Bezant Resources Share Discussion Threads

[devonlad] 04/5/2021 14:47

affc21 - saw that, looks like a buy to me as well. A bit of profit taking from the highs but it looks like the next leg is coming now unless we see a lot of delayed sells printed.

[affc21] 04/5/2021 14:42

19,937,500 @ 0.343p trade just shown up, from 14:29pmLooking at the transaction price/time...looks like a buy?

[affc21] 04/5/2021 13:07

Edison Research note dated 15 December 2011.Bezant ResourcesMankayanCopper Cut-Off Grade (%) 0.4Resource size (Meas/Ind/Inf) (Mt) 257.8https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.edisoninvestmentresearch.com/%3FACT%3D18%26ID%3D6443&ved=2ahUKEwj1jOqMg7DwAhVQSsAKHeVuAhMQFjARegQIBxAC&usg=AOvVaw2oDCMxzo_rVXZzBA6Y_nQN That is the last Edison Research note for Bezant Resources that I can find...to date.

[affc21] 04/5/2021 11:33

Mankayan details via MMIH website:MANKAYANLocationLocated in Northern Luzon, about 260 kilometers from Manila and close to the center of Mankayan mineral district where large copper deposits have been discovered.Size534 hectaresMineralizationPorphyry copper-gold depositType of PermitMineral Production Sharing Agreement (MPSA)Level of ExplorationOver 55,000 metres of drill holesEstimated ResourcesCombined Mineral Resource of 793 million tonnes containing 2.8 million tonnes of copper (> 0.25% Cu), 9.7 million ounces of gold and 20 million ounces of silver. Indicated Mineral Resource of 638 million tonnes @ 0.37% Cu, 0.40 g/t Au and 0.90 g/t Ag Inferred Mineral Resource of 155 million tonnes @ 0.29% Cu, 0.30 g/t Au and 0.5 g/t Aghttps://www.mmihgroup.com/mankayan/

[jlondon] 04/5/2021 10:45

----"ASIA PHOS: PROPOSED ACQUISITION OF ENTIRE SHARE CAPITAL OF MMJV-
TERMINATION OF SALE AND PURCHASE AGREEMENT." - 7 April 2021--------

Above was an official RNS/Announcement to the Singapore Stock Exchange dated 7.4.21.
Tried opening the link but it would not open to view.

Link: hxxps://sginvestors.io/sgx/stock/5wv-asiaphos/company-announcement

-------
Observation:
Would have liked to have seen what Asia Phos [RTO vehicle] stated in their official announcement.

From BZT RNS, 8 Apr 2021, it was announced the MMIH RTO of AsiaPhos had ended.

From MMIH, no info except on 8 Dec 2020: "MMIH group updates on listing plans and.." Link: hxxps://www.mmihgroup.com/media/


Positive going forward for BZT who has at hand an official announcement from AsiaPhos themselves, a listed Singapore co announcing the end of the acquisition of MMJV which is MMIH and Mankayan etc.


J.London, Tues, 4 May 2021
DYOR.

[mr roper] 04/5/2021 07:45

Yup. Should be around 1p now. Could easily support that mkt cap.

[parob] 04/5/2021 07:40

Looks like the wider market is starting to see the potential being uncovered.

[jlondon] 03/5/2021 22:36

--------------END OF MMIH-BZT AGREEMENT, 8 APR 2021-----------
The more recent BZT RNS said that Counsel in Singapore is being consulted over the procedures relating to termination of the above. [para phrased].

BZT STILL OWNS 20% OF MANKAYAN, 80% MMIH
From what I have read from the BZT RNS, the co did NOT allow a WAIVER to MMIH once the MMIH-Asia Phos RTO could not be completed.

RTG MINING LISTED ON ASX, AUSTRALIA
They have the MABILO gold copper project in Eastern Luzon, Philippines.
Link: hxxps://www.rtgmining.com/projects/mabilo/

RTG also had a JV partner and their agreement also ENDED.

"MAJOR VICTORY FOR MT MABILO AGAINST FORMER JV PARTNER."
It was a Tribunal case heard in Singapore. The Mabilo project was returned 100% back to the co at "NO COST" TO Mt Mabilo. It was also stated that the JV partner had to "DELIVER ALL ORIGINALS OF P E R M I T S and documents."

