Interim Results for the Six Months to 30 June 2026

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	Notes	Unaudited Six months ended 30 June 2026 £’000	Unaudited Six months ended 30 June 2025 £’000

CONTINUING OPERATIONS

Group revenue		-	-
Cost of sales		-	-

Gross profit		-	-

Operating expenses	4	(1,753)	(344)
Group operating loss		(1,753)	(344)

Other gains/(losses)	5	(346)	4,348
Finance Costs		(94)	62
Impairment of assets		-	-

Loss before taxation		(2,193)	4,066
Taxation		-	-

Profit / (Loss) for the period		(2,193)	4,066

Attributable to: Owners of the Company		(2,193)	4,066
- Continuing operations		(2,193)	4,000
- Discontinued operations		-	66
Non-controlling interest		-	-
		(2,193)	4,066
Profit / (Loss) per share (pence)
Basic profit /(loss) per share from continuing operations	6	(0.011)	0.027
Diluted profit / (loss) per share from continuing operations	6	(0.011)	0.018

	Unaudited Six months ended 30 June 2026 £’000	Unaudited Six months ended 30 June 2025 £’000
Other comprehensive income:
Profit /(loss) for the period	(2,193)	4,066
Items that may be reclassified to profit or loss:
Foreign currency reserve movement	301	(5)
Total comprehensive profit /(loss) for the period	(1,892)	4,061

	Share Capital £’000	Share Premium £’000	Other Reserves1 £’000	Retained Losses £’000	Total Equity £’000
Unaudited – six months ended 30 June 2026
Balance at 1 January 2026	2,326	42,711	3,601	(40,289)	8,349
Current period profit	-	-	-	(2,193)	(2,193)
Foreign currency reserve	-	-	301	-	301

Total comprehensive loss for the period	-	-	301	(2,193)	(1,892)
Proceeds from shares issued	64	2,006	-	-	2,070
Shares issued - acquisition shares	10	547	-	-	557
Shares issued – in lieu of fees	-	7	-	-	7
Share issue costs	-	(1,457)	-	-	(1,457)
Warrants issued	-	-	1,334	-	1,334
Warrants exercised	24	699	-	-	723
Balance at 30 June 2026	2,424	44,513	5,236	(42,482)	9,691

	Share Capital £’000	Share Premium £’000	Other Reserves1 £’000	Retained Losses £’000	Total Equity £’000
Unaudited – six months ended 30 June 2025
Balance at 1 January 2025	2,224	41,663	3,659	(42,447)	5,099
Current period profit	-	-	-	4,066	4,066
Foreign currency reserve	-	-	(5)	-	(5)

Total comprehensive loss for the period	-	-	(5)	4,066	4,061
Proceeds from shares issued	56	504	-	-	560
Share issue costs	-	(275)	-	-	(275)
Shares issued – in lieu of fees	16	223	-	-	239
Warrants issued	-	-	249	-	249
Warrants expired	-	-	(20)	20	-
Equity component of borrowings	-	-	2	-	2
Balance at 30 June 2025	2,296	42,115	3,885	(38,361)	9,935


		Unaudited	Audited
		30 June	31 December
		2026	2025
	Notes	£’000	£’000
ASSETS
Non-current assets
Processing plant	10	4,798	1,768
Plant and equipment	10	1,436	578
Mine Development	9	5,512	3,952
Investments	7	60	1,606
Exploration and evaluation assets	8	1,308	1,232
Total non-current assets		13,114	9,136

Current assets
Inventories		55	55
Trade and other receivables		437	76
Cash and cash equivalents		734	430
		1,226	561
Total current assets		1,226	561

TOTAL ASSETS		14,340	9,697

LIABILITIES
Current liabilities
Trade and other payables	11	2,624	464
Borrowings	12	1,754	620
Total current liabilities		4,385	1,084

Non-current liabilities
Provisions		271	264
Total non-current liabilities		271	264

TOTAL LIABILITIES		4,649	1,348
NET ASSETS		9,691	8,349
EQUITY
Share capital	13	2,424	2,326
Share premium	13	44,513	42,711
Share-based payment reserve		2,777	1,443
Foreign exchange reserve		434	133
Merger reserve		1,831	1,831
Other reserves		194	194
Retained losses		(42,482)	(40,289)
		9,691	8,349
TOTAL EQUITY		9,691	8,349

Summary by AI ^BETAClose X

For the six months ended 30 June 2026

Group Balance Sheet

Inventories

Companies

UK 100

Latest directors dealings

		Unaudited	Unaudited
		Six months ended 30 June 2026	Six months ended 30 June 2025
	Notes	£’000	£’000

