Interim Results: 1 May 2024 – 31 October 2024
31/01/2025 07:00
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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
31 January 2025
Vast Resources plc
(‘Vast’ or the ‘Company’)
Interim Results: 1 May 2024 – 31 October 2024
Vast Resources plc, the AIM-listed mining company, is pleased to announce that
it has released its unaudited interim report and financial results for period
from 1 May 2024 to 31 October 2024.
The report can be found on the Company’s website at the following address:
https://www.vastplc.com/investor-information/document-downloads.
Market Abuse Regulation (MAR) Disclosure
Certain information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of
the European Union (Withdrawal) Act 2018 (“UK MAR”) until the release of
this announcement.
For further information visit www.vastplc.com or please contact:
Vast Resources plc Andrew Prelea (Chief Executive Officer) www.vastplc.com +44 (0) 20 7846 0974
Beaumont Cornish – Financial & Nominated Adviser Roland Cornish James Biddle www.beaumontcornish.com +44 (0) 020 7628 3396
Shore Capital Stockbrokers Ltd – Joint Broker Toby Gibbs James Thomas www.shorecapmarkets.co.uk +44 (0) 20 7408 4050
Axis Capital Markets Ltd – Joint Broker Richard Hutchinson www.axcap247.com +44 (0) 203 026 0320
St Brides Partners Susie Geliher www.stbridespartners.co.uk +44 (0) 20 7236 1177
Overview of the Interim Results for the six months to 31 October 2024
Financial
* A decrease in losses after taxation in the six-month period ended 31 October
2024 (US$3.341 million) compared to the six-month period ended 31 October 2023
(US$6.220 million). Eliminating the effects of foreign exchange gains and
losses, the loss for the period has decreased 23.9% from US$4.861 million for
the six-month period ended 31 October 2023 to US$3.701 million for the
six-month period ended 31 October 2024.
* Administrative and overhead expenses broadly unchanged for the six-month
period ended 31 October 2024 (US$1.863 million) compared to the six-month
period ended 31 October 2023 (US$1.848 million). Administrative and overhead
expenses for the six-month period ended 31 October 2024 (US$1.863 million) are
lower compared to the six-month period ended 30 April 2023 (US$2.315 million).
* A significant decrease in revenues for the six-month period ended 31 October
2024 (US$ 0.211 million) compared to the six-month period ended 31 October
2023 ($1.791 million). This is due mainly to reduced production and slowness
in sales due to logistical and grade consistency considerations, such as
higher lead content, which management expects will be alleviated through the
current targeting of high-grade production areas and blending with current
inventory rich in lead for sales in due course.
* Foreign exchange gain of US$0.360 million for the period compared to a loss
of US$1.359 million for the six-month period ended 31 October 2023. Gains of
US$0.360 predominantly arise from the Company’s USD denominated funding of
its Romanian Lei functional currency subsidiaries and are partly compensated
by foreign exchange translation losses of US$0.143 million. The Company funds
its Romanian businesses in USD given this funding will ultimately be repaid
from USD denominated sales.
* Cash balances at the end of the period US$0.235 million compared to $0.964
million as at 31 October 2023.
* Debt of US$11.050 million at the end of the period compared to US$10.411
million at 30 April 2024.
Operational Development
* In June 2024, the Company decided to enter Vast Baita Plai SA (“VBPSA”),
the operator of BPPM, into a period of voluntary reorganisation effected by a
Court judged process under the Insolvency Act in Romania. This was executed in
response to operational pressures caused by the Unions and certain BPPM
employee demands and practices which were adversely impacting mine
performance. The reorganisation does not affect the ownership or control of
the mine and has been executed in the best interests of the Company and its
shareholders.
* In August 2024, the Company’s 100% subsidiary Vast Baita Plia SA
(“VBPSA”) successfully extended the Head Licence held by Baita SA and
under which VBPSA has the rights to mine polymetallics at BPPM for a further
five years by way of Government Decision 6/2024 on 9 August 2024. In obtaining
this approval, drilling results from the Company’s drill campaign commenced
in 2023 were submitted.
* In September 2024, the Company executed agreements with an ecological
project to process and market products from clean-up operations at the former
Hanes Gold Mine located in the Alba region of Romania.
