KANYE MANGANESE PROJECT HIGHLIGHTS:

• Land package containing several occurrences of high-grade manganese mineralisation potentially suitable for the high value battery market.
• Project Area is close to the K-Hill manganese deposit where a TSX listed public company reports a PEA based on a life of project MnO grade of 15.2% yielding a NPV (8%) of US$984m and an IRR of 29.4% - a full feasibility study was under way as of July 2023.
• Maiden Bezant Kanye drilling programme at the Moshaneng prospect - results announced on 9 February 2023:
  • Drilling intersected a zone of shallow flat-lying detrital supergene manganese-iron mineralisation which appears to infill an irregular karst surface over a minimum strike length of 400m.
• Among assay intervals encountered were:
  • 6m @ 28.64% MnO from 6m depth in hole MS-RC-12
  • Including 4m @ 35.38% MnO from 8m depth
  • 3m @ 21.85% MnO from 4m depth in hole MS-RC-06
  • 3m @ 21.20% MnO from 2m depth in hole MS-RC-07
• Less than 25% of the more than 2km potential extent of the target defined by soil geochemistry has been drill tested
• Sulphuric acid leaching optimisation testwork on Kanye drill samples found that manganese recoveries of 99.5% were achievable at moderate process conditions.
• The Kanye manganese deposit demonstrates an excellent overall manganese recovery using moderate leaching conditions compared with benchmarked projects.
• Having established that the Kanye mineralisation is potentially suitable for processing to high purity manganese, the Company plans for further exploration at the project to expand the footprint of the deposit and advance towards resource definition. Further metallurgical test work will be considered at a later stage of project advancement.

WORK COMPLETED

Work has focussed initially on PL 129/2019 close to the Giyani Metals K-Hill deposit where most of the known manganese occurrences are located.

Mapping/Sampling

• Reconnaissance mapping, prospecting and sampling work on the Kanye property since acquisition in February 2021 (through October 2023) is summarised below:
  • Up to four historic manganese occurrences were successfully located and sampled in the field within an 8km-belt.
  • 40 grab samples were obtained which assayed from traces up to high-grade results of 67.18% MnO occurring at the Moshaneng borrow pit and 68.01% MnO at the Mheelo prospect.
  • Geological mapping indicates that the target horizon hosting high-grade manganese may extend continuously for at least 4km between the Loltware and Moshaneng prospects on the Bezant ground.
  • Laboratory assays from trench sampling by Bezant at the Loltware manganese prospect (announced on 22/03/2022) returned in-situ chip/grab sample peak results of 41.4% MnO, 49.23% MnO and 40.83% MnO from one metre wide zones of siliceous manganese mineralisation within a continuously mineralised zone of 40m @ 11.53% MnO.
  • At the Moshaneng Borrow Pit, excavation of shallow clays by a local contractor for road fill exposed further manganese-rich pods over a width of approximately 12-15m and a strike length of more than 300m within a continuous 2km long soil anomaly.

Drilling

• Maiden Kanye drilling programme results announced on 9 February 2023:
  •  11 mainly shallow, angled RC holes totalling 682m at Moshaneng prospect as well as one short diamond drill hole at Loltware prospect.
  • Moshaneng drilling intersected a zone of flat-lying detrital, supergene manganese-iron mineralisation which appears to infill an irregular karst surface over a minimum strike length of 400m.
• Among assay intervals encountered were:
  • 6m @ 28.64% MnO from 6m depth in hole MS-RC-12
    • Including 4m @ 35.38% MnO from 8m depth
  • 3m @ 21.85% MnO from 4m depth in hole MS-RC-06
  • 3m @ 21.20% MnO from 2m depth in hole MS-RC-07
• Potential for at least another 100m of strike extension to the southeast of holes MS-RC-07 and MS-RC-012 would extend the total strike length to a minimum of 500m.  
• Less than 25% of the more than 2km potential extent of the target defined by soil geochemistry has been drill tested to date.
• Grades compare favourably with reported grades on neighbouring more advanced manganese projects and therefore the Kanye project warrants detailed evaluation and drilling with a view to establishing the mineral resource potential.