The JV partner also "WAS AND IS NOT ENTITLED TO BE NAMED AUTHORISED OPERATOR OR EXCLUSIVE DRILLER AT MABILO."

"MT LABO WAS AWARDED A$33.6 MILLION IN DAMAGES AND COSTS & MUST TRANSFER SURFACE RIGHTS ACQUIRED AT COST."

All counter-claims by the JV partner were dismissed.

The details are in the link above.


-----------CLARIFICATION NEEDED BY MR BIRD, EXECUTIVE CHAIRMAN, BZT--------

It would appear that MMIH:

1]Could TRANSFER BACK 80% of Mankayan back to BZT WITHOUT NEED TO GO TO THE SINGAPORE INTERNATIONAL ARBITRATION TRIBUNAL as RTG?

2] Thankfully, BZT did NOT transfer 100% of Mankayan to MMIH but only 80%. BZT still a minority holder.

3] The MANKAYAN LICENCE [standard 25 years] has to be RENEWED ON 11 NOV 2021, CAN BZT THE 20% HOLDER RENEW THE LICENCE?

4] The agreement with MMIH seems clear. It was CONTINGENT upon the RTO and MMIH has NOT PAID BZT FOR 80% OF MANKAYAN which is now very costly given the Value in Situ.
WITHOUT PAYING BZT FOR 80% OF MANKAYAN, it would appear that a general principle of law is that any asset etc has to have "CONSIDERATION" [legal term]. WITHOUT CONSIDERATION, in law, there can be NO OWNERSHIP.

5] It would seem sensible that MMIH should with immediate effect start the process of transferring 80% of Mankayan back to BZT. Why? It would mean that it saves them LEGAL COSTS, COMPENSATION ETC if any?

Hence, we look forward to hearing from Mr Bird. Also, Mr Lawrence Read, CEO of BZT in an interview with Proactive Investors, UK in 2019 said that due to the Philippines fiscal regime and copper price, the deal with MMIH was the way forward kinda thing.

However, this is NO LONGER THE CASE NOW - Philippines has LIFTED THE MINING BAN ON 15 APR 2021, 1 wk after the MMIH DEAL WAS TERMINATED given that BZT did NOT ALLOW A "WAIVER."

Also, the price of copper has hit US$10,000/t a few days ago but has fallen back a bit to the high $9,000/t+. Copper is also at a all-time-high.

So, with Mankayan now a flagship assets with JORC, what is Mr Bird*s thoughts and strategy now for BZT?

With thanks.

Mon, 3 May 2021.

[jlondon] 03/5/2021 19:54

---------EVIDENCE: EDISON BROKER REPORT 22.10.2009, BZT MANKAYAN--------
Link: hxxps://www.edisoninvestmentreseach.com/?ACT=18&ID=2316

"Pg 5/12: Exhibit 3: Chart
TOTAL TONNES: 257.8 MT
CU METAL: 1.3 MT - IN-SITU COPPER VALUE: $8,080 {US$ M]
AU METAL, MOZ : 4.3 MOZ - IN-SITU GOLD VALUE: $4,493.5 [US$ M]"

"DRILLING PAYS OFF; SNOWDEN REVISED RESOURCE STATEMENT"-Refs to Exhibit 3 above.

Note that $8,080m is $8.08 billion due to it being stated as $8,080m as in Million.
---
For the avoidance of doubt: The above is from Edison Broker Report for Mankayan [BZT]

So, $8.08 billion + $4.493 billion = US$12.57 BILLION for copper & gold as above from Edison.

So, Goldfield offer $70m for BZT Mankayan.

--------EVIDENCE: MMIH 2012 UPDATED JORC, MANKAYAN---------
"MMIH Group updates on listing plans and development of flagship Mankayan project."-Proactive Investors,UK 7 Dec 2020

Link: hxxps://www.proactiveinvestors.com/companies/news/935910/mmih-group-updates-on-listing-plans-and-development-of-flagship-mankayan-project-935910.html

Article: "Its flagship asset is MANKAYAN which HOSTS
9.7 MILLION OUNCES OF GOLD
3.8 MILLION TONNES OF COPPER."

