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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.

Morning, all

Just to be accurate, should all parties currently holding options and warrants exercise those options and warrants, there will ultimately be 23.3 billion shares in issue. Should Sanderson Capital Partners Limited wish to take their £700,000 loan repayment in shares (as they have a option to do), that figure will rise to just over 26 billion shares.

The warrants and options will be a headwind over the coming months (and years?), however if they are all exercised, the company will receive just over £5m.

I suspect the market might wait to see what the details look like, but only needing an initial $7M is a bonus.

Looks like you're right, Mr. T! From today's RNS -

"The Company will also be shortly issuing further announcements in relation to the Hope and Gorob project's i) feasibility study and ii) core financing and offtake arrangements."

Will we have lift-off?!

Hi Mr. T

When he said he'd bought the shares "in the raise", I thought they were acquired at a discount at a fundraise - otherwise, like you, I was wondering when on earth the shares had reached such a low.

Hi Prickly

Not forgetting the substantial tax revenues that'll be generated across the life of the mine.

Did you read the Namibian Mining magazine that was linked on these boards a couple of days ago? There's currently multi-billion dollar mining investments either being made now or that are imminent. It's amazing what a potential metal super-cycle does for inward investment, isn't it?!

Morning, Prickly. I hope all's well. I've topped up again this morning to hold through at least the first half of 2026. There's no way you'll be able to still buy shares at .09X come the (surely imminent) funding announcement.

Actually, knowing this share, the funding announcement will probably see us drop down to .07! : )

Many thanks for the link, it was well worth a listen.

I was a bit surprised to hear Colin's response to Charles Archer, when Charles suggested that, given the quality of the project, finance-suppliers would be beating a path to Bezant's door.

Colin's response was - "You'd think so, wouldn't you?", which may have been an off-the-cuff response, but was hardly one that shouted positivity. I suspect it's just me being a bit jumpy about progress and considering issues that aren't really there, but I thought Colin could have been a little more positive in his answer.

That having been said, the market doesn't seem to currently care about Colin's hesitancy.

Should Bezant produce sufficient income in a timely manner, I'd prefer BZT bought AFP, especially given it's current (and likely for the next 12 - 18 months) valuation.

Hi Hemo

I've calculated that if the warranties and options are exercised in full by all those who currently hold them, then the company would receive £5,258,005.

When considering future share values, it's worth remembering that we may yet have another 8(ish) billion shares in issue if all the current warrants and options are exercised.

Currently, the company needs to be valued at £162,000,000 to be worth 1p a share. If all the warrants and options are exercised, that moves to (about) £240,000,000. I see Charles Archer suggested we'd see 1p a share in 2026 (and who am I to argue?!), but I wonder whether he's factored in the headwind of the warrants and options?

Hi Mr. T

If that Tweet refers to BZT, then so much for Colin's previous statements that he can't say anything in advance of an official LSE announcement. It'll make a mockery of his current stance if he can't hold his water regarding a decent deal struck by BZT.

I hope you're right and the Tweet does relate to us, but good grief!

Given that both BZT and AFP are rising, I suspect it might have something to do with both companies being mentioned on the Roast podcast yesterday.

Both companies were discussed in glowing terms, with Charles Archer (who I suspect is invested in both firms) stating that 2026 will see BZT's share price "go bananas", whilst AFP is currently wildly undervalued.

Colin might be silent, but at least Charles Archer is banging the drum for BZT and AFP.

Current share price movements make me feel that perhaps imminent news has leaked.

27% yesterday, (currently) another 14% today . . . .

I know the focus of the RNS is the six months to 30th June 2025, but I'm still disappointed with the lack of current detail.

How long is the re-evaluation of the previous tenders likely to take? How come we're only now hearing about the "key items of equipment, which could have a long lead time and thus prejudice our lead time for advancing operations" (this particularly worries me)?

We have to have an EGM by, as I recall, 13th December in relation to the acquisition of the sorting facility, and so Colin has to show progress by then, otherwise I suspect it'll be quite an uncomfortable meeting for him.

In short, we need a proper update, not glib phrases such as "We are pushing for accelerated production." or "We . . . . will form a conclusion consistent with our finance requirements as and when appropriate".

The sale of shares isn't ideal, but things could be worse . . . . Galileo Resources have just flooded the market with a pretty hefty fundraise that given the SP a whack.

I'm not sure the Board should be trumpeting that the issue was oversubscribed when the discount was nearly 20%! Not particularly well judged that, lads.

"Let's go!" indeed - wouldn't that be lovely? But when?

This is the issue that grinds my gears with Colin Bird. The finance was stated as being all but sorted and the company was simply waiting for the mining license to be confirmed . . . . once we had the license, so the project would take off.

Yet here we are. Months down the line and no finance in place, no production schedule announced and intermittent (at best) news flow.

It's the over-promising (and subsequent under-delivery) that annoys current shareholders and, in my view, inhibits other potential shareholders getting involved.

As a member of (what used to be) Bezant Action Group, along with Prickly I have spoken to Colin on any number of occasions and he is knowledgeable, always respectful of shareholders and certainly upbeat about the company's prospects. However words are one thing, actions another.

Along with everybody else, I absolutely give him credit for the acquisition of the ore-sorting facility, but come on Colin - fewer "jam tomorrow" chats with the lads from the Roast podcast, and more action with regard to securing the $10M or so needed to get the diggers digging and the wagons rolling.

Finally, returning to the post that gave rise to this rant, with both gold and copper at substantial values, surely the sooner we get mining the better? So come on Colin . . . . . get working on securing that finance!

So you're saying our holding in Blackstone Minerals could be revalued from its current $6,000,000 to $645,000,000 (which provides Bezant with a value of 3p)? Wow!

Does anyone have an idea as to the P/E ratio for a company like Bezant?

I've listened to the Roast guys and they've previously talked about a conservative P/E ratio of 4 or 5, but my online research suggests mining companies (albeit perhaps much bigger companies than ours) have ratios of 10 to 15.

Does anyone have any thoughts as to what a sensible, achievable ratio might be?

Four years ago there weren't 16 billion shares in issue, with another 7 billion-plus potentially available to those with options or warrants.

If all parties exercise their warrants and options, the company will have over 23 billion shares in issue. If Sanderson Capital Partners convert their £700,000 loan to shares (at 0.25p a share!) then this moves up to over 26 billion shares.

That means that the company would need to be valued at over £260,000,000 to be worth 1p a share, or over £780,000,000 to be worth 3p a share.

I'll leave it to you to decide if Hope and Gorob is likely to create a company valued at over 3/4 of a billion pounds.