Member Info for Pricey2019

When I saw the amounts that needed to be paid to secure the extra 20%, and especially WHEN they needed to be paid (i.e. now), it was pretty obvious that a fundraise was on the way.

What's annoyed me is that the raise was "oversubscribed" and yet still needed to be at a 23% discount with a 1-for-1 warrant attached (albeit at 0.165p a share). This definately feels like one last opportunity for the lads to stuff their pockets with as many cheap shares as they think they can get away with.

I guess the cold analysis is whether the additional 6+(!) billion shares (including warrants) are worth the additional 20% revenue. Maybe not at the initial production rate of 7,000 to 8,000 tonnes of copper per year, but the case become more compelling as further sites are open-pit mined, as is the intention.

It's all a bit of a kick in the teeth at the moment, but I'd hope it pays off in the long(er) run.

Hi Prickly

I agree with your comment and will be looking to hoover up a few shares come the new tax year. To quote Lord Rothschild - "Buy on the sound of cannons, sell on the sound of trumpets."

The world's need for copper is not going to diminish over the medium to long term. Indeed as oil and gas fluctuations unsettle economies, perhaps the sensible route seems to be a strong mix of renewables and perhaps nuclear, thus increasing the need for copper.

"Gawd loves an optimist..."

I think the optimism is appropriate. The key issue I noted was that the options only vest on breaking ground at Hope and Gorob (50%) and then when the first concentrate is sold (the other 50%). It's surely a good sign to see the company's directors exercising options with the above conditions, as the meeting of those conditions is now an expectation, rather than something we all hope happens.

"Patience is getting tried." Indeed.

This company is hopeless at diseminating information. I just took a look at the Bezant Resources website and the "Latest News" section on the initial page is a link to a RNS from July 2025. I kid you not.

It's unbelieveable that a company that anticipates being valued at nine figures in 2027 is so utterly hopeless in keeping the company's owners informed.

Well spotted, 8ead. Active until 24th February 2036.

An RNS confirming both this and the financing news would brighten my Monday!

Given Colin is allergic to communicating directly with those who own the company, maybe he can carve out five minutes to update his mates at Roast PR?

Hemo is right, communication has always been lacking, but recently it's been appalling. Sporadically phoning Prickly (who does his best to keep us all informed) to pass on general vibes with zero detail apparently constitutes "communication" at Bezant. DO BETTER, COLIN.

Thanks for the update Prickly,and well done on getting a response from the Board.

I guess we'll get our RNS when the signitures dry on the various lending/borrowing agreements between the companies. In the meantime,it's scarcely believable that we can pick up shares for less that 0.1p. I know the warrants and options drive down sentiment, but good grief!

Sorry, this is just me moaning again, but if the text below is correct (as found in the notes to the General Meeting) -

‘‘As stated above the NLZM has an ECC for its Mining Licence ML 185 which expires on 24 February 2026. If ML 185 is not renewed or its renewal is delayed this may affect the Company ability to use the NLZM Processing Plant as intended which may adversely affect the Company's plans and its ability to economically develop the Hope and Gorob Project’’

then why hasn't the approval of the ECC / license (as identified in the posts below), been the subject of an RNS? The non-renewal of the license was a serious issue, no? Yet when that license is renewed, we hear nothing.

There's a few of us who bang on about the SP rising on newsflow . . . . but if the company is not highlighting significant developments like this license approval, then what's going to attract further investors to the share?

Yes, I know you're right MFM . . . . my post should be filed under "Grumpy man waves fist at passing cloud". : )

Ultimately the financing will happen, and let's hope it happens soon.

Not so much "Why Tuesday?" as "Which Tuesday?". I'm currently betting on the third Tuesday in July.

I swear to god, the progress of this company really does embody the word "glacial". When it comes to the actual open-pit mining, I'm expecting that even our dynamite will blow up in slow motion.

Thanks RMc - much appreciated!

Unfortunately the article is behind the FT's paywall. Does the article say whether this new extraction method is much cheaper than current practises? Can it be made widely available?

Thanks for any info' you can provide.

Additional working capital or not, these warrants (along with a lack of financing news) really are a momentum killer.

Well spotted, and yes, definately a good sign of imminent progress.

I guess you don't start advertising for managers unless you've secured finance?

One of the points I've noticed on, say, a recent Sunday Roast discussion about shares to watch in 2026, or on the Gemini recommendations that I've seen on another thread here, is that there are no other small miners heading for production. A few have licenses (African Pioneer being one), but none are dynamically progressing geniuine mining operations, for instance through ordering kit, securing finance or buying sorting plants.

In my view, BZT was due a partial re-rate because it's a special case. It's not unique, but it's one of only a very few companies that are looking likley to provide genuine income in the near future.

