Namibian Copper Producer Bezant Resources Secures £4M Debt Facility for Hope & Gorob Expansion
The AIM-listed mining firm secures non-convertible debt financing from US-based YA II PN Ltd as copper concentrate production begins at its Namibian asset ahead of a November 2026 maiden shipment.
ERONGO & LONDON — AIM-listed copper-gold exploration and development company Bezant Resources Plc (AIM: BZT) has entered into an agreement with US-based institutional investor YA II PN Ltd (managed by Yorkville Advisors Global, LP) for a £4.0 million.
The facility will be drawn down in full to support operational expansion and fund working capital as the company prepares to initiate regular commercial copper concentrate sales from its flagship Hope & Gorob Copper-Gold Project in Central Namibia.
Facility Terms & Capital Structure
The financing provides working capital while avoiding immediate discounted equity dilution:
- Facility Structure: Unsecured, non-convertible debt facility carrying an annual interest rate of 5%.
- Amortization Schedule: Repayable in 10 equal monthly installments of £400,000 plus accrued interest,commencing on January 15, 2027, and maturing on October 15, 2027.
- Warrants Issuance: In connection with the facility, the lender will receive three-year warrants with an aggregate subscription value of £3.0 million, exercisable at 0.16 pence per share.
- Repayment Plan: Bezant anticipates servicing the debt through operational cash flows generated from ongoing concentrate off-take and potential exercise of in-the-money warrants.
Operational Scale & Asset Backlog
The capital injection coincides with key operational milestones at the Namibian production site:
- Production Status: Copper concentrate production is now underway at the Hope & Gorob mine, with the first commercial shipment scheduled for November 2026.
- Asset Location & Ownership: Located within the Matchless Copper Belt in Namibia's Erongo region, Bezant holds a 90% interest in the project.
- Processing Infrastructure: Run-of-mine (ROM) ore undergoes on-site ore sorting before transportation to the Tsoaxaub Metals flotation facility for processing into copper-gold concentrate.
- Long-Term Production Target: Planned expansion phases aim to scale the project toward a minimum annual production capacity of 25,000 tonnes of contained copper.
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