New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (57% accrual ratio). Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (UK£18.8m market cap, or US$25.4m). Bekanntmachung • Apr 02
Bezant Resources Plc has completed a Follow-on Equity Offering in the amount of £2.07 million. Bezant Resources Plc has completed a Follow-on Equity Offering in the amount of £2.07 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,123,076,924
Price\Range: £0.00065
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 61,538,462
Price\Range: £0.00065
Transaction Features: Subsequent Direct Listing New Risk • Mar 31
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 39% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (57% accrual ratio). Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£14.8m market cap, or US$19.5m). Bekanntmachung • Mar 26
Bezant Resources Plc (AIM:BZT) agreed to acquire an additional 20% stake in Hope and Gorob Mining Pty Ltd from Mkh Tangible Investments Cc for £1.1 million. Bezant Resources Plc (AIM:BZT) agreed to acquire an additional 20% stake in Hope and Gorob Mining Pty Ltd from Mkh Tangible Investments Cc for £1.1 million on March 24, 2026. The agreed total consideration payable is £1.1 million to be settled £0.557 million by the issue of the 515,263,645 Consideration Shares at £0.001081 per share and £0.577 million in staged cash payments (£0.15 million by March 31, 2026, and £0.396 million by May 15, 2026). An initial additional 10% shareholding in Hope & Gorob will be acquired by the Bezant group on the issue of the Consideration Shares and the second additional 10% on the payment of the Cash Consideration. The Consideration Shares when issued will rank pari passu with the existing ordinary shares in the Company and will be subject to the following lock up and orderly market arrangements. During the orderly market period Bezant will have 60 days to arrange the sale of the Consideration Shares at a price agreed with MKH prior to MKH selling the Consideration Shares in the market. As part of the acquisition, MKH will retain a 10% interest in Hope & Gorob and its' representative Tango Kandjaba will continue in his role as a director of Hope & Gorob.
Roland Cornish and Asia Szusciak of Beaumont Cornish Limited acted as financial advisor for Bezant Resources Plc. Beaumont Cornish Limited acted as fairness opinion provider for Bezant Resources Plc. New Risk • Jan 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (57% accrual ratio). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (UK£17.2m market cap, or US$23.7m). Bekanntmachung • Oct 30
Bezant Resources plc Announces the Publication of A Feasibility Study Report Summary in Relation to the Hope and Gorob Mining Project Bezant Resources Plc announced the publication of a Feasibility Study Report Summary in relation to the Hope and Gorob mining project which has been prepared by independent consultants Sound Mining International Limited. Proposed use of NLZM Plant: The Run of Mine 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 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. 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 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. Availability of Report: The Report willshortly be published on Bezant Resources' website at <URL> 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. New Risk • Oct 09
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£14.4m market cap, or US$19.3m). Bekanntmachung • Aug 14
Bezant Resources Plc (AIM:BZT) agreed to acquire 90% stake in Namib Lead & Zinc Mining (Pty) Ltd from CL US Minerals LLC. Bezant Resources Plc (AIM:BZT) agreed to acquire 90% stake in Namib Lead & Zinc Mining (Pty) Ltd from CL US Minerals LLC on August 13, 2025. A cash consideration will be paid by Bezant Resources Plc. The consideration consists of 350 million warrants of Bezant Resources Plc to be issued for common equity of Namib Lead & Zinc Mining (Pty) Ltd. As part of consideration, an undisclosed value is paid towards common equity and an undisclosed value is paid towards non-convertible debt of Namib Lead & Zinc Mining (Pty) Ltd. The combined cash value paid towards the common equity and shareholder loans of Namib Lead & Zinc Mining (Pty) Ltd is $3 million. Bezant Resources Plc shall pay a break fee of $1 million if Bezant Resources Plc fails to fulfill its obligations. The transaction is subject to approval of offer by acquirer shareholders and subject to antitrust regulations.