Post period end:
* In December 2024, a Memorandum of Understanding (the ‘MOU’) was signed
between the Government of Tajikistan, Vast and Gulf International Minerals Ltd
(‘Gulf’), (the company which appointed Vast to manage and develop the
Aprelevka Gold Mines, in which Gulf holds a 49% interest) as a framework
agreement to expand current mining activities in Tajikistan.
Funding
Share issues during the period: gross proceeds / consideration before cost of
issue
£ $ Shares Issued Issued to
1,966,000 2,527,432 1,630,000,000 Placing with investors
1,966,000 2,527,432 1,630,000,000
Post period end:
£ $ Shares Issued Issued to
50,000 63,668 50,000,000 To settle liabilities
50,000 63,668 50,000,000
Debt Funding
Several extensions were made to the loans from Alpha and Mercuria, culminating
in a new schedule of repayments announced on 29 April 2024 and which would
begin on 7 May 2024 and in large part would be funded through refinancing.
Given the delays in refinancing, the Company has not repaid any amounts to its
lenders under the revised schedule. The Company continues to discuss
arrangements with both Alpha and Mercuria and plans to repay the debts from
the proceeds of alternative revenue streams and/or from refinancing. As part
of this process, the Group is in discussions with several strategic investors
to invest at the project level in both the Manaila Polymetallic Mine
(“MPM”) and the Baita Plai Polymetalic Mine (“BPPM”) and has also
initiated other alternative measures for funding.
CHAIRMAN’S STATEMENT
It has been another challenging period for the Company but one in which
management has taken the necessary action to stabilise the business,
particularly in Romania. The voluntary reorganisation at Baita Plai
Polymetallic Mine (‘BPPM’) which was initiated in June 2024 has allowed
the Company to reposition the business and reduce costs. Management is
currently in discussions with potential investors with a view to ramp up BPPM
and finally realise the potential that we believe the asset holds. The Company
is also in the process of assessing its administrative costs in Romania given
the current sizing of the business. During the period the directors have
continued to defer their remuneration as a means of conserving cash.
The Company entered into a defacto royalty agreement with a mine greening
company during the period. We anticipate this will provide an exciting
opportunity offering near-term liquidity. The Company conducted processing
tests on the rock dump material from Hanes and we anticipate marketing the
concentrate in early 2025.
Significant progress has been made and continues to be made by the parties
relating to the historic parcel with the objective of completing the process
of recovery. Whilst the Company continues to be in default of the repayment
terms to Alpha and Mercuria, the Company continues to discuss arrangements
with both Alpha and Mercuria. The Company has commenced alternative measures
for settling the outstanding debts and steps to address the short-term working
capital needs of the group.
Increasingly the Company is turning its attention to Tajikistan. In December
2024 the Company signed an MOU with the Government of Tajikistan and Gulf
International Minerals Ltd with the goal of growing the non-ferrous mining
industry in the Republic of Tajikistan. The potential for such future
opportunities is a product of our involvement in Takob and Aprelevka and the
positive contributions the Company has made.
I wish to thank all our stakeholders for their patience in what have been
challenging times.
Brian Moritz
Chairman
CHIEF EXECUTIVE OFFICER’S REPORT
In June 2024, the Company decided to enter Vast Baita Plai SA (“VBPSA”),
the operator of BPPM, into a period of voluntary reorganisation to be effected
by a Court sanctioned process under the Insolvency Act in Romania. This was
executed in response to operational pressures caused by the Unions and certain
BPPM employee demands and practices which were adversely impacting mine
performance. The reorganisation does not affect the ownership or control of
the mine and has been executed in the best interests of the Company and its
shareholders. The reorganisation process is ongoing. On 14 November 2024, the
Company’s Judicial Administrator presented to the court the rejected
creditors and argued the merits for rejecting any creditors from the initial
creditors table, as well as presenting the progress made since entering
reorganisation, and present the initial step plan for the reorganisation.
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 which continues to proceed satisfactorily. The reorganisation
has allowed the Company to reduce ongoing costs from levels experienced in the
previous twelve months and to a level at the end of the period that is
significantly lower with the initial objective of achieving operational
breakeven as soon as possible. Management is also currently in discussions
with potential investors with a view to ramp up BPPM and finally realise the
potential that we believe the asset holds. Manaila Polymetallic Mine (MPM)
remained on care and maintenance during the period and we continue discussions
with several investors with the aim of restarting production later in the
year.
