Interim Results for the Six Months to 30 June 2026

Bezant Resources Plc

Colin Bird Executive Chairman

Beaumont Cornish (Nominated Adviser)
Roland Cornish/ Asia Szusciak

+44 (0) 20 7628 3396

Novum Securities Limited (Joint Broker)

Jon Belliss

+44 (0) 20 7399 9400

Shard Capital Partners LLP (Joint Broker)

Damon Heath

+44 (0) 20 7186 9952

Notes

Unaudited

Six months

ended

30 June

2026

£’000

Unaudited

Six months

ended

30 June

2025

£’000

CONTINUING OPERATIONS

Group revenue

-

-

Cost of sales

-

-

Gross profit

-

-

Operating expenses

4

(1,753)

(344)

Group operating loss

(1,753)

(344)

Other gains/(losses)

5

(346)

4,348

Finance Costs

(94)

62

Impairment of assets

-

-

Loss before taxation

(2,193)

4,066

Taxation

-

-

Profit / (Loss) for the period

(2,193)

4,066

Attributable to:

Owners of the Company

(2,193)

4,066

- Continuing operations

(2,193)

4,000

- Discontinued operations

-

66

Non-controlling interest

-

-

(2,193)

4,066

Profit / (Loss) per share (pence)

Basic profit /(loss) per share from continuing operations

6

(0.011)

0.027

Diluted profit / (loss) per share from continuing operations

6

(0.011)

0.018

Unaudited

Six months

ended

30 June

2026

£’000

Unaudited

Six months

ended

30 June

2025

£’000

Other comprehensive income:

Profit /(loss) for the period

(2,193)

4,066

Items that may be reclassified to profit or loss:

Foreign currency reserve movement

301

(5)

Total comprehensive profit /(loss) for the period

(1,892)

4,061

Share Capital

£’000

Share Premium

£’000

Other Reserves1

£’000

Retained Losses

£’000

Total

Equity

£’000

Unaudited – six months ended 30 June 2026

Balance at 1 January 2026

2,326

42,711

3,601

(40,289)

8,349

Current period profit

-

-

-

(2,193)

(2,193)

Foreign currency reserve

-

-

301

-

301

Total comprehensive loss for the period

-

-

301

(2,193)

(1,892)

Proceeds from shares issued

64

2,006

-

-

2,070

Shares issued - acquisition shares

10

547

-

-

557

Shares issued – in lieu of fees

-

7

-

-

7

Share issue costs

-

(1,457)

-

-

(1,457)

Warrants issued

-

-

1,334

-

1,334

Warrants exercised

24

699

-

-

723

Balance at 30 June 2026

2,424

44,513

5,236

(42,482)

9,691

Share Capital

£’000

Share Premium

£’000

Other Reserves1

£’000

Retained Losses

£’000

Total

Equity

£’000

Unaudited – six months ended 30 June 2025

Balance at 1 January 2025

2,224

41,663

3,659

(42,447)

5,099

Current period profit

-

-

-

4,066

4,066

Foreign currency reserve

-

-

(5)

-

(5)

Total comprehensive loss for the period

-

-

(5)

4,066

4,061

Proceeds from shares issued

56

504

-

-

560

Share issue costs

-

(275)

-

-

(275)

Shares issued – in lieu of fees

16

223

-

-

239

Warrants issued

-

-

249

-

249

Warrants expired

-

-

(20)

20

-

Equity component of borrowings

-

-

2

-

2

Balance at 30 June 2025

2,296

42,115

3,885

(38,361)

9,935

Unaudited

Audited

30

June

31 December

2026

2025

Notes

£’000

£’000

ASSETS

Non-current assets

Processing plant

10

4,798

1,768

Plant and equipment

10

1,436

578

Mine Development

9

5,512

3,952

Investments

7

60

1,606

Exploration and evaluation assets

8

1,308

1,232

Total non-current assets

13,114

9,136

Current assets

Inventories

55

55

Trade and other receivables

437

76

Cash and cash equivalents

734

430

1,226

561

Total current assets

1,226

561

TOTAL ASSETS

14,340

9,697

LIABILITIES

Current liabilities

Trade and other payables

11

2,624

464

Borrowings

12

1,754

620

Total current liabilities

4,385

1,084

Non-current liabilities

Provisions

271

264

Total non-current liabilities

271

264

TOTAL LIABILITIES

4,649

1,348

NET ASSETS

9,691

8,349

EQUITY

Share capital

13

2,424

2,326

Share premium

13

44,513

42,711

Share-based payment reserve

2,777

1,443

Foreign exchange reserve

434

133

Merger reserve

1,831

1,831

Other reserves

194

194

Retained losses

(42,482)

(40,289)

