Bezant secures $7m financing package for Namibian copper project

Bezant Resources PLC (AIM:BZT) has secured a $7 million financing package and a long-term offtake agreement for its Hope and Gorob copper project in Namibia, providing funding as the mine moves towards first production later this year.

The AIM-listed miner said it had completed definitive agreements with Hartree Metals, a subsidiary of commodities trading group Hartree Partners, covering both project finance and the sale of future copper concentrate output.

Under the deal, Hartree will provide a secured and convertible prepayment facility of up to $7 million in five tranches to support mine construction and commissioning activities. The facility carries a four-year term, including a 12-month repayment grace period, with interest charged at the secured overnight financing rate plus 4.5%.

Hartree has also agreed to purchase 100% of copper concentrate produced from the project for the life of the operation under an offtake agreement on market terms.

Production is expected to begin in the third quarter of 2026, with concentrate shipped through Namibia’s Walvis Bay port as operations ramp up.

The financing gives Hartree the option to convert some or all of the facility into Bezant shares at 0.16p each, a 28% premium to the company’s closing share price on Tuesday. Warrants could also be received, as well as the right to appoint a director if its holding rises above 10%.

Separately, Bezant agreed to extend repayment of a £700,000 convertible loan facility with existing shareholder Sanderson Capital until September 2027, easing near-term funding pressure as the company develops the Namibian asset.