In August 2024, the Company’s 100% subsidiary Vast Baita Plia SA
(“VBPSA”) successfully extended the Head Licence held by Baita SA and
under which VBPSA has the rights to mine polymetallics at BPPM for a further
five years by way of Government Decision 6/2024 on 9 August 2024. In obtaining
this approval, drilling results from the Company’s drill campaign commenced
in 2023 were submitted.
In September 2024, the Company executed agreements with an ecological project
to process and market products from clean-up operations at the former Hanes
Gold Mine located in the Alba region of Romania. Subsequent test processing at
BPPM has shown the project to be viable. The project is in alignment with a
strategic ecological initiative, encouraged by the Romanian government, to
clean up former era derelict mining areas in the Alba region of the country.
The processing and marketing of concentrate derived from the Former Hanes Gold
Mine is expected to provide near term cash flow whilst utilising excess
capacity at Baita Plai. Subsequent to the period end, the Company is preparing
product from the rock dump for processing at BPPM with the objective of
executing sales in the near-term.
Full production has commenced at Takob in the period. The first delivery to
final destination has been delayed due to weather related conditions. These
issues are expected to be resolved shortly.
In January 2025, a Memorandum of Understanding (the ‘MOU’) was signed
between the Government of Tajikistan, Vast and Gulf International Minerals Ltd
(‘Gulf’), the company which appointed Vast to manage and develop the
Aprelevka Gold Mines, in which Gulf holds a 49% interest. The purpose of the
MOU is to provide a framework of cooperation and facilitate collaboration
among the parties in respect of developing the growth of the non-ferrous
mining industry in the Republic of Tajikistan, with the objective of unlocking
the resource potential of the country by attracting foreign direct investment
and opening markets for export and beneficiation of non-ferrous metals to the
Gulf Cooperation Council and US markets.
The MOU, which was signed by Mr. Sherali Kabir, Minister of Industry & New
Technologies of the Republic of Tajikistan, is intended to formalise and
extend the positive working arrangements that the three have enjoyed since
Vast took over the management and development of the Aprelevka Gold Mines in
January 2024. As previously announced, there are currently four operating
mines within the Aprelevka venture, and the parties to the MOU are now in the
process of finalising up to nine previously explored exploration sites
adjacent to the current mining areas, which would make Aprelevka one of the
largest gold and polymetallic mining groups in the Republic of Tajikistan.
As stated in the Chairman’s Report, progress has been made by the parties
relating to our historic claim. This has been a long outstanding issue and the
company remains confident of completing the process of recovery.
The Company anticipates an improved second half of the financial year with
significantly stronger revenues. The reorganisation at BPPM has improved the
quality of concentrate and is expected to produce regular shipments over the
coming months. Our involvement in an ecological project to process and market
products from clean-up operations at the former Hanes Gold Mine located in the
Alba region of Romania, is expected to contribute revenues in the second half
of the financial year. The Company has recently commenced operations at the
Hanes rock dump and will use BPPM’s current excess capacity to process
product. Finally, the Company is expecting to generate further income from its
interests in Tajikistan.
Many thanks to fellow Board members and management for the commitment and hard
work that has been put into the Group. I thank all our stakeholders for their
continued support.
