Bezant Resources PLC has announced the completion of definitive agreements for a N$115.57 million (US$7 million) secured financing facility and a full offtake arrangement to support the development of its Hope & Gorob Copper Project in Namibia.
The funding, provided by Hartree Metals LLC, is structured as a secured and convertible prepayment facility and will be disbursed in tranches to support mine construction and commissioning activities at the NLZM Processing Plant. The final tranche will be released during the pre-production commissioning phase.
Under the agreement, Hartree Metals will purchase 100% of the copper concentrate produced over the life of the mine on market-related terms. First production remains on track for the third quarter of 2026, with output expected to increase progressively as operations ramp up.
“We are pleased to announce the completion of the prepayment facility and offtake agreements, the intent of which was announced on 31 October 2025. These agreements correspond with our expectations and timing and also commence what we hope will be a significant and long-lasting relationship within the Bezant Namibian asset base. During the due diligence and documentation phase, Bezant has continued to construct the project and, at the time of this announcement, is on time and on budget towards third-quarter 2026 concentrate production,” said Bezant Executive Chairman, Colin Bird.
The financing facility has a four-year term and includes a 12-month grace period on principal and interest repayments, followed by a structured repayment schedule.
The facility carries an interest rate based on the Secured Overnight Financing Rate (SOFR) plus a margin of 4.5%, together with a 1% establishment fee equivalent to approximately N$1.16 million (US$70,000).
As part of the broader transaction, Hartree Metals has the option to convert part or all of the facility into equity at a fixed conversion price. It will also receive warrants valued at approximately N$29 million (US$1.75 million), exercisable over a four-year period.
The Hope & Gorob Copper Project will operate across two integrated sites. Ore will be upgraded through dry ore sorting before being processed at the repurposed NLZM flotation plant, with copper concentrate exported through the Port of Walvis Bay.
In addition, Bezant has extended the repayment date of a separate £700,000 (approximately N$15 million) convertible loan facility to 30 September 2027, together with an extension of the expiry dates attached to related warrants.
