Proposed sale of Eureka Project in Argentina

16 April 2025

Bezant Resources Plc

("Bezant" or the "Company")

Proposed sale of Eureka Project in Argentina

Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcement on 25 February 2025 regarding agreeing heads of terms ("HoT") for the sale of Puna Metals S.A. ("Puna") which holds the 12 licences comprising the Eureka Project located in the Republic of Argentina ("Eureka Project") to Ajax Resources Plc ("Ajax") (LSE:AJAX), the Company announces that on 15 April 2025 it entered into a conditional share purchase agreement (the "SPA").

Under the SPA Bezant, has agreed to sell 100% of Puna and its shareholders loans to Puna representing its interest in the Eureka Project for cash consideration of U$170,000 payable at completion (the "Cash Proceeds") (the "Disposal"). The previously announced HoT contemplated an initial cash payment of US$120,000 and deferred consideration of US$100,000 to be settled in Ajax shares. However, to accelerate the completion of the Disposal, the parties agreed that the consideration will be settled entirely in cash. The long stop date for the completion of the SPA condition precedents (summarised below) is 30 April 2025 or such later date agreed by the parties. The Company notes the announcement by Ajax today of the cancellation of Ajax's admission to the Official List and to trading on the Main Market ("Ajax's Delisting") with effect from 20 May 2025 and completion of the Disposal is scheduled to take place the next business day after Ajax's Delisting.

The completion of the Disposal will enable the Company to focus on its Southern African projects in particular the exploration and development of its flagship Hope and Gorob project in Namibia where on 3 April 2025 the Company announced the awarding of an Environmental Clearance Certificate.

Further information in relation to the SPA:

The SPA is subject to certain conditions precedent including confirmation of the Puna creditors post completion of the SPA, the filing of the accounts of Puna and Eureka to 31 December 2024 and other completion confirmations and documents customary for an agreement of this nature.

As part of the Disposal all the outstanding creditors of Puna and the Company's wholly owned subsidiary Eureka Mining & Exploration S.A. ("Eureka") will be settled from the Cash Proceeds and it will have no assets. Post completion of the Disposal Eureka will be a dormant company and will be disposed of.

Bezant's audited accounts to 31 December 2023 included total assets of £11K and liabilities of £105K in relation to the Eureka Project.

Update on Mankayan

In relation to Bezant's investment in the Mankayan copper gold project in the Philippines held via IDM International the Company announced on 6 February 2025 the proposed merger between IDM International and ASX listed Blackstone Minerals which is expected to complete by 31 May 2025. 

For further information, please contact:

or visit http://www.bezantresources.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.