Net cash outflow from operating activities	15	263	(188)

Cash flows from/(used) in investing activities
Deferred exploration expenditure		(71)	(479)
Mine Development & Processing Plant		(4,033)	-
Payments for plant		(858)	-
Proceeds from sale of equity investments		1,199	181
		(3,763)	(479)
Cash flows from financing activities
Payments from disposal of subsidiaries		-	(23)
Proceeds from issue of ordinary shares		2,670	534
Borrowings		1,134	-
		3,804	692
Increase/(decrease) in cash		304	25

Cash and cash equivalents at beginning of period		430	88

Cash and cash equivalents at end of period		734	113

	Impairment of investments, options and deferred exploration expenditure:
	The Group determines whether investments (including those acquired during the period), options and deferred exploration expenditure are impaired when indicators, based on facts and circumstances, suggest that the carrying amount may exceed its recoverable amount. Such indicators include the point at which a determination is made as to whether or not commercial mining reserves exist in the subsidiary or associate in which the investment is held or whether exploration expenditure capitalised is recoverable by way of future exploitation or sale, obviously pending completion of the exploration activities associated with any specific project in each segment.
	Fair value of assets and liabilities acquired on acquisition of subsidiaries
	The Group determines the fair value of assets and liabilities acquired on acquisition of subsidiaries by reference to the carrying value at the date of acquisition and by reference to exploration activities undertaken and/or information that the Directors become aware of post acquisition. Mine decommissioning and rehabilitation The ultimate decommissioning and rehabilitation costs are uncertain, and cost estimates can vary in response to many factors, including estimates of the extent and costs of decommissioning and rehabilitation activities, technological changes, regulatory changes, cost increases as compared to the inflation rates, and changes in discount rates. These uncertainties may result in future actual expenditure differing from the amounts currently provided. Therefore, significant estimates and assumptions are made in determining the provision for mine decommissioning and rehabilitation. As a result, there could be significant adjustments to the provisions established which would affect future financial result. The provision at reporting date represents management’s best estimate of the present value of the future decommissioning and rehabilitation costs required.
	Investments at fair value through profit and loss (‘Equity investments’)
	Equity investments are initially measured at cost, including transaction costs. At each reporting date, the fair value is assessed and any resultant gains and losses are included directly in the Consolidated Statement of Profit and Loss under IFRS 9. Valuation of Equity Instruments Convertible Loan (Borrowings) Convertible instruments can be complex, containing a number of features which can have a significant impact on the accounting under IFRS 9 Financial Instruments and IAS 32 Presentation of Financial Instruments. The Company determined that the £700,000 convertible note drawn down announced on 30 June 2022 (“Facility”) (note 12) was an equity instrument as the conversion feature results in the conversion of a fixed amount of stated principal into a fixed number of shares, it satisfies the ‘fixed for fixed’ criterion and, therefore, it is classified as an equity instrument which requires the valuation of the liability component and the equity conversion component. The fair value of the liability component, included in current borrowings, at inception was calculated using a market interest rate for an equivalent instrument without conversion option. The discount rate applied was 25%. As detailed in Note 12 there have been modifications to the Facility in 2023, 2024 and 2025 and on each occasion the Company has determined that the modifications were in accordance with IFRS 9 substantially different from the pre-existing terms of the Facility and that therefore the equity instrument comprising the pre-existing facility was deemed to be repaid on the date of the modifications. Classification of acquisitions as asset acquisitions Management applies significant judgment in determining whether an acquisition constitutes a business combination or an asset acquisition under IFRS 3. Key considerations include; whether the acquired set includes substantive processes; the presence (or absence) of outputs; whether the acquired assets are concentrated in a single identifiable asset or group of similar assets; and the stage of development of the project (exploration vs development). In many cases within the mining sector, early-stage exploration entities or mine properties that have been in care and maintenance lack substantive processes and therefore acquisitions are often classified as asset acquisitions. Where treated as an asset acquisition management estimates the fair values of identifiable assets and liabilities to allocate purchase consideration this involves i) judgments in valuing physical assets acquired and there use in the business going forward mineral licences, exploration rights, and geological data, which often rely on limited market data based upon assumptions which may include future operational activities commodity prices, resource potential, and comparable transactions. Changes in these assumptions could result in different allocation of acquisition cost and affect future impairment assessments. Management has determined that its acquisition of a 90% shareholding in Tsoaxaub Metals (Proprietary) Limited (previously called Namib Lead and Zinc (Proprietary) Limited) (“NLZM”) in December 2025 was an asset acquisition under IFRS 