30 September 2026

Bezant Resources Plc

(“Bezant” or the “Company”)

Interim Results for the Six Months Ended 30 June 2026

Bezant (AIM: BZT), the copper-gold exploration and development company, announces its unaudited interim results for the six months ended 30 June 2026.

Chairman’s Statement

Dear Shareholder,

I am pleased to report that the period under review has seen considerable progress for Bezant Resources, most notably at our flagship Hope and Gorob copper-gold project in Namibia, which is now approaching the important transition from development into production.

Hope and Gorob, Namibia

Development of the Hope and Gorob project has continued to progress very well, with activities at both the mine and Tsoaxaub Metals Processing Plant advancing towards first production.

The modifications and upgrades to the Tsoaxaub Metals Processing Plant have been successfully implemented, and we currently expect first concentrate production during early October. Subject to commissioning and logistical arrangements proceeding as planned, concentrate is expected to be transported to Walvis Bay, Namibia towards the end of October, with the first shipment anticipated in early November.

Mining activities at Hope are already well-advanced. Initial mining has established a stockpile of approximately 10,000 tonnes of run-of-mine material (unprocessed ore), providing feedstock for the commencement of processing operations.  All key labour required for the initial operating phase has also been recruited, allowing the project to move progressively from construction and commissioning into operations.

During the period, the Company has also substantially strengthened the financial and commercial framework surrounding the project. The financing and offtake arrangements with Hartree Metals are in place and provide an important foundation for the development and operation of Hope and Gorob. The accelerated arrangements relating to the Tsoaxaub Metals Processing Plant and financing thereof by Hartree have also been put in place post the period end, further simplifying the project financing and corporate structure as we approach production.

The Board is particularly encouraged by the progress made over a relatively short period. The successful plant modifications, commencement of mining, establishment of the initial ore stockpile and completion of the principal financing arrangements represent significant milestones for Bezant.

Our immediate priority is now the successful commissioning of the processing operation, followed by the establishment of steady-state production and concentrate shipments.

Botswana

In Botswana, we continue our desk-based technical work and evaluation of the Company’s manganese interests. This work is intended to further refine our geological understanding and assist in defining the most appropriate targets for the next phase of exploration.

Subject to the results of this work and the necessary operational planning, we expect drilling to commence during 2027.

While Namibia is naturally receiving considerable management attention as Hope and Gorob enters production, we remain conscious of the importance of maintaining a broader portfolio of opportunities capable of contributing to the Company’s future growth.

Copper Market

The underlying fundamentals for copper remain supportive. Copper continues to play an increasingly important role in global electrification, power transmission and distribution, renewable energy infrastructure, electric vehicles and the expansion of AI data centres and digital infrastructure.

At the same time, bringing new copper mines into production remains a very lengthy and capital-intensive process. Recent industry analysis continues to point towards constraints in future mine supply relative to anticipated demand, notwithstanding the advancement of a number of new projects globally.

Against this background, the Board believes that advancing Hope and Gorob into production is particularly timely. Our focus, however, remains firmly on those matters within our control: establishing reliable production, maintaining cost discipline and progressively demonstrating the operational and economic potential of our Namibian assets.

Outlook

The coming months represent an important period for Bezant. The transition of Hope and Gorob from development into production will mark a significant change in the Company’s profile.

We expect first concentrate production in early October, transport of concentrate to Walvis Bay towards the end of the month and, subject to shipping and logistical arrangements, the first shipment in early November.

Thereafter, our focus will be on achieving consistent production and evaluating opportunities to optimise and, where appropriate, expand the operation, while continuing to advance our wider portfolio.

I am not aware of any other AIM listed exploration company that in the last 10 years has acquired and taken a copper project from the exploration phase, to a mine with a processing plant and which is a credit to our highly committed management team who have shown exemplary planning, execution and delivery.  I would like to thank our employees, contractors, partners and advisers in Namibia for their considerable efforts in bringing the project to this stage. Last but not least I would also like to thank our shareholders for their continued support as Bezant enters what we believe will be an important new phase in its development.

