Bezant Resources expects to produce the first copper concentrate from its Hope and Gorob project in early October and ship its first product from Namibia in November, as the mine moves from development into production.
The company said it has completed modifications and upgrades to the Tsoaxaub Metals Processing Plant, while mining at Hope has already produced a stockpile of about 10,000 tonnes of run-of-mine ore to provide feedstock for the start of processing.
Bezant expects concentrate production to start in early October, followed by transportation to Walvis Bay towards the end of the month and the first shipment in early November, subject to commissioning and logistical arrangements proceeding as planned.
The timetable provides the clearest indication yet of when Hope and Gorob will make the transition from a development project into an operating copper mine.
Initial blasting has been completed at the Hope open pit, the mining and haulage fleet has been delivered and ore has been stockpiled at the expanded run-of-mine pad at Tsoaxaub.
Major civil works at the processing plant are also complete, with key processing infrastructure installed and tested ahead of production.
Engineering design for the mine and plant upgrades has reached 100%, while long-lead equipment, including the cone crusher for Tsoaxaub, has been procured. Work during the development phase also included removing redundant plant equipment, rehabilitating the tailings dam, and redesigning the processing flow sheet.
Bezant chairman Colin Bird said the company’s immediate priority is to complete commissioning and establish consistent production.
“The modifications and upgrades to the Tsoaxaub Metals Processing Plant have been successfully implemented, and we currently expect first concentrate production during early October,” Bird said.
“Subject to commissioning and logistical arrangements proceeding as planned, concentrate is expected to be transported to Walvis Bay, Namibia towards the end of October, with the first shipment anticipated in early November.”
All key workers required for the initial operating phase have also been recruited, allowing the operation to move progressively from construction and commissioning into mining and processing.
The first shipment will mark the start of an offtake arrangement under which Hartree Metals LLC has agreed to purchase 100% of the copper concentrate produced from Hope and Gorob for the life of the operation at market terms.
Hartree is also providing a US$7 million secured prepayment facility to support construction of the Hope and Gorob mine and commissioning of the Tsoaxaub plant.
Bezant signed the financing and offtake arrangements in June as it moved to complete construction and prepare the project for production.
The financing structure has since developed further. Bezant said it entered into accelerated payment arrangements to acquire the Tsoaxaub Metals Processing Plant after the end of June and subsequently secured additional financing support from Hartree for those arrangements.
The company said the arrangements simplify the project’s financing and corporate structure as Hope and Gorob approach production.
Unitrans Namibia is handling mining and logistics under an initial five-year agreement covering drilling, blasting, loading, hauling, and material handling at the processing plant.
Bezant has also appointed UMS Projects SA and Weir Minerals for development-related work.
Tsoaxaub’s Mining Licence 185 was renewed in March for another 10 years to 24 February 2036, providing the regulatory basis for processing material from Hope and Gorob at the plant.
Production will start following a substantial increase in the mineral resource available for open-pit mining at Hope.
An updated JORC-compliant resource estimate prepared by Sound Mining and released in April increased the open-pittable resource sevenfold to three million tonnes.
That comprises 1.1 million tonnes in the measured category, 500,000 tonnes indicated and 1.4 million tonnes inferred.
The revised resource also reduced the estimated stripping ratio from 11:1 to 9:1, lowering the amount of waste material that has to be removed relative to ore.
More significantly, the increase transformed the projected longevity of the initial open-pit operation. Bezant says the estimated open-pit life increased from about one year to 7.5 years at a feed rate of 400,000 tonnes a year.
Additional mineralisation has been identified outside the current pit shell which, according to the company, could add more than five years of production.
The resource increase has also provided the basis for planning beyond the initial mining operation.
Bezant disclosed that it has now started reviewing a potential Phase II expansion of Hope and Gorob based on the current mineral inventory and prevailing commodity prices.
The company believes the broader project could potentially support a mine life of approximately 35 years at the current processing capacity.
That estimate is not yet a defined mine life, however, with Bezant saying technical and economic evaluations of the longer-term development potential remain underway.
The Phase II work therefore comes as the company prepares to demonstrate the performance of the initial operation, with management saying its immediate focus after commissioning will be achieving steady-state production and regular concentrate shipments.
The company will then evaluate opportunities to optimise and, where appropriate, expand the operation.
Bezant increased its ownership of Hope and Gorob Mining (Pty) Ltd from 70% to 90% in March after acquiring an additional 20% interest, increasing its economic exposure to the project ahead of production.
The company paid £577,000 in staged cash payments and issued approximately 515.3 million shares valued at £557,000 for the additional interest.
It subsequently completed an oversubscribed £2.07 million equity fundraising at 0.065 pence per share.
Bezant also received £722,900 from warrant exercises and generated £1.2 million from the sale of its Blackstone Minerals shares.
The proceeds were used to pay the cash component of the additional 20% Hope and Gorob acquisition, advance mine development and upgrades at Tsoaxaub, and provide working capital.
The company ended June with £730,000 in cash, compared with £430,000 at the end of December 2025. Total assets increased from £9.7 million to £14.3 million over the same period, while liabilities rose from £1.35 million to £4.65 million.
Bezant recorded a net loss of approximately £2.19 million for the six months, compared with a £4.07 million profit in the corresponding period of 2025.
With mining underway, approximately 10,000 tonnes of ore stockpiled, and commissioning of the processing operation nearing completion, the company’s immediate test is whether it can meet its October production timetable and move the first Hope and Gorob concentrate through Walvis Bay for shipment in November.
