TIDMBZT
RNS Number : 2433B
Bezant Resources PLC
30 September 2022
30 September 2022
Bezant Resources Plc
("Bezant" or the "Company")
Interim Results for the Six Months Ended 30 June 2022
Bezant (AIM: BZT), the copper-gold exploration and development
company, announces its unaudited interim results for the six months
ended 30 June 2022.
Chairman's Statement
Dear Shareholder,
The first half of 2022 has been one of consolidation for Bezant
with the focus remaining Southern Africa.
Financial highlights:
GBP348K loss after tax (2020: GBP510K)
Approximately GBP289K cash at bank at the period end (31
December 2021: GBP728K).
Operational and corporate events in six months to 30 June 2022
:
The most significant advance during the period under review was
the drilling programme on the Hope and Gorob licences in Namibia.
During this period, we re-evaluated Hope and Gorob and determined
that the potential in our opinion is greater than previously
considered. With this in mind we launched an initial surface
drilling programme, which produced extremely encouraging results,
demonstrating that gold and copper co-existed from surface in
potentially mineable quantities. This was particularly well
exhibited at the Hope portion of the licence, where we identified
potential for a near surface mining situation.
During the period work was undertaken on a mining licence
application, and the environmental permit work initiated in support
of the licence. We are currently reassessing the resource against
the new drilling information received and we are confident that we
will have an overall increase in the gold and copper resource, some
of which will be surface mineable, thus minimising pre-production
capex and overall operating costs.
We plan a surface drilling programme to more fully test the
combined total of up to 17km of potential mineralized strike that
may exist at the Hope and Gorob deposits.
In Botswana, we carried out intensive trenching at the Kanye
project, which produced above average manganese grade potential
suitable for the manganese battery industry. Encouraged by these
results we are currently drill testing the project area, focusing
our efforts on an area named as the Moshaneng Borrow Pit.
Our Cyprus joint venture has identified an area of promise and
we intend to move towards resource definition and mine feasibility
studies, during the next 6 months. The project area has been
partially drilled and has indicated good oxide gold potential, with
the former open pit providing the opportunity for deepening and
extension. The pre-existing dumps and tailings will be sampled and
included in the overall mining and processing strategy.
In relation to the Mankayan Project in Philippines, during the
period we announced the renewal by the Mines and Geosciences Bureau
of the Department of Environment and Natural Resources of the
Philippines Government of Crescent Mining Development Corporation's
Mineral Production Sharing Agreement No. 057-96-CAR for a second 25
year term from 12 November 2021. As announced in Q3 of 2021 we
completed negotiations and signed an agreement on the Mankayan
project with IDM Mankayan Pty Ltd a company incorporated in
Australia, whose management team has operating experience in the
Philippines and has good corporate experience of developing
projects, to take the Mankayan Project forward. At the time of this
report, we have retained 27.5% of our interest in the Mankayan
Project and are confident that we will monetise our position either
by way of trade sale or its ASX listing.
In Argentina, we maintained the Eureka licences in good standing
and when resources permit, or with a partner we intend to carry out
a test work programme for copper and gold on the established
red-bed layers and identify geophysical anomalies for
follow-up.
Funding : On 30 June 2022, the Company announced that it had
arranged to drawdown GBP700,000 under the Funding Facility
announced on 23 November 2021. GBP250,000 of this drawdown was
received on 30 June 2022 and reflected in the period end cash
balance and the remainder of the GBP450,000 drawdown was received
post the period end.
Issue of equity: On 6 January 2022 the Company announced i) that
as approved at the General Meeting on 9 December 2021 and to
preserve the Company's cash resources it had issued a total of
100,000,000 shares at 0.13 pence per share to settle accrued fees
of GBP130,000 of which GBP80,000 (for the period from August 2019
to September 2021) which were due to myself and GBP50,000 (for the
period from December 2019 to June 2020) related to fees due to
management and ii) 14,285,714 shares had been issued at 0.14 pence
per share to settle professional fees of GBP20,000.
