Namibia

On 14 August 2020 the Company completed the acquisition of 100% of Virgo Resources Ltd and its interests in the Hope Copper-Gold Project in Namibia which comprise i) 70% of Hope and Gorob Mining Pty Ltd incorporated in Namibia which owns EPL5796, and ii) 80% of Hope Namibia Mineral Exploration Pty Ltd Incorporated in Namibia which owns EPL6605 and iEPL7170. The balance of the project is held by local Namibian partners.

JORC Resource: On 27 October 2023 the Company announced an updated gross ** Mineral Resource Estimate (MRE) has been completed by Addison Mining Services Ltd., an independent consultancy based in the United Kingdom and is reported in accordance with the JORC Code (2012). Resources are of Indicated and Inferred categories and include:

·      A Total Mineral Resource of 15 million tonnes gross at 1.2 % Cu for 190 thousand tonnes of Cu estimated across the Hope, Gorob Vendome and Anomaly deposits and comprising:

o  Total Indicated Resources of 1.24 million tonnes at 1.6% Cu and 0.4 g/t Au at the Hope deposit.

o  Total Inferred Resources of approximately 14 million tonnes at 1.2% Cu across the Hope, Gorob, Vendome and Anomaly deposits, including approximately 3 million tonnes at 1.7% Cu and 0.4 g/t Au at Hope.

**Gross representing 100% estimated Resources - Bezant has a 70% interest in the Hope and Gorob Project.

The Company submitted its Mining Licence application in August 2022  and received confirmation of the granting of the Mining Licence in October 2024 with the issue by the Ministry of Mines & Energy of a Letter of Preparedness confirming the issue of the Licence subject to the granting of an Environmental Clearance Certificate ("ECC") by the Ministry of Environment & Tourism and any other statutory requirements.  The ECC was subsequently granted in April 2025.  The Company announced on 25 June 2025 the issue by the Ministry of Mines and Energy of the formal mining certificate for Mining Licence ML 246 which is valid until 31 March 2040  to Hope and Gorob Mining (Pty) Ltd which is 70% owned by Bezant. 

During the intervening period between August 2022 and April 2025 and in anticipation of the activation of the Licence, the Company undertook a range of studies aimed at facilitating a speedy transition towards mine development. These studies included dry ore sorting, flotation and magnetic separation metallurgical test work that successfully demonstrated that Hope & Gorob ore could be separated into waste and mineralised material via dry ore sorting with the subsequent generation of a high quality final copper - gold concentrate through conventional flotation processing. Studies also demonstrated the benefits of magnetic separation to remove magnetite ahead of flotation.

Renewable power supply options were investigated with reputable third party providers consulted as to the optimised route for the Project to adopt at the Hope & Gorob mine site. A preferred partner has been identified that will provide renewable power using solar panels.

For the purposes of planning, a focus was placed on the first few years of production and in particular the development of the Hope open pit and the subsequent development either of a pit extension towards the JCI Shaft or a move towards underground development of a higher grade resource. The work was undertaken by an independent external consultant with specific work streams focusing on open pit and stope optimisation of the Hope Mineral Resource together with production scheduling and pit design.

Hope pit design indicated potential for a 2.4Mt run of mine resource at a copper grade of 1.25% Cu and a gold grade of 0.25g/t Au offering approximately 5 years life of mine for the first pit assuming a production rate of 480,000 tonnes per annum. At an estimated operating cost of US$50.8 per tonne, based on actual up to date costs provided by contractors and suppliers expected to contribute to Project development and operation, it was demonstrated that one tonne of contained copper in concentrate would cost US$5,020 per tonne to produce. 

Stope optimisation of the extension to the initial Hope open pit indicated potential for an underground resource of approximately 1Mt at a grade of 2.04% Cu and 0.48g/t Au. This offers a further 4-year life of mine at an underground production rate of 220,000 tonnes per annum. Alternatively it was demonstrated that this additional resource forming the extension to the Hope open pit could also be mined from the open pit provided a much higher stripping ratio was accepted.

