Member Info for prickly

I am assuming that by the time we start producing we shall have close to 30 billion shares in issue. This is after the latest award of3 billion at .165.

Nonetheless BZT is according to my Chat Gpt the most asymmetric SP on the aim miners market. I>E the most likely to be the biggest short term re rater.

We wont have long to wait and then hopefully we can relax.

8ead

Your analogy is topical but not particularly accurate. We are not rudderless and we are making very good headway.

Consider the progress of the last 12 months

Licenses secured...monetization of of Mankayan...NZLM acquired and being refurbed...Plant and machinery inc Steinert ore sorter installed at Hope..contractors signed up...management staff hired.

.Everything is going to plan as per Oct 30th RNS. All this self funded and in the safest jurisdiction in Africa (well second safest) . The copper price is bubbling along and profits are going to be excellent. Even the Hormuz nonsense and its throttling of materials supplies such as sulphur does not affect us. We have momentum and and I am positive this project is going ahead. There are many posters who have little faith in our chairman but he is no fool . He and his missus have a lot invested here. All the funding we need will be revealed shortly. There is no way he would have committed all our resources otherwise.! He will deliver this mine and will make a lot of BZT shareholders serious cash. It has been a marathon for some of us LTH's . And we deserve it.

These images of NZLM show the plant being readied to process 180Ktpa or 7.000 tonnes of copper. I think this combined with all the contracts signed makes phase 1 pretty much a slam dunk.

The latest MRE advances the Phase 2 target of 25,000 tonnes dramatically forward. Granted, this will need a new flotation plant near Walvis Bay and i think this will cost around $65m . (my figure not in the RNS) This does of course fundamentally alter the economics and I imagine the funding for Phase 1 may be being adjusted to reflect this . Revenue from 25ktpa would be in the region of of $340m and would make BZT a serious business especially with our low cost base. Some way to go maybe but the road ahead is clear and copper prices are looking strong.

Wheaten

Thanks for posting this. Shows how serious this project is getting.

I understand that all the senior management have now been recruited and the plant is also in situ. I expect /hope we will see photos in a day or so.

Has an ore processing plant only 15 miles away at Ojithase which could be used by AFP . It is much bigger than NZLM and currently on a care and maintenance basis. The NZLM capacity 180K tons pa will be used fully by BZT so no availability there. CB has consistently said AFP is around a year behind BZT and once BZT is up and running I guess they can share management resources but although I have a small shareholding in AFP I dont want them distracted in the short term.

Bought in a few more in the new ISA. As far as I can see most of the marked sales are in fact buys. My buy at .087 is shown as as a sell.

This time last year I was buying in at around .02 . I hope we shall see similar percentage rises this year.

I remember Charles Archer saying those that filled up their Isas last year @.20 could be sitting on a million quids worth of tax free gains if all goes to plan at BZT. Let's hope he is right.

Chrisp

I remember the discussion we had as to the relative merits of GLR and BZT. You quite rightly pointed out that BZT was a bit of a one trick pony whereas GLR had several horses running.

CB, however,was quite convinced that HG licenses were a better long term prospect than Luansobe and this persuaded me to put most of my money on BZT. I hadn't realised at the time that the NZLM purchase would remove any stranded asset fears and I now appreciate that Namibia is about the safest jurisdiction to mine in Africa. Add the latest MRE and the real prospects of transforming into a 25kpta project and I am a happy punter.

As I have said before, hilariously, one good Bird in the hand is worth several in the bush.

Explore for cash

I think the reserves you refer to are these " Considerable exploration potential exists between Hope and Gorob and its various strike extensions over more than 97 strike kilometres and upon commencement of the operation confirmatory resource drilling will commence with a target in excess of 500,000 tonnes of contained copper." This is from the Oct 30th feasibility study.

The rise in BSX shares values our holding at £2.35 m . Copper price is bubbling along nicely too at $6.02 lb. So all going well .

Better to remain silent and be thought a fool than to speak and temove all doubt Tedwyn

Welcome Eyes of blue

I am afraid some of our posters are arithmetically challenged.

