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Any with a better understanding or have there been any hints or otherwise from podcasts regarding situation on the financing?

RNS 30/10/25

The Financing and Offtake Agreements are subject to completion of the acquisition of a 90% shareholding in Namib Lead and Zinc Mining (Proprietary) Limited ("NLZM") (as announced by the Company on 14 August 2025), customary closing (including completion of standard final due diligence) and execution of full-form definitive agreements. The Financier will be named when the full form definitive agreements are signed.

17/12/25

Bezant (AIM: BZT), the copper-gold exploration and resource development company, further to its announcements of 14 August 2025, 19 November 2025 and 8 December 2025 confirms that it has now completed the Acquisition of a 90% shareholding in Namib Lead and Zinc Mining (Proprietary) Limited which owns the NLZM Processing Plant.

I don’t check in as much as I should.

Are you kidding?

So we have now had both updates on both SK and Amghas small scale mining start ups, what could be the next news outside of these?

Although these are being prioritised we would still expect to hear of Western Foreland ‘26 exploration drilling phase to commence soon. Let’s not forget how highly prospective these licences actually are, positioned in arguably the best exploration ground in the world currently, surrounded by very capable high technology majors. Anything they find will be feeding into Xtracts situation there

There is also their large scale exploration JV for SK with phase 1 assays already recieved, access road built for phase 2 drill pads, where drilling was then completed. So phase 2 assays in H1 plus due to how progressive exploration has been so far, would expect announcing that Phase 3 drilling to commence after delivery of ph2 results.

Think those are more certain, other outside possibles still to come are BR update on further ore sorting test work or update on Chilibwe court precedings perhaps.

If not any of the above then would settle for first ore sent for processing or first concentrate delivered from Silverking.

Reasonable assumptions Andrew, would not disagree is still early days, but there are some caveats to maybe consider generally.

The early run of mine material of which CB said is on surface ready to put through first, estimated over a years worth will not carry full mining costs. ( not sure of grade tho) without listening back.

RNS stated the breccia bulk material that they will ‘later’ mine circa 3%, will be dry sorted by gravity separation producing a 5-6% head grade.

They are looking to produce a final Antimony concentrate of 65%

Swings and roundabouts but this is just from Amghas if all test work is good, then other mine to

seriously consider if they can derisk Amghas to give the confidence to expand further.

Punchy comment from Archer, “You'll wake up to a 100% day at some point. Likely the day Colin RNSs the first payment at gate.”

A reminder how easily this could come about. The initial spike on Jan 18th in ‘21 was a 100% day off the back of this particular RNS.

https://www.lse.co.uk/rns/XTR/bushranger-drilling-programme-further-update-95i8lblmmknlw9w.html

Beggars belief how, tells of dissemination and use of the XRF, not an assay to speak of. But it shows you what can happen when there are buyers looking for value out there at the right time in the right space. 138m volume traded that day!

Since the disposal of Moz mine I could see early the significance of why the company wanted to spend the money to acquire these type assets, both former producing mines and get into a position where once the markets turned bullish again, would be in prime position to get the jump on most other juniors to attract investors back in here. This time on far more solid fundamentals as investors look for that value where there is current undervalue.

Can ‘all’ agree there have already been many multi baggers so far, get this right and it will be XTr regularly back up on the LSE leaderboard again.

Often wonder how many will be kicking themselves for not taking more down at sub 0.7

I certainly did 👊

Max PR high saturation across different media = funding round imminent. The approval of further investment to specifically fast track production will come from treasury one would hope.

I like your thinking lucky 😅

This is now a far more serious proposition altogether that is still in development. It doesn’t need maximum exposure to fuel volatility in the share price now or ever. True value will come however it is handled, but being a producer will put XTr in a different bracket completely in terms of being able to put a firmer valuation on the company.