Beaumont Cornish Limited acted as financial advisor for Bezant Resources Plc. Bekanntmachung • Jul 02
Bezant Resources Plc, Annual General Meeting, Jul 25, 2025 Bezant Resources Plc, Annual General Meeting, Jul 25, 2025. Location: druces llp, salisbury house, london wall, ec2m 5ps, london United Kingdom Bekanntmachung • May 22
Ajax Resources Plc (LSE:AJAX) completed the acquisition of Puna Metals SA from Bezant Resources Plc (AIM:BZT). Ajax Resources Plc (LSE:AJAX) agreed Heads of Terms to acquire Puna Metals SA from Bezant Resources Plc (AIM:BZT) for $0.22 million on February 25, 2025. Under the Heads of Terms, Ajax Resources has agreed terms, to be formalized by way of a share purchase agreement, to acquire 100% of Puna by way of an initial $0.12 million cash payment, with deferred consideration of an additional $0.1 million, to be satisfied through the issue of new ordinary shares of 1 pence each to Bezant. The deferred consideration element of the Acquisition will become payable on the admission to trading of the enlarged share capital of the Company to a recognized stock exchange or multilateral trading facility, with the value of the deferred consideration calculated by reference to a broader fundraising concurrently undertaken. The Acquisition would constitute an initial transaction under the FCA UK Listing Rules, and Ajax Resources has requested to the FCA that the listing of its Ordinary Shares on the FCA Official List be suspended. Ajax Resources Plc (LSE:AJAX) entered into a conditional share purchase agreement to acquire Puna Metals SA from Bezant Resources Plc (AIM:BZT) on April 15, 2025. Under the terms, Ajax Resources Plc will now pay $0.17 million in cash and a deferred consideration of $0.05 million. The transaction is subject to certain conditions precedent including confirmation of the Puna creditors post completion of the SPA. The Acquisition is due to complete on May 20, 2025. As of May 1, 2025, the transaction is expected to close on May 21, 2025.
Roland Cornish and Asia Szusciak of Beaumont Cornish Limited acted as financial advisor to Bezant Resources Plc. Nick Harriss and Daniel Dearden-Williams of Allenby Capital Limited acted as financial advisor to Ajax Resources Plc.
Ajax Resources Plc (LSE:AJAX) completed the acquisition of Puna Metals SA from Bezant Resources Plc (AIM:BZT) on May 21, 2025. Bekanntmachung • May 02
Ajax Resources Plc (LSE:AJAX) completed the acquisition of Puna Metals SA from Bezant Resources Plc (AIM:BZT). Ajax Resources Plc (LSE:AJAX) agreed Heads of Terms to acquire Puna Metals SA from Bezant Resources Plc (AIM:BZT) for $0.22 million on February 25, 2025. Under the Heads of Terms, Ajax Resources has agreed terms, to be formalized by way of a share purchase agreement, to acquire 100% of Puna by way of an initial $0.12 million cash payment, with deferred consideration of an additional $0.1 million, to be satisfied through the issue of new ordinary shares of 1 pence each to Bezant. The deferred consideration element of the Acquisition will become payable on the admission to trading of the enlarged share capital of the Company to a recognized stock exchange or multilateral trading facility, with the value of the deferred consideration calculated by reference to a broader fundraising concurrently undertaken. The Acquisition would constitute an initial transaction under the FCA UK Listing Rules, and Ajax Resources has requested to the FCA that the listing of its Ordinary Shares on the FCA Official List be suspended. Ajax Resources Plc (LSE:AJAX) entered into a conditional share purchase agreement to acquire Puna Metals SA from Bezant Resources Plc (AIM:BZT) on April 15, 2025. Under the terms, Ajax Resources Plc will now pay $0.17 million in cash and a deferred consideration of $0.05 million. The transaction is subject to certain conditions precedent including confirmation of the Puna creditors post completion of the SPA. The Acquisition is due to complete on May 20, 2025.
Roland Cornish and Asia Szusciak of Beaumont Cornish Limited acted as financial advisor to Bezant Resources Plc. Nick Harriss and Daniel Dearden-Williams of Allenby Capital Limited acted as financial advisor to Ajax Resources Plc.
