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Vast Resources PLC Financing Update

Date: 10 January 2025

Company Overview

Vast Resources plc, denoted by the ticker symbol VAST on the AIM index, is a prominent mining company operating within the AIM market, specifically within the mining sector. The company has a diverse portfolio of mining projects located in Romania, Tajikistan, and Zimbabwe, showcasing its expansive footprint in the global mining landscape.

Important Financing Update

On January 10, 2025, Vast Resources plc announced significant developments regarding its financing strategies. The company is diligently progressing toward finalizing its multitude of funding options that have been mentioned in previous updates. In a noteworthy move, the Company has accepted a generous interest-free, unsecured loan amounting to €500,000 from Chief Executive Officer Andrew Prelea. This financial support is intended to bolster the Company’s general working capital needs until a more permanent financing solution is secured.

Details Surrounding the Loan

This financial arrangement with Andrew Prelea falls under the category of a related party transaction as outlined in AIM Rule 13. It is crucial to note that the directors, with the exception of Andrew Prelea—who is excluded from the voting process due to his involved interest—have thoroughly evaluated the terms of this transaction. Following discussions with the Company’s Nominated Adviser, they have collectively affirmed that the conditions associated with this loan are fair and reasonable from a shareholder perspective.

Review and Future Outlook

As the Company navigates this temporary financial arrangement, it is presently conducting a thorough review of its overall operational progress. Vast Resources plc anticipates sharing additional insights regarding its current position and future plans in the coming weeks, providing transparency and keeping stakeholders informed about its developments.

Utilizing AI legalese decoder for Compliance

In light of these financial transactions and their implications, Vast Resources plc can greatly benefit from utilizing AI legalese decoder. This innovative tool aids companies in simplifying and deciphering complex legal jargon, ensuring that all parties clearly understand their commitments and obligations. For instance, AI legalese decoder can help clarify the nuances of AIM Rule 13 related to related party transactions, which is pivotal for governance and compliance. By ensuring transparency and understanding among all stakeholders, the tool can facilitate smoother operational processes and bolster shareholder confidence.

Contact Information

For further information, please reach out through the following contacts:

• Vast Resources plc

  • Andrew Prelea (CEO)
  • Website: www.vastplc.com
  • Phone: +44 (0) 20 7846 0974

• Beaumont Cornish – Financial & Nominated Advisor

  • Roland Cornish
  • James Biddle
  • Website: www.beaumontcornish.com
  • Phone: +44 (0) 20 7628 3396

• Shore Capital Stockbrokers Limited – Joint Broker

  • Toby Gibbs / James Thomas (Corporate Advisory)
  • Website: www.shorecapmarkets.co.uk
  • Phone: +44 (0) 20 7408 4050

• Axis Capital Markets Limited – Joint Broker

  • Richard Hutchinson
  • Website: www.axcap247.com
  • Phone: +44 (0) 20 3206 0320

• St Brides Partners Limited

  • Susie Geliher
  • Website: www.stbridespartners.co.uk
  • Phone: +44 (0) 20 7236 1177

About Vast Resources PLC

Vast Resources plc is firmly established as a United Kingdom AIM-listed mining company, operating vital mining projects in various jurisdictions. In Romania, the company is focused on revitalizing previous producing mines, particularly emphasizing high-quality projects.

The Romanian portfolio boasts a 100% interest in Vast Baita Plai SA, which includes controlling stakes in the operational Baita Plai Polymetallic Mine, situated in the Apuseni Mountains of Transylvania. This area is renowned for hosting Romania’s leading polymetallic mines. A recent JORC compliant Reserve & Resource Report indicates an expected mine production life of approximately 3-4 years, alongside an in-situ total mineral resource estimated at 15,695 tonnes of copper equivalent, with the potential for future exploration targets ranging up to 5.8 million tonnes.

Expanding Mining Operations

Furthermore, Vast Resources is committed to reinvigorating the Manaila Polymetallic Mine in Romania, which had previously undergone care and maintenance. The company successfully secured the Manaila Carlibaba Extended Exploitation Licence, enabling a comprehensive review of the mineral resources available within the broader licence area.

Vast Resources continues to uphold a presence in Zimbabwe, taking part in a joint venture that prepares to capitalize on near-term revenue opportunities from the processing facilities associated with the Takob Mine in Tajikistan. This venture, fully financed at 100%, allows Vast to earn a royalty of 12.25% over all sales of non-ferrous concentrate produced.

In a complementary effort, Vast has entered into a management contract for the Aprelevka gold mines in Tajikistan on behalf of Gulf International Minerals Ltd, allowing Vast to receive a share of earnings derived from its 49% stake in the Aprelevka venture with the government of Tajikistan. Aprelevka is currently benefitting from active mining licenses along the Tien Shan Belt, showcasing the potential to significantly enhance production levels toward historical norms.

To conclude, Vast Resources plc is strategically positioned within the mining sector, actively developing its operational mines while ensuring stakeholder interests are safeguarded through transparent financial transactions and compliance with relevant regulations.

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