LOI re sustainable energy supply for Hope & Gorob

24 July 2024

Bezant Resources PLC

("Bezant Resources", "BZT" or "the Company")

Partnership for the delivery of a sustainable renewable solar energy supply

for the Hope & Gorob Copper - Gold Project, Namibia

Bezant Resources ("Bezant" or the "Company") is pleased to announce it has signed a non-binding letter of intent ("LOI") to enter into a partnership between the Company and both CrossBoundary Energy Management ("CrossBoundary Energy") and Eversolar Pty Ltd ("Eversolar") for the provision of a renewable and/or hybrid solar energy supply for the Hope & Gorob Copper - Gold Project in which  Bezant holds a 70% interest. (the "Project"). Subject to executing a legally binding offtake agreement, the installation will provide a sustainable renewable power supply for both the crushing and ore sorting plants at the Hope & Gorob site as well as a renewable installation at the flotation plant located close to Swakopmund that will be reconfigured to produce a final copper-gold concentrate from the ore sorted pre-concentrate.

Bezant has been seeking an energy solution for the Project that will save on energy cost, reduce CO₂ emissions, and reinforce the Company's sustainability initiative consistent with best ESG practices. The Project has already committed to the use of dry ore sorting to reduce water dependency together with the repurposing of an existing off-site flotation plant that greatly reduces the Hope & Gorob physical footprint.

Highlights

·     The LOI is for delivery of a sustainable renewable solar energy solution to both the Hope & Gorob and flotation plant sites and is subject to joint execution of a legally binding renewable and/or hybrid energy power offtake agreement by or before 1 December 2024

·     No advance payments required from Bezant

·     Indicative proposal, which is based on initial 15 year contract term, presents highly competitive cost of energy

·     It will provide large savings both financially and in greenhouse gas emissions compared to a thermal only solution

Commenting on the initiative, Chairman Colin Bird said "We are delighted to be working with two leaders in the renewable energy sector and the ability of CrossBoundary Energy and Eversolar to construct a renewable solution that incorporates both production sites is a major gain in terms of cost reduction over the life of mine and a reduction in emissions. Our commitment to a sustainable power supply underpins our previous work introducing dry ore sorting to limit water consumption and the plan to effectively  recycle an existing flotation plant to process our pre-concentrate. These initiatives combined demonstrate that smaller projects can also afford to operate in a responsible and sustainable manner."

CrossBoundary Energy will assume responsibility for financing and implementation of the solar hybrid system and provide a guarantee of reliability and a suitable renewable policy for the life of the mine working with co-developer Eversolar which will be responsible for an EPC (Engineering - Procurement - Construction) solution and the completion of the project and subsequent day to day management of the solar plants at both Hope & Gorob and the flotation plant.

Benefits of the renewable energy solution

·     No upfront payment required from Bezant.

·     Minimal exposure to erratic diesel prices.

·     Sustainable operations through cleaner power.

·     24/7 operations and maintenance of the generating facility.

·     Real-time monitoring and management.

·     Performance ratio and availability guarantees.

Background on CrossBoundary Energy

CrossBoundary Energy is a leading developer, owner, and operator of distributed renewable and hybrid energy solutions for business that provides fully-financed cheaper, cleaner energy. CrossBoundary Energy is currently delivering a portfolio of over $285 million of hybrid renewable energy assets for mining clients such as Rio Tinto, Syrah Resources, Norton Gold Fields, FG Gold and NextSource Materials globally. CrossBoundary Energy is a member company of the CrossBoundary Group, a mission-driven investment firm founded in 2011 and committed to unlocking the power of capital for sustainable growth and strong returns in underserved markets. Learn more at www.crossboundaryenergy.com

Background on Eversolar

Eversolar is a leading developer and provider of engineering, procurement, and construction (EPC) services specialising in solar solutions for the commercial, industrial, agricultural, and mining sectors. With a commitment to innovation, quality, and reliability, Eversolar has established itselves as the go-to partner for businesses seeking to harness the power of solar and battery storage to drive their operations forward and realising sustainability goals. Learn more at www.eversolar.co.za

For further information, please contact:

or visit http://www.bezantresources.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.