REG - Bezant Resources PLC - Hope & Gorob Project Financing & Offtake Agreement

Bezant ResourcesAnnouncement

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RNS Number : 8468H  Bezant Resources PLC  11 June 2026

11 June  2026

 

Bezant Resources Plc

("Bezant" or the "Company")

Hope and Gorob Project Financing Agreement & Offtake Agreement

 

 

Bezant Resources PLC ("Bezant" or the "Company") is pleased to announce the
completion on 10 June 2026 of definitive documentation for the US$7 million
secured prepayment facility and offtake agreements with Hartree Metals LLC
("Hartree Metals") for the development of the Hope & Gorob Copper Project
in Namibia (the "Project").

 

Under the financing agreement, Hartree Metals has provided a US$7 million
secured and convertible finance facility ("Facility Agreement") to support
construction of the Hope and Gorob mine site and commissioning activities at
the NLZM Processing Plant in Namibia and under the offtake agreement will
purchase 100% of the copper concentrates produced for the life of the
operation from Hope & Gorb Copper Project at market terms ("Offtake
Agreement"). Production at Hope & Gorob is expected to commence Q3 2026,
with monthly shipments scaling progressively as operations ramp up.

 

Colin Bird Executive Chairman of Bezant commented:

"We are pleased to announce the completion of the prepayment Facility and
Offtake Agreements the intent of which was announced on 31 October 2025.
These agreements correspond with our expectations and timing and also
commences what we hope is a significant long lasting relationship within the
Bezant Namibian asset base.  During the due diligence and documentation
phase, Bezant has continued to construct the Project and at the time of this
announcement is on time and on budget towards a third quarter 2026 concentrate
production.  We will in the normal course of business keep shareholder
advised on progress and if appropriate revised time for concentrate production
commencement."

 

Hope & Gorob Implementation Plan

As outlined in the Company's circular for the General Meeting dated 8 December
2025, the implementation plan for the Hope & Gorob Project is on  two
separate sites, firstly, the Hope and Gorob mine, the site of the copper -
gold Mineral Resource where run of mine ore will be crushed and waste
separated from mineralisation using a multi-sensor dry ore sorting process and
secondly, the NLZM Processing Plant where an existing flotation plant, which
was under care and maintenance is being repurposed to treat the Hope and Gorob
copper-gold preconcentrate to generate copper concentrates for export to
international smelting markets.  First concentrate production is scheduled
for the third quarter of 2026. Further details of the development progress are
on the Company's website at
https://www.bezantresources.com/operations/hope-and-gorob-development/
(https://www.bezantresources.com/operations/hope-and-gorob-development/)

 

About Hartree Metals

Hartree Metals, a subsidiary of Hartree Partners LP, focuses on the sourcing
and distribution of upstream base metal and precious metals concentrates,
ores, intermediate and semi-refined products.  Hartree Metals has grown to
become an established market participant, offering a range of trading,
business development, financing, logistics, and supply chain risk management
solutions. The team brings deep expertise in structuring innovative and
long-term mine-site commercial prepayment and export arrangements.

 

Hartree Partners LP is a leading global commodities trading and asset
management firm. Its platform encompasses physical and derivative trading,
commercial structuring, asset management, and advisory services across power
and gas, oil and liquids, metals, agriculture, environmental, and securities
markets. The Group has 5,000 employees with offices in 50+ locations. It is
headquartered in New York, with major offices in London, Houston, Geneva, and
Singapore. Founded in 1997, Hartree Partners is co-owned by its founders,
senior management, and Oaktree Capital Management. For more information
see: https://www.hartreepartners.com/ (https://www.hartreepartners.com/)

 

Summary of Key Commercial Terms

The Facility Agreement is being made available in five tranches totalling up
to US$ 7 million the last of which is payable on pre-production commissioning
of the NLZM Processing Plant.  The loan is for 4 years, including a 12-month
principal and interest repayment grace period, before a straight-line
repayment structure. The interest rate is the Secured Overnight Financing Rate
and a margin of 4.5% and there is an establishment fee of 1% of the Facility
amount.  Hartree Metals have the option to elect for all or part of the
facility amount to be settled by the issue of Bezant shares at a conversion
price of £0.0016 per share which is a premium of 28% to the Company's closing
share price of £0.00125 on 10 June 2026 being the last practicable date prior
to the issue of this announcement. The facility is secured over certain assets
of the Hope and Gorob Project including the mine site assets and the Company's
shareholdings in the Hope and Gorob project companies and the Company has
given customary warranties for an agreement of this nature. Hartree Metals
will also be issued a 4 year warrant with a subscription value of US$1,750,000
with a warrant exercise price of £0.0011 per share which was the closing
share price on 30 October 2025 when the financing term sheet was announced.
If Hartree Metal's percentage shareholding increases to 10% then it will have
the right to nominate a director to the Board of Bezant for as long as its
shareholding equals 10% or more whose appointment would be subject to
customary due diligence prior to their appointment.

 

The Offtake Agreement provides that Hartree Metals will purchase 100% of the
copper concentrates produced for the life of the operation from Hope &
Gorb Copper Project. It is on normal market terms and for delivery to the
international market via  Walvis Bay which is Namibia's principal deep-water
port and is located approximately 60 Km from the NLZM Processing Plant which
will produce the concentrate for sale.

 

Funding Facility Repayment Extension: Further to its announcement on 27
February 2025 and earlier announcements the Company has by an agreement dated
10 June 2026 agreed with Sanderson Capital Partners Limited ("Sanderson
Capital" or the "Lender") 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 Capital on 22 November 2021
(the "Facility") (the "Agreement"). The £700,000 drawdown is now repayable by
30 September 2027.  No further amounts can be drawn down under the
Facility.  The Company and the Lender has also agreed that the expiry date of
the 437,500,000 drawdown warrants has been extended to 30 June 2028.

 

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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