8 April 2026

Bezant Resources Plc

("Bezant" or the "Company")

New Mineral Resource Estimate and Increase in Open Pit Life of Mine at Hope and Gorob Project

Bezant is pleased to inform Shareholders of the release of a new Mineral Resource Estimate ("2026 Mineral Resource"), completed by independent resource consultants Sound Mining for the Hope and Gorob copper - gold project, Namibia ("Hope Project" or "Hope") prepared in accordance with the JORC Code (2012).  The operator of the Hope Project is Hope and Gorob Mining (Pty) Ltd, the group's Namibian subsidiary in which Bezant currently holds 70% interest. As a result of the additional 20% interest acquisition in Hope and Gorob Mining (Pty) Ltd announced on 24 March 2026 Bezant's interest in the Hope Project will increase to 90%.

The 2026 Mineral Resource shows a sevenfold increase in the Hope open pittable Mineral Resource from the original 2023 estimate which has a profound impact on the near-term development of the mine with additional mining costs benefits accruing from a significant reduction in the strip ratio from 11:1 to 9:1.

Reclassification of the Hope open pit Resource results in 1.1Mt achieving Measured status, 0.5Mt Indicated status and 1.4Mt Inferred status all figures stated in this announcement are on a gross basis unless indicated to the contrary. Table One in the Mineral Resource Tables section of this announcement shows the Mineral Resource Estimate on a gross 100% basis and Table Two in the Mineral Resource Tables section of this announcement shows the Mineral Resources Estimate on a net 90% basis.  The original 2023 Mineral Resource estimate was predominantly Inferred category and the increase in confidence provided by the 2026 Mineral Resource evidencing the 7 times increase in open pittable tonnes from the Hope deposit alone allows the Company to bring forward Phase 2 Hope Project development by 5 years. Phase 2 development will see the development of a new flotation plant, subject to statutory approvals located closer to Walvis Bay producing 25,000 tonnes of copper metal annually and generating USD290 million revenue at a USD11,500 per tonne copper price.

Highlights

·    A sevenfold increase in the Hope open pittable Mineral Resource from 0.41Mt (2023 estimate) to more than 3.0Mt (gross)

·    Hope open pit immediate life of mine increasing from 1 year to 7.5 years at a production rate of 0.4Mt per annum feed rate into the ore sorter

·    Reduction in strip ratio from 11:1 to 9:1 with a material reduction in mining costs

·    Additional 3.6Mt of mineralisation identified in inventory that remain as potential to be upgraded to add to the Mineral Resource

·    A further 1.3Mt of low-grade material (0.3 to 0.5% Cu) occurring within the pit shell but excluded from the 2026 Mineral Resource can be upgraded through the on-site ore sorter and will add to annual production

·    At current planned mining rates, the operation will every 24 months generate an additional year of high-grade stockpiled pre-concentrate for final processing   

·    Significant mineralisation occurs outside of the current pit shell which has not been included in the 2026 Resource Estimate which may be convertible to Mineral Resources with additional drilling. In-house estimates suggest a further minimum 5 years of open pittable production could be added.

Colin Bird, Executive Chairman of Bezant, commented: "This announcement concerning the updated mineable resource has produced a very positive outcome.  Reduction in stripping rates, amounts to significant cost saving and the increase in open cut mine life is very satisfying whilst the open cut mining tonnes will be even further extended.  All of the above leads to a very manageable operation, which is conveniently sized for the expenditure and current commitment. All we see at Hope & Gorob, together with the forecast of world copper prices, leads us to accelerate further our ore confirmation activities and plant design for phase 2.  We are very excited about the progress we made with the current project and look forward to getting into production this year with a seamless ramp-up, since we commence production with the benefit of a previously working plant, which we have upgraded for productivity and efficiency.  We will keep shareholders advised of our progress, which is beginning to approach maximum intensity with multi activities in all aspects".

Hope and Gorob Copper - Gold Project  -  Sound Mining

A full copy of the Sound Mining Mineral Resource statement will be uploaded to the Bezant website and is summarised below

Project Description

The Hope Project locates approximately 100km Southeast of Walvis Bay and approximately 215km Southwest of Windhoek in the Naukluft National Park, Erongo Region, Namibia. The land is government owned, and permission has been granted by the Ministry of Environment, Forestry and Tourism to undertake the proposed mining operation under the Environmental Clearance Certificate 2502358 (ECC2502358) and Mining Licence (ML) No. 246.

