REG - Bezant Resources PLC - Hope & Gorob Project-New Mineral Resource Estimate

Bezant ResourcesAnnouncement

08/04/2026 07:00

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RNS Number : 5159Z  Bezant Resources PLC  08 April 2026

8 April 2026

 

Bezant Resources Plc

("Bezant" or the "Company")

New Mineral Resource Estimate and Increase in Open Pit Life of Mine at Hope
and Gorob Project

 

 

Bezant is pleased to inform Shareholders of the release of a new Mineral
Resource Estimate ("2026 Mineral Resource"), completed by independent resource
consultants Sound Mining for the Hope and Gorob copper - gold project, Namibia
("Hope Project" or "Hope") prepared in accordance with the JORC Code (2012).
The operator of the Hope Project is Hope and Gorob Mining (Pty) Ltd, the
group's Namibian subsidiary in which Bezant currently holds 70% interest. As a
result of the additional 20% interest acquisition in Hope and Gorob Mining
(Pty) Ltd announced on 24 March 2026 Bezant's interest in the Hope Project
will increase to 90%.

 

The 2026 Mineral Resource shows a sevenfold increase in the Hope open pittable
Mineral Resource from the original 2023 estimate which has a profound impact
on the near-term development of the mine with additional mining costs benefits
accruing from a significant reduction in the strip ratio from 11:1 to 9:1.

 

Reclassification of the Hope open pit Resource results in 1.1Mt achieving
Measured status, 0.5Mt Indicated status and 1.4Mt Inferred status all figures
stated in this announcement are on a gross basis unless indicated to the
contrary. Table One in the Mineral Resource Tables section of this
announcement shows the Mineral Resource Estimate on a gross 100% basis and
Table Two in the Mineral Resource Tables section of this announcement shows
the Mineral Resources Estimate on a net 90% basis.  The original 2023 Mineral
Resource estimate was predominantly Inferred category and the increase in
confidence provided by the 2026 Mineral Resource evidencing the 7 times
increase in open pittable tonnes from the Hope deposit alone allows the
Company to bring forward Phase 2 Hope Project development by 5 years. Phase 2
development will see the development of a new flotation plant, subject to
statutory approvals located closer to Walvis Bay producing 25,000 tonnes of
copper metal annually and generating USD290 million revenue at a USD11,500 per
tonne copper price.

 

Highlights

·    A sevenfold increase in the Hope open pittable Mineral Resource from
0.41Mt (2023 estimate) to more than 3.0Mt (gross)

·    Hope open pit immediate life of mine increasing from 1 year to 7.5
years at a production rate of 0.4Mt per annum feed rate into the ore sorter

·    Reduction in strip ratio from 11:1 to 9:1 with a material reduction
in mining costs

·    Additional 3.6Mt of mineralisation identified in inventory that
remain as potential to be upgraded to add to the Mineral Resource

·    A further 1.3Mt of low-grade material (0.3 to 0.5% Cu) occurring
within the pit shell but excluded from the 2026 Mineral Resource can be
upgraded through the on-site ore sorter and will add to annual production

·    At current planned mining rates, the operation will every 24 months
generate an additional year of high-grade stockpiled pre-concentrate for final
processing

·    Significant mineralisation occurs outside of the current pit shell
which has not been included in the 2026 Resource Estimate which may be
convertible to Mineral Resources with additional drilling. In-house estimates
suggest a further minimum 5 years of open pittable production could be added.

 

Colin Bird, Executive Chairman of Bezant, commented: "This announcement
concerning the updated mineable resource has produced a very positive
outcome.  Reduction in stripping rates, amounts to significant cost saving
and the increase in open cut mine life is very satisfying whilst the open cut
mining tonnes will be even further extended.  All of the above leads to a
very manageable operation, which is conveniently sized for the expenditure and
current commitment. All we see at Hope & Gorob, together with the forecast
of world copper prices, leads us to accelerate further our ore confirmation
activities and plant design for phase 2.  We are very excited about the
progress we made with the current project and look forward to getting into
production this year with a seamless ramp-up, since we commence production
with the benefit of a previously working plant, which we have upgraded for
productivity and efficiency.  We will keep shareholders advised of our
progress, which is beginning to approach maximum intensity with multi
activities in all aspects".

