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Hope COPPER-GOLD PROJECT

(Updated 04 June 2026 – Refer to our announcements page for subsequent updates)

Hope Copper-Gold Project, Namibia

The Hope Copper-Gold Project is an advanced copper-gold development opportunity in central Namibia within the prospective Matchless Copper Belt. The project benefits from a granted mining licence, an updated JORC (2012) Mineral Resource estimate and a more recent Resource update specifically for the Hope open pit, and a development strategy designed to accelerate production through on-site ore sorting and facilitated by the acquisition of the existing NLZM flotation plant. Independent technical and financial work supports a robust development case, with reported economics indicating strong returns and meaningful upside from further resource growth and operational optimisation.
In April 2026, the NLZM company was renamed Tsoaxaub Metals Limited (“Tsoaxaub”).

Key Highlights

  • Mining Licence ML246 has been granted, with formal certification issued in June 2025 following the award of an Environmental Clearance certificate
  • Th subsequent grant of Mining Licence ML185 for the Tsoaxaub flotation plant that will concentrate Hope & Gorob ore sorted pre-concentrate.
  • The 2023 JORC (2012) Mineral Resource Estimate totals 15.2Mt at 1.2% Cu, containing approximately 190kt of copper, with additional gold upside and exploration potential across the broader licence package.
  • The release on8 April 2026 of an updated independent Mineral Resource Estimate for the Hope open pit resulting in a sevenfold increase in the Hope pit Mineral Resource to more than 3.0Mt:
    • An immediate increase in the pit life of mine from 1 to 7 years.
    • A reduction in the strip ratio from 11:1 to 9:1 resulting in a material reduction in operating costs
    • An additional 3.6Mt of mineralisation identified in the Mineral Inventory as potential to be upgraded to add to the Mineral Resource
    • Significant mineralisation occurs outside of the current pit shell which has not been included in the 2026 Resource Estimate
  • The proposed use of dry ore sorting and the acquisition of the Tsoaxaub processing plant has reduced upfront capital, shortened lead time to production, obviated the lack of water at the Hope & Gorob mine site and improve project economics.
  • Mining, haulage and logistics inputs have been refined with contractor support and remain consistent with financial modelling assumptions.
  • High quality locally sourced engineering capability has been engaged for the crushing, sorting, conveying, tailings dam. Camp construction and service provision and flotation plant upgrade work.
  • Independent financial modelling supports progression towards project execution.

Ore Sorting and Processing Optimisation

  • Sighter test work and more recent optimisation support the use of ore sorting to produce a high-grade pre-concentrate for transport to the Tsoaxaub plant site. Ore sorting is aiming to deliver mill feed grades at or above planning assumptions, with test results of up to 2.95% Cu versus a 2.4% Cu evaluation threshold.
  • Test work indicates improved copper recovery, reduced dilution from fines, lower pressure on milling capacity and continued support for rapid capital payback.
  • Gold grades broadly matched expectations, while silver results exceeded model assumptions, indicating potential upside to current financial forecasts.

An independent technical review confirmed a practical near-term development pathway centred on the Hope deposit, with a focus for the first 7 years on staged open pit mining with potential to also exploit high-grade underground ore from the Hope pit highwall before mining known extensions to the Hope pit at Du Preez, Anomaly and Anomaly A prospects as well as the Gorob, Vendome, Luigi, Bruna, Kuiseb and Gird prospects all of which are supported by geochemical and drill data and in the case of Gorob and Vendome, JORC (2012) Mineral Resource estimates.