Exercise of Warrants: As announced on 12 May 2022, pursuant to
the exercise of warrants at a price of 0.16p per share in terms of
the fundraising announced on 19 June 2020, the Company issued for
GBP19,000 a total of 11,875,00 fully paid ordinary shares of 0.002p
each in the Company.
Operational and corporate post period end events:
On 9 August 2022 the company announced it had submitted a Mining
Licence application and Exploration Licence renewal application
covering the Hope and Gorob Project as the Company believes
sufficient exploration has been completed to warrant the
application and also provided assay results for 2 holes drilled at
Vendome and 7 out of 8 holes at the Hope prospect.
On 14 September 2022 the Company announced information on trench
assay results and preparations for a maiden drill programme at its'
100% owned high-grade Kanye manganese project in Botswana.
Exercise of Warrants: As announced on 7 July 2022, pursuant to
the exercise of warrants at a price of 0.08p per share in terms of
the fundraising announced on 19 June 2020, the Company issued for
GBP15,000 a total of 18,750,000 new Ordinary Shares.
Exercise of Warrants: As announced on 11 August 2022, pursuant
to the exercise of warrants at a price of 0.08p per share in terms
of the fundraising announced on 28 August 2020, the Company issued
for GBP18,750 a total of 10,837,500 new Ordinary Shares.
Market Outlook: Whilst we are in a period of global uncertainty
with significant increases in gas and oil prices exacerbated by the
war in Ukraine and volatile stock markets worried by inflation and
interest rate rises the board feels very confident with the
underlying quality of our project portfolio in copper, gold and
battery manganese since they are metals which continue to have
short and mid-term strong potential coupled with supply
constraints. We will continue to keep shareholders updated on our
progress with exploration and monetisation of our various
projects.
Colin Bird
Executive Chairman
30 September 2022
For further information, please contact :
Bezant Resources plc
Colin Bird
Executive Chairman
Beaumont Cornish (Nominated Adviser) +27 726 118 724
Roland Cornish
Novum Securities Limited (Broker) +44 (0) 20 7628 3396
Jon Belliss
or visit http://www.bezantresources.com +44 (0) 20 7399 9400
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit)
regulations (SI 2019/310).
Group Statement of Profit and Loss
For the six months ended 30 June 2022
Notes Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2022 2021
GBP'000 GBP'000
CONTINUING OPERATIONS
Group revenue - -
Cost of sales - -
------------ ------------
Gross profit - -
Operating expenses (319) (350)
Share based payments 4 (29) (160)
------------ ------------
Group operating loss (348) (510)
Interest income - -
Loss before taxation (348) (510)
Taxation - -
------------ ------------
Loss for the period (348) (510)
============ ============
Loss per share (pence)
Basic and diluted from continuing operations 4 (0.01) (0.02)
======= ========
Group Statement of Other Comprehensive Income
For the six months ended 30 June 2022
Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2022 2021
GBP'000 GBP'000
Other comprehensive income :
Loss for the period (348) (510)
Items that may be reclassified to profit
or loss:
Foreign currency reserve movement 9 (1)
------------ ------------
Total comprehensive loss for the period (339) (511)
============ ============
Group S tatement of Changes in Equity
For the six months ended 30 June 2022
Share Share Other Retained Non-Controlling Total
Capital Premium Reserves(1) Losses interest Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited - six months
ended 30 June 2021
Balance at 1 January
2021 2,076 39,303 3,781 (36,952) (12) 8,196
Current period loss - - - (348) - (348)
Foreign currency reserve - - 9 - - 9
Total comprehensive
loss for the period - - - (348) - (339)
--------- --------- ------------- --------- ---------------- ---------
Proceeds from shares -
issued - - - - -
Shres issued - in lieu
of fees 2 147 - - - 149
Warrants exercised - 18 - 44 - 62
Share options granted - - - - -
--------- --------- ------------- --------- ---------------- ---------
Balance at 30 June
2022 2,078 39,468 3,790 (37,256) (12) 8,068
========= ========= ============= ========= ================ =========
Share Share Other Retained Non-Controlling Total
Capital Premium Reserves(1) Losses interest Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited - six months
ended 30 June 2021
Balance at 1 January
2021 2,049 39,125 1,523 (35,674) (12) 7,011
Current period loss - - - (510) - (510)
Foreign currency reserve - - (1) - - (1)
Total comprehensive
loss for the period - - - (510) - (511)
--------- --------- ------------- --------- ---------------- ---------
Proceeds from shares -
issued - - - - -
Shares issued - Acquisitions 5 755 - - - 760
Warrants exercised 2 145 (51) 51 - 147
Share options granted - - 217 - - 217
--------- --------- ------------- --------- ---------------- ---------
Balance at 30 June
2021 2,056 40,025 1,688 (36,133) (12) 7,624
========= ========= ============= ========= ================ =========
(1) Other reserves is made up of the share-based payment and
foreign exchange reserve.
