resources Pty Ltd.
Reconnaissance mapping, prospecting and sampling work on the Kanye property
since acquisition in February 2021 (through October 2022) has been focussed on
PL 129/2019 has highlighted the following; in relation to PL 129/2019 up to
four historic manganese occurrences were successfully located and sampled in
the field within an 8km-belt; 40 grab samples were obtained which assayed from
traces up to high-grade results of 67.18% MnO occurring at the Moshaneng
borrow pit and 68.01% MnO at the Mheelo prospect; geological mapping indicates
that the target horizon hosting high-grade manganese may extend continuously
for at least 4km between the Loltware and Moshaneng prospects on the Bezant
ground; laboratory assays from trench sampling by Bezant at the Loltware
manganese prospect (announced on 22 March 2022) returned in-situ chip/grab
sample peak results of 41.4% MnO, 49.23% MnO and 40.83% MnO from one metre
wide zones of siliceous manganese mineralisation within a continuously
mineralised zone of 40m @ 11.53% MnO; At the Moshaneng Borrow Pit, excavation
of shallow clays by a local contractor for road fill has exposed further
manganese-rich pods over a width of approximately 12-15m and a strike length
of about 300m within a continuous 2km long soil anomaly.
Maiden drill testing for both the Moshaneng and Loltware targets commenced in
October 2022 and comprised 11 mainly shallow, angled RC holes totaling 682m at
Moshaneng prospect as well as one short diamond drill hole at Loltware
prospect the results of which were announced on 9 February2023 and
highlighted; Moshaneng drilling intersected a zone of flat-lying detrital,
supergene manganese-iron mineralisation which appears to infill an irregular
karst surface over a minimum strike length of 400m; potential for at least
another 100m of strike extension to the southeast of holes MS-RC-07 and
MS-RC-012 would extend the total strike length to a minimum of 500m; less than
25% of the more than 2km potential extent of the target defined by soil
geochemistry has been drill tested; grades compare favourably with reported
grades on neighbouring more advanced manganese projects and therefore the
Kanye project warrants detailed evaluation and drilling with a view to
establishing the mineral resource potential; drilling at Loltware encountered
encouraging manganese enhancement in core, warranting further investigation.
The Moshaneng drill results included the following assay intervals:
· 6m @ 28.64% MnO from 6m depth in hole MS-RC-12
§ Including 4m @ 35.38% MnO from 8m depth
· 3m @ 21.85% MnO from 4m depth in hole MS-RC-06
3m @ 21.20% MnO from 2m depth in hole MS-RC-07
Post the period end on 24 July 2023 and 6 September 2023 the Company announced
the results of metallurgical test work at the Kanye project which in essence
verify that manganese can be extracted from the deposit to produce leach
solutions with high manganese concentrate via standard leaching processing
technologies with extremely high recoveries.
Post-acquisition there have been no indications that any impairment provisions
are required in relation to the carrying value of the Kanye Manganese Project.
The capitalised cost at 30 June 2023 was £1,052,000.
9. Borrowings
Borrowings Original 2022 Convertible Loan - Note (i)
Consolidated
Unaudited Audited
30 June 2023 31 December 2022
£'000 £'000
Balance at beginning of year 623 -
Convertible loan receipts - 700
Equity allocation - (154)
Finance charge accrued 77 77
Refinanced by Modified 2023 Convertible Loan (700)
- 623
Borrowings Modified 2023 Convertible Loan - Note (ii)
Consolidated
Unaudited Audited
30 June 2023 31 December 2022
£'000 £'000
Balance at beginning of year - -
Original 2022 Convertible loan refinanced 700 -
Equity allocation (272) -
Finance charge accrued 7 -
435 -
Note (i) As announced on 30 June 2022 the Company further to its announcement
of 23 November 2021 confirmed that it had issued two drawdown notices of
£350,000 each ("Tranche 1" and "Tranche 2") for a total amount of £700,000
(the "Original 2022 Convertible Loan") under its £1,000,000 interest free
unsecured convertible loan funding facility with Sanderson Capital Partners
Ltd (the "Lender"), a long-term shareholder in the Company (the "Facility").
The amount drawdown was interest free and repayable in 12 months or can be
converted at any time at the Lender's option into Bezant shares at fixed
prices for Tranche 1 of £350,000, at 0.19 pence per share and for Tranche 2
of £350,000 at 0.225 pence per share. As the conversion feature results in
the conversion of a fixed amount of stated principal into a fixed number of
shares, it satisfies the 'fixed for fixed' criterion and, therefore, it is
classified as an equity instrument. The value of the liability component of
£546,000 and the equity conversion component of £154,000 were determined at
the date of the drawdowns. The fair value of the liability component, included
in current borrowings, at inception was calculated using a market interest
rate for an equivalent instrument without conversion option. The discount rate
applied was 25%.
Under the terms of the Facility the Lender is due;
a) a drawdown fee of £14,000 being 2% of the amount drawdown which was
settled by the issue of 12,522,361 new ordinary shares of £0.00002 each
("Shares") credited as fully paid at 0.1118 pence per share being the five-day
VWAP on 28 June 2022 (the "Drawdown Fee Shares"); and
b) £350,000 of three year warrants over Shares (the "Warrants"). The exercise
price for the Warrants are as follows:
· £175,000 at 0.25 pence per share for the drawdown of Tranche 1;
and
· £175,000 at 0.30 pence per share for the drawdown of Tranche 2.