9,691

8,349

TOTAL EQUITY

9,691

8,349

Unaudited

Unaudited

Six months

ended

30 June

2026

Six months

ended

30 June

2025

Notes

£’000

£’000

Net cash outflow from operating activities

15

263

(188)

Cash flows from/(used) in investing activities

Deferred exploration expenditure

(71)

(479)

Mine Development & Processing Plant

(4,033)

-

Payments for plant

(858)

-

Proceeds from sale of equity investments

1,199

181

(3,763)

(479)

Cash flows from financing activities

Payments from disposal of subsidiaries

-

(23)

Proceeds from issue of ordinary shares

2,670

534

Borrowings

1,134

-

3,804

692

Increase/(decrease) in cash

304

25

Cash and cash equivalents at beginning of period

430

88

Cash and cash equivalents at end of period

734

113

1.

Accounting Policies

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 2026 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 2025 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 2026 after tax of £2.19million which included a provision of £967K in relation to a Company Share Price Award and a fair value adjustment loss of £346K (2025: profit of £4.07million), which included an a non cash gain and fair value adjustment profit of £4.28 million and had negative cash flows from operations and is currently not generating revenues. Cash and cash equivalents were £734K as at 30 June 2026 (December 2025 £430K).

On 31 March 2026, Bezant completed an oversubscribed fundraising of £2,070,000 at 0.065p per share. During the period the Company received £722,900 from the exercise of warrants and share sale proceeds of £1.2 million from the sale of its Blackstone Minerals shares.

On 11 June 2026 the Company announced a US$7 million secured prepayment facility and offtake agreements with Hartree Metals LLC (“Hartree Metals”) for the development of the Hope and Gorob Copper Project to support construction of the Hope and Gorob mine site and commissioning activities at the Tsoaxaub Metals Processing Plant in Namibia.Under the offtake agreement Hartree will purchase 100% of the copper concentrates produced for the life of the operation from Hope and Gorob Copper Project at market terms (“Offtake Agreement”).

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.

Basis of preparation

The financial information, 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 UK adopted International Accounting Standards including IFRS6 ‘Exploration for and Evaluation of Mineral Resources’.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertakings and have been prepared using the principles of acquisition accounting, which includes the results of the subsidiaries from their dates of acquisition.

All intra-group transactions, income, expenses and balances are eliminated fully on consolidation.

A subsidiary undertaking is excluded from the consolidation where the interest in the subsidiary undertaking is held exclusively with a view to subsequent resale and the subsidiary undertaking has not previously been consolidated in the consolidated accounts prepared by the parent undertaking

Company Statement of Comprehensive Income

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

Mine and processing plant properties and plant and equipment

Initial recognition of mine properties and plant and equipment. Upon completion of the mine construction phase, the assets are transferred into “Plant and equipment” or “Mine and processing plant properties”. Items of plant and equipment and producing mine are stated at cost, less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the decommissioning and rehabilitation obligation, and, for qualifying assets (where relevant), borrowing costs. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. The capitalised value of a finance lease is also included in plant and equipment.

Depreciation and amortisation, Depreciation is calculated to write off the cost of items of the assets less their estimated residual values using the straight-line method over their estimated useful lives, and is recognised in profit or loss. The average useful lives applied to the various categories of the assets are as follows:

An item of plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the assetis included in statement of profit or loss and other comprehensive income when the asset is derecognised. The asset’s residual values, useful lives and methods of depreciation are reviewed at each reporting period and adjusted prospectively, if appropriate. An asset's carrying amount is written down to its recoverable amount if the asset's carrying amount exceeds the higher of the asset's fair value less costs to sell or value in use

Repairs and maintenance are generally expensed when incurred. However, major repairs and renovations are capitalised and included in the carrying amount of the asset, when it is probable that future economic benefits associated with the item will flow to the entity. Major repairs and renovations are depreciated over the remaining life of the related asset. Refer to note 2 for the Company’s policy in respect of exploration, evaluation and development expenditure.

Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount can be made. Where these conditions are not met, no provision is recognised. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the obligation at the reporting date. The measurement of provisions reflects, current estimates of the costs required to settle the obligation, risks and uncertainties surrounding the obligation; and where material, the time value of money using a pre-tax discount rate that reflects current market assessments.

The Group recognises a provision for the future costs of rehabilitation, restoration and decommissioning of mining sites and related facilities in the period in which the disturbance giving rise to the obligation occurs. The provision is calculated based on, estimated future costs of rehabilitation, timing of expenditure; and applicable discount and inflation rates.A corresponding asset is recognised as part of the carrying amount of the related mining asset within property, plant and equipment.This asset is depreciated over the estimated useful life of the mine or asset.Changes in the estimated liability arising from revisions to discount rates, timing or cost estimates are adjusted against the carrying amount of the related asset, or recognised in profit or loss where the asset has been fully depreciated.

