- Bezant Resources
- 11 June 2026 17:44:30
Source: Sharecast
The AIM-traded company said the financing and offtake agreements, first outlined in October 2025, were completed on 10 June.
Under the financing agreement, Hartree Metals will provide a $7m secured and convertible facility to support construction of the Hope and Gorob mine site and commissioning activities at the NLZM processing plant in Namibia.
Hartree would also buy 100% of the copper concentrates produced from Hope and Gorob for the life of the operation under market terms.
Bezant said production at Hope and Gorob was expected to begin in the third quarter of 2026, with monthly shipments scaling progressively as operations ramp up.
Executive chairman Colin Bird said the agreements were in line with the company’s expectations and timing, and marked the start of what Bezant hoped would be a long-term relationship across its 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,” he said.
The Hope and Gorob development plan covers two sites. Run-of-mine ore from the copper-gold resource will be crushed and sorted at the mine using a multi-sensor dry ore sorting process, before preconcentrate is treated at the NLZM processing plant.
Bezant said the existing flotation plant at NLZM, which had been under care and maintenance, was being repurposed to treat the Hope and Gorob copper-gold preconcentrate and produce copper concentrates for export to international smelting markets.
The facility will be made available in five tranches, with the final tranche payable on pre-production commissioning of the NLZM plant.
The loan has a four-year term, including a 12-month principal and interest repayment grace period, followed by straight-line repayment.
The interest rate is the secured overnight financing rate plus a 4.5% margin, with a 1% establishment fee.
Hartree has the option to settle all or part of the facility through the issue of Bezant shares at 0.16p each, representing a 28% premium to the company’s closing share price of 0.125p on 10 June.
Hartree will also receive a four-year warrant with a subscription value of $1.75m and an exercise price of 0.11p per share, the closing price on 30 October 2025, when the financing term sheet was announced.
If Hartree’s shareholding rises to 10%, it will have the right to nominate a director to Bezant’s board for as long as its holding remains at or above that level, subject to customary due diligence.
Bezant also said it had agreed with long-term shareholder Sanderson Capital Partners to extend the repayment date for £700,000 drawn under an unsecured convertible loan facility entered into in November 2021.
The amount is now repayable by 30 September 2027, with no further drawdowns available.
The company said the expiry date of 437.5 million drawdown warrants issued under the Sanderson facility had also been extended to 30 June 2028.
At 1158 BST, shares in Bezant Resources were down 0.08% at 0.13p.
Reporting by Josh White for Sharecast.com.
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