Colin Bird

Chairman

Operational, Corporate and Financial Summary

1.        Overview

The first half of 2026 was a transformational period for Bezant Resources Plc (“Bezant” or “the Company”), marked by substantial progress at and focus on the Company’s flagship project Hope and Gorob copper‑gold project in Namibia (“Hope and Gorob Project”), which has seen a consolidation of project ownership, significant advancement of mine and plant development, and strengthening of the Company’s financing position.

The Company remains on track to for first run-of-mine ("ROM") ore to be processed through the repurposed Tsoaxaub Metals Processing Plant during September 2026 which will generate the first concentrate from the Hope and Gorob mine. supported by a renewed processing licence, major contractor appointments, and a significantly upgraded Mineral Resource Estimate.

2.        Hope and Gorob Copper‑Gold Project – Development Progress mine development and construction and Tsoaxaub Metals Processing Plant upgrade

Throughout the Period, Bezant advanced mine development at Hope and Gorob following the acquisition of the Tsoaxaub Metals Processing Plant in December 2025.

The Project remains on schedule for first run-of-mine ("ROM") ore to be processed through the repurposed Tsoaxaub Metals Processing Plant during September 2026 which will generate the first concentrate from the Hope and Gorob mine

Key achievements during the Period included:

• Completion of 100% of engineering design for mine and plant upgrades.
• Award of major contracts to Unitrans Namibia, UMS Projects SA, and Weir Minerals.
• Procurement of long‑lead items, including the cone crusher for Tsoaxaub Metals.
• Commencement of civils and earthworks at the mine site.
• Removal of redundant equipment at Tsoaxaub Metals ahead of new installations.
• Progress on tailings dam rehabilitation and plant flow‑sheet redesign.

These activities collectively position the project for first concentrate production in early October.

Appointment of mining and logistics contractor: Bezant announced the signing of an exclusive Mining and Logistics Services Agreement with Unitrans Namibia Pty Ltd on 11 March 2026 and the services to be provided will include drilling, blasting, loading and hauling and material handling at the Tsoaxaub Metals Processing Plant. This long‑term agreement (initial 5‑year term) secures a critical operational partner for mining, haulage, and logistics.

Tsoaxaub Metals Mining Licence: On 10 March 2026, Tsoaxaub Metals mining licence ML185 was renewed for 10 years to 24 February 2036.  This provides regulatory certainty for processing Hope and Gorob pre‑concentrate at the Tsoaxaub Metals Processing Plant.

3.        Mineral Resource Upgrade – Hope Deposit

On 8 April 2026, Bezant released a new JORC‑compliant Mineral Resource Estimate prepared by Sound Mining, for the Hope deposit showing a sevenfold increase in open‑pittable tonnes:

Key highlights:

• 3.0 Mt open‑pittable resource (gross basis).
• Measured: 1.1 Mt; Indicated: 0.5 Mt; Inferred: 1.4 Mt.
• Strip ratio reduced from 11:1 to 9:1, lowering mining costs.
• Open‑pit life extended from 1 year to 7.5 years at 0.4 Mtpa feed rate.
• Additional mineralisation identified outside the pit shell with potential to add 5+ years of production.

This upgrade materially enhances project economics and supports accelerated Phase 2 development planning.

4.        Hope and Gorob Project Ownership Consolidation

On 24 March 2026, Bezant acquired an additional 20% interest in Hope and Gorob Mining (Pty) Ltd, increasing its ownership from 70% to 90% which strengthened Bezant’s economic exposure to its flagship asset. The consideration comprised:

• £557,000 settled via 515,263,645 shares at 0.10810p per share.
• £577,000 in staged cash payments (now paid).

5.        Financing Activities

£2.07 million equity fundraising: On 31 March 2026, Bezant completed an oversubscribed fundraising of £2,070,000 at 0.065p per share.

