Name of the Project
Hope and Gorob copper/gold project.

Location
About 250 km south-west of Windhoek and about 120 km south-east of Walvis Bay, in Namibia. It comprises the Hope, Gorob and Vendome orebodies.

Project Owner/s
Copper and gold exploration company Bezant Resources holds a 90% shareholding in Hope and Gorob Mining, the Namibian registered holder of the Hope and Gorob project. Bezant acquired an additional 20% interest from its Namibian partner MKH Tangible Investments in April 2026 for £1.11-million, settled in cash and shares. MKH retains a 10% interest in Hope and Gorob.

Project Description
The project is centred on the Hope, Gorob and Vendome deposits within the Matchless Amphibolite Belt. 

The initial mine development is an openpit operation at Hope, which is the first production area. Gorob and Vendome are intended to provide additional ore feed later in the project schedule.

The project’s financial model is based on a maximum mining rate of 480 000 t/y of run-of-mine (RoM) ore. 

At Hope, about 34.2-million tonnes of material are scheduled for extraction over the openpit mine life, including about 2.2-million tonnes of RoM ore and about 32-million tonnes of waste at an average strip ratio of 14.6 t/t. 

Gorob has a projected four-year mine life, with total material movement of about 2.3-million tonnes, including 425 000 t of RoM ore, at an average strip ratio of 4.4 t/t. 

A new mineral resource estimate, published on April 8, 2026, resulted in an increase – more than sevenfold, to more than three-million tonnes, from 410 000 t in the 2023 estimate – in the Hope mineral resource. This increased the openpit immediate life-of-mine (LoM) from one year to 7.5 years at a production feed rate of 400 000 t/y into the ore sorter and reduced the strip ratio from 11:1 to 9:1. 

The 2026 resource classification comprises 1.1-million tonnes in the measured category, 500 000 t in the indicated category and 1.4-million tonnes in the inferred category. Bezant has said a further 3.6-million tonnes of mineralisation remains in inventory for possible upgrading to mineral resources. In addition, 1.3-million tonnes of low-grade material grading between 0.3% and 0.5% copper occurs within the pit shell, but outside the 2026 mineral resource, and could be upgraded through on-site ore sorting. 

The updated resource also allows for Phase 2 development to be brought forward by five years. Bezant has said this phase would involve a new flotation plant, subject to statutory approvals, and closer to Walvis Bay, producing 25 000 t/y of copper metal. 

RoM ore will be preconcentrated on site using dry ore-sorting technology before being trucked about 190 km to the Tsaoxaub Metals processing plant, formerly the NLZM processing plant, for final concentration. The plant is being upgraded and repurposed from lead/zinc processing to treat copper sulphide and oxide preconcentrate from Hope and Gorob.

Potential Job Creation
Not stated.

Capital Expenditure
Earlier engineering estimates for conversion of the NLZM processing plant provided for R2.4-million in detailed engineering, with execution estimated at R54.5-million under an engineering, procurement and construction model, or R51.3-million under an engineering, procurement and construction management model. 

Under the August 2026 accelerated purchase arrangement, $5-million is due by October 31, 2026, with a further $4.98-million payable in quarterly instalments from March 2029 to December 2031.

Planned Start/End Date
First concentrate production is targeted for September 2026.

Latest Developments
Bezant reported the first blast at the Hope openpit on August 13, 2026. The 20 000 t blast liberated about 2 000 t of commercially viable mineralisation, with preliminary evaluation indicating that the exposed mineralisation was consistent with the geological block model in location and tenor.

Unitrans has started ground clearance and separation of ore and waste, while mining and transport of RoM ore to the Tsaoxaub Metals plant are advancing to build a stockpile for plant commissioning. The plant site manager has been onboarded and recruitment of plant operators is under way. Sound Mining is also working with the mine geology team to validate the existing block model.

On August 27, 2026, Bezant announced accelerated purchase arrangements for the Tsaoxaub Metals processing plant, giving it greater control over future modifications and expansion. Plant upgrades and repurposing were continuing, and first concentrate production remained on schedule for September 2026.

The announcement referred to a 35-year LoM for the current Hope openpit resource. This differs from the 7.5-year immediate openpit life stated in the April 2026 mineral resource estimate at a 400 000 t/y ore-sorter feed rate; the later announcement did not provide a revised resource estimate or explain the basis for the 35-year figure.

On September 2, 2026, Bezant announced a co-investment agreement with its financing and concentrate offtake partner, Hartree Metals, under which Hartree will provide the $5-million required for the accelerated plant payment. The arrangement is intended to simplify the plant financing and security structure, and remains subject to Namibian exchange-control approval for certain payment obligations. Bezant said mine construction, pit blasting, ore stockpiling and plant modifications were progressing towards first concentrate production in September 2026.

Key Contracts, Suppliers and Consultants
Addison Mining Services (mineral resource estimation); Sound Mining (2026 Hope mineral resource estimate and block-model validation); Ferro Drill Namibia and Shali Group Holdings (drilling); Environam Consultants Trading and Burmeister & Partners (environmental work); SGS South Africa, TEA and ALS entities (laboratory services); independent consultant B. Loocke (mineralogy and geology); Suntech Geomet Laboratories, Multotec, ENC Minerals and Steinert (metallurgy and mineral processing); Weir Minerals Africa and MetalX (engineering); Unitrans (mining and haulage contractor); and Hartree Metals (financing and concentrate offtake partner and co-investment financing for the processing plant).

Contact Details for Project Information
Bezant Resources, email info@bezantresources.com.