Further studies confirmed the presence of an additional 1.01Mt of open pittable ore at Gorob and Vendome on the opposite flank of the deposit's syncline. This potential additional feedstock has a grade of 1.28% Cu.

Engineering design & costing work which has enabled the Company to move from a conceptual design to a final flow sheet and development strategy for the future operation; Negotiations which are ongoing with specific reference to acquisition of existing infrastructure expected to significantly reduce upfront capital expenditure and reduce lead time to production by a minimum of 18 months.

Community development initiatives have been advanced with highly positive discussions with the Topnaar community, the nearest residents to the Hope & Gorob Project, located approximately 40km from the mine site. Facilitated by the Office of the Regional Governor, Bezant has received excellent advice from the local Namibian government representatives that should ensure that initiatives funded by the Company will have a positive impact on the Community.

Exploration licences 5796, 6605 and 7170 were also extended by the Ministry of Mines and Energy in 2024. Post the period end on 3 April 2025 the Company announced the award of an ECC for the Hope and Gorob project mining licence 246 on EPL 5796.

Note: The grade and tonnage figures used in this note are based on the Hope & Gorob Updated Mineral Resource Estimate which includes Indicated and Inferred Resources - refer to RNS dated 27 October 2023.

The Company has since the acquisition of the Namibian projects in 2020 made several positive announcements which support the Company's confidence in the Hope Copper-Gold Project and in the period announced on; 30 January 2025 a Hope & Gorob Mine Planning Update; on 3 April 2025 the award of an ECC for the Hope and Gorob project mining licence 246 (ML 246) on EPL 5796; and on 26 June 2025 the formal issue of the mining certificate for ML 246 which is valid until 31 March 2040.

Post-acquisition there have been no indications that any impairment provisions are required in relation to the carrying value of the Hope Copper-Gold Project. The capitalised cost at 30 June 2025 £3,430,000 (31 December 2024 £3,041,000).

Botswana

On 12 February 2021 the Company further to its announcement on 22 December 2020 announced the completion of the acquisition of 100% of Metrock Resources Ltd ("Metrock") and its manganese mineral exploration licences in Southern Botswana comprising the Kanye Manganese Project (the "Kanye Manganese Project"). The Kanye Manganese Project had historical trenching results that  yielded high grade  manganese oxide ("MnO") in boulders. The project area is near the ground of a TSX listed public company, Giyani Metals, which is aiming to become a low-carbon producer of high-purity manganese sulphate monohydrate (HPMSM), a precursor material used by lithium-ion battery manufacturers for the expanding electric vehicle (EV) market.. Mineralisation discovered at Kanye occurs at the same stratigraphic level as at the main Giyani Metals K-Hill deposit.

 By far the most prospective licence on acquisition was PL 129/2019 and the other licences were acquired as they were available at no additional cost. During the period 4 of the original exploration licences have not been renewed due to low prospectivity and that they were not considered as necessary for the development of the Kanye Manganese Project.  The Kanye Manganese Project currently comprises two prospecting licenses, namely PL 129/2019, and PL 424/2018 (the "Project Licences"), located in south-central Botswana south of the town of Jwaneng and west of the town of Kanye and 150 km by road from the capital Gaborone. The licenses cover a total area of 866.53 sq. km and provide the holder with the right to prospect for Metals. Both licenses are currently in the renewal process to extend their validity to end march 2027. PL 424/2018 is held by Cypress Sources Pty Ltd, a 100% owned subsidiary of Coastal Resources Pty Ltd which in turn is 100% owned by Metrock Resources Limited, itself a 100% owned subsidiary of Bezant Resources. Licence PL 129/2019 is held by Coastal Minerals Pty Ltd which is 100% owned by Coastal Resources Pty Ltd. itself a 100% owned subsidiary of Bezant Resources.

On 27 August 2024 the Company announced the positive outcome of geophysical surveying at PL 129/2019 which is the main licence at the Kanye manganese project in Botswana. The survey was planned to assist in extending the potential footprint of the deposit discovered by earlier Bezant Resources exploration. Highlights were that:

·      IP/resistivity geophysical surveying has traced near surface areas of high conductivity/low resistivity which could reflect manganiferous mineralisation for about 900m to the NW of the previously exposed manganese occurrence in the Moshaneng borrow pit, making 1.4km of potential target strike extent in total.

