Hope & Gorob Copper-Gold Project Update

Bezant Resources PLC

03 September 2026

 

3 September 2026

Bezant Resources Plc

("Bezant" or the "Company")

Hope & Gorob Copper-Gold Project: Development Update

and Phase II Expansion Review

Bezant Resources Plc ("Bezant" or the "Company"), the copper-gold exploration and development company, announces the following update on the development of the Hope & Gorob copper-gold project in Namibia and the associated Tsoaxaub Metals Processing Plant (formerly referred to as the NLZM Processing Plant).

Development activities at both the Tsoaxaub Metals Processing Plant and the Hope & Gorob mine site continue to progress in line with the current project schedule. Subject to completion of the remaining commissioning activities, the Company expects first run-of-mine ("ROM") ore to be processed through the repurposed Tsoaxaub Metals Processing Plant during September 2026 which will generate the first concentrate from the Hope and Gorob mine.

Phase II expansion plans: In light of the increased LOM referred to below the Company has accelerated its review of the Phase II expansion plan taking into account current and projected long-term copper, gold and silver prices. The review indicates that a material proportion of delineated low-grade mineralisation, together with mineralisation located both within and outside the current pit shell and previously considered sub-economic, now warrant inclusion in development planning as part of the Company's Mineral Inventory. In parallel, management is assessing a higher mass-pull operating strategy for the ore sorter, which has the potential to increase copper recoveries and reduce copper losses, albeit at a lower pre-concentrate grade. The review and associated technical assessments remain ongoing and there are technical, environmental and economic factors which will drive the final decision.

Why LOM has increased: On the basis of the current Mineral Inventory (explained above), together with the JORC (2012) Mineral Resource, the current planned capacity of the Tsoaxaub Metals flotation plant and the higher mass-pull scenario under consideration, management believe the project has the potential to support an estimated life of mine (LOM) of approximately 35 years.  

The Company is not, at this stage, publishing a revised economic model accommodating the anticipated expanded LOM.  Any future updated financial model will be subject to various factors including final plant design, processing throughput, plant location, metallurgical performance, capital and operating cost inputs, and matters relating to royalties and other payments.

The Board believes that the continued progress at site, together with the Phase II expansion review, represents an important step in positioning Hope & Gorob as a long-life copper-gold development asset. The Company will provide further updates as commissioning, ore sorting and development optimisation work advances.

Highlights

Hope & Gorob Mine and Tsoaxaub Metals Processing Plant

Hope & Gorob Mine

·    Mine-site camp construction is approximately 75% complete, with 130 employees and contractors resident on site.

·    ROM ore generated from the first two blasts has been stockpiled and is ready for transport to the Tsoaxaub Metals Processing Plant.

·    ROM ore stockpiles from the first two blasts exceed the projected tonnage, reflecting additional ore recovery recorded in the Mineral Inventory but not included in the Mineral Resource.

·    Approximately 75% of surface infrastructure has been delivered and is being installed at the mine site.

·    The full Unitrans mining and haulage fleets have been delivered to site.

Tsoaxaub Metals Processing Plant

·    The C1 Civils and Structural Completion Certificate evidencing completion of all major structural steelwork and civil works has been received for the Tsoaxaub plant upgrade.

·    The C2 Mechanical Completion Certificate for Tsoaxaub evidencing completion of all mechanical equipment, pipework and platework installation is scheduled for completion during September 2026 which will confirm:

o  Slurry sumps installed and pipes and pumps currently being installed

o  Tailings thickener water tested

o  Flotation cell mechanisms all refurbished and re-installed

o  Connection of new electrical drives and instrumentation 90% complete

o  New float feed surge tank installed and agitators and electrical connections completed

o  Cone crusher installed.

o  Feed-belt weightometer installed and awaiting calibration.

o  Tailings dam wall refurbished and being raised to increase freeboard

o  Tailings transfer tank installed

o  "First Fill" reagents have been delivered to the Tsoaxaub plant.

·    Concentrate haulage trucks have also been delivered.

·    The ore sorter is currently clearing customs and is expected to arrive on site shortly.

·    Expansion of the ROM pad at Tsaoxaub Metal Processing Plant has been completed.

·    Renovation of mine offices, medical centre, changing rooms and laboratory 90% completed.

·    The Tsoaxaub assay laboratory is fully functional and is conducting continuous sample preparation and analytical testing ahead of production.

Life of Mine

·    As previously announced based on the current Mineral Inventory, management believes that the Hope deposit has the potential to support an estimated 35-year life of mine. Current copper, gold and silver prices support continued evaluation of a higher mass-pull scenario, which could allow lower-grade material to be mined and processed economically, thereby extending the life of mine and increasing total copper metal production.

Colin Bird Executive Chairman of Bezant commented: "The above summarises the excellent progress made by the team who have developed their own internal aggressive targets towards full commissioning. Whilst aggressive we are confident the targets are achievable and the aforementioned summary highlights how close the Project is to completion.  This is a critical yet exciting time for all involved and we will keep shareholders and interested parties fully informed as we move towards that important production date".

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).

Bezant Resources Plc  Colin Bird Executive Chairman	[phone]
Beaumont Cornish (Nominated Adviser)  Roland Cornish / Asia Szusciak	[phone]
AlbR Capital Limited (Joint Broker) Jon Belliss	[phone]
Shard Capital Partners LLP (Joint Broker) Damon Heath	[phone]

or visit http://www.bezantresources.com

Qualified Person:

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, CC.ENG, FIMMM, South African and UK Certified Mine Manager and Director of Bezant Resources plc, with more than 40 years' experience mainly in hard rock mining.

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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