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"the auditor still flags material uncertainty on going concern, and the company may still need additional funding depending on execution and working capital."

When I spoke to Colin at the recent investors presentation, I asked whether obtaining finance meant the end of equity fundraising. He said it *should* do, which leaves the Board more than enough wiggle room should they wish to issue more shares.

Should they do so, let's just hope the SP is higher and there's not a 1-for-1 warrant attached.

Thanks Wheaten, that's a useful response.

Given the "full steam ahead" approach adopted by the company, it does make me wonder about future mining-license applications. It took almost two years to get the Hope / Gorob license, but perhaps this race to production will help future applications as the Minister will see that BZT's progress means genuine local jobs and (eventual) decent tax revenues?

I'm not suggesting any future applications will be fast-tracked, but it would be lovely if they don't take two years!

Thanks for sharing. I wonder when Unitrans will "break ground" at the site? I'd imagine there's some pressure to do so, as Board members have options that vest at that point.

They also have options that vest at the first sale of concentrate, so no wonder Colin's pushing that timetable, too. #onwardsandupwards

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31st March 2026 - Warrants issued to each participator involved in the fundraise on this date. 1 warrant for each share subscribed for, and there were 3,369,230,771 shares subscribed for on 31st March 2026 (including warrants issued to the Broker). Exercisable at 0.165p until March 2029.

11th June 2026 – 65,000,000 warrants exercised.

11th June – Hartree Metals receive a warrant valued at $1,750,000 for shares to be purchased at 0.0011p (1,193,181,818 shares at an exchange rate of $1 = £0.75), whilst they also have the option of converting the $7,000,000 loan to shares at a purchase price of .0016p (3,281,250,000 shares at the above exchange rate). The warrant and option are both exercisable up to 4 years from the date of issue.

18th June 2026 – 184,615 385 warrants exercised.

I therefore believe (and please do check the numbers) that from 2020 there have been 18,776,262,589 warrants and options issued by the company, and of those, 2,446,115,385 have already been exercised.

Given Total Voting Rights (TVR) is currently stated as being 22,112,672,557, then the total possible number of shares that might be issued (if all parties exercise their options / warrants in full) is 38,442,819,761.

For the company’s shares to reach 1p, the company would therefore need to be valued at £384,428,197 (let’s call it £385,000,000), which is why, in my view, phase 1 looks like it’ll give us a SP in the region of 0.3p to 0.4p.

I hope that’s helpful and as I say, please do feel free to check my numbers! : )

POST ONE OF TWO

pj70 - Further to yesterday's post, I've taken another look at the number of BZT warrants and options that are yet to be exercised. Please find this below. I've started from late 2020, as I don't think there are any warrants and / or options pre-dating 2020 that can still be exercised.

10th November 2020 - Options awarded over 220,000,000 shares. Exercise price was 110,000,000 shares at 0.425p and 110,000,000 shares at 0.565p. Exercisable until 21st June 2028.

15th June 2023 - Warrant to Sanderson Capital Partners Limited for rearranging and extending the £700,000 loan. Warrant was for 437,500,000 shares at 0.12p. Exercise date originally expired on 14th June 2025, but it was extended on 27th February 2025 to run to 14th June 2026, now 2027.

4th December 2023 - Warrants issued to each participator involved in the fundraise on this date. 1 warrant for each share subscribed for, and there were 3,200,000,000 shares subscribed for on 4th December. Exercisable at 0.06p until 18th December 2026. 151,600,000 warrants also awarded to the broker - again exercisable until 18th December 2026.

15th March 2024 - Options awarded over 447,500,000 shares. Exercisable at 0.06p until 18th December 2028.

24th December 2024 - Warrants issued to each participator involved in the fundraise on this date. 1 warrant for each share subscribed for, and there were 2,800,000,000 shares subscribed for on 24th December. Exercisable at 0.04p until 2nd January 2028. 105,000,000 warrants also awarded to the broker - again exercisable until 2nd January 2028.

27th February 2025 - Not a warrant as such, but Sanderson Capital Partners Limited can convert their £700,000 lending to shares at 0.025p, equivalent to 2,800,000,000 further shares. They have advised that they intend to take advantage of this conversion.

9th July 2025 - 120,000,000 warrants exercised.