 

Hope and Gorob Copper - Gold Project  -  Sound Mining

A full copy of the Sound Mining Mineral Resource statement will be uploaded to
the Bezant website and is summarised below

 

Project Description

The Hope Project locates approximately 100km Southeast of Walvis Bay and
approximately 215km Southwest of Windhoek in the Naukluft National Park,
Erongo Region, Namibia. The land is government owned, and permission has been
granted by the Ministry of Environment, Forestry and Tourism to undertake the
proposed mining operation under the Environmental Clearance Certificate
2502358 (ECC2502358) and Mining Licence (ML) No. 246.

 

A mining licence (ML 246) was issued on 01 April 2025 for a period of fifteen
(15) years, expiring on 31 March 2040, to Hope and Gorob Mining (Pty) Ltd, a
Namibian registered company, whose ownership currently includes 30% local
partners and 70% held by Bezant Resources PLC through its 100% acquisition of
Virgo Resources Ltd in 2020.

 

ECC2502358 was issued on 01/04/2025 in accordance with Section 37(2) of the
Environmental Management Act (Act No.7 of 2007).

 

The first recorded Mineral Resource estimate was compiled by SRK in 2007,
followed by an update in 2009 and again in 2012 as part of a mining scoping
study. Prior to Bezant's involvement in the project, the Measured Group
undertook further modelling work and issued a mineral Resource estimate in
2019. A further update was undertaken on Bezant's request by Addison Mining
Services in 2023.

 

Within these abovementioned reports the following is specifically noted:

 

•           Sampling and assaying of the boreholes was done over
intervals of visible mineralisation;

•           Mineralisation generally occurs in four zones of
magnetite-quartz;

•           Lithology was used to model the fold geometry;

•           Envelopes of copper mineralisation were modelled using
wireframes as bounding surfaces at a cutoff grade of approximately 0.2% Cu;

•           When comparing the model sections from the 2009 and 2023
reports, little difference can be seen in the interpretation of the
mineralisation.

 

Upon inspection of the available data by Sound Mining, it is evident that
mineralisation is found in all lithologies. Based on the deposit type and
observations in the data, this modelling has considered that mineralisation is
not restricted to lenses associated with the Magnetite-Quartzite, but that
mineralisation is lithologically hosted, and the Magnetite-Quartzite may offer
a preferred redox site for copper deposition.

 

Geology

The mineralised deposit locates within the Matchless Amphibolite Belt (MAB), a
linear geological unit which extends Northwest-Southeast across Namibia for
approximately 350km, varying in width between 0.5 and 3km. The MAB was formed
in the South Zone of the Damara Belt, the West-East trending arm of the triple
junction formed during the collision between the Congo and Kalahari Cratons.
It is interpreted as being a remnant of the closure of the Khomas Ocean based
on the grading in chemical maturity observed in the sediments of the Kuiseb
Formation. Within the South Zone, an increase is seen in the maturity of the
Kuiseb sediments from the northern edge moving south until approximately 10km
of the MAB, where the sediments are noticeably less mature, followed by a
rapid increase again South of the MAB.

 

The MAB is characterised by deformed and metamorphosed mafic volcanic and
intrusive rocks, including amphibolite, gabbro, amphibolite schist and
chlorite schist. Chemical analysis indicates the mafics in the western portion
to originate from continental flood basalts, while those in the east originate
from mid ocean ridge basalts. These mafics now occur as layers and lenses,
hosted within the Kuiseb schists.

 

Mineralisation along the MAB is interpreted as being Besshi-type,
volcano-exhalative sulfide deposits (VMS). A Besshi type deposit is
characterised as being enclosed in a sequence of clastic sedimentary rock and
basalts in a marine environment. The deposits form by exhalation on the sea
floor as stratiform lenses and sheet-like accumulations, with comprehensive
sedimentation occurring at the same time.

 

Quality Assurance and Quality Control and Database Verification

Procedures, methods and QAQC for sampling prior to 2020 were not available for
review.