Inventories

Inventories for a mining company comprise, ore stockpiles (including run-of-mine ore), work-in-progress, finished goods (refined metals or concentrates) and consumables and spare parts. Inventories are stated at the lower of cost and net realisable value. Net realisable value represents the estimated selling price in the ordinary course of business less estimated costs of completion and costs necessary to make the sale.The cost of inventories includes all costs incurred in bringing the inventories to their present location and condition, including, direct costs of extraction, including drilling, blasting and hauling, processing costs such as crushing, milling and refining, an allocation of direct and indirect production overheads and depreciation of mining and processing assets. Costs are determined using the weighted average cost method.

2

Significant accounting judgments, estimates and assumptions

The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting year are:

Share-based payment transactions:

The Group measures the cost of equity-settled transactions with directors, consultants and employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using a Black and Scholes model which takes into account expected share volatility, strike price, term of the option and the dividend policy.

The Company operates an annual incentive scheme for directors and employees approved at its 2024 Annual General Meeting under which awards are linked to movements in the Company’s share price over a defined 12‑month performance period. Where awards may be settled in cash or equity at the discretion of the Board, the awards are accounted for as cash‑settled share‑based payments in accordance with IFRS 2.

Cash‑settled share‑based payment liabilities are measured at the fair value of the award at each reporting date, with changes in fair value recognised in profit or loss over the vesting period. The fair value of awards is based on the amount determined under the scheme rules, being the participation rate applied to the excess of the Year End Share Price over the Base Share Price multiplied by the number of shares in issue.

Where the Board subsequently determines that settlement will be in equity instruments, the liability is reclassified to equity at the settlement date.

Impairment of investments, options and deferred exploration expenditure:

The Group determines whether investments (including those acquired during the period), options and deferred exploration expenditure are impaired when indicators, based on facts and circumstances, suggest that the carrying amount may exceed its recoverable amount. Such indicators include the point at which a determination is made as to whether or not commercial mining reserves exist in the subsidiary or associate in which the investment is held or whether exploration expenditure capitalised is recoverable by way of future exploitation or sale, obviously pending completion of the exploration activities associated with any specific project in each segment.

Fair value of assets and liabilities acquired on acquisition of subsidiaries

The Group determines the fair value of assets and liabilities acquired on acquisition of subsidiaries by reference to the carrying value at the date of acquisition and by reference to exploration activities undertaken and/or information that the Directors become aware of post acquisition.

Mine decommissioning and rehabilitation

The ultimate decommissioning and rehabilitation costs are uncertain, and cost estimates can vary in response to many factors, including estimates of the extent and costs of decommissioning and rehabilitation activities, technological changes, regulatory changes, cost increases as compared to the inflation rates, and changes in discount rates. These uncertainties may result in future actual expenditure differing from the amounts currently provided. Therefore, significant estimates and assumptions are made in determining the provision for mine decommissioning and rehabilitation. As a result, there could be significant adjustments to the provisions established which would affect future financial result. The provision at reporting date represents management’s best estimate of the present value of the future decommissioning and rehabilitation costs required.

Investments at fair value through profit and loss (‘Equity investments’)

Equity investments are initially measured at cost, including transaction costs. At each reporting date, the fair value is assessed and any resultant gains and losses are included directly in the Consolidated Statement of Profit and Loss under IFRS 9.

Valuation of Equity Instruments Convertible Loan (Borrowings)

Convertible instruments can be complex, containing a number of features which can have a significant impact on the accounting under IFRS 9 Financial Instruments and IAS 32 Presentation of Financial Instruments. The Company determined that the £700,000 convertible note drawn down announced on 30 June 2022 (“Facility”) (note 12) was an equity instrument as the conversion feature results in the conversion of a fixed amount of stated principal into a fixed number of shares, it satisfies the ‘fixed for fixed’ criterion and, therefore, it is classified as an equity instrument which requires the valuation of theliability component and the equity conversion component. The fair value of the liability component, included in current borrowings, at inception was calculated using a market interest rate for an equivalent instrument without conversion option. The discount rate applied was 25%.

As detailed in Note 12 there have been modifications to the Facility in 2023, 2024 and 2025 and on each occasion the Company has determined that the modifications were in accordance with IFRS 9 substantially different from the pre-existing terms of the Facility and that therefore the equity instrument comprising the pre-existing facility was deemed to be repaid on the date of the modifications.