Ajax Resources Plc (LSE:AJAX) completed the acquisition of Puna Metals SA from Bezant Resources Plc (AIM:BZT) on May 1, 2025. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£3.94m market cap, or US$5.23m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (9.9% average weekly change). New Risk • Mar 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£3.78m market cap, or US$4.89m). Bekanntmachung • Feb 27
Ajax Resources Plc (LSE:AJAX) has agreed Heads of Terms to acquire Puna Metals SA from Bezant Resources Plc (AIM:BZT) for $0.22 million. Ajax Resources Plc (LSE:AJAX) has agreed Heads of Terms to acquire Puna Metals SA from Bezant Resources Plc (AIM:BZT) for $0.22 million on February 25, 2025. Under the Heads of Terms, Ajax Resources has agreed terms, to be formalised by way of a share purchase agreement, to acquire 100% of Puna by way of an initial $0.12 million cash payment, with deferred consideration of an additional $0.1 million, to be satisfied through the issue of new ordinary shares of 1 pence each to Bezant. The deferred consideration element of the Acquisition will become payable on the admission to trading of the enlarged share capital of the Company 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. The Acquisition would constitute an initial transaction under the FCA UK Listing Rules, and Ajax Resources has requested to the FCA that the listing of its Ordinary Shares on the FCA Official List be suspended.
Roland Cornish and Asia Szusciak of Beaumont Cornish Limited acted as financial advisor for Bezant Resources Plc. Bekanntmachung • Nov 07
Bezant Resources plc Announces Commencement of Optimization and Geotechnical Drilling At Hope & Gorob Copper - Gold Project, Namibia Bezant Resources announced it has commenced a drill programme on the Hope & Gorob deposit located in Namibia in which Bezant holds a 70% interest. Highlights: Large diameter diamond core drilling is aimed at providing fresh mineralisation samples for ore sorting optimisation and modulation work and the collection of drill core for geotechnical assessment. Final external review of operating facilities has been completed by specialist consultants and subsequent reports are expected to confirm capital cost estimates and proposed metallurgical flow sheets. External metallurgical engineers have also been requested to provide plant configuration, operation options that would allow for an increase in plant throughout capacity. The Company will be placing adverts nationally to ensure all Namibians are able to apply for a wide range of employment opportunities. Bekanntmachung • Oct 30
Bezant Resources plc Provides Update Following the Technical Review of the PCB Gold Project in Zambia Bezant Resources provided shareholders with an update following the technical review of the PCB gold project in Zambia. A collaboration agreement signed with PCB Mining Limited in relation to a recently active gold operation in Zambia required a technical assessment of exploration potential, grade control, mining operations and mineral processing by Bezant. Geological investigation has provided a good understanding of the fundamentals of gold mineralisation and distribution within the concession and adjacent areas. The assessment suggests the potential for significant amounts of gold mineralisation close to surface and therefore with open pittable potential. PCB Mining has now been granted a small-scale mining licence No. 38211-HQ-SML covering the project area, valid for 10 years to 25th August 2034 which permits mining activities for gold and other minerals on the property. Operating mines in the area are successfully processing similar mineralisation types using low capital and operating cost gravity methods. The Company's investigations also suggest that low capital cost additions to the processing plant could considerably reduce operating costs producing better productivity and improved gold recoveries. On 7 June 2024 Bezant entered into an exclusive collaboration agreement with PCB Mining Limited in relation to its small scale exploration licence 24988-HQ-LEL in Zambia (now covered by small-scale mining licence 38211- HQ-SML). Bezant will earn a 15% interest in the PCB Licence /PCB Mining by providing a project restart plan for PCB Mining and assisting PCB Mining in obtaining financing for the project restart. The key commercial terms are: 1. Services to be provided: PCB Mining have advised there is a plant on site owned by PCB Mining and PCB Mining wish to appoint Bezant on an exclusive basis for 180 days to; a. prepare and construct a capital and operating cost budget to recommence mining operations at the Project ("Project Restart"). and b. assist PCB Mining in obtaining finance for the Project Restart and the appointment of a mine contractor and engineering consultant to oversee the recommencement of the Project Restart . 2. Commencement of Services: Bezant are to commence the Services within 15 days of the agreement. Commencement is defined as both physical activity within the PCB Licence boundaries and desktop studies related to the Services which will include technical, financial and legal due diligence in relation to a project of this nature. Fee for Services: The fee for the Services is a 15% interest in thePC Licence and /or PCB Mining. 4. Trigger for Issue of 15%: In the event of the completion of funding for the Project Restart or a proposed change of control of PCB Mining and or sale of equity in or joint venture of PCB Mining or the Project then Bezant has the right to be issued by PCB Mining that number of PCB Mining shares that taking into account Bezant's PCB Mining shares equals 15% of PCB Mining's issued share capital as enlarged by the issue of the Bezant's PCB Mining share capital as enlarged by the issues of the Bezant'sPC Mining shares and the issue of any unissued shares or shares related to options or other rights to subscribe for PCB Mining shares. New Risk • Oct 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 61% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£4.18m market cap, or US$5.43m). Bekanntmachung • Oct 03
Bezant Resources Plc has completed a Follow-on Equity Offering in the amount of £0.25 million. Bezant Resources Plc has completed a Follow-on Equity Offering in the amount of £0.25 million.