Group Balance Sheet
As at 30 June 2022
Unaudited Audited
30 31
June December
2022 2021
Notes GBP'000 GBP'000
ASSETS
Non-current assets
Plant and equipment 5 2 2
Investments 6 49 49
Exploration and evaluation assets 8 8,562 7,900
---------- ----------
Total non-current assets 8,613 7,951
---------- ----------
Current assets
Trade and other receivables 100 48
Cash and cash equivalents 289 728
---------- ----------
Total current assets 389 776
----------
TOTAL ASSETS 9,002 8,727
----------
LIABILITIES
Current liabilities
Trade and other payables 684 531
Borrowings 250 -
---------- ----------
Total current liabilities 934 531
---------- ----------
NET ASSETS 8,068 8,196
========== ==========
EQUITY
Share capital 9 2,078 2,076
Share premium 9 39,468 39,303
Share-based payment reserve 1,312 1,325
Foreign exchange reserve 647 625
Merger reserve 1,831 1,831
Retained losses (37,256) (36,952)
---------- ----------
8,080 8,208
Non-controlling interests (12) (12)
---------- ----------
TOTAL EQUITY 8,068 8,196
========== ==========
Group Statement of Cash Flows
For the six months ended 30 June 2022
Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2022 2021
Notes GBP'000 GBP'000
Net cash outflow from operating activities 10 (238) (515)
----------- -----------
Cash flows from/(used) in investing activities
Deferred exploration expenditure (474) (378)
(474) (378)
----------- -----------
Cash flows from financing activities
Proceeds from issuance of ordinary shares 19 148
Borrowings 250 -
----------- -----------
269 148
----------- -----------
Decrease in cash (443) (745)
Cash and cash equivalents at beginning
of period 728 1,128
Foreign exchange movement 4 24
----------- -----------
Cash and cash equivalents at end of period 289 407
=========== ===========
Notes to the interim financial information
For the six months ended 30 June 2022
1. Basis of preparation
The unaudited interim financial information set out above,
which incorporates the financial information of the Company
and its subsidiary undertakings (the "Group"), has been prepared
using the historical cost convention and in accordance with
International Financial Reporting Standards ("IFRS"), including
IFRS 6 'Exploration for and Evaluation of Mineral Resources',
as adopted by the European Union ("EU") and with those parts
of the Companies Act 2006 applicable to companies reporting
under IFRS.
These interim results for the six months ended 30 June 2022
are unaudited and do not constitute statutory accounts as
defined in section 434 of the Companies Act 2006. The financial
statements for the year ended 31 December 2021 have been delivered
to the Registrar of Companies and the auditors' report on
those financial statements was unqualified and contained a
material uncertainty pertaining to going concern.