Classification of acquisitions as asset acquisitions

Management applies significant judgment in determining whether an acquisition constitutes a business combination or an asset acquisition under IFRS 3. Key considerations include; whether the acquired set includes substantive processes; the presence (or absence) of outputs; whether the acquired assets are concentrated in a single identifiable asset or group of similar assets; and the stage of development of the project (exploration vs development). In many cases within the mining sector, early-stage exploration entities or mine properties that have been in care and maintenance lack substantive processes and therefore acquisitions are often classified as asset acquisitions. Where treated as an asset acquisition management estimates the fair values of identifiable assets and liabilities to allocate purchase consideration this involves i) judgments in valuing physical assets acquired and there use in the business going forward mineral licences, exploration rights, and geological data, which often rely on limited market data based upon assumptions which may include future operational activities commodity prices, resource potential, and comparable transactions. Changes in these assumptions could result in different allocation of acquisition cost and affect future impairment assessments.

Management has determined that its acquisition of a 90% shareholding in Tsoaxaub Metals (Proprietary) Limited (previously called Namib Lead and Zinc (Proprietary) Limited) (“NLZM”) in December 2025 was an asset acquisition under IFRS 3.This assessment was made on the basis that as at the date of acquisition NLZM had two material assets previously used in relation to lead zinc mining namely the NLZM underground mine and the NLZM Processing Plant. and had been in long term care and maintenance since 2020.Further at acquisition NLZM had no workforce or substantive processes or outputs and the transaction rationale was to acquire and modify the NLZM Processing Plant so that it could be used to process pre-concentrate from the groups Hope and Gorob copper- gold project.The acquisition of NLZM was an arm’s length transaction with a third party for a consideration of £2,078,404 and this amount was allocated to the identifiable assets and liabilities of NLZM that will be used by the group post the acquisition.

Determination of consideration on acquisition of NLZM.

As part of the transaction to acquire NLZM the vendor is entitled to Revenue Royalty Payments and Ore Processing payments as follows.The vendor shall be entitled to quarterly royalty payments equal to 1.5% of the Gross Revenue on Hope and Gorob project revenue (the "Revenue Royalty Payments") for each Quarter during the period beginning on the date of acquisitionand ending on, and inclusive of, the twelfth anniversary of the date immediately following the sixty (60)-day period during which the NLZM Plant processes, on an annualized basis, at least 98,000 tonnes of ore ("Commencement Date") (the "Revenue Royalty Period"). The Revenue Royalty Payment is capped at a copper price of US$12,000 per tonne and is due and payable to the Vendor even in an event if the ore from Hope and Gorob project is processed at another facility and not at the NLZM Plant.Once the NLZM Processing Plant is operating the Vendor will be paid a fixed amount for each tonne of ore processed by the NLZM Processing Plant (US$6.50 per tonne for years 1 to 8 after the Commencement Date, US$2.00 per tonne for years 9 to 12 after the Commencement Date and thereafter US$1.00 per tonne) (“Ore Processing Payments”). The ore processing payments are subject to a minimum of i) US$200,000 for the six months immediately following the Commencement Date; and ii) US$25,000 per year for years 1 to 12 after the Commencement Date

The Company assessed that the Revenue Royalty payments are i) contingent on future production; ii) not unavoidable at acquisition date; and iii) linked to future economic activity and the Minimum Ore Processing Payments are dependent upon plant operations. The Company therefore determined that the Revenue Royalty payments and Ore Processing Payments are executory / usage based arrangements dependent on future economic activity not past events so are contingent liabilities and did not form part of the consideration paid in relation to the acquisition of NLZM.

Impairment assessment of mining properties and plant and machinery on acquisition

Given the change of purpose of NLZM on acquisition its asset values were assessed for impairment as at the acquisition date and again at subsequent period ends.As the future operation of the NLZM lead zinc mine is dependent on the future development of the Hope and Gorob Project it was fully impaired at the acquisition date.The carrying value of the NLZM Processing Plant and other moveable plant and machinery which will be used in the planned operations of NLZM has not been impaired as its carrying value is less than its assessed value based on a model of NLZM revenue from processing preconcentrate from the Hope and Gorob mine.

Determination of when exploration assets become development assets

Determining when EandE assets should be reclassified to mine development assets requires significant judgment. Key factors considered include; completion and results of feasibility studies (pre-feasibility and definitive feasibility studies); evidence of proven and probable reserves; approval of a development plan by the Board; availability of financing to construct the mine; obtaining key regulatory approvals and permits. The timing of this decision is critical as it determines; when amortisation/depreciation begins and when the accounting treatment shifts from IFRS 6 to IAS 16/IAS 36. The assessment of technical feasibility and commercial viability involves significant estimates, including; forecasting commodity prices; estimating capital expenditures and operating costs; estimating expected production profiles and mine life; Discount rates used in economic evaluations; and regulatory and environmental considerations. These estimates directly impact whether development proceeds, the recoverability of capitalised costs and potential impairment charges. Changes in these assumptions could materially affect the carrying value of development assets and the timing of depreciation.