11th July 2025 - 105,000,000 warrants exercised.

11th September 2025 – 8,000,000 warrants exercised.

10th October 2025 – 85,000,000 warrants exercised.

16th October 2025 – 476,000,000 warrants exercised.

24th October 2025 – 72,000,000 warrants exercised.

3rd November 2025 – 75,000,000 warrants exercised.

6th November 2025 – 80,000,000 warrants exercised.

4th December 2025 – 350,000,000 warrants exercised.

8th December 2025 – 100,000,000 warrants exercised.

8th January 2026 – 350,000,000 warrants exercised.

14th January 2026 – 80,000,000 warrants exercised.

23rd January 2026 – 285,500,000 warrants exercised.

3rd March 2026 - Options awarded over 771,000,000 shares. Exercisable first at breaking ground and then at sale of first concentrate.

10th March 2026 – 5,000,000 warrants exercised.

30th March 2026 – 5,000,000 warrants exercised.

This is Shard Capital Partners LLP exercising their warrant (as provided at March's fundraise) in full. They received their fee of £120,000 in shares valued at 0.00065 and now can potentially sell them at 0.00141, giving them consideration of £260,000.

Nice work if you can get it.

" . . . . we have discounted Gorob and 97km worth of strike money and drilling."

Charles has also discounted the fact that the first two years worth of profit will not simply disappear into the ether. The intention is that the first $50M / $75M / $100M will be spent on a much larger flotation plant that is capable of producing 25,000 tonnes of copper each year.

That is a balance sheet asset. It adds value to the company. The share price may be a reflection of the company's earnings, but it will also take account of the company's assets, and having a very significant flotation plant is going to (I believe) again add serious value to the company's bottom line.

I agree that there wasn't a lot that was new today, though to be fair Colin has been banging the Bezant drum for some time now - so there wasn't much scope for new information.

Colin did suggest that the EBITDA of phase 1 was likely to be in the region of $40 million (£30 million), and so the value of the company at that point will be dependent on the P/E ratio. If we have a P/E ratio of 4, then that's value of £120,000,000, which, given there's potentially 37 billion shares in issue (if every current holder exercises their options and warrants in full), gives us a phase 1 share price of just under 0.33p a share.

A P/E ratio of 5 gives us a correspoding share price of just over 0.4p a share.

One statement I did pick up on was that Hartree might take their investment in shares, along with taking a place on the Board. This was the opposite of what Prickly and I had been told on Thursday, but I guess (like all good salespeople) Colin tailors his view to his audience.

I'm not unhappy with Hartree having a person on the Board. We often complain that Colin has too many plates spinning given his other companies, but having a financier on the Baord would certainly focus minds and ensure that the company stayed full steam ahead, no matter what was going on with AFP, XTR, Kendrick etc.

Cyberiachas - it's a pity that we didn't manage to meet up. Perhaps if you're going to the AGM we could intrduce ourselves?

pj70 - imagine that! A share price of 2.5p to 3p a share. Goodbye "9 to 5", hello Ferrari dealership! : )

Thanks. : )

I guess one point I'd add is that the new flotation plant will obvioulsy be a significant asset on the company's balance sheet. It's not that the company's profits are being lost to directors remuneration (or dividends), but are, in essence, being retained to strengthen the value of the company when someone larger comes along to buy it.

It's not something I've thought about previously, but I think I'd prefer profits to be sunk into capital assets, rather than distributing them by way of a dividend.

The first couple of years' cashflow are likely to be spent on building the new (much larger) flotation plant at / near Walvis Bay. According to Colin, the cost is going to be around $50million to $60million, so I guess that's dividends done for a couple of years at least.

It's the flotation plant that's currently the pinch-point, restricting the company's ability to produce 25,000 tonnes a year, even if (when) we dig the ore out of the ground.

A dividend would be lovely, but this share might be one for capital growth for a time yet.

Hi all

Prickly and I attended today's inverstor presentation in the City, which primarily focussed on Kendrick and Bezant, with a few comments on African Pioneer and Xtract.

There were about 60 attendees (it was literally standing room only) in total. The Namibian High Commissioner and his wife were there, so Colin and Martin Churchhouse were obviously banging the drum for Namibian jobs and tax revenues. The group of companies' resident geologist, Professor Johnson, was also in attendence and he said a few words at the end, again about Kendrick Resources.