Hartree Metals: On 11 June 2026 the Company announced a US$7 million secured prepayment facility and offtake agreements with Hartree Metals LLC (“Hartree Metals”) for the development of the Hope and Gorob Copper Project to support construction of the Hope and Gorob mine site and commissioning activities at the Tsoaxaub Metals Processing Plant in Namibia. Under the offtake agreement Hartree will purchase 100% of the copper concentrates produced for the life of the operation from Hope and Gorob Copper Project at market terms (“Offtake Agreement”).

During the period the Company received £722,900 from the exercise of warrants and share sale proceeds of £1.2 million from the sale of its Blackstone Minerals shares.

The above proceeds were used to pay the cash element of the additional 20% Hope and Gorob acquisition, fast‑tracking mine development and Tsoaxaub Metals Processing Plant upgrades and working capital and corporate overheads.

6.        Financial Summary

Net loss for H1 2026 of approximately £2.19m (H1 2025: profit £4.07m)

Total assets were £14.3m as at the half-year end (31 December 2025: £9.70m)

Cash position of £0.73m as at the half-year end (31 December 2025: £0.430m)

Total liabilities of £4.65m as at the half-year end (31 December 2025: £1.35m)

7.        Outlook

Bezant enters the second half of 2026 with:

• A 90% interest in its flagship project.
• Major contractors mobilised.
• A significantly upgraded Mineral Resource.
• Funding secured to progress development.
• First concentrate production targeted for October 2026.

The Board remains focused on completing commissioning, securing project financing, and delivering first production.

8.        Post‑Period Events

1.      Hope and Gorob Project Update

Bezant has achieved a major operational milestone with the first blast at the Hope open pit and ROM ore has been stock piled at the expanded ROM pad at the Tsoaxaub Metals Processing Plant.

Since the period end, the Group has continued to make significant progress at the Hope and Gorob Copper-Gold Project and the associated Tsoaxaub Metals Processing Plant in Namibia. Management has reported that development activities remain on schedule and, subject to completion of final commissioning activities, expects first run-of-mine ore to be processed during September 2026, generating the first concentrate from the project.

At the mine site, initial blasting activities have been completed, ore has been stockpiled for transportation to the processing plant and the mining and haulage fleet has been delivered to site.  At the Tsoaxaub processing plant, major civil works have been completed, commissioning activities are advancing and key processing infrastructure has been installed and tested in preparation for production.

The Company has also commenced a review of a potential Phase II expansion based on the current mineral inventory and prevailing commodity prices. Management believes the project has the potential to support an estimated mine life of approximately 35 years based on current processing capacity, although technical and economic evaluations remain ongoing.

2.      Tsoaxaub Metals financing arrangements

In addition, subsequent to the period end the Company entered into accelerated payment arrangements in respect of the acquisition of the Tsoaxaub Metals Processing Plant and subsequently secured financing support from Hartree Metals LLC in relation to those arrangements. These developments are discussed further in Note 16, Subsequent Events

For further information, please contact:

or visit http://www.bezantresources.com

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).

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.

Distribution: This announcement has been notified via a Regulatory Information Service and it is not authorised for distribution into North America or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction.

Group Statement of Profit and Loss

For the six months ended 30 June 2026

Group Statement of Other Comprehensive Income

For the six months ended 30 June 2026

Group Statement of Changes in Equity

For the six months ended 30 June 2026

1 Other reserves is made up of the share-based payment and foreign exchange reserve.

Group Balance Sheet

As at 30 June 2026

Group Statement of Cash Flows

For the six months ended 30 June 2026

Notes to the interim financial information

For the six months ended 30 June 2026

** As detailed in the 2025 Annual Report at the 2024 Annual General Meeting, shareholders approved the establishment of an annual incentive scheme for directors and employees, effective from 30 June 2024, based on improvements in the Company's share price over a 12‑month performance period ending 30 June each year. For the period ended 30 June 2026, a total award of £977K arose under the scheme and has been recognised as a cash-settled share-based payment liability in accordance with IFRS 2.  The allocation of this amount among Eligible Participants and the method of settlement (cash or equity) will be determined by the Remuneration Committee and the Board.   