A mining licence (ML 246) was issued on 01 April 2025 for a period of fifteen (15) years, expiring on 31 March 2040, to Hope and Gorob Mining (Pty) Ltd, a Namibian registered company, whose ownership currently includes 30% local partners and 70% held by Bezant Resources PLC through its 100% acquisition of Virgo Resources Ltd in 2020.

ECC2502358 was issued on 01/04/2025 in accordance with Section 37(2) of the Environmental Management Act (Act No.7 of 2007).

The first recorded Mineral Resource estimate was compiled by SRK in 2007, followed by an update in 2009 and again in 2012 as part of a mining scoping study. Prior to Bezant's involvement in the project, the Measured Group undertook further modelling work and issued a mineral Resource estimate in 2019. A further update was undertaken on Bezant's request by Addison Mining Services in 2023.

Within these abovementioned reports the following is specifically noted:

•           Sampling and assaying of the boreholes was done over intervals of visible mineralisation;

•           Mineralisation generally occurs in four zones of magnetite-quartz;

•           Lithology was used to model the fold geometry;

•           Envelopes of copper mineralisation were modelled using wireframes as bounding surfaces at a cutoff grade of approximately 0.2% Cu;

•           When comparing the model sections from the 2009 and 2023 reports, little difference can be seen in the interpretation of the mineralisation.

Upon inspection of the available data by Sound Mining, it is evident that mineralisation is found in all lithologies. Based on the deposit type and observations in the data, this modelling has considered that mineralisation is not restricted to lenses associated with the Magnetite-Quartzite, but that mineralisation is lithologically hosted, and the Magnetite-Quartzite may offer a preferred redox site for copper deposition.

Geology

The mineralised deposit locates within the Matchless Amphibolite Belt (MAB), a linear geological unit which extends Northwest-Southeast across Namibia for approximately 350km, varying in width between 0.5 and 3km. The MAB was formed in the South Zone of the Damara Belt, the West-East trending arm of the triple junction formed during the collision between the Congo and Kalahari Cratons. It is interpreted as being a remnant of the closure of the Khomas Ocean based on the grading in chemical maturity observed in the sediments of the Kuiseb Formation. Within the South Zone, an increase is seen in the maturity of the Kuiseb sediments from the northern edge moving south until approximately 10km of the MAB, where the sediments are noticeably less mature, followed by a rapid increase again South of the MAB.

The MAB is characterised by deformed and metamorphosed mafic volcanic and intrusive rocks, including amphibolite, gabbro, amphibolite schist and chlorite schist. Chemical analysis indicates the mafics in the western portion to originate from continental flood basalts, while those in the east originate from mid ocean ridge basalts. These mafics now occur as layers and lenses, hosted within the Kuiseb schists.

Mineralisation along the MAB is interpreted as being Besshi-type, volcano-exhalative sulfide deposits (VMS). A Besshi type deposit is characterised as being enclosed in a sequence of clastic sedimentary rock and basalts in a marine environment. The deposits form by exhalation on the sea floor as stratiform lenses and sheet-like accumulations, with comprehensive sedimentation occurring at the same time.

Quality Assurance and Quality Control and Database Verification

Procedures, methods and QAQC for sampling prior to 2020 were not available for review.

All Sampling Conducted by Bezant was carried out according to best practice. Samples were marked on the core adhering to lithological units and mineralisation zones, ranging between 0.2m in length and 1.2m in length in those zones with no visible mineralisation. QAQC samples were inserted into the sample stream at a rate of one sample out of every ten, alternating between a standard and a blank. Four Standard Reference Materials were used. These include:

•           OREAS623 - Volcanic Hosted Massive Sulphide Zn-Pb-Cu-Ag-Au Ore

•           OREAS624 - Volcanic Hosted Massive Sulphide Zn-Pb-Cu-Ag-Au Ore

•           OREAS628 - Volcanogenic Massive Sulphide Polymetallic Ore

•           ORES608b - High Sulphidation Epithermal Au-Cu-Ag Ore

Geostatistics and Classification

Variography was undertaken to investigate the spatial relationship between assay data and determine the optimal search ellipse for grade interpolation into a block model. Due to the nature of this deposit the entire deposit was investigated as a single entity and no cutoff grade was applied. Directional semi-variograms were modelled using the 1m composited data. A relatively high nugget value of 1.44 can be seen in the downhole variogram. The semi-variogram for direction 1 corresponds with the down dip orientation of the fold axis and direction 2 aligns across the fold.

