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RNS Number : 4032F  Bezant Resources PLC  30 October 2025

 

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
(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

 Description              Unit        Quantity    Description                                 Unit          Quantity
 Open-Pit Mine                                    Crush and Screen Pre-concentration
 RoM Production per Year  t           384,000     Proportion of Fines in Feed                 %             25%
 Ore Sorter Pre-Concentration                     Mass Yield to Pre-concentrate               %             100%
 Mass Yield               %           45%
 Copper Recovery          %           85%         Commodity Price
 Pre-concentration Underground                    Copper Price (three-year average)           USD/t         9,300
 Mass Yield               %           45%         Gold Price                                  USD/oz        2,800
 Copper Recovery          %           85%         Silver Price                                USD/oz        31
 NLZM Concentrator                                Magnetite Price                             USD/t         120
 Feed                     t/a         180,000
 Copper Recovery          %           92%         Capital Expenditure
 Gold Recovery            %           60%         Eng Design for Construction                 USD           138,888
 Silver Recovery          %           50%         Add Drilling/Test Work                      USD           200,000
 Magnetite Mass Yield     %           5%          Site Overheads and Infrastructure           USD           1,250,000
 Payabilities                                     NLZM Plant Purchase Upfront Payment         USD           2,500,000
 Payability Copper (FoM)  %           85.00%      NLZM Plant and TSF Upgrades                 USD           2,800,000
 Deduction Copper (FoM)   %           0%          Crushing Plant EPC Costs                    USD           1,474,000
 Payability Gold          %           90%         Ore Sorter Supply                           USD           1,069,800
 Deduction Gold           g/t         0.5         HP Solar Plant                              USD           100,000
 Payability Silver        %           100%        Mining Site Establishment (including camp)  USD           1,379,647
 Deduction Silver         g/t         15          Contingency                                 %             5%

Source: Table 31, Section 11 of the Report

 

            Table 2: Financial Model Financial Outcomes

 Description           Unit   Amount
 Total Opex/RoM Tonne  USD/t  55
 Total Opex            USD M  184.1
 Total Capital Costs   USD M  12.8
 EBITDA                USD M  179.2
 Amortization          USD M  12.0
 EBIT                  USD M  167.2
 Tax Rate              %      37.5
 Taxes                 USD M  63.3
 Net Profit            USD M  103.9
 Discount RATE         %      10
 NPV                   USD    46.2
 IRR                   %      62

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:

.

 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
 AlbR Capital 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

AlbR Capital 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).

 

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.

 

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