Some folk have a pretty tenuous grasp of the relationship between Market cap and the SP.. Simply divide the Mcap by the shares in issue and hey[presto!

Anyway as far as getting the word out and I agree this is key....https://theoakbloke.substack.com/p/land-of-hope-and-gorob-bezant-re

The two recent RNS's on Mine development and the MRE have given us new key information.

1.We will soon be ready to start producing and we already have boots on the ground preparing .

2.We have a bigger project than we first envisaged

3 The raise leaves us with £3m in the bank and we have a £2m credit facility we have not yet touched.

Add to this we now own 90% and the copper price is still flying at $5,88 lb or nearly $13,000 per tonne.

Against this we still have many billions of warrants lurking and the gold and silver grades were not as high as the Feb2025 ore sorting had estimated. This was disappointing but

Copper grades, fortunately, were fine . That said My guess is that we start producing by August and I imagine CB will want to ramp up to 10,000 tonnes as soon as possible. The finance arrangements will be announced soon . The big increase volume in the share transactions reflects all this activity and expectation. .

Good to see some optimism remaining after a painful raise which has knocked a lot of enthusiasm off this board. LTH's in Birds stables are all nursing losses and I understand the bitterness. Especially in XTR and GLR but if we look at the figures for BZT the only way is up now. I have probably said that before ! but it has to be true now.

After this dilution, which as Howezap points out is value accretive for the addtional percentage .

Anyway I have just recalculated the economics at Hope Open on a worse case scenario but not cataclysmic . I have put copper in at $10,000 gold at $4000 and silver at $60. I have increased Opex to $70.00 per ton ROM . I have allowed for 90% ownership. We still come out with nearly $50m ebitda .

Even if we end up with 30 billion shares (21.8 atm) we would have an EPS of .16cents which is more than twice the current share price.

I was not expecting this . I had hoped we could scrape through to the off take funding with funds raised from warrants and last year's sale of Blackstone. Granted , I had not really factored in the need to fund the additional 20% shareholding but this was mostly deferred and paid in shares. The additional 20% and the progress report had lulled me into a karma that today's raise has quickly shaken off.

Fortunately the actual mining is looming into view and this will ,as someone has already said, seem like small change once the concentrate starts being trucked to Walvis bay. Nonetheless I wonder why we gave away such a steep discount and now there are even more warrants lurking just over the horizon. I have topped up but had hoped my averaging down days were over. I am still very confident but wincing a little after this stumble.

8ead

You mention average to low dilution/equity bridge/placing for working capital..

The idea of offtake prepayment finance is to avoid the need for further dilution. We await the terms and maybe there will be some sweetener but I am hoping nothing material needs to be given away.

All in all a very useful RNS and ideal to calm the nerves of some . There is a lot going on . and much to look forward to this year.

I agree lets enjoy some weekend guiness

Why the sudden panic Irish? You know the economics of this project are fine. The copper price is holding firm despite the self induced turmoil in the middle east and all the latest BZT news has been good. .....licence renewal, purchase of NZLM plant and machinery , increased ownership %, Unitrans contracted etc. CB's missus has loaded up with shares and they have awarded themselves options at double the current SP so the BOD is confident.

Yes we are still awaiting finance confirmation but this is still within normal timelines and any delays have not impacted development . RMC likes to talk in terms of car crashes and falling off cliffs but just sit back and reflect on how much has been achieved over the last 6 months and relax .

A company that can sell for $12,000 a product that cost $5.000 to produce is a good thing. If it can continue doing it for many years it is a very good thing.

I have just topped up.

We have no need to descend to Trump language levels . He is showing himself up as not just massively ignorant and stupid but also deeply unpleasant.

However I agree with RMC that the SP is important but so is the copper price and as long as this holds comfortably above $5.00lb the SP will rise as the project unfolds.

I messaged CB requesting they post some images of new plant and machinery being installed at Hope and photos of the new belts being replaced at NZLM.

He replied that this had just been discussed.

So hopefully we can be shown the progress at the pithead and rotation plant whilst we wait for the finance package announcement.