Security Name: Ordinary Share
Security Type: Common Stock
Securities Offered: 714,285,714
Price\Range: £0.00035
Transaction Features: Subsequent Direct Listing Bekanntmachung • Aug 28
Bezant Resources plc Provides Hope & Gorob Copper-Gold Project Permitting Update Bezant Resources Plc confirmed the issue of an Environmental Clearance Certificate ("ECC") for Licence 7170, Hope & Gorob Copper - Gold Project, Namibia (Licence EPL7170) valid until 12 August 2027. The licence was previously renewed for a further period of two years from the previous expiry to 22nd October 2025 subject to the granting of the ECC. With the granting of the certificate the way is clear for the Company to continue with exploration on this important extension to the pending Hope & Gorob Mining Licence and EPL 5796 exploration licence for which renewal is also in process. Licence EPL7170 offers approximately 30km of prospective Matchless Belt geology that has to date delivered 15Mt of JORC (2012) compliant Mineral Resources within the pending Hope & Gorob Mining Licence. The Company will provide information on future exploration results on EPL7170 as work progresses to increase the Hope & Gorob global copper - gold resource. Bekanntmachung • Jul 10
Bezant Resources Plc, Annual General Meeting, Jul 31, 2024 Bezant Resources Plc, Annual General Meeting, Jul 31, 2024. Location: fladgate llp, 16 great queen street, wc2b 5dg, london United Kingdom New Risk • Jun 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£612k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£612k free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 5.5% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£2.28m market cap, or US$2.88m). Minor Risk Shareholders have been diluted in the past year (49% increase in shares outstanding). Bekanntmachung • Jun 14
Bezant Resources plc Provides Update on Hope & Gorob Copper - Gold Project in Namibia Bezant Resources Plc provided an update on the Hope & Gorob Copper - Gold Project in Namibia. Letters of preparedness have been received from the main contractors responsible for future mining, processing plant construction and concentrate haulage and Letters of Intent and offers for financing of an off-grid hybrid renewable power supply for the Project. Whilst the mining licence is pending, the Company has progressed all other technical aspects of the Project including the finalisation of infrastructure, mine and pre-concentrator final designs, audit and costing for the repurposing of an existing flotation plant located within trucking distance of Hope & Gorob to process pre-concentrate from the new mine and the adoption of a renewable energy solution building on existing environmental initiatives included in plant design. Other environmental initiatives include, amongst others, minimising water consumption on site through the use of dry ore sorting as a pre-concentration step. Highlights: A leading contracting group has provided a final set of competitive unit costs for mining, ore haulage to the ore sorting plant, haulage of pre-concentrate and the transfer of a final concentrate to Walvis Bay for export. Individual unit costs are in line with costs used in financial modelling; An international engineering group has confirmed its' readiness for the construction and installation of the front-end crushing, ore sorting and conveying circuits. With offices and workshops located in Swakopmund, the group is well-placed to complete the project and provide continuous support and maintenance services; Preferred engineering, construction, and project management ("EPCM") supplier has been identified and proposal received for the upgrading and repurposing of the existing available flotation plant and Tailings Storage Facility ("TSF"); Technical design and costing of a hybrid power supply solution including renewables for the mine site has been completed and discussions are underway to finalise a Power Purchase Agreement ("PPA") for the installation of the bulk power supply. Bekanntmachung • May 16
Bezant Resources plc Announces Commencement of Geophysical Surveying at West Manganese Project Bezant Resources Plc provided information on the commencement of geophysical surveying to assist in extending the footprint of the deposit. IP/resistivity geophysical surveying will be undertaken initially on three profiles across the detrital manganese deposit as established by mapping and the previous Phase 1 drilling programme. Subject to these results it is planned to extend the survey for at least 2km along strike to test the extensions to the deposit indicated by earlier soil sampling. The aim of the survey will be to expand the footprint of the deposit by outlining targets for further drilling, leading towards definition of an initial mineral resource. The Project Area is close to the K-Hill manganese deposit where a TSX listed public company