Also, in the article is a video interview with CFO, MMIH, Vijay Kamath who said that Mankayan resource has MORE THAN DOUBLED from recall of listening to the video.

Note: There is a slight error in the above figures from Proactive Investors.
From the MMIH site via link: hxxps://www.mmih.com/mankayan/

"Combined Mineral Resource: 793 Mt containing 2.8 Million tonnes of copper, 9.7 Million ounces of gold and 20 Million ounces of Silver."

---------------
HOW TO DO CALCULATIONS OF THE UPDATED MANKAYAN JORC 2012 [MMIH]

Look at how Edison did the BZT MANKAYAN 2004 SNOWDEN JORC.

Then, using the same methodology, apply that to MMIH*s UPDATE MANKAYAN 2012 JORC.

As I said, I provided the details on Sun, 2 May 2021 and Sat, 1 May 2021.

Mon, 3 May 2021.

[jlondon] 03/5/2021 18:39

1]MMIH UPDATED 2012 JORC - MANKAYAN

Ref: Bezant Resources RNS: "Update on MMIH Transaction and Mankayan project."-15 June 2021.

"..Engaged an Independent Expert to Update the JORC 2004 resource info to JORC 2012."

2]Ref: BZT RNS, 20 Oct 2020: "Update on MMIH & Mankayan."
Again, the JORC 2012 was mentioned relating to MMIH and Mankayan.

3] Above this page, the forum leader has posted a screen-shot of the Mankayan 2012 Update JORC with all the details.

It was also stated by MMIH as above: "..RECENTLY A SIGNIFICANT AMOUNT OF SILVER ALSO HAS BEEN DISCOVERED." The MMIH Update 2012 JORC MANKAYAN WAS DONE BY DERISK GEOMINING CONSULTANTS.


Note: For those not registered with ADVFN, they do not see all the posts.
Before I signed in, I saw limited posts.

Posting above as it appears many are NOT aware of the BZT RNS*ES relating to the MMIH JORC 2012 UPDATED ON MANKAYAN and using old 2004 JORC by Snowden. BZT had RNS*ed the info.

[jlondon] 03/5/2021 13:43

MANKAYAN BZT
Here, it is a Tier 1 or Low Tier 1 and CLOSE TO NO 10 GALENO at 3.3Mt Copper in WORLD*S 10 LARGEST COPPER PROJECT. Lepanto*s FSE is close to NO 8, Wafu-Golpu which was stated by Nick Holland, former CEO of Goldfields.

Together, BOTH DEPOSITS are world class [Laurence Read, CEO BZT in 2019 interview].

XTR
Mkt Cap around the £43m mark.
Hole 6 finished but waiting to drilling more holes once technicals done.
Targeting for 2MT copper [NOT REACHED YET, JORC 71MT @0.44% CU]
Have to wait for months on end as norm sitting on the edge of one*s chair to find out if 2Mt will be reached.

MANKAYAN
Like it or not given it is Mr Gerry Nealon*s [RIP] legacy project, is a SITTING READY TIER 1 WITH A JORC and Conceptual Study done by Mr Nealson and a further study by Mr Laurence Read, CEO.

$50 BILLION VALUE IN SITU APPROX [BASED ON MMIH 2012 JORC] ILLUSTRATION IS NOT TO BE SNEEZED AT given it is close to the World*s NO 10 ranked Galeno as said.

No more impediments given the Philippines govt has LIFTED THE MINING BAN ON 15 APR 2021, 7 days after the lapse of the MMIH deal on 8 Apr 2021.

-----------MR BIRD, WE AWAIT YOUR THOUGHTS-----------

Thank you.

Mon, 3 May 2021.

[the stigologist] 03/5/2021 10:57

BZT not even started yet

[jlondon] 02/5/2021 12:22

----"EDISON:HOW MUCH IS MANKAYAN WORTH ONCE IT IS DEVELOPED"------

Link: hxxps://www.edisonresearch.com/?ACT=18&ID=2316

"Given that Bezant is yet to complete scoping or feasibility studies on MANKAYAN project, it is somewhat premature to value the project solely on discounted cash flows. Nevertheless and despite potential valuations to our assumptions, we have used economic and operating parameters similar to those at the ANALOGOUS Padcal Mine [owned & operated by Philex Mining Corp] to calculate a POTENTIAL NPV for MANKAYAN
A T $9 4 0 M compared to Philex*s mkt cap of US$935m on 21 Oct 2009. Our VALUATION assumes a LIFE OF MINE COPPER PRICE OF US$1.75/lb and a LIFE OF MINE GOLD PRICE $800 per oz."