Management has determined that the exploration and evaluation asset in relation to the Hope and Gorob project should be reclassified as a mine development asset.The basis of this assessment was that the Hope and Gorob project has a mining licence, the acquisition of the NLZM Processing Plant for use in the Hope Copper Gold project by the acquisition of NLZM, the results of the Sound Mining Feasibility Study Report summary in relation to the Hope and Gorob project,the signing of a US$7 million financing facility term sheet announced in October 2025 and post year end the announcement on 11 June 2026 of the signing of definitive financing and offtake agreements with Hartree Metals LLC and the decision to commence the development of the Hope and Gorob mine. As at the year end the mine development assets previously recognised as an exploration and evaluation asset was £3,952,000 this asset will be amortised over the life of the mine once mining operations have commenced.No amortization change was recognised in these accounts as mining operations have not yet commenced.

Exploration, evaluation and development expenditure

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economicallyrecoverable reserves. Accumulated costs in relation to an abandoned area are written off in full in the year in which the decision to abandon the area is made.

When production commences, the accumulated costs for the relevant area of interest are transferred to development assets and amortised over the life of the area according to the rate of depletion of the economically recoverable reserves. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

Costs of site restoration are provided when an obligating event occurs from when exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal and rehabilitation of the site in accordance with clauses of the mining permits. Such costs have been determined using estimates of future costs, current legal requirements and technology on a discounted basis.

Any changes in the estimates for the costs are accounted for on a prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site.

Reclassification from exploration and evaluation assets to mine development assets

Exploration and evaluation (“EandE”) assets are initially capitalised in accordance with IFRS 6.

EandE assets are reclassified to mine development assets (within property, plant and equipment or mine properties) when:

• The technical feasibility of extracting the mineral resource has been demonstrated; and
• The commercial viability of the resource has been established; and
• A formal decision has been taken by management or the Board to develop the mine, typically supported by a feasibility study and financing plan.

Upon reclassification:

• The assets are transferred at carrying amount and are not remeasured.
• The reclassified assets are subsequently accounted for in accordance with IAS 16 Property, Plant and Equipment or IAS 38, as appropriate.
• Depreciation commences when the asset is available for use, generally when commercial production begins.

Prior to reclassification, EandE assets are not amortised but are assessed for impairment when facts and circumstances suggest that the carrying amount may exceed recoverable amount in accordance with IFRS 6. Following reclassification, the assets are subject to IAS 36 impairment testing.

3.

Segment reporting

For the purposes of segmental information, the operations of the Group are focused in geographical segments, namely the UK, Namibia, and Botswana, which comprise one class of business: the exploration, evaluation and development of mineral resources and Argentina which is discontinued. The UK is used for the administration of the Group and assessing new projects and includes equity investments in non-group companies. The Group’s loss before tax from continuing operation arose from its operations in the UK, Namibia, and Botswana.

The Group’s loss before tax arose from its operations in the UK, Argentina Namibia and Botswana.

For the six months ended 30 June 2026 - unaudited

Continuing operations

Total

UK

Botswana

Namibia

£’000

£’000

£’000

£’000

Consolidated (loss) / profit before tax

(1,810)

-

(383)

(2,193)

Included in the consolidated profit before tax are the following income/(expense) items:

Foreign currency loss

-

-

-

-

At 30 June 2026

Total Assets

808

1,308

12,224

14,340

Total Liabilities

(4,288)

-

(361)

(4,649)

For the six months ended 30 June 2025 - unaudited

Continuing operations

Discontinued

Total

UK

Botswana

Namibia

Argentina

£’000

£’000

£’000

£’000

£’000

Consolidated profit before tax

4,000

-

-

66

4,066

Included in the consolidated profit before tax are the following income/(expense) items:

Foreign currency loss

-

-

-

-

-

At 30 June 2025

Total Assets

6,240

1,172

3,430

-

10,842

Total Liabilities

(907)

-

-

-

(907)

4.

Operating expenses

Unaudited

6 mths ended

30 June 2026

Unaudited

6 mths ended 30 June 2025

£’000

£’000

Other operating expenses **

1,753

344

1,753

344

5.

Other gains / (losses)

Unaudited

6 mths ended

30 June 2026

Unaudited

6 mths ended 30 June 2025

£’000

£’000

Realised (loss) / gain on sale of quoted investments

(346)

4,348

(346)

4,348

The fair value gain on the shareholding in ASX listed Blackstone Minerals was based on the market value of Blackstone Mineral shares as at the date of sale and / or the period end compared to their carrying value. The Blackstone Minerals shares were acquired in 2025 as a result of IDM Merger which resulted in the sale of IDM International Ltd to Blackstone Minerals limited (note 7).

6.