Andrew Prelea
Chief Executive Officer
Condensed consolidated statement of comprehensive income
for the six months ended 31 October 2024
31 Oct 2024 30 Apr 2024 31 Oct 2023
6 Months 12 Months 6 Months
Group Group Group
Unaudited Audited Unaudited
Note $’000 $’000 $’000
Revenue 211 2,026 1,791
Cost of sales (1,194) (7,575) (2,989)
Gross loss (983) (5,549) (1,198)
Overhead expenses (1,726) (6,454) (3,836)
Depreciation of property, plant and equipment (229) (633) (308)
Share option and warrant expense - (329) (329)
Sundry income 6 - 8
Exchange gain / (loss) 360 (1,329) (1,359)
Other administrative and overhead expenses (1,863) (4,163) (1,848)
Fair value movement in available for sale investments - - -
Loss from operations (2,709) (12,003) (5,034)
Finance income - 1 -
Finance expense (632) (2,650) (1,186)
Loss before taxation from continuing operations (3,341) (14,652) (6,220)
Taxation charge - - -
Total (loss) taxation for the period (3,341) (14,652) (6,220)
Other comprehensive income
Items that may be subsequently reclassified to either profit or loss
(Loss) / gain on available for sale financial assets - - -
Exchange gain /(loss) on translation of foreign operations (143) 1,055 1,132
Total comprehensive expense for the period (3,484) (13,597) (5,088)
(Loss) per share - basic and diluted - amount in cents ($) 4 (0.22) (2.15) (1.15)
Condensed consolidated statement of changes in equity
for the six months ended 31 October 2024
Share capital Share premium Share option reserve Foreign currency translation reserve Retained deficit Total
$’000 $’000 $’000 $’000 $’000 $’000
At 30 April 2023 44,373 103,358 932 (1,573) (144,547) 2,543
Total comprehensive loss for the period - - - 1,132 (6,220) (5,088)
Share option and warrant charges - - 329 - - 329
Share options and warrants lapsed - - - - - -
Shares issued:
- for cash consideration 1,760 2,274 - - - 4,034
- to settle liabilities - - - - - -
At 31 October 2023 46,133 105,632 1,261 (441) (150,767) 1,818
Total comprehensive loss for the period - - - (77) (8,432) (8,509)
Share option and warrant charges - - - - - -
Share options and warrants lapsed - - (178) - 178 -
Shares issued:
- for cash consideration 1,548 (355) - - - 1,193
- to settle liabilities - - - - - -
At 30 April 2024 47,681 105,277 1,083 (518) (159,021) (5,498)
Total comprehensive loss for the period - - - (143) (3,341) (3,484)
Share option and warrant charges - - - - - -
Share options and warrants lapsed - - (203) - 203 -
Shares issued:
- for cash consideration 2,102 211 - - - 2,313
- to settle liabilities - - - - - -
At 31 October 2024 49,783 105,488 880 (661) (162,159) (6,669)
Condensed consolidated statement of financial position
As at 31 October 2024
31 Oct 2024 30 Apr 2024 31 Oct 2023
Unaudited Audited Unaudited
Group Group Group
$’000 $’000 $’000
Assets Note
Non-current assets
Property, plant and equipment 3 17,728 17,274 17,351
Available for sale investments 891 891 891
Investment in associates 417 417 417
Loans to group companies - - -
19,036 18,582 18,659
Current assets
Inventory 5 1,276 823 1,113
Receivables 6 2,395 2,426 3,560
Cash and cash equivalents 235 25 964
Total current assets 3,906 3,274 5,637
Total Assets 22,942 21,856 24,296
Equity and Liabilities
Capital and reserves attributable to equity holders of the Parent
Share capital 49,783 47,681 46,133
Share premium 105,488 105,277 105,632
Share option reserve 880 1,083 1,261
Foreign currency translation reserve (661) (518) (441)
Retained deficit (162,159) (159,021) (150,767)
(6,669) (5,498) 1,818
Non-controlling interests - - -
Total equity (6,669) (5,498) 1,818
Non-current liabilities
Loans and borrowings 7 - - -
Provisions 9 1,158 1,151 1,151
Trade and other payables 10,680 9,951 2,052
11,838 11,102 3,203
Current liabilities
Loans and borrowings 7 11,050 10,411 9,825
Trade and other payables 8 6,723 5,841 9,450
Total current liabilities 17,773 16,252 19,275
Total liabilities 29,611 27,354 22,478
Total Equity and Liabilities 22,942 21,856 24,296
Condensed consolidated statement of cash flow
for the six months ended 31 October 2024
31 Oct 2024 30 Apr 2024 31 Oct 2023
Unaudited Audited Unaudited
Group Group Group
$’000 $’000 $’000
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxation for the period (3,341) (14,652) (6,220)
Adjustments for:
Depreciation and impairment charges 229 633 308
Profit on sale of property, plant and equipment - (1) -
Share option expense - 329 329
Finance expense 632 2,649 1,186
Deferment of taxes payable - - -
Unrealised foreign currency exchange loss / (gain) (318) 1,485 1,626
(2,798) (9,557) (2,771)
Changes in working capital:
Decrease (increase) in receivables 31 510 (624)
Decrease (increase) in inventories (453) 150 (140)
Increase (decrease) in payables 1,625 4,926 588
1,203 5,586 (176)
Taxation paid - - -
Cash generated by / (used in) operations (1,595) (3,971) (2,947)
Investing activities:
Payments to acquire property, plant and equipment (508) (497) (315)
Proceeds on disposal of property, plant and equipment - 2 1
.