All Sampling Conducted by Bezant was carried out according to best practice.
Samples were marked on the core adhering to lithological units and
mineralisation zones, ranging between 0.2m in length and 1.2m in length in
those zones with no visible mineralisation. QAQC samples were inserted into
the sample stream at a rate of one sample out of every ten, alternating
between a standard and a blank. Four Standard Reference Materials were used.
These include:

•           OREAS623 - Volcanic Hosted Massive Sulphide
Zn-Pb-Cu-Ag-Au Ore

•           OREAS624 - Volcanic Hosted Massive Sulphide
Zn-Pb-Cu-Ag-Au Ore

•           OREAS628 - Volcanogenic Massive Sulphide Polymetallic
Ore

•           ORES608b - High Sulphidation Epithermal Au-Cu-Ag Ore

 

Geostatistics and Classification

Variography was undertaken to investigate the spatial relationship between
assay data and determine the optimal search ellipse for grade interpolation
into a block model. Due to the nature of this deposit the entire deposit was
investigated as a single entity and no cutoff grade was applied. Directional
semi-variograms were modelled using the 1m composited data. A relatively high
nugget value of 1.44 can be seen in the downhole variogram. The semi-variogram
for direction 1 corresponds with the down dip orientation of the fold axis and
direction 2 aligns across the fold.

 

A pit optimisation exercise was done on the block model using a slope angle of
50°, copper selling price of USD11,500/t, and processing costs including
USD14.76/t and a fixed cost of USD1.8M/annum. This yielded a pit shell of some
4.9M m(3) of material. An economic cutoff grade of 0.5% Cu was determined. The
resulting pit is well placed geologically, being within a single block bounded
by regional geological structures and features.

 

To estimate the confidence of the grade estimation in each block within the
model being considered as mineable, according to the pit optimisation, a
probability model was created at copper grade intervals of 0.1%. Confidence
levels of the ore were assigned into the block model using the probability
matrix of grade being above 0.5% Cu as per the following:

 

•           >90% Probability, high confidence;

•           80% < Probability being < 90%, moderate
confidence; and

•           Probability being < 80%, low confidence.

 

Classification has only been assigned within the optimised pit shell. Measured
Classification was then assigned to those blocks with a probability in copper
grade greater than 90% and an actual overall grade greater than 0.5% Cu,
Indicated Classification was assigned to those blocks with a probability in
copper grade between 80% and 90% and an actual overall grade greater than 0.5%
Cu, and Inferred Classification was assigned to the remainder of the blocks
within the defined search ellipse.

 

Mineral Resource Tables

 

Table One: Mineral Resources Estimate for the Hope Project, Namibia as at 28
February 2026 *Gross representing 100% estimated Resources

 Classification  Cutoff Grade (Cu%)  Volume     Density     Quantity   Cu    Ag      Au      Copper Content  Ag Content  Au Content

                                     (m(3))     (g/cm(3))   (t)        (%)   (ppm)   (ppm)   (t)             (ozt)       (ozt)
 Measured        0.5                 361,479    3.00        1,083,040  1.41  5.23    0.23    15,268.03       182,129      8,008
 Indicated                           168,306    3.00        504,459    1.23  4.64    0.20    6,188.83        75,235       3,237
 Inferred                            483,568    2.97        1,436,282  1.12  4.09    0.20    16,147.01       189,020      9,067
 TOTAL                               1,013,353  2.99        3,023,781  1.24  4.59    0.21    37,603.88       446,383     20,312

Source: Sound Mining 2026

Notes:

1.     In situ Mineral Resources estimate reported according to JORC Code,
2012 requirements

2.     No Geological losses have been applied

3.     Apparent computational errors due to rounding

4.     The Mineral Resource Estimate set out above are quoted gross (100%)
with respect to the Hope Project. Bezant has currently 70% interest in the
Hope Project increasing to 90% as a result of the additional 20% interest
acquisition announced on 24 March 2026. Accordingly, Table Two below presents
the Net attributable to Bezant based on the increased 90% interest in the Hope
Project.