"Exploration risk: low in Philippines: the co has already identified a deposit with potentially economic resource [as defined by 2004 JORC code..."


---------BEZANT RESOURCES RNS, 19 JAN 2011-----------------
"POSITIVE INDEPENDENT CONCEPTUAL STUDY - MANKAYAN."

"At current metal prices US$4.3/lb copper & gold $1,370 the project RETURNS ESTIMATE ==== PRE-TAX N P V $ 1. 5 1 BILLION @7.75% discount rate. ====

Modelled 12Mt per annum, BLOCK CAVE over 48 YRS MINE LIFE.
LOW MINING,MILLING & PROCESSING COST OF US$15.73 per ore tonne. Total estimate cost US$21.01 per ore tonne inc all ROYALTIES,
C A P I T A L COSTS, equipment ownership, operating and processing costs and admin and tech services costs.

Estimate pre-tax cash flow over the duration of the project US$5.1 BILLION.
===Pre-tax NET CASH FLOW OF APPOX $ 1 0 . 5 6 BILLION.===

IRR 21.63%.
Capital investment $1.21 BILLION OVER THE D U R A T I O N of the project."

"400MT"

"GERRY NEALON, EXECUTIVE CHAIRMAN, BZT."
Mr Nealon via Linkedin is an Australia or rather was. [RIP]

Observation:
Since Edison*s report and their estimate of NPV, Mr Nealon produced a conceptual study which gave an NPV of $1.51 BILLION.

Of interest, Edison points out how much a similar mkt cap would be as above re: Philex.

Sun , 2 May 2021

LAURENCE READ, CEO, BZT- Mr Read called in a guru, expert engineers, expert geos etc and he gave an interview with Proactive Investors to inform that BZT has improved Mankayan*s project details further eg block cave etc.

[jlondon] 02/5/2021 12:01

-------------TAKEOVERS--------------
In good times, it could be 2-5% of Situ-in-Value.

REALITY:
Goldfields offered BZT 100% of Mankayan @US$12.57 Billion Value in Situ [Edison*s figs] at JORC 2004 for US $ 7 0 million.

Simple maths:
10% of $12.57b =$1.257 Billion
1% of $12.57bn = $125.7 Million.
1/2% or 0.5% = US$62.85m.

or divide $12.57b by $70m=0.55%

====

Today, MANKAYAN MMIH 2014 JORC Value in Situ [Illustration per last post above]
= US$47.92bn using $1,700/oz gold, US$9,500/t copper and $25/oz silver example only.


So, 1/2% or 0.5% =
10% of $47.92b = $4.792 b
1% of $47.92bn = $479.2 MILLION
1/2% or 0.5% = US$239.6 Million or £173 Million [Exchange rate £1=US$1.38 today]

IF SAY, GOLDFIELD WERE TO OFFER FOR MANKAYAN TODAY AT THE OLD 0.5%, THEN THEY MAY HAVE TO PAY £173 MILLION [US$239.6m].


====
BEZANT RESOURCES @0.33p , MKT CAP £12.9 MILLION, Fri, 30 Apr 2021 [last mkt day]/

So, how much is the example for illustration only of £173m?

THAT IS POSSIBLY 13.3 TIMES MORE {£173m divide by £12.9m or £13m rounded up]

========== 4 . 3 pence============at 0.5% or 1/2%===

Someone else on the London South East BZT wanted the same 1.13% as what Goldfields paid Lepanto LSE, neighbour to BZT*s Mankayan for illustration only.

=====8.6 pence ====at 1%


Sun, 2 May 2021.

Checks & Balances: As said, from data, BZT paid £5m in shares and cash for Mankayan and drilled a further 9 holes for $5m. So, total cost itself =£5m+$5m vs £12.5m mkt cap, Fri, 30 Apr 2021.