Development Summary

  • Current planning indicates an initial minimum seven-year open-pit operation at Hope, followed by underground mining and later production from Gorob and Vendome and other prospects.
  • Operating cost estimates and contractor inputs align with the assumptions used in the project’s original financial model that triggered the decision to mine. The original financial and block models used copper, gold and silver prices as low as USD7,300/t, USD2,900/oz and USD30/oz respectively for the three principal metals present.
  • As of May 2026, major development projects completed or underway included the following:
    • Upgrade and repair of approximately 100km of dirt haul road
    • Commencement of repurposing and upgrade of the Tsoaxaub Metals flotation plant located 30km east of Swakopmund
      • Improving crushing capacity
      • Adding additional surge tank capacity
      • Introducing automation
      • Increasing area of run of mine ore pad
      • Refurbishing existing elements of the flotation plant
  • Commencement of the onboarding process for employees and management
  • Appointment of key contractors for delivery of large capital or critical path plant items, mining and haulage.
  • Highly successful ore sorter sighter and optimisation test work that resulted in the adoption of ore sorting as the initial pre-concentration method for run of mine ore:
    • Optimisation tests confirmed that ore sorting and pre-concentration can produce the required mill feed volumes at a grade consistent with financial modelling inputs of contained copper.
    • Project evaluation requires a feed grade of 2.4% Cu. Ore sorting tests returned a feed grade of up to 2.95% Cu with substantial gold and silver credits also applicable.
    • Current financial evaluation and projected returns have been achieved and well-exceeded based on optimisation.
    • The study specifically tested mineralisation to be encountered within the first three years of production and indicate that payback of capital in less than a 20-month period remains achievable.
    • Minimisation of the dilutionary effect of fines on mill feed grade
    • Reduces pressure on Tsoaxaub mill capacity
    • Provides scope for additional mill feed to fill the extra capacity due to higher fines content
    • Based on visual observations by the metallurgical consultant the quantity of sulphide-rich Cu mineral species reporting to fines fraction was found to be up to 20% higher than projected which is beneficial for the downstream processing flow sheet and overall copper recovery.
    • Recovered gold grades confirmed expectations. External Resource Estimation allocated an average gold grade of 0.41 g/t Au to the Hope Resource. Calculated from the assay results the optimisation study returned an average grade of 0.42 g/t Au.
    • Silver grades significantly exceeded expectations and the figures used in the current financial model. The optimisation study returned an average Run of Mine grade of 31 g/t Ag calculated from the test work assay results.
    • Ore sorting tests were based on a combination of conductivity, XRF and colour sensors. Sorting successfully separated high density sulphide-rich mineralisation and low-density copper oxide mineralisation from perceived waste and clearly achieved set objectives.
    • Mass balance calculations identified a significant quantity of copper currently classified as waste which was recovered by ore sorting. The implication being that additional optimisation may further increase contained copper recovery to the benefit of the Project once the source of this additional copper is understood. The current view is that fine-grained copper may be reporting to low density quartzite that has previously been assumed to be a waste product.
  • First stage of installation of the Hope mine site camp, workshops, core yard and ancillary services for the operation of a fully serviced mining camp
  • Fabrication of crusher station infrastructure for primary crushing ahead of an ore sorting plant
  • Fabrication of a Steinert dry ore sorting unit to produce a copper – gold pre-concentrate
  • Completion of an external audit and implementation of an upgrade engineering plan for the Tsoaxaub Metals tailings dam
  • Consensus on the most appropriate community support that the Company can provide the Topnaar Community who represent the nearest settlement to the mine site, approximately 14km from the Hope pit.

BACKGROUND GEOLOGY

The project lies within Namibia’s prospective Matchless Copper Belt, a well-known volcanogenic massive sulphide district within the Damara Orogenic Belt. Mineralisation at Hope and surrounding prospects is hosted in pyrite-bearing quartzite and schist units and extends across a broader regional exploration footprint.

2023 UPDATED MINERAL RESOURCE ESTIMATE

An updated independent Mineral Resource Estimate, prepared in accordance with JORC (2012), confirms a significant copper-gold resource across Hope, Gorob, Vendome and Anomaly.

INDICATED AND INFERRED MINERAL RESOURCE ESTIMATE FOR THE HOPE AND GOROB PROJECT, NAMIBIA.

GROSS REPRESENTING 100% ESTIMATED RESOURCES – BEZANT HAS A 90% INTEREST IN THE HOPE AND GOROB PROJECT

GOLD POTENTIAL AT HOPE AND GOROB

Gold is currently underrepresented outside Hope in the formal resource model due to historic assay limitations but drilling and sampling indicate broader copper-gold potential across the project area.

At prevailing metal prices, gold credits could provide a meaningful by-product contribution to project economics, particularly at Hope.

Management believes further drilling and structural reinterpretation could improve understanding of higher-grade copper-gold zones and support future resource upgrades.

BEZANT EXPLORATION HOPE & GOROB

Recent drilling at Hope, Gorob, Vendome, Anomaly and Du Preez confirmed shallow extensions to known mineralisation and supported the inclusion of additional data in the 2023 resource model.

Results included encouraging shallow intercepts at all three priority deposits, reinforcing the open-pit opportunity and broader exploration case.

FURTHER EXPLORATION POTENTIAL

The Company sees scope to expand the current resource through strike and depth extensions at Hope, Gorob, Vendome and Anomaly. Conceptual work suggests additional open-pit potential, although these estimates are exploratory in nature and not yet part of the formal resource base.

Further potential exists elsewhere in the greater project area, the Niedersachsen deposit cluster includes three previously discovered copper prospects (Niedersachsen, Aros and Kobos) within EPL 6605, and one copper prospect situated in EPL7170 (Schlesien, situated close to the north-eastern border of EPL 6605). While the primary historic exploration focus has been on the known prospects this has left the large majority of the 800km2 area unexplored, especially by modern exploration techniques.