Corporate Update
14/11/2024 11:00
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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
14 November 2024
Vast Resources plc
(‘Vast’ or the ‘Company’)
Corporate Update
Vast Resources plc, the AIM-listed mining company, is pleased to announce that
further to the announcement of 21 October 2024, the reorganisation of Vast
Baita Plai SA, the Company’s wholly owned Romanian subsidiary that holds the
Baita Plai association licence, continues to progress favourably following the
previously announced court hearing held earlier today.
Today’s court hearing involved the Company’s Judicial Administrator
presenting the rejected creditors and arguing the merits for rejecting any
creditors from the initial creditors table, as well as presenting the progress
made since entering reorganisation, and the initial step plan for the
reorganisation. To date, the reorganisation has made it possible to reduce the
labour force, to redraw labour contracts and work practices, and at the same
time obtain up to four years repayment terms for its accrued debts and
eliminate nuisance claims.
Following this successful court hearing, the next court hearing has been
scheduled for 3 April 2025 and will involve the Judicial Administrator
providing further updates to the court about the progress of the
reorganisation.
Further updates will be provided as appropriate in due course.
**ENDS**
For further information, visit www.vastplc.com or please contact:
Vast Resources plc Andrew Prelea (CEO) www.vastplc.com + 44 (0) 20 7846 0974
Beaumont Cornish – Financial & Nominated Advisor Roland Cornish James Biddle www.beaumontcornish.com +44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited – Joint Broker Toby Gibbs / James Thomas (Corporate Advisory) www.shorecapmarkets.co.uk +44 (0) 20 7408 4050
Axis Capital Markets Limited – Joint Broker Richard Hutchinson www.axcap247.com +44 (0) 20 3206 0320
St Brides Partners Limited Susie Geliher / Charlotte Page www.stbridespartners.co.uk +44 (0) 20 7236 1177
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines
and projects in Romania, Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of high-quality
projects by recommencing production at previously producing mines.
The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA
which owns 100% of the producing Baita Plai Polymetallic Mine, located in the
Apuseni Mountains, Transylvania, an area which hosts Romania's largest
polymetallic mines. The mine has a JORC compliant Reserve & Resource Report
which underpins the initial mine production life of approximately 3-4 years
with an in-situ total mineral resource of 15,695 tonnes copper equivalent with
a further 1.8M-3M tonnes exploration target. The Company is now working on
confirming an enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania, which the
Company is looking to bring back into production following a period of care
and maintenance. The Company has also been granted the Manaila Carlibaba
Extended Exploitation Licence that will allow the Company to re-examine the
exploitation of the mineral resources within the larger Manaila Carlibaba
licence area.
Vast has an interest in a joint venture company which provides exposure to a
near term revenue opportunity from the Takob Mine processing facility in
Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide
Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate
and any other metals produced.
Vast has also been contractually appointed to manage and develop the Aprelevka
Gold Mines located along the Tien Shan Belt that extends through Central Asia,
producing at the time of appointment approximately 11,600 oz of gold and
116,000 oz of silver per annum. It is the intention to increase production
closer to historical peak production of 27,000 oz gold and 250,000 oz silver.
Vast is entitled to a 4.9% effective interest in the mines with the option to
acquire equity in the future.
The Company retains a continued presence in Zimbabwe in respect of the
Historic claims.
Beaumont Cornish Ltd
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s
responsibilities as the Company’s Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
The following is a summary of technical terms:
Ag Silver
Au Gold
Cu Copper
PGM Platinum Group Metals
Grade Grade(s) means the quantity of ore or metal in a specified quantity of rock
Mineral Resource A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location,
quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of
increasing geological confidence, into Inferred, Indicated and Measured categories.
Inferred Mineral Resource An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and
grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
Indicated Mineral Resource An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient
detail to support mine planning and evaluation of the economic viability of the deposit.
Exploration Target An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for
which there has been insufficient exploration to estimate a Mineral Resource.
Mineral Reserve An ‘Ore Reserve’ is economically minable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility
level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could be reasonably justified.
JORC Code Australasian Institute of Mining and Metallurgy Joint Ore Reserves Committee code on mineral resources and ore reserves
Mineralisation Process of formation and concentration of elements and their chemical compounds within a mass or body of rock