Bezant Resources PLC (AIM: BZT) has secured a significant financing and offtake package that moves its Hope and Gorob Copper Project in Namibia closer to production, with first concentrate expected later this year.
The company has signed definitive agreements with Hartree Metals, part of global commodities trading group Hartree Partners, covering both project funding and the sale of future copper concentrate production.
Under the agreement, Hartree will provide up to US$7 million through a secured and convertible prepayment facility, delivered in five tranches. The funding will be used to support mine construction, commissioning and the transition into production.
Importantly, Hartree has also agreed to purchase 100% of copper concentrate produced from the project for the life of the mine under a long-term offtake agreement. Securing both funding and a guaranteed buyer is a major milestone for any mining project and significantly reduces commercial risk as operations ramp up.
Copper production is expected to commence during the third quarter of 2026, with concentrate exported through Namibia’s Walvis Bay port.
The financing package carries a four-year term and includes a 12-month repayment grace period, providing Bezant with flexibility during the critical early production phase. Hartree also retains the option to convert some or all of the facility into equity at 0.16p per share, representing a 28% premium to Bezant’s recent market price.
Should Hartree’s ownership exceed 10%, it would also gain the right to appoint a director to the board, further aligning its interests with the project’s long-term success.
In addition, Bezant has strengthened its financial position by extending repayment of a £700,000 convertible loan facility held by existing shareholder Sanderson Capital until September 2027, reducing near-term financing pressures.
The combination of project funding, a long-term offtake partner and deferred debt obligations represents a major de-risking event for Bezant as it transitions from developer to producer.
With financing now secured and first production targeted within months, investors will be focused on construction progress, commissioning milestones and the delivery of initial copper concentrate shipments from what is set to become Bezant’s first producing mining operation.
