Bezant Resources has updated the Hope & Gorob mineral resource estimate from 0.41 million tonnes in 2023 to more than 3.0 million tonnes in 2026, marking a sevenfold increase that is set to accelerate development of the Namibian copper-gold project.
The revised resource, prepared by independent consultants Sound Mining in accordance with the JORC Code (2012), significantly upgrades both the scale and confidence of the deposit, with portions of the resource now classified as Measured and Indicated rather than predominantly Inferred in the earlier estimate.
The update has immediate implications for the project’s development timeline.
Bezant said the increase in open-pittable material allows it to bring forward Phase 2 of the Hope Project by five years, shifting the focus toward expanded processing capacity and higher output.
At the same time, improvements in mining efficiency are expected, with the strip ratio reduced from 11:1 to 9:1, lowering operating costs and enhancing project economics.
The updated estimate extends the life of mine for the open pit operation from just one year under the previous model to approximately 7.5 years, based on a processing rate of 400,000 tonnes per annum through an ore sorting system.
Further upside remains embedded in the project. Bezant has identified an additional 3.6 million tonnes of mineralisation not yet included in the current resource, alongside 1.3 million tonnes of lower-grade material within the pit shell that could be upgraded through on-site processing.
The company also noted that mineralisation occurring outside the current pit shell could potentially extend open pit operations by at least another five years, subject to further drilling.
Executive chairman Colin Bird said the updated resource materially strengthens the project’s outlook.
“This announcement concerning the updated mineable resource has produced a very positive outcome. Reduction in stripping rates amounts to significant cost saving and the increase in open cut mine life is very satisfying,” Bird said.
“All we see at Hope & Gorob, together with the forecast of world copper prices, leads us to accelerate further our ore confirmation activities and plant design for phase 2.”
Phase 2 development is expected to include the construction of a flotation plant, likely located closer to Walvis Bay, with projected annual production of 25,000 tonnes of copper and potential annual revenue of about US$290 million at a copper price of US$11,500 per tonne.
The Hope and Gorob project is located approximately 100 kilometres southeast of Walvis Bay and 215 kilometres southwest of Windhoek, within the Naukluft area of the Erongo Region.
It operates under Mining Licence 246, granted in April 2025 for a 15-year period to Hope and Gorob Mining (Pty) Ltd, in which Bezant currently holds a 70% interest, set to increase to 90% following a recent acquisition.
Geologically, the deposit sits within the Matchless Amphibolite Belt, a 350-kilometre-long structure known for hosting volcanogenic massive sulphide-style mineralisation, a setting associated with copper-rich deposits across Namibia.
With upgraded resources, improved economics, and an accelerated development timeline, Bezant is now positioning the Hope & Gorob project as a near-term producer, with production targeted to begin this year using an upgraded existing plant and a phased ramp-up strategy.