Total cash used in investing activities (508) (495) (314)
Financing Activities:
Proceeds from the issue of ordinary shares 2,313 5,227 4,034
Proceeds from loans and borrowings granted - - -
Repayment of loans and borrowings - (1,266) (339)
Total proceeds from financing activities 2,313 3,961 3,695
Increase (decrease) in cash and cash equivalents 210 (505) 434
Cash and cash equivalents at beginning of period 25 530 530
Cash and cash equivalents at end of period 235 25 964
Interim report notes
1 Interim Report
These condensed interim financial statements, which are
unaudited, are for the six months ended 31 October 2024 and consolidate the
financial statements of the Company and all its subsidiaries. The statements
are presented in United States Dollars.
The financial information set out in these condensed
interim financial statements does not constitute statutory accounts as defined
in Section 434(3) of the Companies Act 2006. The condensed interim financial
statements should be read in conjunction with the consolidated financial
statements of the Group for the period ended 30 April 2024 which have been
prepared in accordance with UK-adopted International Accounting Standards and
the Companies Act 2006. The Auditor's report on those financial statements was
unqualified and did not contain a statement under s.498(2) or s.498(3) of the
Companies Act 2006.
While the Auditors’ report for the period ended 30 April
2024 was unqualified, it did include a material uncertainty related to going
concern, to which the Auditors drew attention by way of emphasis without
qualifying their report. Full details of these comments are contained in the
report of the Auditors on Pages 25-29 of the annual financial statements for
the period ended 30 April 2024, released elsewhere on this website on 31
October 2024. The accounts for the period have been prepared in accordance
with International Accounting Standard 34 “Interim Financial Reporting”
(“IAS 34”) and the accounting policies are consistent with those of the
annual financial statements for the period ended 30 April 2024, unless
otherwise stated, and those envisaged for the financial statements for the
year ended 30 April 2025.
New IFRS accounting standards
At the date of authorisation of these financial statements, a number of
Standards and Interpretations were in issue but were not yet effective. The
Directors do not anticipate that the adoption of these standards and
interpretations, or any of the amendments made to existing standards as a
result of the annual improvements cycle, will have a material effect on the
financial statements in the year of initial application.
Going concern
After review of the Group’s operations and the recovery of an historic
claim, and ongoing refinancing and investor discussions to provide necessary
funding for settling the outstanding debt of the Group and to satisfy working
capital needs, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable
future. Accordingly, the Directors continue to adopt the going concern basis
in preparing the unaudited condensed interim financial statements.
This interim report was approved by the Directors on 30 January 2025.
2 Segmental Analysis
Mining, exploration, and development Admin and corporate Total
Europe & Central Asia Africa
$’000 $’000 $’000 $’000
Year to 31 October2024
Revenue 211 - - 211
Production costs (1,194) - - (1,194)
Gross profit (loss) (983) - - (983)
Depreciation (227) - (2) (229)
Profit (loss) on sale of property, plant and equipment - - - -
Share option and warrant expense - - -- -
Sundry income 6 - - 6
Exchange (loss) gain 353 - 7 360
Other administrative and overhead expenses (1,179) - (684) (1,863)
Fair value movement in available for sale investments - - - -
Finance income - - - -
Finance expense (132) - (500) (632)
Taxation (charge) - - - -
Profit (loss) for the year (2,162) - (1,179) (3,341)
31 October 2024
Total assets 21,987 - 955 22,942
Total non-current assets 18,699 - 337 19,036
Additions to non-current assets 508 - - 508
Total current assets 3,288 - 618 3,906
Total liabilities 19,627 - 9,984 29,611
