Bezant is a natural resources exploration and development company f focused primarily on copper with copper projects in Namibia, the Philippines, and Argentina and a manganese project in Botswana.

The company portfolio of assets includes the following projects – more information on these projects is available on the Operations section of the Company’s website.

Hope Copper-Gold project in Namibia: The Company acquired 100% of Virgo Resources Ltd and its interests in the Hope Copper-Gold Project in Namibia on 17 August 2020. The Hope Copper-Gold Project covers a significant portion of the highly prospective Matchless Copper Belt. The Bezant project area contains a series of copper deposits, of which three (Hope, Gorob-Vendome and Anomaly).

On 27 October 2023 Bezant announced an updated Indicated and Inferred Mineral Resource Estimate for the Hope and Gorob copper project situated within EPL 5796 (“the “Project”) in Namibia, completed by independent consultants Addison Mining Services Ltd (“Addison” or “AMS”). Bezant Resources holds a 70% interest in the Project.

Highlights:

• Mining Licence (ML246) granted in 2024 covering resources with a projected open-pit and underground mining capacity of over 11-years life of mine
• Currently defined JORC (2012) compliant resources of 15Mt at 1.2% Cu, containing 190 thousand tonnes of copper
• Substantial resource upgrade potential
• Prospective for Volcanic Hosted Massive Sulphide (VMS) copper-gold deposits associated with the Matchless Copper Belt

Please visit our Namibia Operation webpage for a more detailed updated on the project including the award of a mining licence and mine planning work.

Kanye Manganese Project in Botswana: The Kanye Manganese Project acquired on 12 February 2021 comprises a collection of prospecting licenses (“PLs”) covering a total area of approximately 1,669km2, located in south-central Botswana south of the town of Jwaneng and west of the town of Kanye and 150km by road from the capital Gaborone. Kanye has potential for the discovery of high-quality manganese deposits suitable for supplying the valuable battery market.

On 27 August 2024 the Company announced the positive outcome of geophysical surveying during August at its Kanye manganese project in Botswana which was planned to assist in extending the potential footprint of the deposit.

Highlights:

• IP/resistivity geophysical surveying has traced near surface areas of high conductivity/low resistivity which could reflect manganiferous mineralisation for about 900m to the NW of the previously exposed manganese occurrence in the Moshaneng borrow pit, making 1.4km of potential target strike extent in total.
• The geophysical anomaly extends up to 300m width in places, double that in the area already drill tested, and remains open further to the NW beyond the limit of the survey.
• Follow-up RC drilling will be planned to confirm possible mineral continuity and grade. If mineralisation of economic interest is found by drilling then an extension to the IP survey is recommended to follow the strike further.

Mankayan copper gold project investment in the Philippines:  On 6 February 2025 the Company announced that IDM International Limited (“IDM”) through which the Company holds its interest in the Mankayan Copper Gold project in the Philippines (“Mankayan Project”) had announced a proposed merger with ASX listed Blackstone Minerals Ltd (“Blackstone”)(“IDM Merger”). A copy of the IDM International  announcement is available on its website at https://www.idminternational.com.au/ (“IDM Website") which provides information on the IDM Merger to be effected by a scheme of arrangement (“Scheme” or “Transaction”). Under the Scheme IDM shareholders will receive 7.4 Blackstone shares for every 1 (one) IDM share they hold resulting in approximately 692.1 million new Blackstone shares being issued, and implying an equity value of AUD 18.7 million for IDM based on a Blackstone share price of AUD0.0270.

On 5 February 2025 Bezant converted its AUD137,500 IDM Convertible Loan Note (plus accrued interest) and received 752,143 IDM shares and 343,750 options to acquire IDM shares at AUD0.40 expiring on 5 February 2029 (“IDM Loan Note Conversion”).

Prior to the IDM Loan Note Conversion Bezant owned 19,381,054 IDM shares which were recognized in its 2023 accounts at AUD 20 cents per share equal to £2,072,000 and the AUD137,500 IDM Convertible Loan Note was recognized in Bezant’s 2023 accounts at £78,000.

If the merger is completed Bezant will receive 148,985,657 Blackstone shares and 2,543,750 options to acquire Blackstone shares at AUD0.06 expiring on 5 February 2029 for its IDM shares and IDM options.

Eureka copper project in Argentina:  On 25 February 2025 the company announced that the Company has agreed head of terms (the “HoT”) with Ajax Resources Plc (“Ajax”) (LSE:AJAX) to sell Puna Metals S.A. (“Puna”) which holds mining rights for a total of 12 mining licences comprising the Eureka Project located in the Republic of Argentina (“Eureka” or the “Project”).

Under the HoT, Bezant proposes, subject to the parties entering into a share purchase agreement, to sell 100% of Puna by way of an initial US$120,000 cash payment, with deferred consideration of an additional US$100,000, to be satisfied through the issue of new ordinary shares of 1 pence each in Ajax to Bezant (the “Disposal”).

The deferred consideration element of the Disposal will become payable on the admission to trading of the enlarged share capital of Ajax to a recognised stock exchange or multilateral trading facility, with the value of the deferred consideration calculated by reference to a broader fundraising concurrently undertaken by Ajax.

Bezant’s audited accounts to 31 December 2023 included total assets of £11K and liabilities of £105K in relation to the Eureka Project.

The Company is quoted on the AIM Market: (BZT)
28 March 2025
Please check our announcements page for subsequent updates