Loss per share

The basic and diluted loss per share for the six months ended 30 June 2026 was 0.011 pence per shares (2025: profit 0.027 pence) and has been calculated using the loss attributable to equity holders of the Company for the sixmonths ended 30 June 2026 of £2,193,000 (2025: profit of £4,066,000).The basic and diluted loss per share was calculated using a weighted average number of shares in issue of 19,238,041,830 (2025: 14,953,536,025).

The diluted loss per share for the six months ended 30 June 2026 was 0.008 pence per share (2025: profit 0.018 pence) and has been calculated using a weighted average number of shares in issue and to be issued of 26,358,695,420 (2025:22,566,802,250). Use of the weighted average number of shares in issue in the period recognises the variations in the number of shares throughout the period and is in accordance with IAS 33 as is the fact that the diluted earnings per share should not show a more favourable position than the basic earnings per share which is why for the six months ended 30 June 2026 the diluted loss per share was (0.011) pence.

7

Investments

Unaudited

Audited

30

June

2026

31

December

2025

£’000

£’000

Investments under fair value through profit and loss

Quoted investments at beginning of period

1,546

-

Blackstone Minerals shares acquired on IDM Merger

-

5,834

Disposals

(1,199)

(2,430)

(Decrease)/Increase in fair value during period1

(347)

(1,858)

Quoted investments at end of period

-

1,546

Blackstone Minerals Ltd - Options

60

60

Unquoted investments at end of period

60

60

60

1,606

Asset category

Fair value at acquisition

£’000

Mine and Processing Plant properties

1,687

Plant and equipment

534

Inventories - Consumables **

54

VAT Refund **

18

Prepayments **

4

Cash **

128

Rehabilitation & Closure provision

(236)

Decommissioning provision

(24)

Trade Payables **

(2)

Other Payables **

(82)

Leave Provision **

(3)

Identifiable Assets less liabilities

2,078

8.

Exploration and evaluation assets

Unaudited

Audited

30

June

2026

31

December

2025

£’000

£’000

Balance at beginning of period

1,232

4,192

Exploration expenditure

76

992

To Mine Development (see Note 9)

-

(3,952)

Carried forward at end of period

1,308

1,232

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 had historical trenching results thatyielded high grademanganese oxide ("MnO") in boulders. The project area is near the ground of a TSX listed public company, Giyani Metals, which is aiming to become a low-carbon producer of high-purity manganese sulphate monohydrate (HPMSM), a precursor material used by lithium-ion battery manufacturers for the expanding electric vehicle (EV) market. Mineralisation discovered at Kanye occurs at the same stratigraphic level as at the main Giyani Metals K-Hill deposit.

By far the most prospective licence on acquisition was PL 129/2019 and the other licences were acquired as they were available at no additional cost.. The Kanye Manganese Project currently comprises PL 129/2019, as PL 424/2018 has not been renewed (the "Project Licence"), located in south-central Botswana south of the town of Jwaneng and west of the town of Kanye and 150 km by road from the capital Gaborone. The Project License covers a total area of 276 sq. km and provide the holder with the right to prospect for Metals. PL 129/2019 has been renewed to 30 September 2027 and is held by Coastal Minerals Pty Ltd which is 100% owned by Coastal Resources Pty Ltd. itself a 100% owned subsidiary of Bezant Resources.

On 27 August 2024 the Company announced the positive outcome of geophysical surveying at PL 129/2019 which is the main licence at the Kanye manganese project in Botswana. The survey was planned to assist in extending the potential footprint of the deposit discovered by earlier Bezant Resources exploration. Highlights were that:

• IP/resistivity geophysical surveying has traced near surface areas of high conductivity/low resistivity which could reflect manganiferous mineralisation for about 900m to the NW of the previously exposed manganese occurrence in the Moshaneng borrow pit, making 1.4km of potential target strike extent in total.

• The geophysical anomaly extends up to 300m width in places, double that in the area already drill tested, and remains open further to the NW beyond the limit of the survey.

Previously on 9 February 2023 the Company announced the results of its maiden drilling programme at the Kanye Manganese project the highlights of which were:

On 24 July 2023 and 6 September 2023 the Company announced the results of a two phase metallurgical testing programme undertaken by Wardell Armstrong International, the highlights of which were:

Phase 2 work followed on from previous metallurgical testing 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 dependent 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.

a.Giyani Metals K.Hill Project Botswana;

b.Manganese X Energy Corp. Battery Hill Project Canada;

c.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, the Company will now press on with planning 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.

Post-acquisition acquisition the company’s exploration activities and exploration activities have been very much focused on PL 129/2019and there have been no indications that any impairment provisions are required in relation to the carrying value of the Kanye Manganese Project. During the period the Company continued desk-based technical work and evaluation of the Company’s manganese interests. This work is intended to further refine our geological understanding and assist in defining the most appropriate targets for the next phase of exploration.

