Bezant Resources PLC (AIM: BZT) has agreed an accelerated purchase arrangement for the NLZM processing plant in Namibia, consolidating its ownership position as the Hope & Gorob copper project approaches first concentrate production.
Under the revised agreement with CL US Minerals, Bezant will make an accelerated US$5 million payment by 31 October 2026. Once paid, the vendor’s existing security arrangements will be released.
A further US$4.98 million of deferred consideration will be payable in quarterly US$415,000 instalments between March 2029 and December 2031. Bezant can settle these payments early and receive a 12.5% annual discount.
The vendor also has a 36-month option to convert up to £2 million of the deferred consideration into Bezant shares at 0.13145p per share, subject to the specified discount mechanism and a two-month lock-up.
The company said a third party has expressed interest in co-investing towards the accelerated payment, with arrangements currently being finalised. Bezant believes this could simplify its financing and security structure.
The NLZM plant, now held through Tsaoxaub Metals, is being upgraded and repurposed to process both copper sulphide and oxide preconcentrate from Hope & Gorob. Crucially, Bezant said first concentrate production remains on schedule for the end of September 2026.
The investment case has also been strengthened by the recent Mineral Resource Estimate, which increased the projected life of the initial Hope open pit to 35 years.
That 35-year estimate excludes potential extensions to the Hope open pit and underground operation, the Gorob and Vendome resources, drill-ready targets across 17 kilometres within the mining licence and exploration potential across more than 80 kilometres of prospective host rock.
Bezant estimates that constructing a comparable processing facility from scratch could require approximately US$30 million and 24 months, including regulatory approvals, construction and commissioning.
Colin Bird Executive Chairman of Bezant commented: “This agreement is a major step forward in the consolidation of the corporate and financial arrangements for the Hope & Gorob mining venture. The objective of ownership will be met sooner rather than later providing the Company with total control and the flexibility to consider further productivity improvements through further upgrades and increased throughput capacity. We are delighted with the progress being made and we remain on track to commence concentrate production by the end of September 2026. We will keep shareholders updated as we progress through completion of construction, commissioning and production”
