Additional 20% interest in Hope and Gorob
Summary by AI BETAClose X
24 March 2026
Bezant Resources Plc
("Bezant" or the "Company")
Acquisition of Additional 20% interest in Hope & Gorob project,
Issue of Equity and TVR
Bezant Resources Plc ("Bezant") the copper-gold exploration and resource development company is pleased to announce the purchase by the group of an additional 20% shareholding in Hope and Gorob Mining Pty Limited (the "Hope & Gorob"), its 70% owned Namibian registered holder of the Hope and Gorob mining project. As a result of the purchase of a 20% shareholding from the Company's Namibian partner MKH Tangible Investments CC ("MKH"), the Bezant group, will hold a 90% shareholding in Hope & Gorob. MKH will retain a 10% interest in Hope & Gorob and its' representative Mr Tango Kandjaba will continue in his role as a director of Hope & Gorob.
The purchase of the additional 20% shareholding in Hope & Gorob is being made by reference to the original agreement between MKH and the previous owner of the Hope & Gorob project in 2018 ("Original 2018 Agreement") which contemplated inter alia the acquisition of an additional 20% in Hope & Gorob. The consideration now agreed payable for the additional 20% shareholding as well as covering any remaining obligations under the Original 2018 Agreement, is GBP1,114,000 to be settled GBP557,000 by the issue of 515,263,645 fully paid ordinary shares of 0.002p each in the Company at a price of 0.10810 pence per share (the "Consideration Shares") and GBP577,000 in staged cash payments (GBP150,000 by 31 March 2026 and GBP396,000 by 15 May 2026) (the "Cash Consideration") (the "Acquisition").
Colin Bird, Executive Chairman of Bezant, commented "I am pleased we have agreed to acquire the further 20% in our main Hope & Gorob project which demonstrates the Company's confidence in the Hope & Gorob Project. Our partner MKH has been very supportive throughout the process, and we look forward to a continuing relationship as Hope & Gorob moves as planned into production."
Tango Kandjaba, Chairman of MKH and Namibian project partner, commented "I have enjoyed working with the Bezant Team during the exploration, evaluation and pre-production stage and I am looking forward to the start-up of operations and concentrate production. I am particularly pleased to be part of a project that is contributing to the creation of jobs, generation of revenue for the Country whilst also improving the welfare of the local community."
Further information on the Acquisition:
The agreed total consideration payable is GBP1,114,000 to be settled GBP557,000 by the issue of the 515,263,645 Consideration Shares at 0.10810 pence per share and GBP577,000 in staged cash payments (GBP150,000 by 31 March 2026 and GBP396,000 by 15 May 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 which Bezant can agree to vary:
|
Period |
Lock up % |
Orderly Market % |
|
Up to 6 months from issue |
100% |
Nil |
|
6 to 12 months from issue |
50% |
50% |
|
After 12 months |
0% |
100% |
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.
Related Party Transaction:
As Mr. Tango Kandjaba the Chairman of MKH is a director of the Company's 70% subsidiary Hope & Gorob, the Acquisition is a Related Party Transaction pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the Directors, all of whom are independent of the Acquisition, having consulted with the Company's Nominated Adviser, Beaumont Cornish Limited, consider the Acquisition to be fair and reasonable insofar as the Company's shareholders are concerned.
Schedule Four disclosures:
The Hope and Gorob project is the main asset of Bezant as reported on in its various announcements and financial reports. On 30 October 2025 the Company published a Feasibility Study Report Summary in relation to the Hope and Gorob Project prepared by independent consultants Sound Mining International Limited (the "Report"). The key metrics of the Report include an IRR of 62%, NPV of USD46.2M (10% discount rate) and net profit of USD104M in relation to 100% of the project based on a copper price of US$9,300 per tonne and gold price of USD2,800 per oz. Yesterday's LME spot copper price was USD12,167 per tonne and the gold price was approximately USD4,400 per oz. For further information, background and full parameters please refer to the RNS published on 30 October 2025 Hope and Gorob Project Study Report - 07:00:09 30 Oct 2025 - BZT News article | London Stock Exchange or the Report itself 2025-10-26-Hope-and-Gorob-Feasibility-Study-Report-Summary-signed-Sound-WEF-1-Oct-2025.pdf
Application to trading on AIM:
Application will be made to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM. It is expected that admission will become effective and that dealings in the Consideration Shares will commence at 8.00 a.m. on or around 2 April 2026 (the "Admission").
Total Voting Rights:
Following the issue of the Consideration Shares the Company's total issued share capital will consist of 18,662,417,771 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.
On Admission, the above mentioned figure of 18,662,417,771 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Bezant under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
For further information:
|
Bezant Resources Plc Colin Bird Executive Chairman
|
+44 (0) 20 3416 3695 |
|
Beaumont Cornish Limited (Nominated Adviser)
|
+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
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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