It’s not those high grades veins that are the real driver as they are in smaller concentrations, what makes this so significant are the surrounding breccia that are in much higher bulk tonnages that are amenable dry ore sorting due t the metals high density.

Pre concentrating it will increase grade reduce the mass, meaning more metal going into the plant and higher yield being processed. The higher head grades will also improve recoveries.

“You got to be in it to win it

Am in it bigtime.

This is the only Stcok I own.”

Hi Aiminvesting, you would have better odds if you sold your house, took the cash to Vegas and put it all on Red or Black one spin.

At least if you lose you would have had a cracking holiday 😉

Not sensible advice btw

Best of luck to you.

Not ‘people’ Andrew, just you.

And I’ll think anyone can see it was you first thing this morning, that was doing the trolling you typically accuse me of. I just like to give back what I recieve.

Thought I could engage some constructive debate but seems not.

This worth repeating-

They make an easy villain. When a share doesn’t move how people expect, it’s simpler to blame MM “games” than admit the market just isn’t buying into the story.

Most don’t understand how market making actually works. It’s mostly automated liquidity provision and hedging not someone deliberately pushing prices around.

Low-liquidity shares create weird price action. Wide spreads, small trades moving the price, and thin order books look like manipulation but are usually just normal microstructure.

Human psychology loves patterns. Random moves get interpreted as hidden intent: “tree shakes”, “walkdowns”, “loading up”, etc.

It protects the ego. Blaming MMs is easier than accepting bad timing or overestimating a stock.

Forum culture amplifies myths. One person posts a conspiracy, others repeat it, and it becomes accepted lore.

Misunderstanding of price discovery. People assume buys should push price up and sells down, when spreads, limits, off-book trades, and order-book imbalance actually drive movement.

Most “MM manipulation” is just low-liquidity behaviour, automated systems matching orders, continually moving the spread around to create liquidity to make their profits on the spread.

As investors we like to project some kind of meaning onto random price noise when things are not going as expected.

Also, WSBN is not a gold stock or a hedge to gold price. It is a news driven exploration company. The ramping here is a complete joke.

No not you jez Andrew had said about only believing what’s RNS’d

You were the one that told us all that we can only believe what’s in an RNS now as anything cb says in interviews cannot be believed. Or have you conveniently forgot you said that previously?

But yes I must admit jez I do like to.

Just wondering if you will be getting a plane ticket to Africa to have a look for yourself to see when they announce in RNS first concentrate from the plant. How else does that work for you Andrew you really do have trust issues.

Basically a step by step process.

Hi Dafthat

They may also need time to establish ESG framework toward completing the road which can take time and if not taken seriously by the company can create delays.

There is a lot more to consider than simply getting on with it.

I am only offering a possible reason but nether the less I believe one that could be very likely a factor.

Australia has some of the most stringent ESG compliance in the world to protect their fauna and flora and the company will certainly have to have an environmental impact assessment done before any access road can go ahead anyway.

We shall see who is closest, your predicted 1.5p market cap after SK full ramp up which I might add you said will realistically be by end of the year. So carefull of what you predict as I will be reminding you of that.

I still think BR will go another year into ‘27 before actions are taken. I believe they will want to show that the high grade can also be pr concentrated along with low grade that is proven now to be amenable to CPF and with final plant design concept for a 1mt-5mt throughput capacity.

Maybe then 100m MC on a corporate action of some kind.

Let’s please change the subject header.

Currently Antimony is traded mainly through exchanges and markets where significant producers, predominantly in China and the U.S., operate. The way it is looking with increased global demand and varying trade policies, the landscape may continue to evolve with Martyn Churchouse suggesting the like with direct import to Europe with a 65% Antimony concentrate.

Far as can see the production of antimony ‘trioxide’ involves additional processing steps that convert the raw ingot one would assume 65% concentrate into a usable compound. Anyone have a better understanding?

Loads of important news to come soon,

Geophysics results,

Maiden MRE

Mining agreement and project update.

All positive one would hope.