A pit optimisation exercise was done on the block model using a slope angle of 50°, copper selling price of USD11,500/t, and processing costs including USD14.76/t and a fixed cost of USD1.8M/annum. This yielded a pit shell of some 4.9M m³ of material. An economic cutoff grade of 0.5% Cu was determined. The resulting pit is well placed geologically, being within a single block bounded by regional geological structures and features.

To estimate the confidence of the grade estimation in each block within the model being considered as mineable, according to the pit optimisation, a probability model was created at copper grade intervals of 0.1%. Confidence levels of the ore were assigned into the block model using the probability matrix of grade being above 0.5% Cu as per the following:

•           >90% Probability, high confidence;

•           80% < Probability being < 90%, moderate confidence; and

•           Probability being < 80%, low confidence.

Classification has only been assigned within the optimised pit shell. Measured Classification was then assigned to those blocks with a probability in copper grade greater than 90% and an actual overall grade greater than 0.5% Cu, Indicated Classification was assigned to those blocks with a probability in copper grade between 80% and 90% and an actual overall grade greater than 0.5% Cu, and Inferred Classification was assigned to the remainder of the blocks within the defined search ellipse.

Mineral Resource Tables

Table One: Mineral Resources Estimate for the Hope Project, Namibia as at 28 February 2026 *Gross representing 100% estimated Resources

Source: Sound Mining 2026

Notes:

1.     In situ Mineral Resources estimate reported according to JORC Code, 2012 requirements

2.     No Geological losses have been applied

3.     Apparent computational errors due to rounding

4.     The Mineral Resource Estimate set out above are quoted gross (100%) with respect to the Hope Project. Bezant has currently 70% interest in the Hope Project increasing to 90% as a result of the additional 20% interest acquisition announced on 24 March 2026. Accordingly, Table Two below presents the Net attributable to Bezant based on the increased 90% interest in the Hope Project.

Table Two: Mineral Resources Estimate for the Hope Project, Namibia. as at 28 February 2026  *90% basis,  Bezant currently has a 70% interest in the Hope Project increasing to 90% as a result of the additional 20% interest acquisition announced on 24 March 2026

Source: Sound Mining 2026

Notes:

1.     In situ Mineral Resources estimate reported according to JORC Code, 2012 requirements

2.     No Geological losses have been applied

3.     Apparent computational errors due to rounding

4.     The Mineral Resource Estimate set out above are quoted net (90%) with respect to the Hope Project.

Statement of Independence

Sound Mining is an independent minerals advisory company and neither the Company nor any of the company's shareholders, directors or employees have any vested interests in Bezant or its subsidiaries. Sound Mining has no rights to subscribe for shares in Bezant or any of its future projects. Sound Mining's only benefit is the right to charge professional fees, at market related prices, for the work being undertaken. The payment of such fees is not dependent on the outcome of this study. 

Technical Sign off

The technical information in this release has been reviewed by Diana van Buren Pr.Sci.Nat.,B.Sc. (Hon) Geology Principal Consultant Geology for Sound Mining. Ms van Buren is an independent Competent Person within the meaning of the JORC (2012) code and a Qualified Person under the AIM rules, having over 15 years' experience in the industry. Ms van Buren has reviewed and verified the technical information that forms the basis of, and has been used in the preparation of, the Mineral Resource Estimate and this announcement, including analytical data, drilling logs, QC data, density measurements, and sampling. Ms van Buren consents to the inclusion in this announcement of the matters based on the information, in the form and context in which it appears. Ms. Van Buren.   

Glossary

The following is a link to the Annexure JORC TABLE 1 which forms part of this announcement

http://www.rns-pdf.londonstockexchange.com/rns/5159Z_1-2026-4-7.pdf

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:

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.