Going concern basis of accounting
The Group made a loss from all operations for the six months
ended 30 June 2022 after tax of GBP0.3 million (2021: GBP0.5
million), had negative cash flows from operations and is currently
not generating revenues. Cash and cash equivalents were GBP289,000
as at 30 June 2022. An operating loss is expected in the year
subsequent to the date of these accounts and as a result the
Company will need to raise funding to provide additional working
capital to finance its ongoing activities. Management has
successfully raised money in the past, but there is no guarantee
that adequate funds will be available when needed in the future.
The COVID-19 pandemic announced by the World Health Organization
on 20 January 2020 has had and may in the future have markedly
negative impacts on global stock markets, currencies and general
business activity. The Company developed a policy and amended
its procedures to address the health and wellbeing of its
directors, consultants and contractors, and their families,
during the COVID-19 outbreak. Whilst most countries have relaxed
their COVID-19 restrictions COVID-19 has not yet been eradicated
and it may have an impact on activities and potentially a
post balance sheet date impact which if they affect financial
markets may adversely impact the ability of the Group to raise
the necessary funding.
Based on the Board's assessment that the Company will be able
to raise additional funds, as and when required, to meet its
working capital and capital expenditure requirements, the
Board have concluded that they have a reasonable expectation
that the Group can continue in operational existence for the
foreseeable future. For these reasons the Group continues
to adopt the going concern basis in preparing the annual report
and financial statements.
There is a material uncertainty related to the conditions
above that may cast significant doubt on the Group's ability
to continue as a going concern and therefore the Group may
be unable to realize its assets and discharge its liabilities
in the normal course of business.
The financial report does not include any adjustments relating
to the recoverability and classification of recorded asset
amounts or liabilities that might be necessary should the
entity not continue as a going concern.
2. Significant events
The World Health Organization declared coronavirus and COVID-19
a global health emergency on 30 January 2020 and whilst most
countries have relaxed their COVID-19 restrictions COVID-19
has not yet been eradicated and t may have an impact on activities
and potentially a post balance sheet date impact which if
they affect financial markets may adversely impact the ability
of the Group to raise the necessary funding.
Segment reporting
3. For the purposes of segmental information, the operations of
the Group are focused in geographical segments, namely the UK,
Argentina the Philippines, Namibia, Zambia and Botswana and comprise
one class of business: the exploration, evaluation and development
of mineral resources. The UK is used for the administration of
the Group.
The Group's loss before tax arose from its operations in the
UK, Argentina Namibia and Botswana.
For the six months
ended 30 June
2022 - unaudited
UK Argentina Philippines Namibia Zambia Botswana Total
GBP'000 GBP'000 GBP'000 GBP'000
Consolidated loss
before tax (288) (59) - (1) - - (348)
-------- ---------- ------------ -------- ------- --------- --------
Included in the
consolidated loss
before tax are
the following
income/(expense)
items:
Foreign currency
gain - - - -
Total Assets 361 5,338 - 2,418 - 885 9,002
Total Liabilities (892) (42) - (934)
-------- ---------- ------------ -------- ------- --------- --------
For the six months
ended 30 June
2021 - unaudited
UK Argentina Philippines Namibia Zambia Botswana Total
GBP'000 GBP'000 GBP'000 GBP'000
Consolidated loss
before tax (437) (45) - (3) - (1) (486)
-------- ---------- ------------ -------- ------- --------- --------
Included in the
consolidated loss
before tax are
the following
income/(expense)
items:
Foreign currency
gain - - - -
Total Assets 430 5,581 - 1,792 208 8,011
Total Liabilities (357) (30) - (387)
-------- ---------- ------------ -------- ------- --------- --------
4. Share based payments
6 months 6 months
ended 30 ended 30
June 2022 June 2021
GBP'000 GBP'000
Share option expense - Directors 18 -
Share option expense - Management 11 -
29 -
=========== ===========
5. Loss per share
The basic and diluted loss per share have been calculated using
the loss attributable to equity holders of the Company for the
six months ended 30 June 2022 of GBP348,000 (2021: GBP510,000).