 

 

Table Two: Mineral Resources Estimate for the Hope Project, Namibia. as at 28
February 2026  *90% basis,  Bezant currently has a 70% interest in the Hope
Project increasing to 90% as a result of the additional 20% interest
acquisition announced on 24 March 2026

 Classification  Cutoff Grade (Cu%)  Volume   Density     Quantity   Cu    Ag      Au      Copper Content  Ag Content  Au Content

                                     (m(3))   (g/cm(3))   (t)        (%)   (ppm)   (ppm)   (t)             (ozt)       (ozt)
 Measured        0.5                 325,331  3.00        974,736    1.41  5.23    0.23    13,741.00       163,916      7,207
 Indicated                           151,475  3.00        454,013    1.23  4.64    0.20    5,570.00        67,712       2,913
 Inferred                            435,211  2.97        1,292,654  1.12  4.09    0.20    14,532.00       170,118      8,160
 TOTAL                               912,017  2.99        2,721,402  1.24  4.59    0.21    33,843.00       446,383     18,280

Source: Sound Mining 2026

Notes:

1.     In situ Mineral Resources estimate reported according to JORC Code,
2012 requirements

2.     No Geological losses have been applied

3.     Apparent computational errors due to rounding

4.     The Mineral Resource Estimate set out above are quoted net (90%)
with respect to the Hope Project.

 

Statement of Independence

Sound Mining is an independent minerals advisory company and neither the
Company nor any of the company's shareholders, directors or employees have any
vested interests in Bezant or its subsidiaries. Sound Mining has no rights to
subscribe for shares in Bezant or any of its future projects. Sound Mining's
only benefit is the right to charge professional fees, at market related
prices, for the work being undertaken. The payment of such fees is not
dependent on the outcome of this study.

 

Technical Sign off

The technical information in this release has been reviewed by Diana van Buren
Pr.Sci.Nat.,B.Sc. (Hon) Geology Principal Consultant Geology for Sound Mining.
Ms van Buren is an independent Competent Person within the meaning of the JORC
(2012) code and a Qualified Person under the AIM rules, having over 15 years'
experience in the industry. Ms van Buren has reviewed and verified the
technical information that forms the basis of, and has been used in the
preparation of, the Mineral Resource Estimate and this announcement, including
analytical data, drilling logs, QC data, density measurements, and sampling.
Ms van Buren consents to the inclusion in this announcement of the matters
based on the information, in the form and context in which it appears. Ms. Van
Buren.

 

Glossary

 "g/t"                 Grammes per tonne

 "Indicated Resource"  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.

 "Inferred Resource"   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.

 "JORC"                The Australasian Joint Ore Reserves Committee Code for Reporting of
                       Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC Code"
                       or "the Code"). The Code sets out minimum standards, recommendations and
                       guidelines for Public Reporting in Australasia of Exploration Results, Mineral
                       Resources and Ore Reserves

 "Measured Resources"  That Part of a Mineral Resource for which quantity, grade ( or quality),
                       densities, shape, and physical characteristics are estimated with confidence
                       sufficient to allow the application of Modifying Factors to support detailed
                       mine planning and final evaluation of the economic viability of the deposit.
                       Geological evidence is derived from detailed and reliable exploration,
                       sampling and testing gathered through appropriate techniques from locations
                       such as outcrops, trenches, pits, workings and drill holes, and is sufficient
                       to confirm  geological and grade (or quality) continuity between points of
                       observation where data and samples are gathered.

 "Mineral Resource"    A concentration or occurrence of material of economic interest in or on the
                       earth's crust in such form and quantity that there are reasonable and
                       realistic prospects for eventual economic extraction. The location, quantity,
                       grade, continuity, and other geological characteristics of a Mineral Resource
                       are known, estimated from specific geological evidence and knowledge, or
                       interpreted from a well-constrained and portrayed geological model.

 "Modifying Factors"   Are considerations used to convert Mineral Resource is to Ore Reserves these
                       include, but are not restricted to mining, processing, metallurgical,
                       infrastructure, economic, marketing, legal, environmental, social and
                       governmental factors.

 "Ore Reserve"         Is the economically mineable part of a Measured or Indicated Mineral Resource.
                       It includes diluting materials and allowances for losses, which may occur when
                       the material is mined or extracted and is defined by studies and pre-
                       feasibility or feasibility level as appropriate that include application of
                       Modifying Factors. Such studies demonstrate that, at the time of reporting,
                       extraction could reasonably be justified

 "oz"                  Troy Ounce, unit of mass for selling of precious metals

 "ppm"                 Parts per million (metric)

 "t"                   Tonnes (metric)

 "$/t"                 US dollars per tonne

 

The following is a link to the Annexure JORC TABLE 1 which forms part of this
announcement

 

http://www.rns-pdf.londonstockexchange.com/rns/5159Z_1-2026-4-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5159Z_1-2026-4-7.pdf)

 

 

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).

 

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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