Member Info for prickly

I see that there was a very high turnover of BSX today on the ASX and BZT seems to be following suit here on AIM. This should be good news for us as we need to be on more radar screens given our excellent prospects. There is much criticism of the Roasties on this board but Charles Archer does at least bother to cover the Aim miners and I think we should be grateful for his efforts as there is scant coverage elsewhere. The latest podcast described BZT a a screaming buy and who are we to disagree.

I would be delighted if more shareholders turned up at the AGM. Much better to confront in person CB than rant on this board.

A lot can happen in the near future and CB has a chance to redeem himself and his reputation. I hope we will get details of the funding for H & G beforehand as he knows it is number 1 on our agenda.

Charles Archer reckons $15m will be needed for Capex.

This is how we can fund Hope Gorob . We select a partner , possibly the contractor. CB has hinted the contractor has already been decided

We set up terms of an agreement by which Bezant and [Partner] will jointly establish a special purpose vehicle ("SPV"), Hope Gorob Mining Ltd, into which Bezant’s 70% interest in the project will be transferred.

Funding and Ownership Structure

[Partner ] will provide up to US$15 million in project funding to the SPV, enabling the commencement of mine construction and associated infrastructure.

In consideration for this investment, [Partner ] will receive an initial 70% equity stake in the SPV, with Bezant retaining a 30% interest on a carried basis through to production.

Repayment and Equity Reversion: Once [Partner ] has recouped its full US$15 million investment from net project cashflows, its equity interest would reduce to 30%, and Bezant’s stake in the SPV will increase to 70%. Pending on CB's negotiation skills we could end up with a better deal but this is a reasonable framework

I agree with Irish that selling our stake in BSX to part fund this would not be appropriate atm .

Cyber

Twas in the Australia Financial Review, Street talk. A solid vote of confidence in BSX given Macquaries reputation . Be great if BZT could get such backing.

But we dont know what CB is cooking up yet. Hopefully a pleasant surprise soon.

I see BSX have attracted major institutional investor Macquarie which bodes well for the future prospects of BSX.

I think the most encouraging extract from today's RNS was the the undertaking to to advise share holders on the framework of the project. and the target of 7000 tons pa for a minimum of 6 years. We all know the next key to a surge in the SP will be the announcement of the project finance which will be included in the "framework". Hopefully soon and before the AGM . I have added today as this price .035 looks very cheap to me. I am not particularly concerned about the delay in the trading of BSX shares . I am confident that BSX is well run and very likely to successfully develop the massive Mankayan opportunity.

I thought I might ask AI

the mining licence now granted and BZT's share price at 0.039p, we can assess the situation in terms of:

✅ What’s Now De-risked

Milestone Status Effect

JORC MRE with 1.7% CuEq ✅ Confirmed High-grade asset, ~270kt CuEq

Mining Licence ✅ Granted Removes key development risk

Ownership ✅ 70% BZT Majority stake secured

Production Target ⏳ Late 2025–2026 Guidance in place, build to ramp-up

Financing Deal ❌ Not yet done Now the primary gating item

📊 Updated Share Price Valuation Relative to Status

Current Share Price: 0.039p

Stage Reasonable Share Price Range

✔ Licence granted 0.04p–0.08p

✅ Licence + Funding Confirmed 0.10p–0.20p

🚧 Construction in Progress 0.25p–0.50p

🏭 Full production (10kt CuEq/yr) 1.2p–2.0p

🔮 Near-Term Expectation

Now that the licence is in hand, BZT's market cap still significantly undervalues a permitted 1.7% CuEq deposit with a potential to deliver £20–25m/year to Bezant.

However, until financing is secured, the market will likely:

Apply a heavy discount due to uncertainty (source of funds, dilution, or partner structure).

Remain skeptical due to prior delays and cash constraints.

So, without a funding announcement, price may drift between 0.035p and 0.06p.

📈 Upside Trigger

When a credible financing deal (e.g. off-take-backed debt, strategic partner, or equity raise with minimal dilution) is announced, expect:

Rapid rerate to 0.10p–0.15p, possibly higher if market momentum builds.

Volume surge as speculative interest returns.

Re-evaluation of the project as a near-term copper/gold/silver producer, not just an explorer.

Strategic JV model where funding partner earns 30% of cash flow (as currently expected)

.Parameter Value

CuEq Production (from 2026) 10,000 tonnes/year

CuEq Price $10,000 per tonne

Gross Revenue $100 million/year

Net Margin (post-tax & op-ex) 40%

Net Cashflow to BZT (70%) $28 million/year

GBP/USD 1.27

Current shares in issue ~5.85 billion

Post-financing BZT Net Cash Flow (unchanged): £22m/year

Apply 5× multiple: £110 million valuation

Per-share valuation: £110m ÷ 15.85bn = ~0.69p

🔹 Target Price Range: ~0.65p–0.75p

~17× upside from current 0.039p price With the mining licence now granted

CB has always maintained the ultimate aim at Hope Gorob was the potential for expansion down the 40 km Matchless copper belt extension after the Open Pit operation is established. He is keen on the prospect of one million tonnes of contained copper at high grade with exploration funded by the open pits.