At the time of Colin Bird, at 1 placing, he paid 0.36p - that was on Twitter #bzt.

[jlondon] 02/5/2021 10:44

--------COPPER PRICE---GOLD PRICE----SILVER PRICE--------

Copper is currently US$9,948 [Official close 30.4.21]

News: "Chile output falls for the 10TH CONSECUTIVE MONTH, adding fuel to the copper rally."-Mining.com, 1 May 2021.

Copper Futures: US$4.468 per lb [Source: Daily FX]
----

GOLD: US$ 1, 7 6 9

SILVER: US$ 25.91

Source: Kitco Hourly
==

OBSERVATION:
So, NO LONGER US$1.75/lb for COPPER NOR US$650 for gold per Mirabaud for longer term prices. Silver is new per MMIH Updated 2012 JORC for Mankayan.

[jlondon] 02/5/2021 10:33

---"BEZANT RESOURCES: SOMETHING OLD, SOMETHING NEW."-Futures Mag.com,30.7.08---
www.fuuresmag.com/2008/07/30/bezant-resources-something-old-something-new

"Historic MINING AREA { COPPER has been MINED IN THE NEIGHBOURHOOD FOR 9 0 0 YRS.
Porphyry 1ST discovered in the 1970. Complete with drilling data from 48 HOLES totalling 45,000metres."

"INFRASTRUCTURE IS GOOD: Thanks to the nearby LEPANTO MINE, there is POWER & ROAD ACCESS in the 80KM drive to BAGUIO CITY & 240km to MANILA."

"COST LOW: SANTO THOMAS, SOME 100KM from MANKAYAN, SIMILAR S I Z E & G R A D E
-BLOCKCAVE $10.63/tonne in MINING & MILLING COSTS, which is SIGNIFICANTLY L O W E R than MOST MINES IN AUSTRALIA & CANADA."

"Bezant owned 40% of Mankayan with an option to buy 60%."


"S H A R E D DEVELOPMENT WITH L E P A N T O and Bezant would be an option, particularly SHARING COSTS OF A V E R TI C A L SHAFT BETWEEN THE 2 D E P O S I T S."

"Brokers Mirabaud have maintained speculative buy and upgraded their share price foollowing the announcement of the JORC to £1.65. <> This is based on LONG TERM PRICE OF US$1.75/LB FOR COPPER & $650/OZ FOR GOLD. <><> ASSUMPTION OF 4.5 CENTS PER LB IN THE GROUND."<><> "It allows for BZT*s 40% OWNERSHIP."


"AN INVESTMENT IN BZT is speculative at this stage but in the favourable scenario given the LOW CURRENT VALUATION & THE W O R L D CLASS S I Z E OF THE DEPOSIT THE U P S I D E COULD BE HUGE."


Observation: BZT only owned 40% at the time of the Mirabaud broker report.

[jlondon] 01/5/2021 21:31

"DEEP VALUE PLAYS."- Investors Chronicle, 29 July 2013

"BEZANT RESOURCES:
BZT shares have drifted since they PAID out 8p a share as a SPECIAL DIVIDEND in May.
The shares also trade at 1/2 INTRINSIC VALUATION of 37.9p...N & I Singer.

That*s because GOLDFIELDS, the major miner ACQUIRED a 21% STAKE IN BZT at 25.97p,
OVER 60% PREMIUM ABOVE THE CURRENT SHARE PRICE.

GOLDFIELDS HAD AN OPTION TO BUY THE PROJECT IN JAN, B U T HAD BEEN IMPACTED BY THE RECENT INDUSTRIAL ACTION IN SOUTH AFRICA. Factoring licensing delays being experienced by miners in Philippines, GoldField decided to EXTEND THE OPTION UNTIL JAN31, 2014. As part of the EXTENSION, the mining co PAID A FURTHER $2.5M NON-REFUNDABLE UNFRONT PAYMENT TO BEZANT, F U N D E D the 2013 licence commitments on Mankayan and INVESTED $7.5M IN NEW EQUITY IN BEZAND. The revised consideration of US$60.5M [£39m] will be paid on the exercise of the option."

---
Oh, 60% PREMIUM!!
Non-refundable as above!!
Funded 2013 licence.
New equity $7.5m.


Does show they were keen?