Jun 14, 2026 · 1h 10m
Small-cap miners pair copper expansion with Middle East data centres
S11 Ep81: The Sunday Roast featuring Bezant Resources and Active Energy Group PLC #BZT #AEG #RCGH #UMR #AFP #ZEN #SBDS #XTR
The episode tests how financing, copper demand and infrastructure scale could reshape valuations across speculative small-cap companies.
- 1Bezant Resources links Hartree-backed financing to copper development at Hope and Gorob in Namibia.
- 2Active Energy outlines a Middle East data-centre and Bitcoin-mining strategy targeting 100 megawatts within a year.
- 3The hosts weigh African Pioneer, weak small-cap liquidity and the market optimism surrounding a potential SpaceX listing.
Don't miss
Colin Bird explains how Hartree’s financing and due diligence could accelerate Bezant’s move from copper development toward production.
The brief
The hosts open with a tour of small-cap market developments before turning to Bezant Resources, where Colin Bird explains Hartree-backed financing for Namibian copper projects.
Bezant’s Hope and Gorob project anchors the discussion, alongside Ongombo, Bushranger and Luhansobe as the hosts examine production milestones, copper prices and potential revaluation.
The sharpest contrast arrives with Active Energy: Paul Elliott describes a Middle East data-centre and Bitcoin-mining expansion built around regional partnerships, power access and debt-funded growth.
The episode closes on African Pioneer, weak small-cap liquidity and speculation over a SpaceX listing, extending the debate from project economics to market appetite.
What was said on this episode
34 statements · 28 positive · 3 negative · 3 neutral
Hope and Gorob could contain 500,000 tons of copper in a future phase.
“we're looking at 500,000 tons of contained copper”
Listen at 6:55
Bezant expects to begin Hope and Gorob construction toward late July.
“we sincerely think we can start breaking ground towards the end of July”
Listen at 9:24
Copper prices rose from approximately $10,000 to $14,000 over two years.
“Copper at that stage was about $10,000, I think. Now it's $14,000, as we know.”
Listen at 11:32
ASIC-related constraints on mining investment are temporary.
“this is a temporary blip”
Listen at 21:26
The mining industry has experienced investment shortages for five decades.
“Our industry has been short of investment for 50 years.”
Listen at 21:33
Hope and Gorob will reach mature production of approximately 9,500 tons of copper annually.
“Open Gaurup in production, mature production, I'm going at an annualized rate at about 9,500 tons of copper.”
Listen at 23:08
Ongombo will reach a mine-development decision with equipment being manufactured.
“I see Ongombo in decision to mine and equipment being manufactured ready to bring over”
Listen at 23:16
Kendrick will have a maiden resource and full study within a year.
“I see it having a maiden resource, I see it having a full study”
Listen at 23:49
Bird considers Bezant’s broader portfolio substantially undervalued.
“that entire portfolio remains totally undervalued”
Listen at 28:50
Each portfolio company has substantial potential for market-capitalization growth.
“certainly every one of our companies has got room for significant growth”
Listen at 29:09
Mining-company valuations rise exponentially at the discovery stage.
“The discovery is where you go exponential”
Listen at 32:36
Bushranger is a promising next-generation porphyry project with future upside.
“Bushranger will have its time in the sun. It's the next generation porphyry.”
Listen at 33:11
Ore sorting could restore Bushranger’s economic value.
“ore sorting will, will in actual restore the value”
Listen at 33:31
Kendrick is expected to lead the portfolio toward major value recognition.
“Kendrick, the value is forced to be recognized locally and globally. And so therefore it has to be the forerunner”
Listen at 35:49
Bezant is unlikely to reach a £100 million valuation before first concentrate production.
“Nobody's going to believe and take us to 100 until we actually announce that first concentrate.”
Listen at 35:57
Kendrick exploration results are consistently strong with few low results.
“we're not seeing very many low results, hardly any. And we're seeing consistency, consistency.”
Listen at 38:18
Bezant’s current plans could generate approximately $40 million EBITDA.
“we're talking about EBITDA at around about $40 million”
Listen at 40:05
Bezant could be valued around $120–160 million under current production plans.
“you're talking $160 million with the, um, you know, that order, shall we say $120 to $160 million”
Listen at 40:15
Bezant plans annual copper production of approximately 9,000–10,000 tons.
“we're producing annualized copper at a rate of about 9,000 to 10,000 tons a year”
Listen at 40:26
Expanding copper production to 25,000 tons annually would make Bezant a major producer.
“Turn that to 25,000 tons and you're in the big league.”
Listen at 40:34
Hartree applies consistent due-diligence standards regardless of deal size.
“they have a protocol They have a way of working, their way of due diligence, and they don't change it for deal size.”
Listen at 43:40
Bezant’s broader expansion plan will take approximately five years to execute.
“That grand scheme will take, take 5 years to execute.”
Listen at 48:29
Active Energy’s first site is operational and generating income.
“We've got our first site up and running, it's producing income”
Listen at 51:17
Active Energy aims to reach 100 megawatts within one year.
“we want to be up to 100 megawatts within a year”
Listen at 51:44
Active Energy expects revenue-backed debt facilities to fund capacity growth.
“we should be able to do, um, you know, simple debt facilities now based on, on a growth pattern”
Listen at 52:29
Active Energy has demonstrated recurring revenue generation.
“we've proven we've got revenue coming in”
Listen at 53:06
Active Energy’s first month achieved 97% uptime.
“We've produced 97% uptime in that first month.”
Listen at 55:39
Active Energy acquired several inexpensive sites during regional disruption.
“we managed to pick up a couple of really cheap sites”
Listen at 56:21
Paul Elliott owns approximately 15% of Active Energy.
“I've got 15%.”
Listen at 57:14
Pure hosting could generate $300,000–$400,000 revenue per megawatt annually.
“between $300,000 and $400,000 per megawatt per year”
Listen at 58:58
Pure hosting could produce $180,000–$220,000 free cash flow per megawatt annually.
“you're looking at around about $180,000 to $220,000 per megawatt per year”
Listen at 59:21
The Bitdeer model could yield three to four Bitcoin per megawatt annually.
“it'll be 3 to 4 Bitcoins per megawatt per year”
Listen at 59:49
Active Energy hopes to expand its model throughout the Middle East.
“it's gonna be rolled out across the, uh, the whole of the Middle East, we hope.”
Listen at 1:01:52
Phil Carroll expects SpaceX’s listing to rise after launch.
“I think it's more likely that it's going to go up”
Listen at 1:08:19
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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