£4M Financing Facility & Hope & Gorob Update

23 October 2026

Bezant Resources Plc

("Bezant" or the "Company")

£4 Million Financing Facility and Hope & Gorob Operational Update

Bezant Resources Plc (AIM: BZT), the copper-gold exploration and development company, is pleased to announce that it has entered into an agreement with US-based YA II PN Ltd (the "Lender"), an institutional investor managed by Yorkville Advisors Global, LP (the "Yorkville Group") for a £4 million gross financing facility which is being drawn down in full (the “Facility”).

The Facility, structured as a non-convertible unsecured loan repayable in cash, provides Bezant with additional working capital and financial flexibility to support its ongoing operations, corporate requirements and development activities.

The financing comes at an important stage in the Company’s development, with copper concentrate production now underway at Hope and Gorob in Namibia and the first shipment anticipated in November 2026.

Highlights

• The Facility offers an alternative to an immediate £4 million equity placing, at a discount to the current share price allowing the Company to preserve financial flexibility and seek to minimise dilution for existing shareholders
• Non-convertible loan facility, repayable in cash in ten equal monthly instalments, with the first scheduled repayment on 15 January 2027
• Board intends to meet repayment obligations primarily from projected cash flow, with the Facility providing an additional working capital headroom during the period the Company completes commissioning and transitions to regular concentrate sale from its mining operations at Hope & Gorob in Namibia
• Copper concentrate production now underway at Hope and Gorob, with the first shipment expected in November 2026
• The Facility provides funding to support the Phase II expansion and an increase in annual copper production during 2027 at Hope & Gorob
• The Facility also enables a resource development programme to underpin a targeted minimum 25,000 tonnes of contained copper production through a Phase III expansion
• Historically strong copper prices and continuing global mine supply constraints provide a favourable market backdrop for the Company’s emerging production activities

Colin Bird, Executive Chairman of Bezant Resources Plc, commented: “The £4 million Yorkville Facility represents an important addition to Bezant’s financial resources at a time when the Company is moving into a new phase of its development.   An important consideration in selecting this financing structure was the preservation of shareholder value.  We believe that raising £4 million gross through an immediate conventional equity placing, at a time when the cash-generating potential of our operations has yet to be fully recognised in the share price, would result in significant dilution for existing shareholders.   We believe shareholders are better served by allowing the Company’s developing production and cash flow to demonstrate the underlying value of its assets before considering substantial new equity issuance.

The Facility provides us with the working capital flexibility to support our operations, manage the timing of expenditure and anticipated cash receipts, and maintain momentum across our activities.

Our ambitions extend well beyond initial production. Phase II and Phase III are targeting a minimum annual production capacity of 25,000 tonnes of contained copper, demonstrating the scale of the opportunity we are working towards.

We now have the financial flexibility to support our immediate requirements, copper concentrate production has commenced, and the longer-term opportunity at Hope and Gorob remains substantial. Our focus is on converting these advantages into cash generation and shareholder value.”

Commercial reasons for the Facility

The financing is intended to provide general corporate working capital, support ongoing operational expenditure and maintain additional financial flexibility across the Company’s activities.  The Facility provides liquidity headroom to manage the timing differences between operational expenditure, concentrate shipments and the receipt of sales proceeds.  The financing structure has been selected with a view to providing the Company with working capital while avoiding the immediate dilution associated with a conventional equity placing of equivalent size at a discount to the current share price.

Operational Progress and Outlook

Copper concentrate production has commenced at the Company’s Hope and Gorob project in Namibia, representing an important milestone in Bezant’s development and is expected to provide the foundation for future operating cash generation.
The Company’s immediate priorities are to establish consistent concentrate production, regular shipments and a reliable cycle of sales receipts.

Expansion Strategy

As previously reported the Board continues to see substantial longer-term potential within the wider Hope and Gorob licence areas and intends capitalising on this potential with immediate effect with a particular focus on the Phase II expansion which will result in additional copper production during 2027 and resource development aimed at increasing the Mineral Resource Estimate to support Phase III expansion.

The development strategy envisages progressive advancement, unlocking the broader potential of exploration licences leading to a targeted  minimum annual production capacity of 25,000 tonnes of contained copper.

Copper Market Outlook

The Company’s progress coincides with a period of historically strong copper prices. The global copper industry continues to experience mine supply constraints, including declining ore grades at established operations, operational disruptions and increasingly lengthy development timelines for new projects.

At the same time, copper demand continues to benefit from electrification, electricity infrastructure investment, renewable energy development and expanding requirements associated with data centres and industrial growth.

The Board believes these factors provide an encouraging longer-term backdrop for copper producers and developers, particularly those with established mineral resources and opportunities for production expansion.

Against this background, Bezant remains focused on converting its operational progress into sustainable cash generation while advancing the substantial potential of its copper assets.

Key Terms of the Facility

The Company has entered into a £4 million gross loan agreement with the Lender. The Facility is structured as a non-convertible unsecured loan, with repayment obligations payable in cash. The interest rate on the Facility is 5% p.a. and the Facility is repayable by 15 October 2027 in ten equal monthly instalments of £400,000, together with accrued interest, commencing on 15 January 2027 (“Amortisation Payments”). A non-refundable upfront fee of 6% and a structuring and due diligence fee of £20,000 are deducted from the loan proceeds.  The Company has given customary warranties for an agreement of this nature and met the Lender’s due diligence criteria.  The Company was advised on the transaction by Temeraire Partners.

Pursuant to the Facility the Company has agreed to issue to the Lender three-year warrants with an aggregate subscription value of £3 million with at a subscription price of 0.16 pence per share, being 125% of the volume weighted average price of the Company’s shares for the five consecutive Trading Days immediately preceding the Completion Date of 22 October 2026 (the “Lender Warrants”). The Lender may exercise the Lender Warrants for cash or by offsetting the aggregate subscription price against amounts outstanding under the Facility.

It is anticipated that the Facility will be repaid from the Company’s projected cash flow including the exercise of in the money warrants.  To provide additional flexibility the Facility provides for the Company putting in place, within 15 business days, an At-The-Market ("ATM") facility with a broker regulated and authorised by the FCA as a supplementary equity funding mechanism.

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).

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.

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.

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations, performance, future capital and other expenditures, competitive advantages business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.