·      The geophysical anomaly extends up to 300m width in places, double that in the area already drill tested, and remains open further to the NW beyond the limit of the survey.

Previously on 9 February 2023 the Company announced the results of its maiden drilling programme at the Kanye Manganese project the highlights of which were:

·      Maiden Kanye drilling programme - 11 mainly shallow, angled RC holes totaling 682m at Moshaneng prospect as well as one short diamond drill hole at Loltware prospect.

·      Moshaneng drilling intersected a zone of flat-lying detrital, supergene manganese-iron mineralisation which appears to infill an irregular karst surface over a minimum strike length of 400m. 

·      Among assay intervals encountered were:

a.   6m @ 28.64% MnO from 6m depth in hole MS-RC-12

i.    Including 4m @ 35.38% MnO from 8m depth

b.   3m @ 21.85% MnO from 4m depth in hole MS-RC-06

c.   3m @ 21.20% MnO from 2m depth in hole MS-RC-07

·      Potential for at least another 100m of strike extension to the southeast of holes MS-RC-07 and MS-RC-012 would extend the total strike length to a minimum of 500m

·      Less than 25% of the more than 2km potential extent of the target defined by soil geochemistry has been drill tested

·      Grades compare favourably with reported grades on neighbouring more advanced manganese projects and therefore the Kanye project warrants detailed evaluation and drilling with a view to establishing the mineral resource potential 

·      Drilling at Loltware encountered encouraging manganese enhancement in core, warranting further investigation.

On 24 July 2023 and 6 September 2023 the Company announced the results of a two phase metallurgical testing programme undertaken by Wardell Armstrong International, the highlights of which were:

·      Phase 2 work followed on from previous metallurgical testing reported in July 2023, aiming to optimise manganese recovery from the 'Moshaneng' sample whilst minimising the reagent consumption rates to improve process economics.

·      Sulphuric acid leaching optimisation testwork found that manganese recoveries of 99.5% were achievable at moderate process conditions, specifically 60°C leaching temperature, 300kg/t of sulphur dioxide addition, and 284kg/t of sulphuric acid consumption.

·      Grind size had minimal influence on the final manganese recovery with 88.0% and 88.3% manganese recovery achieved for feed material particle size distributions of 80% passing 200µm and 80% passing 150µm respectively.

·      Leaching temperature had negligible effect on the final manganese recovery with 88.0% and 89.5% manganese recovery achieved for leach temperatures of 60°C and 90°C respectively.

·      Leach kinetics of manganese recovery were dependent on the sulphur dioxide addition rate. Sulphur dioxide introduced incrementally, demonstrated a staged manganese recovery.

·      A Benchmark Project Review was carried out on three recent manganese projects which were identified as having a similar geographical location and/or producing final products of a similar specification.

a.   Giyani Metals K.Hill Project Botswana;

b.   Manganese X Energy Corp. Battery Hill Project Canada;

c.   Euro Manganese Inc. Chvaletice Project Czech Republic;

·    The Kanye manganese deposit demonstrates an excellent overall manganese recovery using moderate leaching conditions compared with benchmarked projects.

·      The Kanye deposit composite showed a negligible increase in manganese leaching performance at elevated temperatures, which is a favourable outcome from an OPEX perspective.

·      Having established that the Kanye mineralisation is potentially suitable for processing to high purity manganese, the Company will now press on with planning for further exploration at the project to expand the footprint of the deposit and advance towards resource definition. Further metallurgical test work will be considered at a later stage of project advancement.

Post-acquisition acquisition the company's exploration activities and exploration activities have been very much focussed on PL 129/2019  and there have been no indications that any impairment provisions are required in relation to the carrying value of the Kanye Manganese Project.

The capitalised cost at 30 June 2025 was £1,172,000 (31 December 2024 was £1,151,000).