I know that for those of us who've been around since Adam were a lad, it's about blimmin' time that we saw some return on our patience and funds - and I think 2026 will see that happen.

To all long-suffering BZT holders, I wish you all a great New Year and a prosperous (and boy, *what* a prosperous) 2026!

I didn't think we'd see another RNS before Christmas, so this is excellent news.

New ore-sorter ordered from Germany, ore-processing plant now acqired, finance provider in the final stages of conducting due dilligence. . . . as the song (kind of) goes, "It's beginning to look a lot like copper propduction".

Completely agree with Bob's post. There seems to be a real disconnect between understanding the actuality of buiding a mine and people's expectations here.

It was evident from the presentation that the Board have been busy progressing matters. An overview was provided of the complete mine-building process (planning, preparation and extraction), and where the Board could advance matters, they had. The "preparation" stage - encompassing everything from arranging trucking to the processing plant to providing accomodation for workers - can only start when the company has the funds available, and at the moment the finance-provider is conducting final due-dilligence checks.

My expectation (for what it's worth) is that once the finance is secured, the preparation stage will really move forward at pace. As I said in yesterday's meeting review, Colin wants the cash generated by extraction just as much as you and I do.

Finally, not every small step forward results in the issue of an RNS. My advice is that if you want to be "in the know", be "in the room". Attend the GM or the AGM - ask questions, demand progress. I was amazed that there were so few people there yesterday (about 20 to 25). I genuinely believe this project is about to take off - why weren't any of this MB's serial complainers there to put their case?

Sorry, FINAL point - I spoke to the guy from Sandersons (who've previously lent BZT £700,000), and (as expected, to be honest) they will be converting their loan to shares. Any previous warrants / options calculations I've done here should also add this conversion to the final figure.

Sorry, that should have finished " . . . but that was it".

The meeting lasted for about 1 hour 40 minutes.

Hi all

Yes, as I hope Prickly would agree, attending the GM was very worthwhile. I thought the salient points, in no particular order, were as follows.

- Timeline; Colin was absolutely adamant that he wouldn't be defining a mining timeline. Like all other shareholders, he ovbviously wants to be mining as soon as possible, but he wasn't prepared to give us an approximate time for when copper / gold production might start.

- Financier; the financier also remains unnamed as they (the finance-priovider) finalise their due dilligence with regard to Bezant. Colin isn't concerned that they're being thorough and it's hoped (and please note the word "hoped") the process will be completed by mid-January, at which point the financier will be announced. I'd strongly suggest that no-one currently knows who the finance-provider is - certainly those who attended the GM are no wiser.

Ore-sorter; as announced in a previous post, the company have bought a new ore-sorter to use at the mining site and reduce transport to the processing plant. Use of the sorter was explained and illustrated during the presentation that followed the initial vote.

Financing gap; the current financing gap between the monies provided by the finaincier and the overall cost to get the project up and running can be met by the exercising of warrants, the sale of Blackstone shares and a credit facility offered again (as I recall) by the financier. Colin's firm view is that the company has enough cash avialable through the above means to see the project started. Should further cash be needed, then according to Colin, a large number of (unnamed) sources are frequently offering various forms of finance. The offers are both unsolicited and rejected, given the Board have obtained finance on what they believe to be the best terms available.

Presentation; the presentation was thorough and detailed. It broadly followed the report issued with the RNS announcing the GM, however it was good to be able to appreciate the nuanced issues relating to a number of points.

Future plans; it was never specifically stated, but it felt to me that the plan is to begin mining, prove the concept and then sell on both Hope/Gorob and the associated licenses. There was a discussion about dividends, but they'll only be forthcoming when they can be provided regularly and so it seemed (again to me) that long-term provision of dividends is not the driver here.

Exploration; there is definately excitement about proving the ore available in the adjoining exploration licenses. The Board are certain there is ore in the adjoining licenses running to the northwest, which will offer the opportunity to create further open-pit mines. As Colin stated in a recent "Roast" podcast, there is little appetite for an underground mine at this stage - he'd rather have a number of open-pit mines.

The resolution obviously passed and some muppet with 44,000 shares voted against, but that was g

Lucky

I agree with you - I think the only way is up from here, however I still think that understanding the warrants and options is a worthwhile exercise.

The three main tranches of warrants are from 4th December 2023 (3.2 billion warrants exercisable at 0.06p a share until 18th December 2026), 24th December 2024 (2.8 billion warrants exercisable at 0.04p a share until 2nd January 2028), and 27th February 2025 (Sanderson converting their £700,000 lending to shares at 0.025p a share).

I always couch my posts to state that "if" all warrants etc. are exercised then . . . .

It may well be that not all options / warrants are taken and exercised, in which case my analysis is of the very worst case scenario. No matter how many are finally exercised, I still think we'll see 0.5p a share at some point in 2026.