reports a PEA based on a life of project MnO grade of 15.2% yielding a NPV (8%) of USD 984m and an IRR of 29.4% - a mining licence application has been lodged. On 9 February 2023 Bezant announced the results of a maiden drilling programme at the Moshaneng prospect on the Kanye property. Drilling intersected a zone of shallow flat-lying detrital supergene manganese-iron mineralisation which appears to infill an irregular karst surface over a minimum strike length of 400m. Among assay intervals encountered were: 6m @ 28.64% MnO from 6m depth in hole MS-RC-12 o Including 4m @ 35.38% MnO from 8m depth; 3m @ 21.85% MnO from 4m depth in hole MS- RC-06; 3m @ 21.20% MnO from 2m depth in hole MS-R-07; Less than 25% of the more than 2km potential extent of the target defined by soil geochemistry has been drill tested to date. Sulphuric acid leaching optimisation testwork on Kanye drill samples found that manganese recoveries of 99.4% were achievable at moderate process conditions. The Kanye manganese deposit demonstrates an excellent overall manganese recovery using moderate leaching conditions compared with benchmarked projects. Having established that the Kanye mineralisation is potentially suitable for processing to high purity manganese, the Company plans for further exploration at the project to expand the footprint of the deposits and advance towards resource definition. Further metallurgical test work will be considered at a later stage of project advancement. New Risk • Apr 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (29% accrual ratio). Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£2.39m market cap, or US$2.98m). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Bekanntmachung • Feb 09
Bezant Resources Plc Provides an Update for Hope and Gorob Copper-Gold Project Situated Within EPL 5796 in Central Namibia Bezant Resources Plc provided an update for Hope and Gorob copper-gold project situated within EPL 5796 in central Namibia, approximately 100km SW of Windhoek, the capital city, and 120km SE of the major African port of Walvis Bay. BZT holds a 70% interest in the Project. The company has undertaken a Social and Environmental Impact Assessment (ESIA), which has been submitted to interested and affected parties for comments, in anticipation of a near-term issue by the Namibian Government of a Mining Licence. In addition, a significant amount of supplementary work has been completed that will aid optimisation of the process flowsheet, final mine design and eventual commencement of the operation. The current JORC 2012-compliant Mineral Resource Estimate (MRE) for Hope and Gorob (gross*), updated for Bezant by the independent consultants Addison Mining Services (AMS) was announced on 27 October, 2023, believed to be amenable to a Phase 1 open-pit operation and Phase 2 underground mine, is: 15 Mt @ 1.2% Cu and a projected average grade of 0.4 g/t Au. The MRE includes 1.24 Mt @ 1.6% Cu and 0.4 g/t Au (Indicated) and 14 Mt @ 1.2% Cu across Hope, Gorob and associated deposits within which lies 3 Mt @ 1.7% Cu and 0.4g/t Au at the Hope project alone. The MRE is equivalent to 190,000t of contained copper. AMS have identified significant potential for open pit extraction of 2.4Mt and the prospects for increasing the size of the open pit resource for a further 700Kt to 1 Mt thus postulating an initial open pit with 5 years mine life at an annual rate of 500Kt per year. Bekanntmachung • Dec 05
Bezant Resources Plc has completed a Follow-on Equity Offering in the amount of £0.8 million. Bezant Resources Plc has completed a Follow-on Equity Offering in the amount of £0.8 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,200,000,000
Price\Range: £0.00025
Transaction Features: Subsequent Direct Listing Bekanntmachung • Jul 25
Bezant Resources plc Announces Results from Phase 1 Metallurgical Test Work on West Manganese Sample Bezant provided information on encouraging results of Phase 1 metallurgical testing carried out byWardell Armstrong International on a sample from its' 100% owned Kanye manganese exploration project in Botswana. The primary objective of the work was to investigate the amenability of extracting manganese from the Kanye mineralisation by sulphuric acid leaching. Wardell Armstrong International (WAI) was commissioned by Bezant to undertake a programme of metallurgical testing on a sample from the Kanye manganese deposit, Botswana. The primary objective of the testwork was to investigate the amenability of effectively extracting manganese from the mineralisation by sulphuric acid leaching. A secondary objective was to undertake a small programme of sample characterisation including chemical, XRF and XRD analysis. X-Ray Fluorescence analysis on the whole rock samples was conducted to determine the weight percentage of major rock-forming elements. The results showed that the sample primarily