Mining, exploration, and development Admin and corporate Total
Europe & Central Asia Africa
$’000 $’000 $’000 $’000
Year to 30 April 2024
Revenue 2,026 - - 2,026
Production costs (7,575) - - (7,575)
Gross profit (loss) (5,549) - - (5,549)
Depreciation (633) - - (633)
Share option and warrant expense - - (329) (329)
Sundry income - - - -
Exchange (loss) gain (1,231) - (98) (1,329)
Other administrative and overhead expenses (2,549) - (1,614) (4,163)
Finance expense 1 - - 1
Finance expense (463) - (2,187) (2,650)
Profit (loss) for the year (10,424) - (4,228) (14,652)
30 April 2024
Total assets 21,109 - 747 21,856
Total non-current assets 18,213 - 369 18,582
Additions to non-current assets 460 - 37 497
Total current assets 2,896 - 378 3,274
Total liabilities 18,332 - 9,022 27,354
Mining, exploration, and development Admin and corporate Total
Europe & Central Asia Africa
$’000 $’000 $’000 $’000
Year to 31 October2023
Revenue 1,791 - - 1,791
Production costs (2,989) - - (2,989)
Gross profit (loss) (1,198) - - (1,198)
Depreciation (308) - - (308)
Share option and warrant expense - - (329) (329)
Sundry income 8 - - 8
Exchange (loss) gain (1,323) - (36) (1,359)
Other administrative and overhead expenses (992) - (856) (1,848)
Finance income - - - -
Finance expense (317) - (869) (1,186)
Taxation - - - -
Profit (loss) for the year (4,130) - (2,090) (6,220)
31 October 2023
Total assets 22,893 - 1,403 24,296
Total non-current assets 17,348 - 1,311 18,659
Additions to non-current assets 315 - - 315
Total current assets 5,545 - 92 5,637
Total liabilities 14,642 - 7,836 22,478
3 Property, Plant and equipment
Group Plant and machinery Fixtures, fittings and equipment Computer assets Motor vehicles Buildings and Improvements Mining assets Capital Work in progress Total
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Cost at 1 May 2023 4,025 75 164 1,069 3,248 13,305 3,334 25,220
Revaluation - - - 49 - - - 49
Additions during the period 7 - - - - - 308 315
Reclassification 14 10 - 18 - - (42) -
Disposals during the year (1) - - (3) - - - (4)
Foreign exchange movements (137) (15) (5) (95) (92) (339) (110) (793)
Cost at 31 October 2023 3,908 70 159 1,038 3,156 12,966 3,490 24,787
Revaluation - - - (49) - - - (49)
Additions during the period - - - - - - 182 182
Reclassification 5 (10) - - - 500 (495) -
Disposals during the year - (1) - 3 - - - 2
Foreign exchange movements 18 9 1 101 12 38 (39) 140
Cost at 30 April 2024 3,931 68 160 1,093 3,168 13,504 3,138 25,062
Additions during the period - - - - - - 508 508
Foreign exchange movements 49 1 2 17 33 121 43 266
Cost at 31 October 2024 3,980 69 162 1,110 3,201 13,625 3,689 25,836
Depreciation at 1 May 2023 3,219 71 125 254 1,182 1,925 604 7,380
Charge for the period 82 3 5 42 23 153 - 308
Disposals during the period (1) - - (2) - - - (3)
Foreign exchange movements (107) (5) (5) (25) (52) (55) - (249)
Depreciation at 31 October 2023 3,193 69 125 269 1,153 2,023 604 7,436
Charge for the period 67 1 1 61 167 28 - 325
Disposals during the period - - - 2 - - - 2
Reclassification - (4) 4 - - 604 (604) -
Foreign exchange movements 13 - 1 - 4 7 - 25
Depreciation at 30 April 2024 3,273 66 131 332 1,324 2,662 - 7,788
Charge for the period 74 2 3 50 45 55 - 229
Foreign exchange movements 40 1 2 8 20 20 - 91
Depreciation at 31 October 2024 3,387 69 136 390 1,389 2,737 - 8,108
Net book value at 31 October 2023 715 1 34 769 2,003 10,943 2,886 17,351
Net book value at 30 April 2024 658 2 29 761 1,844 10,842 3,138 17,274
Net book value at 31 October 2024 593 - 26 720 1,812 10,888 3,689 17,728
4 Loss per share
31 Oct 2024 30 Apr 2024 31 Oct 2023
Unaudited Audited Unaudited
Group Group Group
Profit and loss per ordinary share has been calculated using the weighted average number of ordinary shares in issue during the relevant financial year.
The weighted average number of ordinary shares in issue for the period is: 1,502,804,078 681,239,092 541,720,745
Profit / (loss) for the period: ($’000) (3,341) (14,652) (6,220)
Profit / (Loss) per share basic and diluted (cents) (0.22) (2.15) (1.15)
The effect of all potentially dilutive share options is anti-dilutive.
