Bezant Resources (LSE:BZT) has completed a US$7 million secured and convertible prepayment facility alongside a life-of-mine offtake agreement with Hartree Metals, providing funding for the construction and commissioning of the Hope & Gorob Copper Project in Namibia. The company is targeting first copper concentrate production during the third quarter of 2026.
Under the agreement, Hartree will purchase all copper concentrate produced by the project on market-based terms, with shipments exported through Walvis Bay. The financing facility is structured in stages and carries an interest rate based on SOFR plus a 4.5% margin. It also includes conversion rights and warrant provisions linked to equity participation, reflecting Hartree’s confidence in the project’s development timetable and the broader potential of Bezant’s Namibian operations.
The arrangement further strengthens the strategic relationship between the two companies. Hartree will have the option to appoint board representation should its shareholding in Bezant reach 10%, aligning its interests with the company as concentrate production and monthly shipments begin to ramp up from the third quarter of 2026.
In a separate funding measure, Bezant has agreed an extension to a £700,000 unsecured convertible loan provided by Sanderson Capital. Repayment has been deferred until September 2027, while the expiry dates of associated warrants have also been extended. Management said the move reduces near-term funding pressure and provides additional flexibility as the Hope & Gorob project moves towards commercial production.
Bezant’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, continuing losses and ongoing cash burn, although the company maintains relatively low leverage. Technical indicators remain supportive and suggest positive market sentiment, while valuation metrics appear modest. However, these factors are balanced against the company’s current operating and cash flow challenges.
More about Bezant Resources
Bezant Resources Plc is a mineral exploration and development company focused primarily on copper and gold assets, with its principal operations located in Namibia. The company’s flagship Hope & Gorob Copper Project is being developed using a processing strategy that includes ore sorting at the mine site before producing export-grade copper concentrates at the repurposed NLZM flotation plant for sale into global smelting markets.
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