Hope & Gorob Project Financing & Offtake Agreement

Bezant Resources PLC

11 June 2026

 

11 June  2026

Bezant Resources Plc

("Bezant" or the "Company")

Hope and Gorob Project Financing Agreement & Offtake Agreement 

Bezant Resources PLC ("Bezant" or the "Company") is pleased to announce the completion on 10 June 2026 of definitive documentation for the US$7 million secured prepayment facility and offtake agreements with Hartree Metals LLC ("Hartree Metals") for the development of the Hope & Gorob Copper Project in Namibia (the "Project"). 

Under the financing agreement, Hartree Metals has provided a US$7 million secured and convertible finance facility ("Facility Agreement") to support construction of the Hope and Gorob mine site and commissioning activities at the NLZM Processing Plant in Namibia and under the offtake agreement will purchase 100% of the copper concentrates produced for the life of the operation from Hope & Gorb Copper Project at market terms ("Offtake Agreement"). Production at Hope & Gorob is expected to commence Q3 2026, with monthly shipments scaling progressively as operations ramp up.

Colin Bird Executive Chairman of Bezant commented:

"We are pleased to announce the completion of the prepayment Facility and Offtake Agreements the intent of which was announced on 31 October 2025.  These agreements correspond with our expectations and timing and also commences what we hope is a significant long lasting relationship within the Bezant Namibian asset base.  During the due diligence and documentation phase, Bezant has continued to construct the Project and at the time of this announcement is on time and on budget towards a third quarter 2026 concentrate production.  We will in the normal course of business keep shareholder advised on progress and if appropriate revised time for concentrate production commencement."

Hope & Gorob Implementation Plan 

As outlined in the Company's circular for the General Meeting dated 8 December 2025, the implementation plan for the Hope & Gorob Project is on  two separate sites, firstly, the Hope and Gorob mine, the site of the copper - gold Mineral Resource where run of mine ore will be crushed and waste separated from mineralisation using a multi-sensor dry ore sorting process and secondly, the NLZM Processing Plant where an existing flotation plant, which was under care and maintenance is being repurposed to treat the Hope and Gorob copper-gold preconcentrate to generate copper concentrates for export to international smelting markets.  First concentrate production is scheduled for the third quarter of 2026. Further details of the development progress are on the Company's website at https://www.bezantresources.com/operations/hope-and-gorob-development/

About Hartree Metals

Hartree Metals, a subsidiary of Hartree Partners LP, focuses on the sourcing and distribution of upstream base metal and precious metals concentrates, ores, intermediate and semi-refined products.  Hartree Metals has grown to become an established market participant, offering a range of trading, business development, financing, logistics, and supply chain risk management solutions. The team brings deep expertise in structuring innovative and long-term mine-site commercial prepayment and export arrangements.

Hartree Partners LP is a leading global commodities trading and asset management firm. Its platform encompasses physical and derivative trading, commercial structuring, asset management, and advisory services across power and gas, oil and liquids, metals, agriculture, environmental, and securities markets. The Group has 5,000 employees with offices in 50+ locations. It is headquartered in New York, with major offices in London, Houston, Geneva, and Singapore. Founded in 1997, Hartree Partners is co-owned by its founders, senior management, and Oaktree Capital Management. For more information see: https://www.hartreepartners.com/

Summary of Key Commercial Terms

The Facility Agreement is being made available in five tranches totalling up to US$ 7 million the last of which is payable on pre-production commissioning of the NLZM Processing Plant.  The loan is for 4 years, including a 12-month principal and interest repayment grace period, before a straight-line repayment structure. The interest rate is the Secured Overnight Financing Rate and a margin of 4.5% and there is an establishment fee of 1% of the Facility amount.  Hartree Metals have the option to elect for all or part of the facility amount to be settled by the issue of Bezant shares at a conversion price of £0.0016 per share which is a premium of 28% to the Company's closing share price of £0.00125 on 10 June 2026 being the last practicable date prior to the issue of this announcement. The facility is secured over certain assets of the Hope and Gorob Project including the mine site assets and the Company's shareholdings in the Hope and Gorob project companies and the Company has given customary warranties for an agreement of this nature. Hartree Metals will also be issued a 4 year warrant with a subscription value of US$1,750,000 with a warrant exercise price of £0.0011 per share which was the closing share price on 30 October 2025 when the financing term sheet was announced.  If Hartree Metal's percentage shareholding increases to 10% then it will have the right to nominate a director to the Board of Bezant for as long as its shareholding equals 10% or more whose appointment would be subject to customary due diligence prior to their appointment.

The Offtake Agreement provides that Hartree Metals will purchase 100% of the copper concentrates produced for the life of the operation from Hope & Gorb Copper Project. It is on normal market terms and for delivery to the international market via  Walvis Bay which is Namibia's principal deep-water port and is located approximately 60 Km from the NLZM Processing Plant which will produce the concentrate for sale.

Funding Facility Repayment Extension: Further to its announcement on 27 February 2025 and earlier announcements the Company has by an agreement dated 10 June 2026 agreed with Sanderson Capital Partners Limited ("Sanderson Capital" or the "Lender") a long-term shareholder in the Company to extend the repayment date for the £700,000 drawn down under the unsecured convertible loan funding facility entered into with Sanderson Capital on 22 November 2021 (the "Facility") (the "Agreement"). The £700,000 drawdown is now repayable by 30 September 2027.  No further amounts can be drawn down under the Facility.  The Company and the Lender has also agreed that the expiry date of the 437,500,000 drawdown warrants has been extended to 30 June 2028.

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).

For further information:

Bezant Resources Plc  Colin Bird Executive Chairman	[phone]
Beaumont Cornish Limited (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

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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