The presentation was very well done and informative (especially with regard to Kendrick Resources), but for those who attended December's EGM, the presentation covered much of the same ground, however there were one or two snippets that are worth repeating.

Colin didn't think Hartree Metals would convert all of the loan to shares. He said they're traders - they want the cash return, not to hold investments.

Regarding timeframes, the team are looking to begin digging the pit in July, with the first concentrate supplied in August, with revenue generated from late August. This was Colin's estimate and Martin was a little more circumspect, but you can see what they're looking to acheive.

Martin did say that recent analysis had extended the scope and therefore life of the Hope / Gorob pit. His belief was that the life on the mine had been extended to around 15 years at 8,000 to 9,000 tonnes a year. I'll be honest, this was news to me!

There was passing mention of "Phase 3" of the project, where the end-game was to be producing 50,000 tonnes a year across Bezant's Namibian licenses. It was a single sentence and I strongly suspect the company will be sold long before we reach Phase 3.

Prickly spoke to Martin after the presentation and the ore-sorter is now built and on-route from Germany. It should arrive at the site by the end of June / mid July. They're also happy to initially send quite small amounts of concentrate to the flotation plant in order that the plant can get up and running before the larger tonnage arrives.

Prickly also spoke to various brokers, and of the four companies discussed, Bezant was the one they felt most positive about. Which is nice to hear and who knows, might actually mean that the SP rises over the coming weeks! *crosses fingers*

Anyway, the AGM can't be far off, and I'd genuinely recommend going this year - especially if we're producing ore by that point. I'd look forward to hopefully meeting some messageboard members there - it's always good to put faces to names. : )

The SP mightn't do much at all today, but that's fine. The important thing for me is that we have a clear direction of travel with this share now. A big player has decided that our (currently) small project is worth getting their hands dirty for, and they're in for the ride.

Yes, the recent fundraise and the potential to convert the $7million to equity will hurt the SP (with over 10 billion shares / potential shares issued), but I'm still going to be very happy if this hits 0.5p a share.

Warrants also being exercised (the first in a little while), so someone's obviously convinced. Mind you, given they're paying 0.004 and 0.006 for them, there's not too much convincing needed.

*drums fingers* *looks at watch*

Did anyone listen to yesterday's Roast PR podcast? As well as the main interviews (one being with Colin regarding XTR), the focus of the hour was identifying 10 seperate 10-baggers.

BZT was obviously included, albeit at number six of the 10 (they were ordered as to the liklihood of them 10-bagging). The host seemed very sure financing was on the way (isn't eveyone?) and that (once again) it'll be with us soon. Let's see.

I expected BZT to fall today in light of the AI bubble finally beginning to go pop, so I'm pleasantly surprised that we're (at the very least) holding our own.

I hope to god Colin isn't renogiating the financing terms as I believe we're going to need cash in the very short term.

With hiring employees and developing capital and infrastructure, we must be burning through cash at the moment. I've thought for a while now (and stated previously) that we'll see one last lowball fundraise with excessive warrants, shortly after which (lo and behold!) the financing will be sorted. Give the Board their due, they never miss a trick.

We can only hope it's not a straight road, as then there'd be no chance that financing could be just around the corner.

Looks like the markets have appreciated the news about the road.

You should be no more twitchy than you were yesterday. The reason this share has put on a couple of hundredths over the past few days is, in my view, due to people taking profits from Kendrick Resources and looking for a quick turn here.

In addition to the points RMc makes, I think the question you need to ask is "What comes next?". If you believe it's the mystical financing deal (first stated as being completed in January), then you sit tight.

If you believe the next step is the Board further diluting shareholders with another lowball fundraise, then you'd sell.

The fact that our Chairman has said that he'd be quite happy to raise funds with another lowball subscription (on the last Roast podcast he appeared on) might colour your decision. Alternatively, our Chairman has also said (over the last couple of months) that the finance is "days away" / "just around the corner" / will be completed "imminently", so that too might play a part in your decison.

I've outlined my thinking in a previous post, but for the record I'm holding tight - though in hope more than expectation.

Finally, the last fundraise was approximately 2 months ago, and we will be burning through cash as we push towards production.