3. This assessment was made on the basis that as at the date of acquisition NLZM had two material assets previously used in relation to lead zinc mining namely the NLZM underground mine and the NLZM Processing Plant. and had been in long term care and maintenance since 2020. Further at acquisition NLZM had no workforce or substantive processes or outputs and the transaction rationale was to acquire and modify the NLZM Processing Plant so that it could be used to process pre-concentrate from the groups Hope and Gorob copper- gold project. The acquisition of NLZM was an arm’s length transaction with a third party for a consideration of £2,078,404 and this amount was allocated to the identifiable assets and liabilities of NLZM that will be used by the group post the acquisition. Determination of consideration on acquisition of NLZM. As part of the transaction to acquire NLZM the vendor is entitled to Revenue Royalty Payments and Ore Processing payments as follows. The vendor shall be entitled to quarterly royalty payments equal to 1.5% of the Gross Revenue on Hope and Gorob project revenue (the "Revenue Royalty Payments") for each Quarter during the period beginning on the date of acquisition and ending on, and inclusive of, the twelfth anniversary of the date immediately following the sixty (60)-day period during which the NLZM Plant processes, on an annualized basis, at least 98,000 tonnes of ore ("Commencement Date") (the "Revenue Royalty Period"). The Revenue Royalty Payment is capped at a copper price of US$12,000 per tonne and is due and payable to the Vendor even in an event if the ore from Hope and Gorob project is processed at another facility and not at the NLZM Plant. Once the NLZM Processing Plant is operating the Vendor will be paid a fixed amount for each tonne of ore processed by the NLZM Processing Plant (US$6.50 per tonne for years 1 to 8 after the Commencement Date, US$2.00 per tonne for years 9 to 12 after the Commencement Date and thereafter US$1.00 per tonne) (“Ore Processing Payments”). The ore processing payments are subject to a minimum of i) US$200,000 for the six months immediately following the Commencement Date; and ii) US$25,000 per year for years 1 to 12 after the Commencement Date The Company assessed that the Revenue Royalty payments are i) contingent on future production; ii) not unavoidable at acquisition date; and iii) linked to future economic activity and the Minimum Ore Processing Payments are dependent upon plant operations. The Company therefore determined that the Revenue Royalty payments and Ore Processing Payments are executory / usage based arrangements dependent on future economic activity not past events so are contingent liabilities and did not form part of the consideration paid in relation to the acquisition of NLZM. Impairment assessment of mining properties and plant and machinery on acquisition Given the change of purpose of NLZM on acquisition its asset values were assessed for impairment as at the acquisition date and again at subsequent period ends. As the future operation of the NLZM lead zinc mine is dependent on the future development of the Hope and Gorob Project it was fully impaired at the acquisition date. The carrying value of the NLZM Processing Plant and other moveable plant and machinery which will be used in the planned operations of NLZM has not been impaired as its carrying value is less than its assessed value based on a model of NLZM revenue from processing preconcentrate from the Hope and Gorob mine. Determination of when exploration assets become development assets Determining when EandE assets should be reclassified to mine development assets requires significant judgment. Key factors considered include; completion and results of feasibility studies (pre-feasibility and definitive feasibility studies); evidence of proven and probable reserves; approval of a development plan by the Board; availability of financing to construct the mine; obtaining key regulatory approvals and permits. The timing of this decision is critical as it determines; when amortisation/depreciation begins and when the accounting treatment shifts from IFRS 6 to IAS 16/IAS 36. The assessment of technical feasibility and commercial viability involves significant estimates, including; forecasting commodity prices; estimating capital expenditures and operating costs; estimating expected production profiles and mine life; Discount rates used in economic evaluations; and regulatory and environmental considerations. These estimates directly impact whether development proceeds, the recoverability of capitalised costs and potential impairment charges. Changes in these assumptions could materially affect the carrying value of development assets and the timing of depreciation. Management has determined that the exploration and evaluation asset in relation to the Hope and Gorob project should be reclassified as a mine development asset. The basis of this assessment was that the Hope and Gorob project has a mining licence, the acquisition of the NLZM Processing Plant for use in the Hope Copper Gold project by the acquisition of NLZM, the results of the Sound Mining Feasibility Study Report summary in relation to the Hope and Gorob project, the signing of a US$7 million financing facility term sheet announced in October 2025 and post year end the announcement on 11 June 2026 of the signing of definitive financing and offtake agreements with Hartree Metals LLC and the decision to commence the development of the Hope and Gorob mine. As at the year end the mine development assets previously recognised as an exploration and evaluation asset was £3,952,000 this asset will be amortised over the life of the mine once mining operations have commenced. No amortization change was recognised in these accounts as mining operations have not yet commenced.