The basic loss per share was calculated using a weighted average
number of shares in issue of 5,025,497,800 (2021: 3,249,309,193).
The weighted average number of shares in issue and to be issued
if calculating the diluted loss per share would amount to 6,355,967,563
(2021: 3,540,171,693).
The diluted loss per share and the basic loss per share are recorded
as the same amount, as conversion of share options decreases
the basic loss per share, thus being anti-dilutive.
6. Plant and equipment
Unaudited Audited
30 31
June December
2022 2021
GBP'000 GBP'000
6.1 Cost
Balance at beginning of period 67 67
Exchange differences - -
---------- ----------
At end of period 67 67
---------- ----------
6.2 Depreciation
Balance at beginning of period 65 64
Charge for the period - 1
At end of period 65 65
---------- ----------
Net book value at end of period 2 2
========== ==========
7. Investments
Unaudited Audited
30 31
June December
2022 2021
GBP'000 GBP'000
Investment in associates 49 49
Loan to associate 211 211
Impairment provision (211) (211)
---------- ----------
Total investments 49 49
========== ==========
The Mankayan project owned by Crescent Mining and Development
Corporation was fully impaired in 2016 due to then significant
lingering uncertainty concerning the political and tax environment
in the Philippines. Although the political and tax environment
has subsequently improved it was not considered prudent in the
2019 accounts to write back any of the provision made in prior
years.
In 2019, the Group sold 80% of its interest in the Mankayan copper-gold
project and derecognised its investment in its subsidiary, Asean
Copper Investments Limited and the loan balances outstanding
have been fully impaired.
On 28 April 2021 the Company announced that it had served notice
of termination of its transaction agreement (the "Transaction
Agreement") dated 4 October 2019 with Mining and Minerals Industries
Holding Pte. Ltd. ("MMIH"), a private company incorporated in
Singapore, with respect to the sale of 80 per cent. of the Company's
interest in the Mankayan copper -- gold project in the Philippines
(the "Mankayan Project") to MMJV Pte. Ltd. ("MMJV"), a 100 percent
subsidiary of MMIH, (the "Transaction") as MMIH has not met its
Total Funding Commitment as defined in the Transaction Agreement
and that the Company, would explore and pursue options including
the possibility of re -- positioning the Mankayan project within
the Company's portfolio of copper and gold assets but in the
meantime the previous provisions against the Company's investment
in the Mankayan Project writing it down to Nil have not been
written back.
On 13 September 2021 the Company, entered into a conditional
agreement with IDM Mankayan Pty Ltd ("IDM"), a company incorporated
in Australia, to take the Mankayan Project in the Philippines
forward (the "IDM Agreement"). The IDM Agreement has completed,
and the Company now owns 27.5% of IDM but has no management control
over or right to appoint directors of IDM which is why the shareholding
is held as an investment at cost . The Mankayan project's MPSA
was originally issued for a standard 25 year period, which expires
on 11 November 2021, and as announced by the Company on 18th
March 2022 has been renewed for a second 25 year term with effect
from 12 November 2021 .
8. Exploration and evaluation assets
Unaudited Audited
30 31
June December
2022 2021
GBP'000 GBP'000
Balance at beginning of period 7,900 6,405
Acquisitions during period
- Botswana (Note 8.4) - 532
Exploration expenditure 662 1,073
Provision for impairment (Note 8.3) - (110)
Carried forward at end of period 8,562 7,900
========== ==========
8.1 Argentina
The amount of capitalised exploration and evaluation expenditure relates to 12 licences comprising
the Eureka Project and are located in north-west Jujuy near to the Argentine border with Bolivia
and are formally known as Mina Eureka, Mina Eureka II, Mina Gino I, Mina Gino II, Mina Mason
I, Mina Mason II, Mina Julio I, Mina Julio II, Mina Paul I, Mina Paul II, Mina Sur Eureka
and Mina Cabereria Sur, covering, in aggregate, an area in excess of approximately 5,500 hectares
and accessible via a series of gravel roads.