7.1 Acquisition of Tsoaxaub Metals (Proprietary) Limited

On 16 December 2026 completed the acquisition of a 90% shareholding in Tsoaxaub Metals (Proprietary) Limited (previously called Namib Lead and Zinc (Proprietary) Limited) (“NLZM”) and shareholder loans owed by NLZM and the Company has assessed this 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 and the shareholder loans was an arm’s length transaction with a third party for a consideration of £2,078,402 and this amount was allocated to the identifiable assets and liabilities of NLZM that will be used by the group post the acquisition.

The consideration of £2,078,402 was allocated to the identifiable assets acquired and liabilities of NLZM assumed based on their relative fair values at the acquisition date:

** Current assets and liabilities acquired were allocated on their actual value and the balance of the consideration was allocated to the other assets pro rata to this values

Management determined that as at 31 December 2025 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 Tsoaxaub Metals Processing Plant for use in the Hope Copper Gold project by the acquisition of Tsoaxaub Metals, 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 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 31 December 2025 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

At 31 December 2025, the Hope and Gorob copper-gold project remained in the development stage and had not yet commenced commercial operations. In accordance with IAS 36, management assessed whether there were any indicators of impairment.  Given the project has not yet achieved operational status, a full impairment assessment was performed using a value-in-use model.

The recoverable amount of the mine development assets was determined using a discounted cash flow (DCF) model based on the life-of-mine financial model.

Key assumptions applied in the impairment test include:

• Commodity price (copper): USD 11,500 per tonne, (gold) US$3,500 per oz
• Discount rate (pre-tax): 10%
• Mine operations life: 12 years
• Run of Mine 480,000 tonners per year
• Processing capacity: 180,000 tonnes per annum of pre-concentrate
• Production profile: Based on the current mine plan and processing assumptions
• Operating and capital costs: Based on approved budgets and feasibility studies

The model incorporates management’s best estimates of future economic conditions, production levels, and costs, consistent with externally available market data where applicable. The value-in-use calculation resulted in a positive net present value (NPV) of approximately USD 65 million.

As the recoverable amount exceeds the carrying value of the mine development assets, no impairment charge has been recognised as at 30 June 2026 (31 December 2025 Nil).

Sensitivity Analysis: the impairment assessment is sensitive to changes in key assumptions, particularly:

• Commodity prices (copper and gold)
• Discount rate
• Operating and capital expenditure
• Production volumes and recovery rates

Management performed sensitivity analyses and noted that:

• A decrease in copper or gold prices or increase in discount rate could reduce the headroom.
• There remains sufficient headroom under reasonably possible changes in assumptions, and no reasonably foreseeable scenario results in impairment at the reporting date.

10.         Mine and Processing Plant Properties

As announced on 30 June 2022 the Company further to its announcement of 23 November 2021 confirmed that it had issued two drawdown notices of £350,000 each (“Tranche 1” and “Tranche 2”) for a total amount of £700,000 (the “Drawdowns”) under its £1,000,000 interest free unsecured convertible loan funding facility with Sanderson Capital Partners Ltd (the “Lender”), a long-term shareholder in the Company (the “Facility”). The amount drawdown was interest free and repayable in 12 months or can be converted at any time at the Lender’s option into Bezant shares at fixed prices for Tranche 1 of  £350,000, at 0.19 pence per share and for Tranche 2 of £350,000 at 0.225 pence per share. 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. The value of the liability component of £546,000 and the equity conversion component of £154,000 were determined at the date of the Drawdowns. 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%.