Subject to the results of this work and the necessary operational planning, we expect drilling to commence during 2027.

The capitalised cost at 30 June 2026 was £1,308,000 (31 December 2025 was £1,232,000).

9.

Mine Development Asset

Unaudited

Audited

30 June

2026

31 December 2025

£’000

£’000

Brought Forward

3,952

-

Additions

1,560

Transferred from exploration and evaluation asset

-

3,952

5,512

3,952

10.1

Fixed Mining and Processing Plant

Unaudited

Audited

30 June

2026

31 December 2025

£’000

£’000

Balance at beginning of year

1,768

-

Acquired on acquisition of Tsoaxaub Metals

(Note 7.1)

-

1,687

FX gain

361

78

Additions post-acquisition

-

3

Additions during period

2,669

-

At cost

4,798

1,768

Accumulated depreciation

-

-

Carrying value at period end

4,798

1,768

10.2

Plant and equipment

Unaudited

Audited

30 June

2026

31 December 2025

£’000

£’000

Balance at beginning of year

578

-

Acquired on acquisition of Tsoaxaub Metals

(Note 7.1)

-

534

FX gain

26

Additions during year

860

19

At cost

1,438

579

Accumulated depreciation

(2)

(1)

Carrying value at period end

1,436

578

11

Trade and Other Receivables

Unaudited

Audited

30 June

2026

31 December 2025

£’000

£’000

Trade Creditors

1,643

417

Other Accruals

-

47

Other Creditors

4

-

Provision for cash-settled share-based payment liability (Note 4 )

977

-

Balance at period end

2,624

464

12

Borrowings

Unaudited

Audited

30 June

2026

31 December 2025

£’000

£’000

Convertible loan (Note 12.1)

620

620

Loan (Note 12.2)

1,139

-

1,759

620

12.1

Convertible loan

Unaudited

Audited

30 June

2026

31 December 2025

£’000

£’000

Balance at beginning of period

620

616

Convertible loan repaid

-

(616)

Borrowings

-

700

Equity allocation

-

(193)

Finance charge accrued

-

113

620

620

12.2

Loan

Unaudited

Audited

30 June

2026

31 December 2025

£’000

£’000

Balance at beginning of period

-

-

Borrowings **

1,126

-

Finance charge accrued

5

-

FX movement

8

-

1,139

-

13.

Share capital

Unaudited

Audited

30

June

2026

31

December

2025

£’000

£’000

Number

Authorised

5,000,000,000 ordinary shares of 0.002p each

100

100

5,000,000,000 deferred shares of 0.198p each 1

9,900

9,900

10,000

10,000

1The 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.

Allotted ordinary shares, called up and fully paid

As at beginning of the period

348

246

Share subscription for cash

64

56

Shares issued in lieu of directors’ fees

-

8

Shares issued on acquisition of 20% of Hope and Gorob

10

-

Shares issued to settle consultants fees

-

9

Shares issued on exercise of options

24

29

Total ordinary shares at end of period

446

348

Allotted deferred shares, called up and fully paid (2)

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

2,424

2,224

Number of shares 30 June

2026

Number of shares 31 December 2025

Ordinary share capital is summarised below:

As at beginning of the year

17,426,654,126

12,304,059,682

Share subscription for cash (1)

3,184,615,386

2,800,000,000

Shares issued to settle Directors’ and PDMR fees

-

410,719,998

Shares issued on acquisition of 20% of Hope and Gorob (2)

515,263,645

-

Shares issued to settle consultants’ fees (3)

11,024,015

440,874,446

Shares issued on exercise of warrants

1,201,115,385

1,471,000,000

As at end of period

22,338,672,557

17,426,654,126

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

Notes re shares issued during the year

(1) On 31 March 2026 the Company issued 3,184,615,386 shares in relation to a placement raising £2,070,000.

(2) On 24 March 2026 the Company issued 515,263,645 shares to settle £557,000 related to the acquisition of 20% of Hope and Gorob.

(3) On 31 March 2026 the Company issued 11,024,015 shares to settle fees due to Consultants of £7,166.

Unaudited

Audited

30

June

2026

31

December

2025

£’000

£’000

The share premium was as follows:

As at beginning of period

42,711

41,663

Share subscription for cash

2,006

504

Shares issued to settle consultants fees

7

116

Shares issued on acquisition of 20% of Hope and Gorob

547

-

Shares issued to settle Directors’ and PDMR fees

-

115

Share issue costs

(1,457)

(275)

Warrants exercised during the period

699

588

As at end of year

44,513

42,711

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.

14.