All licences remain valid and in May 2019 the Company obtained a two-year renewal of its Environmental
Impact Assessment (EIA) approvals in respect of its Mina Eureka, Mina Gino I, Mina Gino II,
Mina Mason I, Mina Mason II, Mina Julio I, Mina Julio II, Mina Paul I, Mina Paul II, being
the 9 northern most licences which are the intended focus of a future exploration programme
the Company is in the process of applying for the extension of the validity period of the
May 2019 EIA approvals.
Notwithstanding the absence of new exploration activities on-site during the period the directors,
given their intention post COVID-19 in Argentina to focus on finding a joint venture partner
for the project or conducting exploration, have assessed the value of the intangible asset
having considered any indicators of impairment, and in their opinion, based on a review of
the expiry dates of licences, future expected availability of funds to develop the Eureka
Project and the intention to continue exploration and evaluation, no impairment is necessary.
The capitalised cost on 30 June 2022 was GBP5,266,000.
8.2 Namibia
On 14 August 2020 the Company completed the acquisition of 100% of Virgo Resources Ltd and
its interests in the Hope Copper-Gold Project in Namibia. The Company has announced positive
results in relation to exploration activities undertaken post acquisition the most recent
of which was on 9 August 2022 when the Company announced it had submitted a mining licence
application as the Company believes that sufficient exploration has been completed to warrant
the application which support the Company's confidence in the Hope Copper-Gold Project. Post
acquisition there have been no indications that any impairment provisions are required in
relation to the carrying value of the Hope Copper-Gold Project. The capitalised cost on 30
June 2022 was GBP2,418,000.
8.3 Zambia
On 27 April 2020 the Company entered into a binding agreement with KPZ International Limited
("KPZ Int") (the "KPZ Agreement") in relation to the acquisition of a 30 per cent. interest
in the approximate 974 km(2) large scale exploration licence numbered 24401-HQ-LEL in the
Kalengwa greater exploration area in The Republic of Zambia (the "Licence") (the "Kalengwa
Project") by acquiring a 30 per cent. shareholding in KPZ Int. Under the terms of the KPZ
Agreement the Company has the right to appoint the majority of directors to the Board of KPZ
Int and has operational control of the Kalengwa Project therefore in accordance with IFRS
10 the Company's investment in KPZ Int has been consolidated. The Licence is held by Kalengwa
Processing Zone Ltd ("KPZ"), a 100 per cent. (less one share) Zambian subsidiary of KPZ Int,
and is for the exploration of copper, cobalt, silver, gold and certain other specified minerals.
The Licence was granted on 2 April 2019 and is valid for an initial period up to 1 April 2023.
Cash consideration for the acquisition was US$250,000 (LIR202,493) which was settled on 6
November by the issue of 76,923,077 shares and costs of GBP23,775. On 12 April 2021, 24 April
2021 and 20 September 2021 the Company announced results in relation to exploration activities
undertaken post acquisition. More recently in light of technical and regulatory issues related
to the Kalengwa project the Company has with the agreement of its partners agreed to pause
work on this project pending resolution of these issues and accordingly decided with effect
from 31 December 2021 to make a full provision against its investment in the Kalengwa project.
8.4 Botswana
On 12 February 2021 the Company further to its announcement on 22 December 2020 announced
the completion of the acquisition of 100% of Metrock Resources Ltd ("Metrock") and its manganese
mineral exploration licences in Southern Botswana comprising the Kanye Manganese Project (the
"Kanye Manganese Project"). The Kanye Manganese Project i) comprises a 4,043 sq km land package
with 125 km of potential on trend manganese mineralisation across the licences ii) has historical
trenching results have yielded in the case on one prospect of between 53% and 74% manganese
oxide ("MnO"), and iii) project area is near the ground of a TSX listed public company that
has a preliminary economic assessment showing high rates of return based on a MnO grade of
27.3.