consisted of silicon dioxide and manganese oxide constituents, with minor phases of iron oxide and aluminium oxide. X-Ray Diffraction analysis on the whole rock sample was conducted to determine the weight percentage of individual mineral phases. The results showed that the sample primarily consisted of quartz, with lesser pyrolusite, goethite and talc. WAI determined the Kanye composite to have a manganese head grade of 15.48% Mn obtained using an aqua regia digestion with an ICP-OES finish. Six leach tests were conducted on the sample under varying conditions such as grind size, sulphur dioxide addition, and pH at a temperature of 60oC. A benchmark review of similar projects found sulphur dioxide to be an important parameter in the reduction of manganese to become more amenable to sulphuric acid leaching. The relationship observed demonstrates that sulphur dioxide (SO2) addition has a strong correlation to the overall manganese recovery. Overall manganese recovery ranges from 1.9% to 99.4% for 0.34kg/t to 500kg/t of sulphur dioxide addition for ALT1 and ALT3 respectively. In ALT6, pH was increased from 1.0 to 1.5 to reduce the overall acid consumption over the course of the leach to obtain more economic conditions for processing. Sulphuric acid consumption was reduced from 246kg/t to 217kg/t resulting in a decrease of overall manganese recovery from 82.6% to 79.2% for ALT5 and ALT6 respectively. Except for ALT1 and ALT2, where the resolution of the leach kinetics could be distorted as a result of poor recoveries, all tests demonstrate fast leach kinetics with relative manganese recoveries after 1 hour of leaching ranging from 84.9% to 90.7% for ALT6 and ALT3 respectively. Sample Characterisation: WAI determined the Kanye composite to have a manganese head grade of 15.48% Mn obtained using an aqua regia digestion with an ICP-OES finish; X-Ray Fluorescence analysis found the major elemental oxide present in the sample is silicon dioxide, with lesser amounts of manganese, iron, and aluminium oxides at 63.83%, 17.94%, 6.02%, and 2.61% respectively. X-Ray Diffraction analysis found the major mineral phases present were quartz and pyrolusite at 71.4% and 10.4% respectively. This is comparable to the metal composition from XRF analysis. Sulphuric Acid Leach Testwork: Sulphuric acid leaching demonstrated an amenability to extract manganese from the sample into solution. Manganese recoveries of 99.4% could be achieved at a pH of 1.0 and sulphur dioxide addition of 500kg/t; Sulphur dioxide addition values were found to have a direct correlation to the overall manganese recovery; With the exception of ALT1 and ALT2, the leach kinetics of manganese recovery were shown to be fast, with relative leach rates after 1 hour ranging from 84.9% to 90.7% for ALT6 and ALT3 respectively; Acid consumption values ranged from 27kg/t to 477kg/t for ALT2 and ALT3 respectively; pH was shown to influence the overall manganese recovery with a decrease from 82.6% to 79.2% when pH was increased from 1.0 to 1.5 for ALT5 and ALT6 respectively. Planned Phase 2 Test Work - WAI Recommendations: The primary objective is to continue from the previous phase of acid leach testwork to optimise the leaching parameters for economic processing of a manganese ore, whilst tracking a range of other elements relevant to the economics of battery-grade manganese production. Specifically, WAI recommended the following: Undertake further optimisation leaching testwork to decrease the level of acid consumption over the course of the leach. This could include variables such as further grind size investigation at elevated recoveries, leach optimisation at elevated pH, increased temperature, and calcination pre-treatment; Track the recovery of other analytes that are likely to have an impact on the downstream purification process circuit of battery-grade manganese sulphate monohydrate production; and Consider maintaining a redox potential with the addition of sulphur dioxide throughout the leaching process at defined intervals, as opposed to a single, substantial addition at the beginning of the leach process. Bekanntmachung • Jul 06
Bezant Resources Plc, Annual General Meeting, Jul 28, 2023 Bezant Resources Plc, Annual General Meeting, Jul 28, 2023, at 10:00 Coordinated Universal Time. Location: Fladgate LLP, 16 Great Queen Street London United Kingdom New Risk • Jun 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 0.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£2.48m market cap, or US$3.13m). Minor Risk Latest financial reports are more than 6 months old (reported June 2022 fiscal period end). Bekanntmachung • Feb 10