Under the terms of the Facility the Lender was due;

i) a drawdown fee of £14,000 being 2% of the amount drawdown which was settled by the issue of 12,522,361 new ordinary shares of £0.00002 each (“Shares”) credited as fully paid at 0.1118 pence per share being the five-day VWAP on 28 June 2022 (the “Drawdown Fee Shares”); and

ii) £350,000 of three year warrants over Shares (the “Warrants”). The exercise price for the Warrants was as follows:

• £175,000 at 0.25 pence per share for the drawdown of Tranche 1; and
• £175,000 at 0.30 pence per share for the drawdown of Tranche 2.

On 15 June 2023, the Company announced, it had by an agreement dated 14 June 2023 agreed with the Lender to;

(the “2023 Modified Terms”) (the “2023 Modified Facility”) .

The Company determined that the 2023 Modified Facility was in accordance with IFRS 9 substantially different from the terms of the Facility and that therefore the equity instrument comprising the Facility was deemed to be repaid on 14 June 2023. 

On 5 March 2024, the Company announced, it had by an agreement dated 4 March 2024 agreed with the Lender to;

(the “2024 Modified Terms”) (the “2024 Modified Facility”).

The Company determined that the 2024 Modified Facility was in accordance with IFRS 9 substantially different from the terms of the 2023 Modified Facility and that therefore the equity instrument comprising the 2023 Modified Facility was deemed to be repaid on 5 March 2024. There was a gain of £28,000 on the settlement of borrowings.

On 27 February 2025 the Company announced that by an agreement dated 26 February 2025 it had agreed with the Lender;

1.                      to extend the repayment date for the Drawdowns to 31 July 2026;
2.                    to reduce the conversion prices of Tranche 1 and Tranche 2 to 0.025 pence per share;
3.                   to extend the expiry date of the Facility Warrants by one year to 14 June 2026; and
4.                   reduce the Target Conversion Price to 0.05 pence per share; and
5.                     the Company may at its sole election prepay the whole or part of the Loan on any day prior to its maturity date upon giving not less than 20 days’ prior written notice to the Lender (“Prepayment Notice”) and paying the Lender a cash premium equal to X where X =  25%  multiplied by ((the number of days  from date of receipt of the Loan to the repayment date) divided by 360).  The Company may issue more than one Prepayment Notice. Once a Prepayment Notice has been given the Lender cannot convert that portion of the Loan that the Prepayment Notice relates to.

(the “2025 Modified Terms”) (the “2025 Modified Facility”) .

The Company determined that the 2025 Modified Facility was in accordance with IFRS 9 substantially different from the terms of the 2024 Modified Facility and that therefore the equity instrument comprising the 2024 Modified Facility was deemed to be repaid on 25 February 2025.

The 2025 Modified Facility is an equity instrument as the conversion feature results in the conversion of a fixed amount of stated principal into a fixed number of shares, so 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%.

On 11 June 2026 the Company announced that by an agreement dated 10 June 2026 it had agreed with the Lender to extend the repayment date for the Drawdowns to 30 September 2027 and to extend the expiry date of the Facility Warrants to 30 June 2028 (the “2026 Modified Facility”).

** On 11 June 2026 the Company announced a US$7 million secured prepayment facility agreement with Hartree Metals LLC (“Hartree Metals”) for the development of the Hope and Gorob Copper Project to support construction of the Hope and Gorob mine site and commissioning activities at the Tsoaxaub Metals Processing Plant in Namibia (“Facility Agreement”).

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. 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 has 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, these warrants were issued post the period end but have been included in the warrants in issue at 30 June 2026 in note 13 as the liability to issue them arose during the period.  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.

At the period end, the Company had the following share-based payment plans involving equity settled share options and warrants in existence:

Share Options

 ** Vest upon the first sale of concentrate from ore mined at the Hope and Gorob mine or on a

change of control and / or sale of the Hope and Gorob project

Warrants

The number and weighted average exercise prices of the above options and warrants are as follows: