Bezant Resources Share Discussion Threads

[jlondon] 01/5/2021 21:04

------NICK HOLLAND, CEO, GOLDFIELDS---------
Go to Twitter and listen to what Mr Holland said about FSE in 2012 [VIDEO INTERVIEW]
Their target 50 MOZ equivalent of which 30 MOZ will be Goldfields.
NO PFS. Goldfield did due diligence 15 mths and have been in the country for 3 years. Mr Holland has been out 3 times since the FSE option. He says no red flags.
He also said cost and GRADES, latter competitive.

He said FSE is an "important asset" ie target 50 Moz equivalent target of which GoldFields RESERVES are 80 moz.

--
I just found out that Mr Nick Holland has just retired. Mr Holland was the CEO of Goldfields at the time Mr Nealon was Executive Chairman of BZT [negotiator].

I cant find any other Nick Holland interview on any other project except FSE.


Sat, 1 May 2021.

[jlondon] 01/5/2021 19:21

"WIN SOME LOSE SOME:
GOLDFIELDS DELVING DEEPER INTO PHILIPPINES,
SUSPENDS DRILLING IN MALI."- Mining.com, 26 Mar 2012

www.mining.com/win-some-lose-some-gold-fields-delving-deeper-into-philippines-suspends-drilling-in-mali/


Mining.com is talking about GOLDFIELD: "GLOBE*S 4TH LARGEST MINER."

-"$63MILLION OPTION ON G U I N A O A N G, 4km from FAR SOUTHEAST."

-"Exercised 40% OPTION to buy ANOTHER mineral deposit, FSE."

"NICK HOLLAND, CEO OF GOLDFIELD: BOTH D E P O S I T S HAVE S I M I L A R MINERALISATION."


"FAR SOUTHEAST [FSE] WAS LIKEDIN BY HOLLAND TO W A F U - GOLPU, a massive project by Harmony & NEWCREST."

---
CONCLUSION: So, after acquiring FSE as per Investors Chronicle in the above post, GoldField then wanted to buy GUINAOANG or now called MANKAYAN. More importantly,
Nick Holland [he is still the CEO of Goldfield even today, 1 May 2021] said that BOTH DEPOSITS [plural] ie Guinaong and FSE have "SIMILAR MINERALISATION."

So, this is from the horse*s mouth about MANKAYAN - GUINAOANG.

In fact, it is said from later info that MANKAYAN IS STILL OPEN ON STRIKE AND DEPTH = FURTHER POTENTIAL JUST LIKE FSE.

NEWCREST
In my post above today, Sat, 1 May 2021, I found that NEWCREST is in the Philippines and have INCORPORATED A CO CALLED NEWCREST MINERALS [PHILS] in Makati, Manilla, Philippines. Makati is an up-market area of Manila, the capital of the Philippines.

What is Newcrest doing in the Philippines or what is Newcrest interested in?
I did not know until Nick Holland stated that FSE is akin to WAFI-GOLPU, a world class RANKED DEPOSIT. LoL - they must be eyeing a DEPOSIT? Logical?

MANKAYAN IS A MINING DISTRICT, 260KM ODD FROM MANILA A/C TO MMIH.
Both BZT*s Mankayan & Lepanto-GoldField*s FSE ["ADJACENT TO BZT*S MANKAYAN PER INVESTORS CHRONICLE ABOVE] are in Mankayan, Philippines.


---Cant be bad that GOLDFIELDS IS STILL IN MANKAYAN WITH 40% IN FSE and an option to acquire another 20% at the fixed agreement of US$110m [paid US$220m for 40%].

[cbeadle] 01/5/2021 19:09

Clap Clap Clap Clap Clap Clap, Bird!!!

[jlondon] 01/5/2021 19:02

--INVESTORS CHRONICLE: BUY BEZANT RESOURCES:
"High Risk, High Reward."- 9 Dec 2013

£14m mkt cap @17.5p.
If GoldField exercised their options & acquire Mankayan, it would be US$60.5 Million OR £37 MILLION.

"Having to-date PAID $9.5 MILLION IN NON-REFUNDABLE OPTION FEES &
acquired a 21.7% STAKE in Bezant earlier this year for $7.5 MILLION {equivalent of 25.97p], then GOLDFIELDS HAS MADE SOME HEFTY INVESTMENTS TO GET THIS FAR."

Investors Chronicle talks of GoldFields acquiring FAR SOUTH EAST for US$220 MILLION for a 40% STAKE in 2012 [ OF THE "ADJACENT" FSE to MANKAYAN.

"And for this, GoldField will be BUYING A JORC COMPLIANT ORE RESERVE of 189mt at 0.46% cu and 0.49g/t au and total recoverable metal reserves of 811,000 tonnes of copper & 2.21moz gold."

IC said Bezant carries RISK as GoldField could let their OPTION expire, then BZT would have to go through the process again, looking for a buyer. "BUT IN THIS SCENARIO, THE BOARD IS HIGHLY LIKELY TO APPOINT AN I N V E S T M E N T BANK
to SEEK OFFERS FOR THE CO especially since GERRY NEALON, EXECUTIVE CHAIRMAN of BZT HAS RECENTLY PASSED AWAY & HE WAS THE DRIVING F O R C E IN NEGOTIATING THE MAJOR OPTION AGREEMENT WITH GOLDFIELDS."

IC
==
CONCLUSION: One can see that GoldFields was keen and that MANKAYAN [BZT] option was AFTER the acquistion of FSE, adjacent to Mankayan.

Not only were they keen, a/c to IC, they spent a LOT to get to this point.
However, GoldFields let the option lapse ? but from what I gather of later news, BZT GOT TO KEEP $7M [NON-REFUNDABLE].

From what one can gather, the passing of GERRY NEALON, EXECUTIVE CHAIRMAN OF BZT may have been the reason why the deal did NOT go through?

I will post another article in the next post to see what GOLDFIELDS SAID OF MANKAYAN.

[parob] 01/5/2021 13:52

Incredible research jlondon, thanks for sharing. It's clear how much effort you've put into this.And that is just their Mankayan asset!Can see how Wigscoff's price targets are achievable should the potential turn into reality.The termination of the Mankayan agreement by MMIH really could be one of the biggest blessings in disguise the market has seen for years.Crazy that the market cap is just £12.3M currently.

[jlondon] 01/5/2021 12:45

---C O N C L U S I O N---

BZT MANKAYAN
Then, on JORC 2004, it had a value-in-situ of US$12.57 BILLION [Edison]
Today, on JORC 2012 updated by MMIH, it has a value-in-situ of US$48.32 BILLION [illus]

Goldfield offered 0. 55 % of value in situ of US$12.57billion then.
at US$70m. [or £50.7 million at today*s fx of 1.38, 1 May 2021]

If, today Goldfield offered 0.55% of the NEW VALUE-IN-SITU ILLUSTRATION BASED ON MMIH JORC 2012 UPDATED AT US$48.32 BILLION they may have to offer US$ 263. 5 MILLION OR £190 MILLION [fx 1.38, 1 May 2021]
--

LAPANTO FSE
Goldfied paid 1.13% on Value-in-situ of US$48.32 billion THEN.
The FSE value-in-situ for illustration is US$75.93 BILLION TODAY.


OBSERVATION:

Of interest is how the MMIH JORC 2012 UPDATED has increased the Value-in-situ illustration from US$12.5 billion then TO US $48 billion TODAY.

versus

Goldfield-Lepanto FSE with Value-in-situ, US$48.32 billion then and US$75.93 billion today.


FSE
was mentioned in the above article that it was ONE of the MAJOR projects.
BZT*s Mankayan, being the NEIGHBOUR TO FSE [Goldfield-Lepanto] is of interest.


NEWCREST
Just found out that Newcrest has formed "NEWCREST MINERALS [PHILS] and has an office in Makati, Manila, Philippines.
hxxps://www.dnb.com/business-directory/company-information.gold-silver-mining.html


Sorry for so many posts. As I researched, I had to post the notes so that it is not lost in a whole mire of data. One cant find everything at once given there is so much to look for especially to look through Goldfield*s Annual Reports that go into hundreds of pages eg 116 pg etc.

Sat, 1 May 2021.
Situation has changed in the Philippines with the LIFTING OF THE MINING BAN.
Per MMIH above [this page has a factsheet] stated:

"MMIH WILL NOW TAKE THIS PROJECT TO FEASIBILITY STUDY AT WHICH THE ASSET VALUATION
WILL INCREASE M U L T I - F O L D."

Yes, that is generally known as Value-in-Situ increases when it goes to FS stage and development. Otherwise, Goldfield offered BZT Mankayan @0.55% of Value in Situ then. However, they paid 1.13% of Value in situ for FSE.

There is no doubt that the Philippines has stated that FDI*s [FOREIGN DIRECT INVESTMENTS] come to $23 billion which means that foreign co*s are able to finance the big projects, one of which was LEPANTO FSE. Today, Mankayan @2012 Updated JORC is also a BIG PROJECT ["WORLD CLASS-LOW TIER 1"] per Laurence Read, CEO of BZT in 2019 in an interview with Proactive Investors at the time of the MMIH deal. Due to the 2 reasons Mr Read stated ie fiscal regime in 2019 and copper prices, BZT was in no position to get a better offer then.

Now, the lifting of the Philippines mining ban and copper prices hitting an all time high of US$10,000/t, BZT*S MANAKAYAN WITH A NEW UPDATE 2012 JORC IS NO LONGER IN THE SAME POSITION AS THE RESOURCES WAS INCREASED BY MORE THAN DOUBLE [CFO, MMIH to Proactive Investors in early Dec 2020].

The MMIH deal has fallen through on 8 Apr 2021 and ONE WEEK AFTER, the Phillipines govt lifted the mining ban. Then, the copper prices stated rising.

3rd time fortunate for BZT Mankayan.

DYOR. Please check as there can be typo errors.

[jlondon] 01/5/2021 12:18

---S U M M A R Y ---

Goldfield paid Lepanto US$220m for 40% of FSE [Far South East, Mankayan].
Further, they have an agreement to take another 20% OPTION for US$110m.

To gross up: Goldfield is implied to have paid US$550million for 100% of FSE.
===1. 1 3 %==[based on US$550m @100% gross fig div by US$28.32 billion value in situ]

FSE
19.8 Moz gold
4.45Mt copper

Using Edison*s price of gold @$1,044 and copper at $6215/t then=
19.8 x 1,044 =US$20.67 BILLION
4.45 X 6,215=US27.65 BILLION
TOTAL: US$48.32 BILLION==THEN===



FSE TODAY-ILLUSTRATION
19.8 moz gold x US$1,700 = US$ 33.66 BILLION
4.45 mt copper x US$9,500=US$42.275 BILLION
==TOTAL: US$ 7 5 .9 3 5 BILLION TODAY===
or £55 BILLION [fx 1.38 , 1 May 2021]

[jlondon] 30/4/2021 19:55

LEPANTO FSE [Goldfields 40%, Lapanto 60% with option for Goldfields to buy another 20%]

Just found out that LEPANTO FSE, n e a r to BZT*S MANKAYAN was 1 of the HUGE FDI*S [Foreign Direct Investments] put on hold due to the 2019 Fiscal regime. These FDI*s in 2016 was US$23 billion.

Not only LEPANTO FSE but also TEMPAKAN $5.9 billion project at 2.94b tonne @0.64% cu and 18 Moz gold, Mindoro Nickel $2.5b project, Silangan, King King, Asiaticus & Masbate.

Source: "Commentary:New Mining Fiscal Regime."-26.1.19, Philstar.com
Put this title into the search engine to read.
----
This was what Laurence Read was talking about ie fiscal regime, 18 mths ago.

On 15 Apr 2021, the President of the Philippines lifted the ban on issuing NEW LICENCES for new mining operations. It was said in another article that Philippines could bring in more than $440m in taxes from mining and just from the big projects.

------SO, NOW ONE KNOWS THAT LEPANTO FSE [NEAR BZT*S MANKAYAN] WAS ONE OF THOSE BIG PROJECTS UNDER FDI [Foreign Direct Investments]. Lepanto is a Philippines co listed on the Philippines Stock Exchange so it appears that FDI could be from GOLDFIELDS, the 40% JV partner?

So, one knows that GOLDFIELDS MAY INTEND OR INTENDED to FURTHER FSE?

Interesting given BZT*s MANKAYAN is near FSE Lepanto.

[jlondon] 30/4/2021 19:06

LAURENCE READ, CEO INTERVIEW WITH PROACTIVE INVESTORS, UK - 2019
He said:

1] In the last 18 mths, the fiscal issues in Philippines.
2] Copper price not where he hoped it would be. He cited batteries, green revolution etc.

This refers to the MMIH deal for Mankayan and that the deal was the best due to the 2 reasons above. Mr Read also said MMIH was a hedge fund.
===
NEW CIRCUMSTANCES:
1] APRIL 2021 : PHILIPPINES HAS JUST LIFTED THE MINING BAN.----22 APR 2021 [29]: 2] COPPER PRICE HAS HIT US$10,000.----

3]MMIH DEAL HAS COLLAPSED, MANKAYAN IS NOW 100% BZT*S AGAIN [caveat: revert back 80%]

4] MAKAYAN has more COPPER value than gold : MMIH JORC 2012 - 9.6Moz gold,
2.8Mt copper 20 moz silver.

Illustration: 9.6 moz x US$1,700 say= US$16.3 billion
2.8Mt copper x US$9,500 say= US$26.6 billion
20Moz silver x $25 say = US$5b.

===TOTAL: US$47.9 BILLION.===N O W ===

Goldfield offered US$70m for 100% of Mankaya @JORC 2004 wherein Edison gave a value in situ of some US$8.08b for 1.3Mt Copper & US$4.49b for 4.3 Moz gold. Edison impliedly used US$1,044 for gold/oz & US$6,215 for copper/t {just divide to get the figure].

===TOTAL: US12.57 BILLION===THEN===
GOLDFIELD OFFER: US$70M for $12.57Billion Value in Situ [Edison]
== 0 . 5 5 %====

5]FSE-GOLDFIELD /LAPANTO JV [40%Goldfield-60%Lepanto with option for Goldfield to purchase another 20% at an agreed US$110m]
19.8 MOZ gold x US$1,700 say = US$33.66 billion
4.45 Mt copper x US$9,500 say= US$42.27 billion
====TOTAL: US$ 75.93 BILLION===TODAY===

THEN, USING EDISONS COPPER /GOLD PRICES:
19.8MOZ gold x US$1,044 = US$20.67 Billion
4.45Mt copper x US$6,215=US27.65 Billlion
==TOTAL: US$ 48.32 BILLION ==THEN===

Goldfield paid US$220million for the 40% stake in FSE.
Gross to 100%= US$ 5 5 0 MILLION.
GOLDFIELD THEREFORE PAID $550M GROSS FOR US$48.32 BILLION VALUE IN SITU THEN.
===1. 1 3 %======

Investors Chronicle in their article : "BINARY BET" said that it could have been cheaper for Goldfields to take-over BZT given they owned shares in BZT as opposed to paying US$70m for Mankayan.

==
GOLDFIELDS- Given that FSE is a MAJOR deposit and now included in their 2020 Mineral Resource & Reserves Annual Report, they might report further news given the 2 developments above ie Philippines lifting of mining ban and the copper price at the high of US$10,000/t?

Asked Zak Mir who interviewed Mr Colin Bird, Executive Chairman, BZT if Goldfields is still interested in MANKAYAN? The CEO of Goldfields is the same as at the time of the offer to BZT ie Mr Nick Holland.

Nice that Goldfields with a mkt cap in billions is NEXT DOOR TO MANKAYAN?
This will be public info as Goldfields is a NYSE listed co also and their Annual Report is public info.

Kindly check & DYOR.

30.4.21 Friday @8.04pm [Mkt closed at 4.30pm]

[jlondon] 30/4/2021 17:34

GOLDFIELDS*s FSE IS A NEAR NEIGHBOUR TO BEZANT*S MANKAYAN [JV owner at 40% with option of another 20%].

Goldfield*s 2020 Annual Report now lists FSE under Mineral Resource & Reserves. Goldfield*s 2019 listed FSE as under Investments.

Mankayan is in Luzon, a mining district and 260km from Manila, capital of Philippines.

Goldfields is on the NYSE [USA] with mkt cap US$8.3 Billion.

[jlondon] 30/4/2021 17:31

Part 4:

GOLDFIELDS ANNUAL REPORT 2020
hxxps://www.goldfield/pdf/investors/integrated-annual-reports/2020.iar-2020.pdf

"MINERAL RESOURCE & MINERAL RESERVES: [pg 68/116]
THE GROUPS MANAGED MINERAL RESOURCE , I N C L U D I N G FAR SOUTHEAST..."

My Comment:
In 2019, Far South East copper gold porphyry project was listed in the Goldfields Annual Report as under "INVESTMENTS" but in their 2020 Annual Report, this is now listed under MINERAL RESOURCE & MINERAL RESERVES.

The CEO of GOLDFIELDS IS NICK HOLLAND which is the same as at the time BEZANT RESOURCES WAS OFFERED US$70M TO PURCHASE MANKAYAN.

At the time, MANKAYAN JORC 2004 was : 1. 3 Mt contained copper & 4.3 MOZ gold.
--
FAST FORWARD, MMIH MANKAYAN JORC 2012 UPDATED: 2.8 M T COPPER & 9.7 MOZ GOLD + 20 MOZ SILVER.

-----------CONCLUSION: GOLDFIELDS IS STILL THE OWNER @40% OF FSE, THE NEIGHBOUR TO BZT*S MANKAYAN. ---------------

Goldfields still has an OPTION to buy another 20% from Lepanto [listed co in the Philippines stock exchange] which will take Goldfields to 60% and Lepanto to 40% IF they take the option up.

One can calculate easily the VALUE-IN-GROUND BY USING THE FSE FIGURES AND THE PRICE PAID IE US$220M AND $110M for the next 20% option.

Mankayan and FSE are both stated by Goldfields to be porphyries and Mankayan is still OPEN ON STRIKE & AT DEPTH.

THE RECENT PHILIPPINES LIFTING OF THE MINING BAN - INTERESTING TO SEE WHAT GOLDFIELDS WILL DO NEXT?

[jlondon] 30/4/2021 17:19

Part 3:

GOLDFIELD ANNUAL REPORT 2019
hxxps://www.annualreports.com/HostedData/AnnuanReports/PDF/NYSE_GFI_2019.pdf
[as reported to tne NYSE. Goldfield ticker: GFI]

"LISED UNDER I N V E S T M E N T S: There were NO material developments regarding the FAR SOUTHEAST [FSE] project in the Philippines during 2019. The project is held by Far Southeast Gold Resources, in which GOLDFIELD HAS A 40% INTEREST AND OPTION TO INCREASE TO 60. LEPANDO Consolidated Mining holds the REMAINING 60%."

Goldfields also mentions that the holding cost is US$0.100m.

[jlondon] 30/4/2021 17:11

Part 2:

"LEPANTO owns 60% of the outstanding capital of FAR SOUTHEAST GOLD RESOURCES INC.
GOLDFIELDS has a 20% OPTION to buy FSE."

Far Southeast Gold Resources Inc is the Philippines JV co for Lepanto [60%] and Goldfield [20%] of FSE. Goldfields paid US$220 million for 40% of FSE and the option to buy another 20% is at US$110m.
hxxps://www.lepantomining.com/our-company
hxxps://www.linkedin.com/company/far-southeast-gold-resources-inc
Ref: Goldfields Annual Report 24 Feb 2011.

"FAR SOUTHEAST : 1 9 . 8 MOZ GOLD
& 4.45 Mt COPPER."

[jlondon] 30/4/2021 17:05

GOLDFIELD -listed on NYSE, USA & JSE
US$9.46, Mkt Cap US$8.3bn.

-FAR SOUTHEAST Copper Gold Porphyry [FSE], Mankayan, Philippines-
Near BZT*s Mankayan.

www.cigmipa.net/images/bibliotecaVirtual/docs/farsoutheast/gaiboralina2013.pdf
It relates that GUINAOANG porphyry was discovered by Mankayan Minerals Dev. Co Inc, a few kms to the SE of the now known FSE deposit of Gold Fields Ltd.

"pg 6: 550m within the surface, BULK 1,000m - 1,800m.
The FSE copper gold deposit occurs at DEPTH. Significant UNTESTED POTENTIAL."

----
GUINAOANG is actually Mankayan. Even BZT uses the name Guinaoang or Mankayan.

[devonlad] 30/4/2021 13:50

Just bought 3m, nice to see some familiar names here.

[the manini] 30/4/2021 11:58

Some folks just don't seem to want to make money supercity.

[supercity] 30/4/2021 09:35

And GGP has been ramped relentlessly for two months on twitter and has gone from 24p to 21p and is valued at 800m.Absolute no brainer here and why holders would sell on the midweek news is just baffling at such a low market cap.

[the stigologist] 30/4/2021 09:10

Why #BZT is better than #GGP

BZT has more Copper and more Gold resource

BZT resource is also in higher quality 'Indicated' category vs GGP inferior 'Inferred' resource

BZT is more Copper focused resource and thus perfect for a market where Copper price is breaking out

[the stigologist] 29/4/2021 10:14

"Dad, what did you do during the Great Battery Metals Supercycle of the Roaring Twenties?"

"I bought a Copper porphyry stock trading at sub penny level and rode it all the way up son."

BZT

[wolfcub] 29/4/2021 09:53

Been adding today while randoms sell. All looks very good to me and happy to add as and when I can. As Colin said “clock has been wound up and is now ticking” 🙂

[jlondon] 28/4/2021 20:28

P.S.

Solgold*s Alpala - Cascabel in Ecuador has a Value-in-Ground of US$150bn per their Apr 2021 Presentations via a chart RANKING all the projects. Alpala has some 9Mt of copper, 21 Moz gold & 91 Moz Silver. hxxps://www.solgold.com
[All Solgold has is an MRE on Alpala but the mkt cap is £557.27 million @26.77p today, 28.4.21.] vs BZT £12m MKT CAP with $48 BN Value-in-Ground [$12B+ per Edison on the old JORC 2004 with no silver of which GoldField offered $70m].

WSBN is going to drill at Paterson, Western Australia and has nothing else.
Mkt Cap £17.3m @10.88p. RedSetters is a licence.

One can go on as an example of mkt caps.

At BZT, the market cap is around £12m currently but reflects what BZT paid for Mankayan @£5m in shares and cash plus a further $5m to drill.

However, it has a JORC for Mankayan, described by Investor*s Chronicle in "BINARY BET" on 17 Oct 2013 as "Gerry Nealon passed away 3 wks ago, negotiating major option with GoldField. Deliinated MANKAYAN, 1 OF THE WORLD*S LARGEST DEPOSITS OF JORC standard copper gold reserves." Type this title into the search engine to read. Mind you, this is only the JORC [Snowden] of 2004 of 1.3Mt copper & 4.3 MOZ gold. Now, MMIH has updated the JORC 2012 to 2.8Mt copper, 9.7 Moz gold and 20 Moz silver.

So, one can see from Alpala, the market does factor in copper assets and it is reflected in the mkt cap. Now that the Philippines govt has lifted the mining ban, that factor is now no longer present and per the Nasdaq and CNN articles of recent days, the mood is now towards mining for revenues ie >$440m per yr as said above.

[jlondon] 28/4/2021 19:56

Copper price @8:55pm, Wed 28 Apr 2021.

Currently copper is US$ 9, 8 9 8 +1.44%
hxxps://markets.businessinsider.com/commodities/copper-price

I only used a conservative US$9,500 for the 2.8Mt contained copper[JORC 2012 MMIH] = US$26.6 BILLION.
If, say now at $9898 x 2.8Mt copper = US$27.7 BILLION. [$1B more]

Edison in 2007 did the value in situ of 1.3Mt copper [JORC 2004] at $8.08 Billion which is about US$6,600/t.

[royalalbert] 28/4/2021 19:00

Well I'm in on this fall, assets to share price way out of kilter. Copper is the future with all these electric cars around, you have to remember that each Tesla car has around 200kgs of copper in it, as to come from somewhere.