Metallurgical Test Work

• Metallurgical work was carried out on drill sample material in 2 phases during 2023 by Wardell Armstrong International (WAI). The primary objective of the Phase 1 work announced on 24 July 2023 was to investigate the amenability of extracting manganese from the Kanye mineralisation by sulphuric acid leaching. The objective of the phase 2 work announced on 6 September 2023 was to optimise the leaching conditions to achieve high manganese recoveries at more economical conditions relative to the previous phase of testwork and to benchmark the project against other manganese projects.
• Highlights of the Phase 1 Metallurgical work were:
  • Sulphuric acid leaching successfully demonstrates an amenability to extract manganese from the Kanye sample into solution, with recoveries of up to 99.4% Mn achieved at a temperature of 60oC.
  • Sulphur dioxide addition was found to have a direct correlation to the overall manganese recovery.
  • Most tests demonstrated fast leach kinetics with relative manganese recoveries after 1 hour of leaching ranging up to 90.7%.
  • Whole rock analysis showed relatively simple mineralogy, the main manganese mineral in the Kanye sample being pyrolusite, which is the chief ore mineral for mine production worldwide.
• Highlights of the Phase 2 Metallurgical work were:
  • Phase 2 work followed on from previous metallurgical testing conducted by WAI, and reported in July 2023, aiming to optimise manganese recovery from the 'Moshaneng' sample whilst minimising the reagent consumption rates to improve process economics.
  • Sulphuric acid leaching optimisation testwork found that manganese recoveries of 99.5% were achievable at moderate process conditions, specifically 60°C leaching temperature, 300kg/t of sulphur dioxide addition, and 284kg/t of sulphuric acid consumption.
  • Grind size had minimal influence on the final manganese recovery with 88.0% and 88.3% manganese recovery achieved for feed material particle size distributions of 80% passing 200μm and 80% passing 150μm respectively.
  • Leaching temperature had negligible effect on the final manganese recovery with 88.0% and 89.5% manganese recovery achieved for leach temperatures of 60°C and 90°C respectively.
  • Leach kinetics of manganese recovery were dependant on the sulphur dioxide addition rate. Sulphur dioxide introduced incrementally, demonstrated a staged manganese recovery.
  • A Benchmark Project Review was carried out on three recent manganese projects which were identified as having a similar geographical location and/or producing final products of a similar specification.
    • Giyani Metals K.Hill Project Botswana;
    • Manganese X Energy Corp. Battery Hill Project Canada;
    • Euro Manganese Inc. Chvaletice Project Czech Republic;
  • The Kanye manganese deposit demonstrates an excellent overall manganese recovery using moderate leaching conditions compared with benchmarked projects.
  • The Kanye deposit composite showed a negligible increase in manganese leaching performance at elevated temperatures, which is a favourable outcome from an OPEX perspective.
  • Having established that the Kanye mineralisation is potentially suitable for processing to high purity manganese, Bezant will now plan for further exploration at the project to expand the footprint of the deposit and advance towards resource definition. Further metallurgical test work will be considered at a later stage of project advancement.

Plan showing layout of Moshaneng Borrow Pit and manganese mineralisation:

Manganese mineralisation exposed in the Moshaneng Borrow Pit:

KANYE MANGANESE PROJECT PICTURES OCTOBER 2022

Background on the Kanye Manganese Project

Licences, location, ownership: The Kanye Manganese Project ("Kanye Manganese Project") comprises five current prospecting licenses, (the “Project Licences”), located in south-central Botswana south of the town of Jwaneng, west of the town of Kanye and 150km by road from the capital Gaborone. The licenses are held by Cypress Sources Pty Ltd and Coastal Minerals Pty Ltd, which are 100% owned subsidiaries of the Bezant Resources group.

Geological setting: The target for manganese mineralisation is manganiferous shale horizons located on the contact between the Taupone Group and the underlying Black Reef Formation. This geological setting is similar to that of the Giyani Metals Corp manganese occurrences on their Kwgakgwe Hill (K-Hill), Otse and Lobatse projects which are located just a few kilometres off the Kanye property. The most significant of these (K-Hill) comprises a manganese-rich black shale formation within the lower Taupone Group containing an Indicated Mineral Resource of 8.6Mt @ 15.2% MnO and an Inferred Mineral Resource of 6.1Mt @ 14.1% MnO at a cut-off grade of 7.3% MnO prepared in accordance with Canadian National Instrument 43-101. (As reported by Giyani Metals Corp. in July 2023). A full Feasibility Study is under way on this project.

