Joint Venture Agreement re 30% of the Kalengwa Exploration Project, Zambia

Bezant acquired a 30% interest in the Kalengwa copper and silver project on 24 April 2020. In its 2021 accounts the Company announced that 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 has decided with effect from 31 December 2021 to make a full provision against its investment in the Kalengwa project. This exploration project is in the area surrounding the historic, high-grade Kalengwa open pit copper mine. The stratigraphic package at Kalengwa is similar to that hosting the world-class deposits in the Copperbelt. These deposits are thought to be formed from hydrothermal and ore-bearing fluids sourced from the intrusives of the Hook Granite complex. It is notable that such intrusives occur at the Kalengwa mine and are known from historic third party drilling and airborne magnetic surveying to occur at, or close to, several other prospects within the Licence.

9 November 2023