For the six months ended 30 June 2026 - unaudited	Continuing operations			Total
	UK	Botswana	Namibia
	£’000	£’000	£’000	£’000
Consolidated (loss) / profit before tax	(1,810)	-	(383)	(2,193)
Included in the consolidated profit before tax are the following income/(expense) items:
Foreign currency loss	-	-	-	-
At 30 June 2026
Total Assets	808	1,308	12,224	14,340
Total Liabilities	(4,288)	-	(361)	(4,649)


For the six months ended 30 June 2025 - unaudited	Continuing operations			Discontinued	Total
	UK	Botswana	Namibia	Argentina
	£’000	£’000	£’000	£’000	£’000
Consolidated profit before tax	4,000	-	-	66	4,066
Included in the consolidated profit before tax are the following income/(expense) items:
Foreign currency loss	-	-	-	-	-
At 30 June 2025
Total Assets	6,240	1,172	3,430	-	10,842
Total Liabilities	(907)	-	-	-	(907)

4.	Operating expenses
		Unaudited 6 mths ended 30 June 2026	Unaudited 6 mths ended 30 June 2025
		£’000	£’000

	Other operating expenses **	1,753	344

		1,753	344

5.	Other gains / (losses)
		Unaudited 6 mths ended 30 June 2026	Unaudited 6 mths ended 30 June 2025
		£’000	£’000
	Realised (loss) / gain on sale of quoted investments	(346)	4,348
		(346)	4,348
	The fair value gain on the shareholding in ASX listed Blackstone Minerals was based on the market value of Blackstone Mineral shares as at the date of sale and / or the period end compared to their carrying value. The Blackstone Minerals shares were acquired in 2025 as a result of IDM Merger which resulted in the sale of IDM International Ltd to Blackstone Minerals limited (note 7).

Asset category	Fair value at acquisition
	£’000
Mine and Processing Plant properties	1,687
Plant and equipment	534
Inventories - Consumables **	54
VAT Refund **	18
Prepayments **	4
Cash **	128
Rehabilitation & Closure provision	(236)
Decommissioning provision	(24)
Trade Payables **	(2)
Other Payables **	(82)
Leave Provision **	(3)
Identifiable Assets less liabilities	2,078

9.	Mine Development Asset
			Unaudited	Audited
			30 June 2026	31 December 2025
			£’000	£’000

		Brought Forward	3,952	-
		Additions	1,560
		Transferred from exploration and evaluation asset	-	3,952
			5,512	3,952

10.1	Fixed Mining and Processing Plant
		Unaudited		Audited
		30 June 2026	31 December 2025
		£’000	£’000

	Balance at beginning of year	1,768	-
	Acquired on acquisition of Tsoaxaub Metals (Note 7.1)	-	1,687
	FX gain	361	78
	Additions post-acquisition	-	3
	Additions during period	2,669	-
	At cost	4,798	1,768
	Accumulated depreciation	-	-
	Carrying value at period end	4,798	1,768

10.2	Plant and equipment
		Unaudited		Audited
		30 June 2026	31 December 2025
		£’000	£’000

	Balance at beginning of year	578	-
	Acquired on acquisition of Tsoaxaub Metals (Note 7.1)	-	534
	FX gain		26
	Additions during year	860	19
	At cost	1,438	579
	Accumulated depreciation	(2)	(1)
	Carrying value at period end	1,436	578

Number	Date granted	Exercise price	Maximum term	Vesting dates
35,000,000	23/08/2018	0.500p	Expire on 21/06/2028	23 August 2018
25,000,000	23/08/2018	1.000p	Expire on 21/06/2028	31 January 2019
110,000,000	06/11/2020	0.425p	Expire on 21/06/2028	Upon being granted
110,000,000	06/11/2020	0.565p	Expire on 21/06/2028	31 March 2021
223,750,000	15/03/2024	0.060p	Expire on 21/06/2028	15 March 2024
223,750,000	15/03/2024	0.080p	Expire on 21/06/2028	15 March 2024
385,500,000	3/03/20260	0.165p	Expire on 21/06/2028	24 June 2026
385,500,000	3/03/2026	0.165p	Expire on 21/06/2028	**
1,498,500,000