Bezant Resources plc Provides Information on the Maiden Drill Programme at its 100% Owned Kanye Manganese Exploration Project in Botswana and an Update on the Hope and Gorob Project in Namibia Bezant Resources Plc provided information on the maiden drill programme at its' 100% owned Kanye manganese exploration project in Botswana and an update on the Hope and Gorob project in Namibia. Drilling was focussed on the Moshaneng Borrow Pit where high grade manganese boulders were exposed by shallow excavations for road fill material within a zone oriented east.southeast-west.northwest. The maiden drill programme was aimed at establishing the strike continuity, depth extent and grades of the mineralised zone. It was originally planned to undertake diamond core drilling, but it quickly became apparent that the detrital manganese mineralisation encountered could not be efficiently cored, so the programme was switched to reverse circulation ('RC') drilling in order to recover most of the manganese-rich material. In total 11 mostly angled holes were drilled at Moshaneng for a total of 682m, including two initial stratigraphic holes, followed by a series of shallow holes on four profiles. Available drill sites in the Borrow Pit were restricted by the pit workings and the space required to set up the large RC drill rig. Nevertheless, the mineralised zone was successfully tested in several of the holes spanning a minimum strike length of 400m. Based on initial pXRF checking, samples were chosen for assay at the ALS Global analytical laboratory in Johannesburg - selected assay intervals. Based on the drilling results and mapping of recent excavations towards the southeast end of the Borrow Pit, it appears that the manganese-hematite zone occurs as a shallow, flat-lying detrital deposit, probably with supergene enhancement, infilling an irregular karst dissolution layer towards the base of the Taupone Dolomite unit just above its contact with the underlying Black Reef Quartzite. The tenor of the grades encountered in drilling to date at Moshaneng are broadly in line with the grades reported from the nearby Giyani Metals K-Hill deposit, where anInferred Mineral Resource of1.7 million tonnes grading 25.7% MnO at a cut-off grade of 7.3% was reported in April 2021. The mineralised zone was seen to extend in the Moshaneng pit by at least a further 100m (500m minimum strike length in total). A series of channel and chip samples were collected by the Company for assay in the southeast pit extension before it was backfilled by the road contractors. These returned values up to 62.65% MnO. The area partly drill tested and sampled to date at Moshaneng represents about a 500m length of a zone which is interpreted from mapping and soil sampling to extend for at least 2km and is further open to the west-northwest. At the Loltware prospect, 4km east-southeast from Moshaneng, a single shallow angled diamond drill hole completed at 40m depth in the vicinity of earlier trenching encountered moderate manganese enhancement in a clay zone above the footwall quartzite, with an assay intervalof5.2m @ 7.80% MnO from 14.05-19.25m. Follow-up will focus on Moshaneng and will include geophysical surveying to help delineate the extension of the Moshaneng trend, preliminary mineralogical and process recovery test work to establish the amenability of the mineralisation to upgrading to battery grade manganese, and follow-up/infill RC drilling. A decision from the Ministry of Mines and Energy regarding the Hope and Gorob mining licence application ML 246 remains pending. Exclusive Prospecting Licence 5796 has been extended to 19 October 2024. EPL 5796 is the licence within which the area of mining licence application ML 246 has been made. Further work on the drill core generated during the most recent programme to test near-surface mineralisation has been completed and the new database is under review by external resource consultant Addison Mining Services with a view to generating an additional open pit Mineral Resource Estimate in second quarter of 2023 to complement the existing underground resource. Personnel familiar with the Matchless Belt geology and in particular the Hope and Gorob style of mineralisation have been recruited to manage the next phase of exploration to test the balance of the known and projected strike length and other defined targets. Exploration will focus on additional drilling and it is aimed to commence this programme in second quarter of 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Evan Kirby was the last independent director to join the board, commencing their role in 2008. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Evan Kirby was the last independent director to join the board, commencing their role in 2008. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jan 08
Executive Chairman & CEO recently bought UK£80k worth of stock On the 6th of January, Colin Bird bought around 62m shares on-market at roughly UK£0.0013 per share. This was the largest purchase by an insider in the last 3 months. This was Colin's only on-market trade for the last 12 months. 