This would turn a small-medium scale mine of 8-10 kt @1.7 cu.into a substantial 25 k plus operation. Not yet Tier 1 but tier 2 with higher grades than the bigger mines and very profitable for all the stakeholders. We are in a very favourable jurisdiction with low capex and as CB says this is our starter for ten. Like Pricey I am very excited about the future here and am very glad I ignored Mr T's advice not to invest when the price dipped to .020 .

I suggest Mr T adds this to his litany of songs. Bearing in mind his post yesterday

".But no nothing? Nada? No trades no buying no input from our great hope CB and to boot we are again going down..."

It Is good news. And please don't patronise fellow posters with My old son nonsense.

I have to agree MfM.

It would be a shame to pull out now just as the stars are realigning and BZT is finally on an upward trend. Grantleadbetter is right about the destruction in value here and I have suffered more than most. But finally there is light in this tunnel and I would not be surprised to see BZT making up a lot of lost ground, spilt milk or whatever. We need the details on financing for H & G and heaven knows where the SP will be in a years time.

I think Mike Allardice is mainly the corporate man so maybe not ideal for updates. I have had a chance to discuss with CB today and he is overall very bullish about BZT and we are close to signing off on most of the deals we need to get moving. Some very minor bureaucratic holdups as Irish has pointed out but I do think key announcements are due before the AGM next month. He is delighted with BSX progress and the large increase in value since the merger was announced. He is also a little frustrated that this valuable holding has not been recognised in BZT SP.

I bought a few more this morning (before the phone call incidentally) at .0274 , registered as a sell! Would buy more but have no more spare cash.

8ead

after the merger BZT will own approx 150 m shares inc options which at current valuations would be close to AUD$14m . Not 40% but quite handy.

"Current value to BZT of the holding in Blackstone is £6.215M on the bid price." as Irish points out.

Put this another way for every A$2.00 invested in BZT shares they get A$3.00 worth of Blackstone plus Hope Gorob et al for free. Copper price back above $10.000 USD . Looks promising

Is 4 weeks away. Plenty of time to create a lot of noise as we approach this. I expect our Aussie associates will be promoting this as an important milestone. They seem quite adept at publicity and newsflow and I expect the SP will rise as the story is explained. I doubt if all of the the news has been factored in despite the BSX price rise from A$0.027 to A$ .077 since the announcement.

The ECC approval represents a critical regulatory prerequisite that unlocks the official granting of the mining licence previously approved by the Ministry of Mines and Energy.

Bezant can now advance customary project management, ownership conditions, and, importantly, finalise project financing.

I’ve covered this in depth before - we must be close now.

As a reminder, the open pit alone (when I calculated the figures last year) left net revenue (profit, but will be tax etc) of $161,563,140 dollars for five years, or $32,312,628 per year.

This increases closer to $50 million using current pricing.

Add in the underground, Gorob and Vendome deposits and it gets even better!

In other news, Bezant’s investment in the Mankayan copper-gold project, held indirectly via IDM International - continues to benefit from active developments. IDM is in the process of merging with ASX-listed Blackstone Minerals, with completion expected by the end of May.

Blackstone’s recent announcements have been promising: visible gold was discovered in newly reported drillholes, including hole BRC-60, which revealed high-grade copper-gold mineralisation from one of the deepest historic diamond drillholes at the project.

These results reinforce the world-class potential of Mankayan, located strategically near major Philippine copper-gold operations including the Lepanto gold mine.

Upon merger completion, Bezant will receive approximately 149 million Blackstone shares plus 2.54 million options exercisable at AUD 0.06, offering significant exposure to future upside in the combined entity.

Blackstone is up 133% year-to-date, and at a share price of A$0.07, the combined equity and ITM options are worth A$10,455,400 or £5,437,808 to Bezant.

The market cap stands at £4.6 million.

The company has also improved its financial runway by extending the repayment date of its £700,000 unsecured convertible loan facility with long-term shareholder Sanderson Capital Partners.

The facility’s maturity date is now 31 July 2026, with a conversion price set at 0.025 pence per share — a 13% premium to the last closing price before the extension announcement.

Additional concessions include the one-year extension of 437.5 million warrants exercisable at 0.12 pence and an option for Bezant to prepay the loan early subject to premium payments. The facility’s extension relieves near-term refinancing pressures, providing capital stability and allows the company to focus on advancing its projects without distraction.

Get that financing for Hope & Gorob, perhaps using that Blackstone holding as collateral - and we’re away

Not spoken to CB in last few days everycloud., I complained about latest placing for petty cash and he did not bother to reply.

Spread quite narrow so have topped up at .232 which is encouraging . Although shown as a sale.

Thanks for the link Mr T.

I shall be posting again on Hot Copper and Reddit just before the merger is completed towards end of June. Just to remind our Aussie mates of the BZT shareholding and the value in getting into H & G for free.

It would be good if Copper keeps riding current levels and of course some news from our dear leader would be well received.

The scheme meeting for IDM shareholders is now scheduled for June 10th. Apparently regulatory issues often delay these procedures but all seems on track now. Blackstone shareholders are not required to vote on the merger. The implementation date is 27th June which I take will be when the new merged entity will presumably be live on ASX. I do not doubt this will go through . I have posted on other sites about the benefits to BZT shareholders of this merger, not least the value of owning a sizeable chunk of BSX.

Incidentally my main frustration is with posters who cannot resist any opportunity to disparage the prospects of BZT .