Bezant Resources PLC on Friday reported an annual swing to a profit amid an increase in the value of an investment, as it emphasised a higher copper price.

The copper and gold explorer and developer swung to a profit of £1.4 million in 2022 from a loss of £1.3 million in 2021. It reported ‘other gains’ of £2.1 million, attributed to an increase in the fair value of unquoted investments, compared to none a year prior.

Bezant announced no revenue in 2022, unchanged from a year ago.

Looking ahead, Executive Chair Colin Bird said: ‘During the period the copper price has been volatile but the consensus remains that there is an impending shortage of copper supplies. Recognising the above average copper project portfolio, we have been in several discussions regarding finance and resource collaboration for their advancement. At the time of writing, we are still in discussions and negotiations regarding portfolio advancement.’

Bezant Resources shares were 2.5% lower at 0.032 pence each on Friday afternoon in London.

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