Note (ii) On 15 June 2023 the Company announced that it had agreed with the
Lender to extend the repayment date for the £700,000 under the Original 2022
Convertible Loan so the £700,000 drawdown is now repayable by 23 December
2024 and convertible by the Lender at the fixed price of 0.08 pence per share
(the "New Conversion Price") and to the loan extension fees detailed below
(the "Modified 2023 Convertible Loan"). No further amounts can be drawn down
under the Facility.
As the conversion feature of the Modified 2023 Convertible Loan results in the
conversion of a fixed amount of stated principal into a fixed number of
shares, it satisfies the 'fixed for fixed' criterion and, therefore, it is
classified as an equity instrument. The value of the liability component of
£427,674 and the equity conversion component of £272,326 were determined
at the date of the Modified Terms. The fair value of the liability component,
included in current borrowings, at the date of the Modified 2023 Convertible
Loan was calculated using a market interest rate for an equivalent instrument
without conversion option. The discount rate applied was 25%.
Under IFRS 9, the terms of a modified financial liability at amortised cost
are substantially different if the discounted present value of the cash flows
under the new terms including any fees paid net of any fees received
discounted using the original effective interest rate is at least 10%
different from the discounted present value of the remaining cash flows of the
original financial liability. Therefore the Original 2022 Convertible Loan is
treated as repaid on 14 June 2023 and the Modified 2023 Convertible Loan as a
new loan taken out on 14 June 2023.
The Company as a loan extension fee in relation to the Modified 2023
Convertible Loan i) paid the Lender a £70,000 facility extension and
documentation fee equivalent to 6.67% per year which was settled by the issue
of 87,500,000 new ordinary shares of 0.002p each ("Shares") at the New
Conversion Price ("Facility Extension Fee Shares"); and ii) issued the
Lender 437,500,000 warrants over Shares exercisable at 0.12 pence per Share
(the "Warrant Exercise Price") exercisable for two years from 14 June 2023
(the "Facility Extension Fees"). The Company has an option to convert all or
part of the £700,000 drawdown if the Company's share price exceeds 0.14 pence
for 10 or more business days.
The New Conversion Price was at a 113% premium to the closing price of 0.0375
pence per share on 14 June 2023 and a 100% premium to the placing price in
relation to the Company's £750,000 fundraising announced on 12 April 2023.
The Warrant Exercise Price is at a 220% premium to the closing price on 14
June 2023.
10. Share capital
Unaudited Audited
30 31
June December
2023 2022
£'000 £'000
Number
Authorised
6,000,000,000 ordinary shares of 0.002p each ((1)) 120 100
5,000,000,000 deferred shares of 0.198p each ((2)) 9,900 9,900
10,000 10,000
Allotted ordinary shares, called up and fully paid
As at beginning of the year 101 98
Share subscription 37 -
Shares issued in lieu of directors and management fees 4 1
Shares issued on exercise of warrants - 1
Shares issued to settle third party fees 10 1
Total ordinary shares at end of year 152 101
Allotted deferred shares, called up and fully paid ((2))
As at beginning of the period 1,978 1,978
Total deferred shares at end of period 1,978 1,978
2,130 2,079
Ordinary and deferred as at end of period
Number of shares 30 June 2023 Number of shares 31 December 2022
Ordinary share capital is summarised below:
As at beginning of the period 5,081,399,113 4,913,028,538
Share subscription 1,875,000,000 -
Shares issued in lieu of directors and management fees 218,700,942 100,000,000
Shares issued on exercise of warrants - 41,562,500
Shares issued to settle third party fees 462,872,981 26,808,075
7,637,973,036 5,081,399,113
As at end of period
Deferred share capital is summarised below:
As at beginning of the year ((1)) 998,773,038 998,773,038
998,773,038 998,773,038
As at end of period
((1)) This is the number of ordinary shares which the directors were
authorised to issue at the AGM on 23 August 2022. This authority was increased
to 7,500,000,000 shares at the AGM on 28 July 2023.
((2)) The Deferred Shares have very limited rights and are effectively
valueless as they have no voting rights and have no rights as to dividends and
only very limited rights on a return of capital. The Deferred Shares are not
admitted to trading or listed on any stock exchange and are not freely
transferable.
Unaudited Audited
30 31
June December
2023 2022
£'000 £'000
The share premium was as follows:
As at beginning of year 39,507 39,303
Share subscription 713 -
Shares issued to settle third party fees 251 34
Shares issued in lieu of directors and management fees 171 128
Share issue costs (81) -
Warrants exercised - 42
40,561 39,507
As at end of year
Each fully paid ordinary share carries the right to one vote at a meeting of
the Company. Holders of ordinary shares also have the right to receive
dividends and to participate in the proceeds from sale of all surplus assets
in proportion to the total shares issued in the event of the Company winding
up.
11. Reconciliation of operating loss to net cash outflow from operating activities
Unaudited Unaudited
Six Six
months months
ended 30 June ended 30 June
2023 2022
£'000 £'000
Operating loss from all operations (463) (348)
Share option expense - 29
Shares issued - Directors fees 43
Share issued - Consultants 19
Shares issued - Legal/finance fees 70 -
(Increase)/decrease in receivables 20 (52)
Increase/(decrease) in payables 65 133
(246) (238)
Net cash outflow from operating activities
12. Subsequent events
No significant events have occurred subsequent to the reporting date that
would have a material impact on the consolidated financial statements.
13. Availability of Interim Report
A copy of these interim results will be available from the Company's
registered office during normal business hours on any weekday at Floor 6,
Quadrant House, 4 Thomas More Square, London E1W 1YW and can also be
downloaded from the Company's website at www.bezantresources.com
(http://www.bezantresources.com) . Bezant Resources Plc is registered in
England and Wales with company number 02918391.
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