Number	Date granted	Exercise price	Maximum term	Vesting dates
31,600,000	18/12/2023	0.025p	Expire on 18/12/2026	Upon being granted
1,878,500,000	18/12/2023	0.060p	Expire on 18/12/2026	Upon being granted
1,859,000,000	03/01/2025	0.040p	Expire on 03/01/2028	Upon being granted
437,500,000	24/06/2023	0.120p	Expire on 30/06/2028	Upon being granted
350,000,000	16/12/2025	0.058p	Expire on 30/11/2026	Upon being granted
3,184,615,386	8/04/2026	0.165p	Expire on 08/04/2029	Upon being granted
1,189,286,904	10/06/2026	0.110p	Expire on 11/06/ 2030	Upon being granted
8,930,502,290

	30 June 2026			31 December 2025
	Number	Weighted average exercise price	Number		Weighted average exercise price
Outstanding at beginning of period	6,300,600,000	0.083p	5,214,308,333		0.15p
Share options issued (1)	771,000,000	0.165p	-		-
Lapsed/exercised warrants	(1,201,115,385)	0.060p	(2,606,208,333)		0.038p
Warrants issued	4,558,517,675	0.147p	3,692,500,000		0.043p
Outstanding at end of year	10,429,002,290	0.115p	6,300,600,000		0.083p

12.1	Convertible loan
		Unaudited	Audited
		30 June 2026	31 December 2025
		£’000	£’000

	Balance at beginning of period	620	616
	Convertible loan repaid	-	(616)
	Borrowings	-	700
	Equity allocation	-	(193)
	Finance charge accrued	-	113
		620	620

12.2	Loan


		Unaudited	Audited
		30 June 2026	31 December 2025
		£’000	£’000

	Balance at beginning of period	-	-
	Borrowings **	1,126	-
	Finance charge accrued	5	-
	FX movement	8	-
		1,139	-

Allotted ordinary shares, called up and fully paid
As at beginning of the period	348	246
Share subscription for cash	64	56
Shares issued in lieu of directors’ fees	-	8
Shares issued on acquisition of 20% of Hope and Gorob	10	-
Shares issued to settle consultants fees	-	9
Shares issued on exercise of options	24	29
Total ordinary shares at end of period	446	348

Allotted deferred shares, called up and fully paid (2)
As at beginning of the period	1,978	1,978
Total deferred shares at end of period	1,978	1,978
Ordinary and deferred as at end of period	2,424	2,224

	Number of shares 30 June 2026	Number of shares 31 December 2025
Ordinary share capital is summarised below:
As at beginning of the year	17,426,654,126	12,304,059,682
Share subscription for cash (1)	3,184,615,386	2,800,000,000
Shares issued to settle Directors’ and PDMR fees	-	410,719,998
Shares issued on acquisition of 20% of Hope and Gorob (2)	515,263,645	-
Shares issued to settle consultants’ fees (3)	11,024,015	440,874,446
Shares issued on exercise of warrants	1,201,115,385	1,471,000,000
As at end of period	22,338,672,557	17,426,654,126

Deferred share capital is summarised below:
As at beginning of the year (1)	998,773,038	998,773,038
As at end of period	998,773,038	998,773,038

Notes re shares issued during the year (1) On 31 March 2026 the Company issued 3,184,615,386 shares in relation to a placement raising £2,070,000. (2) On 24 March 2026 the Company issued 515,263,645 shares to settle £557,000 related to the acquisition of 20% of Hope and Gorob. (3) On 31 March 2026 the Company issued 11,024,015 shares to settle fees due to Consultants of £7,166.

	Unaudited	Audited
	30 June 2026	31 December 2025
	£’000	£’000
The share premium was as follows:
As at beginning of period	42,711	41,663
Share subscription for cash	2,006	504
Shares issued to settle consultants fees	7	116
Shares issued on acquisition of 20% of Hope and Gorob	547	-
Shares issued to settle Directors’ and PDMR fees	-	115
Share issue costs	(1,457)	(275)
Warrants exercised during the period	699	588
As at end of year	44,513	42,711

15.	Reconciliation of operating loss to net cash outflow from operating activities
		Unaudited	Unaudited
		Six months ended 30 June 2026	Six months ended 30 June 2025
		£’000	£’000

	Operating profit/(loss) from all operations	(1,753)	(343)


	Share based payment liability (note 4)	977	-
	Foreign exchange movement	50	(21)
	Shares issued – Directors fees	-	87
	Share issued - Consultants	7	153
	(Increase)/decrease in receivables	(361)	22
	Increase/(decrease) in payables	1,343	(78)
	Net cash outflow from operating activities	263	(188)

17.	Availability of Interim Report
	A copy of these interim results will be available from the Company’s registered office during normal business hours on any weekday at Floor 6, Quadrant House, 4 Thomas More Square, London E1W 1YW and can also be downloaded from the Company’s website at www.bezantresources.com. Bezant Resources Plc is registered in England and Wales with company number 02918391.