Shares in Bezant Resources PLC (AIM:BZT) rose 11% to 0.075p after the company reported a sevenfold increase in the open-pitable mineral resource at its Hope and Gorob copper-gold project in Namibia, extending the life of mine from one year to 7.5 years.
The updated estimate, prepared by independent consultants Sound Mining under the JORC Code (2012), puts the gross open-pitable resource at more than 3.0 million tonnes, up from 0.41 million tonnes in the 2023 estimate, grading 1.24% copper, with silver and gold credits.
On a net 90% basis attributable to Bezant, the resource totals 2.72 million tonnes containing approximately 33,843 tonnes of copper.
The reclassification also reduces the strip ratio, the volume of waste rock that must be removed per tonne of ore, from 11:1 to 9:1, lowering mining costs.
Bezant currently holds a 70% interest in Hope and Gorob Mining, its Namibian subsidiary, rising to 90% following an acquisition announced in March 2026.
The improved resource estimate allows the company to bring forward Phase 2 development by five years, which envisages a new flotation plant near Walvis Bay capable of producing 25,000 tonnes of copper metal annually and generating $290 million in revenue at a copper price of $11,500 per tonne.
The company said a further 3.6 million tonnes of mineralisation remains in inventory with potential for upgrading, while in-house estimates suggest at least a further five years of open-pittable production could be added through additional drilling outside the current pit shell.
Bezant said it expected to begin production this year, with the benefit of a previously operational plant that has been upgraded for productivity and efficiency.
Executive chairman Colin Bird said the company was accelerating ore confirmation activities and plant design for Phase 2, describing progress as approaching "maximum intensity."