Previous exploration prior to acquisition: Previous exploration on the Kanye property has highlighted numerous manganese prospects which had not been systematically explored. These include: the Moshaneng Borrow Pit where a number of grab samples assaying up to 71% MnO are reported from massive manganese lenses; the Mheelo prospect, where reports mention that "pure manganese ore to a depth of 1.8m was intersected and the base of the mineralization was not reached". Historical channel samples on the Mheelo Prospect (located within PL129/2019) yielded grades of 53.1% to 74.2% MnO; the Loltware Prospect, approximately 4km to the west of Mheelo where historical reports note manganese outcrop with sample assays up to 43.6% MnO; the Lowe Prospect, comprised of chert that yielded historical manganese assay results up to 58.5% MnO; a local talc mine where six large bulldozed trenches are reported with historical sample assays up to 54% MnO.

Prospecting Licences: Prospecting Licences are issued for three (3) years with two (2) options to renew, each period not exceeding two (2) years, renewal applications are to be submitted no later than three months to the expiry of a Prospecting Licence. The holder of a Prospecting License is entitled to enter onto any land to which its Prospecting License relates and may prospect thereon for the minerals to which the Prospecting License relates, drill bore holes, make excavations, erect camps and put up temporary buildings for machinery necessary for prospecting purposes.

KEY TERMS OF THE ACQUISITION COMPLETED ON 11 FEBRUARY 2021

Parties: The Company completed its share purchase agreement with the Vendors on 11 February 2021 to acquire 100% of the issued share capital of Metrock (the “Sale Shares”). At acquisition Metrock through its 100% owned Australian subsidiary Coastal Resources Pty Ltd (ACN 624 968 752) owned i) 100% of Cypress Sources Pty Ltd incorporated in Botswana which owned PLs 377/2018, 378/2018, 379/2018, 420/2018, 421/2018, 423/2018, 424/2018, 425/2018, and ii) 100% of Coastal Minerals Pty Ltd Incorporated in Botswana which owned PL 129/2019.

Consideration: The initial consideration paid by Bezant at completion of the Acquisition ("Completion") was i) £405,000 by the issue of 150,000,000 Bezant Shares at a deemed issue price of 0.27 pence per Bezant Share ("Ordinary Shares Consideration"), ii) the issue of 31,800,000 Unlisted Options in the share capital of Bezant. The options have a strike price of 0.40 per share and an expiry date of 30 September 2024 ("Option Consideration"). The Company also issued a total of 84,597,407 Bezant Shares to acquire Loans of £198,213 and settle creditors of £30,200 owed by Metrock (“Loan Accounts Consideration Shares”) (the "Consideration").

Deferred Consideration: Bezant has agreed to make a once off milestone payment to Breamline Pty Ltd and M&A Wealth Pty Ltd the original vendors of the Licenses (the “Original Vendors”) should an Indicated Resource be delineated on any of Metrock’s Prospecting Licenses (or on two contiguous licences) greater than 3 million tonnes of Manganese with a cut-off grade of 17% Manganese which can be refined into either Electrolytic Manganese Metal or Manganese Sulphate Monohydrate (the “Milestone Event”). Upon the Milestone Event, Bezant will issue £225 000 worth of Bezant Shares based on the 10 day VWAP prior to the announcement of the Milestone Event (the “Milestone Shares”) with the Milestone Shares to be issued in equal portions to the Original Vendors.

Net Smelter Return: Metrock has agreed to pay a Net Smelter Royalty of 2% on the Manganese Assets to Tiger Royalties and Investments Plc (AIM:TIR) which may be bought back from the holder for £1 million or on a partial basis at a buy-out rate of £250,000 per 0.5% of the NSR.

Ongoing Project assistance: Metrock’s management of Christian Cordier and Modisana Botsile continue to provide ongoing management services post completion of the Acquisition.

9 November 2023