Share-based payments

Number

Date granted

Exercise price

Maximum term

Vesting dates

35,000,000

23/08/2018

0.500p

Expire on 21/06/2028

23 August 2018

25,000,000

23/08/2018

1.000p

Expire on 21/06/2028

31 January 2019

110,000,000

06/11/2020

0.425p

Expire on 21/06/2028

Upon being granted

110,000,000

06/11/2020

0.565p

Expire on 21/06/2028

31 March 2021

223,750,000

15/03/2024

0.060p

Expire on 21/06/2028

15 March 2024

223,750,000

15/03/2024

0.080p

Expire on 21/06/2028

15 March 2024

385,500,000

3/03/20260

0.165p

Expire on 21/06/2028

24 June 2026

385,500,000

3/03/2026

0.165p

Expire on 21/06/2028

**

1,498,500,000

Number

Date granted

Exercise price

Maximum term

Vesting dates

31,600,000

18/12/2023

0.025p

Expire on 18/12/2026

Upon being granted

1,878,500,000

18/12/2023

0.060p

Expire on 18/12/2026

Upon being granted

1,859,000,000

03/01/2025

0.040p

Expire on 03/01/2028

Upon being granted

437,500,000

24/06/2023

0.120p

Expire on 30/06/2028

Upon being granted

350,000,000

16/12/2025

0.058p

Expire on 30/11/2026

Upon being granted

3,184,615,386

8/04/2026

0.165p

Expire on 08/04/2029

Upon being granted

1,189,286,904

10/06/2026

0.110p

Expire on 11/06/ 2030

Upon being granted

8,930,502,290

30 June 2026

31 December 2025

Number

Weighted average exercise price

Number

Weighted average exercise price

Outstanding at beginning of period

6,300,600,000

0.083p

5,214,308,333

0.15p

Share options issued (1)

771,000,000

0.165p

-

-

Lapsed/exercised warrants

(1,201,115,385)

0.060p

(2,606,208,333)

0.038p

Warrants issued

4,558,517,675

0.147p

3,692,500,000

0.043p

Outstanding at end of year

10,429,002,290

0.115p

6,300,600,000

0.083p

15.

Reconciliation of operating loss to net cash outflow from operating activities

Unaudited

Unaudited

Six

months

ended 30 June

2026

Six

months

ended 30 June

2025

£’000

£’000

Operating profit/(loss) from all operations

(1,753)

(343)

Share based payment liability (note 4)

977

-

Foreign exchange movement

50

(21)

Shares issued – Directors fees

-

87

Share issued - Consultants

7

153

(Increase)/decrease in receivables

(361)

22

Increase/(decrease) in payables

1,343

(78)

Net cash outflow from operating activities

263

(188)

16.

Subsequent events

Subsequent to 30 June 2026, the Group has reported significant progress in the development and commissioning of the Hope and Gorob mine and Tsaoxaub Metals processing plant, including successful blasting operations, ore stockpiling, ongoing plant commissioning and management's expectation that first run-of-mine ore would be processed and first concentrate produced during September 2026. Management also announced that it was reviewing a Phase II expansion strategy and believes the project has the potential to support an estimated mine life of approximately 35 years, although no revised economic model has yet been published.

On 27 August 2026, the Group entered into revised arrangements relating to the acquisition of the Tsaoxaub Metals Processing Plant (formerly the NLZM Processing Plant). Under the accelerated purchase arrangement, a payment of US$5.0 million is due by 31 October 2026, following which the vendor's security over the asset will be released. A further US$4.98 million is payable in quarterly instalments from March 2029 to December 2031 which the Company plans to pay from operating cashflow. The vendor has also been granted an option to convert up to £2.0 million of the deferred consideration into ordinary shares of the Company at a fixed conversion price of £0.0013145 per share. The amount of the Deferred Consideration being settled will be based on the present value of the Deferred Consideration being settled discounted at 12.5% per year from its original payment date (the “Discount”). Any Conversion Shares, when issued, will be subject to a two month lock up.

On 2 September 2026, the Group announced that it had entered into a co-investment agreement with Hartree Metals LLC under which Hartree will provide the US$5.0 million funding required under the accelerated purchase arrangement. In consideration, Hartree will receive security together with royalty and ore-processing payment rights based on the terms of the security arrangements and Revenue Royalty granted to CL US Minerals LLC in accordance with the terms and conditions of the Share Purchase Agreement details of which were announced on 14 August 2025

Subsequent to the reporting date, the Company issued additional ordinary shares following the exercise of warrants and share options and the settlement of certain consultancy fees through the issue of equity. From 1st July 2026 to and 28 September 2026, the Company has announced the issue of a total of 500,852,531 new ordinary share, following these share issued, the Company's issued share capital will have increased to 22,839,525,088 ordinary shares

The Directors have considered the above events and concluded that they are non-adjusting events under IAS 10 as they relate to conditions arising after 30 June 2026. Accordingly, no adjustment has been made to the amounts recognised in these interim financial statement

17.

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.