Proposed sale of Eureka Project in Argentina

Bezant (AIM: BZT), the copper-gold exploration and development company, further to its announcement on 25 February 2025 regarding agreeing heads of terms ("HoT") for the sale of Puna Metals S.A. ("Puna") which holds the 12 licences comprising the Eureka Project located in the Republic of Argentina ("Eureka Project") to Ajax Resources Plc ("Ajax") (LSE:AJAX), the Company announces that on 15 April 2025 it entered into a conditional share purchase agreement (the "SPA").

Under the SPA Bezant, has agreed to sell 100% of Puna and its shareholders loans to Puna representing its interest in the Eureka Project for cash consideration of U$170,000 payable at completion (the "Cash Proceeds") (the "Disposal"). The previously announced HoT contemplated an initial cash payment of US$120,000 and deferred consideration of US$100,000 to be settled in Ajax shares. However, to accelerate the completion of the Disposal, the parties agreed that the consideration will be settled entirely in cash. The long stop date for the completion of the SPA condition precedents (summarised below) is 30 April 2025 or such later date agreed by the parties. The Company notes the announcement by Ajax today of the cancellation of Ajax's admission to the Official List and to trading on the Main Market ("Ajax's Delisting") with effect from 20 May 2025 and completion of the Disposal is scheduled to take place the next business day after Ajax's Delisting.

The completion of the Disposal will enable the Company to focus on its Southern African projects in particular the exploration and development of its flagship Hope and Gorob project in Namibia where on 3 April 2025 the Company announced the awarding of an Environmental Clearance Certificate.

The SPA is subject to certain conditions precedent including confirmation of the Puna creditors post completion of the SPA, the filing of the accounts of Puna and Eureka to 31 December 2024 and other completion confirmations and documents customary for an agreement of this nature.

As part of the Disposal all the outstanding creditors of Puna and the Company's wholly owned subsidiary Eureka Mining & Exploration S.A. ("Eureka") will be settled from the Cash Proceeds and it will have no assets. Post completion of the Disposal Eureka will be a dormant company and will be disposed of.

Bezant's audited accounts to 31 December 2023 included total assets of £11K and liabilities of £105K in relation to the Eureka Project.

Update on Mankayan

In relation to Bezant's investment in the Mankayan copper gold project in the Philippines held via IDM International the Company announced on 6 February 2025 the proposed merger between IDM International and ASX listed Blackstone Minerals which is expected to complete by 31 May 2025.