Bezant Resources PLC (AIM:BZT) said it made good progress during the past year with all its projects and it has a “strong portfolio of projects in the right commodities” as it reported final results for last year.
Still at the pre-revenue stage, the group reported a loss after tax of £1.06mln from operations for the year ended 31 December 2021.
Cash and cash equivalents stood at £728,000 at the end of the period.
Of the project portfolio, executive chairman Colin Bird highlighted the Hope and Gorob project in Namibia as “significantly more value than previously considered” and where an application is to be made for a mining licence.
He said: “When we acquired the project, we had a substantial database that concluded that the project had good copper and gold grade and could potentially support a small mining operation for at least 10 years.
“We have now integrated all the data and carried out further near-surface drilling and believe that the project is of significantly more value than previously considered.”
Acknowledging the extremely volatile stock markets, Bird noted that some major mining companies are performing extremely well but “the converse is the case for the smaller companies in the resource sector”.
He added: “I believe this disconnect is an unusual phenomena and is unsustainable. The demand for all metals have never been so strong and the accompanying forecasts suggest that the strength will continue through this decade.
“The board strongly believe that junior resource companies with good mineable deposits will be in much demand in the short to midterm and as such we remain committed to our mission, with Hope and Gorob leading our endeavours.”