On 24 June 2021 the Company announced it had completed reconnaissance mapping, prospecting
and sampling work on the Kanye Manganese Project and on 31 January 2022 and 22 March 2022
provided further positive exploration update announcements before announcing on 14 September
2022 positive trench essay results and preparations for a maiden drill programme at the Kanye
manganese project. Post-acquisition there have been no indications that any impairment provisions
are required in relation to the carrying value of the Kanye Manganese Project. The capitalised
cost on 30 June 2022 was GBP885,000.
8.5 Cyprus
On 11 November 2021 the Company announced that on 10 November 2021it had entered into a Joint
Venture Agreement with Caerus Mineral Resources PLC in relation to three of Caerus's copper
gold projects in Cyprus (the "Cyprus Joint Venture" ).
On 15 December 2021 the Company announced the results from initial assay sampling at the Troulli
Project that indicated the potential for development of a shallow gold resource as well as
the opportunity to deepen and extend the current open pit to access the sulphides which contain
both copper and gold.
On 18 January 2022 the Company announced an update on the JV Projects and the objectives set
for 2022 focussing on the rapid development of the Troulli Mine Project.
On 24 February the Company announced the results from both dump sampling and drilling for
the Troulli, Kokkinapetre and Anglisides JV Projects.
Troulli Project: stockpile sampling average grade of 1.2% Cu; tailings sampling at double
projected grade; and positive copper and gold mineralisation drill results outside main Troulli
deposit area
Kokkinapetra Project: Drilling of the 1.5km strike length of the Kokkinapetra extension of
the Troulli deposit returned extremely encouraging drill results including 0.85% Cu eq over
28.10m from surface, 1.0g/t Au over 10.8m and 0.66% Cu eq over 29.2, also from surface. Ground
geophysical survey will now be conducted to better define the next round of drill targets.
Anglsides Project: Validation drilling of the Troulli satellite project, Anglisides returned
equally encouraging results with a peak intercept of 1.18% Cu eq over 40m from surface. A
more comprehensive drilling programme will now be undertaken with the objective of defining
a high-grade resource that can be processed off-site at the future Troulli plant site.
On 6 April 2022 the Company announced the results of an independent Initial Resource Estimate:
At a selected cut-off grade of 0.5% Cu, a hard rock resource estimate of approximately 2.7
million tonnes at a Cu equivalent grade of 0.74% CuEq (0.51% Cu and 0.26 g/t Au) has been
established. A Total Hard Rock Resource Estimate of approximately 4.9 million tonnes at 0.41%
Cu and 0.2 g/t Au for 20,000 t of Cu metal and 31,000 ounces of Au, from a cut-off grade of
0.26% Cu equivalent.
On 3 May 2022 the Company announced further drill results from its Troulli JV Project.
On 8 June 2022 the Company announced further drill results from its Anglisides Licence, a
satellite project of the Troulli Joint Venture.
Post-acquisition there have been no indications that any impairment provisions are required
in relation to the carrying value of the Cyprus Joint Venture the capitalised cost on 30 June
2022 was GBP228,307.
9. Share capital
Unaudited Audited
30 31
June December
2022 2021
GBP'000 GBP'000
Number
Authorised (1)
5,000,000,000 ordinary shares of 0.002p
each 100 100
5,000,000,000 deferred shares of 0.198p
each 9,900 9,900
---------- ----------
10,000 10,000
========== ==========
Allotted ordinary shares, called up and
fully paid
As at beginning of the year 98 71
Share subscription - 18
Shares issued for exploration project acquisitions - 6
Shares issued in lieu of directors and management -
fees 2
Shares issued on exercise of warrants - 2
Shares issued to settle third party fees - 1
Total ordinary shares at end of year 100 98
------ ------
Allotted deferred shares, called up and
fully paid
As at beginning of the period 1,978 1,978
Total deferred shares at end of period 1,978 1,978
Ordinary and deferred as at end of period 2,078 2,076
====== ======
Number of
Number of shares 31
shares 30 December
June 2022 2021
Ordinary share capital is summarised below:
As at beginning of the period 4,913,028,538 3,543,699,116
Share subscription - 923,076,923
Shares issued for exploration project acquisitions - 304,064,999
Shares issued in lieu of directors and management
fees 100,000,000 -
Shares issued on exercise of warrants 11,875,000 92,187,500
Shares issued to settle third party fees 14,285,714 50,000,000
As at end of period 5,039,189,252 4,913,028,538
================== ================
Deferred share capital is summarised below:
As at beginning of the year (1) 998,773,038 998,773,038
As at end of period 998,773,038 998,773,038
================== ================
(1) The Deferred Shares have very limited rights and are effectively valueless as they have
no voting rights and have no rights as to dividends and only very limited rights on a return
of capital. The Deferred Shares are not admitted to trading or listed on any stock exchange
and are not freely transferable .
Unaudited Audited
30 31
June December
2022 2021
GBP'000 GBP'000
The share premium was as follows:
As at beginning of year 39,303 39,125
Share subscription - 1,181
Shares issued to settle third party fees 19 71
Shares issued in lieu of directors and management
fees 128 -
Shares issued - Acquisitions - 44
Share issued - 2020 Acquisitions1 - (1,120)
Share issue costs - (144)
Warrants exercised 18 146
As at end of year 39,468 39,303
========== ==========
Each fully paid ordinary share carries the right to one vote
at a meeting of the Company. Holders of ordinary shares also
have the right to receive dividends and to participate in the
proceeds from sale of all surplus assets in proportion to the
total shares issued in the event of the Company winding up.
10. Reconciliation of operating loss to net cash
outflow from operating activities
Unaudited Unaudited
Six Six
months months
ended ended
30 June 30 June
2021 2020
GBP'000 GBP'000
Operating loss from all operations (348) (510)
Depreciation and amortisation - -
VAT refunds received - -
Foreign exchange (gain)/loss - 21
Share option expense 29 160
(Increase)/decrease in receivables (52) (19)
Increase/(decrease) in payables 133 (167)
---------- ----------
Net cash outflow from operating activities (238) (515)
========== ==========
11. Subsequent events
On 9 August 2022 the company announced it had submitted a Mining
Licence application and Exploration Licence renewal application
covering the Hope and Gorob Project as the Company believes
sufficient exploration has been completed to warrant the application
and also provided assay results for 2 holes drilled at Vendome
and 7 out of 8 holes at the Hope prospect.
On 14 September 2022 the Company announced information on trench
assay results and preparations for a maiden drill programme
at its' 100% owned high-grade Kanye manganese project in Botswana.
Exercise of Warrants:
As announced on 7 July 2022, pursuant to the exercise of warrants
at a price of 0.08p per share in terms of the fundraising announced
on 19 June 2020, the Company issued for GBP15,000 a total of
18,750,000 new Ordinary Shares.
As announced on 11 August 2022, pursuant to the exercise of
warrants at a price of 0.08p per share in terms of the fundraising
announced on 28 August 2020, the Company issued for GBP18,750
a total of 10,837,500 new Ordinary Shares.
Other than these matters, no significant events have occurred
subsequent to the reporting date that would have a material
impact on the consolidated financial statements.
12. Availability of Interim Report
A copy of these interim results will be available from the Company's
registered office during normal business hours on any weekday
at Floor 6, Quadrant House, 4 Thomas More Square, London E1W
1YW and can also be downloaded from the Company's website at
www.bezantresources.com . Bezant Resources Plc is registered
in England and Wales with company number 02918391.
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END
IR EAKNNALNAEFA
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
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