5 Inventory
Oct 2024 Apr 2024 Oct 2023
Unaudited Audited Unaudited
Group Group Group
$’000 $’000 $’000
Minerals held for sale 735 277 552
Production stockpiles 6 6 6
Consumable stores 535 540 555
1,276 823 1,113
6 Receivables
Oct 2024 Apr 2024 Oct 2023
Unaudited Audited Unaudited
Group Group Group
$’000 $’000 $’000
Trade receivables 296 267 739
Other receivables 1,033 1,253 1,779
Short term loans 344 343 334
Prepayments 181 116 104
VAT 541 447 604
2,395 2,426 3,560
7 Loans and borrowings
Oct 2024 Apr 2024 Oct 2023
Unaudited Audited Unaudited
Group Group Group
$’000 $’000 $’000
Non-current
Secured borrowings 10,128 9,497 8,967
Unsecured borrowings 717 683 625
less amounts payable in less than 12 months (10,845) (10,180) (9,592)
- - -
Current
Secured borrowings - - -
Unsecured borrowings 205 231 232
Bank overdrafts - - 1
Current portion of long term borrowings - secured 10,128 9,497 8,967
- unsecured 717 683 625
11,050 10,411 9,825
Total loans and borrowings 11,050 10,411 9,825
8 Trade and other payables
Oct 2024 Apr 2024 Oct 2023
Unaudited Audited Unaudited
Group Group Group
$’000 $’000 $’000
Trade payables 3,403 2,583 3,768
Other payables 2,833 3,068 1,724
Other taxes and social security taxes 379 90 3,889
Accrued expenses 108 100 69
6,723 5,841 9,450
Vast Baita Plai SA (‘VBP’) reached an agreement in principle with ANAF in
December 2021 to defer the current payroll tax liability over a five year
period. The final repayment schedule was established on 20 May 2022.
Subsequently, the Company entered into discussions for a new and required
restructuring plan in order to ensure the Company can affordably repay the
total amounts due to the tax authorities. On 10 June 2024, the Company
announced that VBP had entered into a voluntary reorganisation to be effected
by a Court judged process under the Insolvency Act in Romania. Under such a
process, the amounts owed to ANAF totalling US$7.1 million, along with other
amounts owed to creditors can be repaid over a four-year period based on
affordability. In addition to the restructured taxes, the VBP currently plans
to defer a total of US$ 3.0 million of trade and other creditors in the same
manner as the amounts owed to ANAF. The Company has also restructured, under
the Sinarom Mining Group (‘SMG’) reorganisation, a further US$0.489
million of tax which will be repaid over four years.
Oct 2024 Apr 2024 Oct 2023
Unaudited Audited Unaudited
Group Group Group
$’000 $’000 $’000
Amounts due between one and two years 3,796 2,894 482
Amounts due between two and three years 4,457 3,215 615
Amounts due between three and four years 2,427 3,842 770
Amounts due between four and five years - - 185
10,680 9,951 2,052
9 Provisions
Oct 2024 Apr 2024 Oct 2023
Unaudited Audited Unaudited
Group Group Group
$’000 $’000 $’000
Provision for rehabilitation of mining properties
- Provision brought forward from previous periods 1,151 1,165 1,165
- Liability recognised during period 3 5 -
- Derecognised on disposal of subsidiary - - -
- Other movements 4 (19) (14)
1,158 1,151 1,151
10 Contingent liabilities
In the normal course of conducting business in Romania, the Company’s
Romanian businesses are subject to a number of legal proceedings and claims.
These matters comprise claims by the Romanian tax authorities. The Company
records liabilities related to such matters when management assesses that
settlement of the exposure is probable and can be reasonably estimated. Based
on current information and legal advice, management does not expect any such
proceedings or claims to result in liabilities and therefore no liabilities
have been recorded at 31 October 2024. However, these matters are subject to
inherent uncertainties and there exists the remote possibility that the
outcome of these proceedings and claims could have a material impact on the
Group.
11 Contingent assets
As mentioned in the Chairman’s and Chief Executive Officer’s report, the
company has an historic claim in its operations. No asset has been recorded in
respect of the claim.
12 Events after the reporting date
Share issuance:
£ $ Shares Issued Issued to
50,000 63,668 50,000,000 To settle liabilities
50,000 63,668 50,000,000
In December 2024, a Memorandum of Understanding (the ‘MOU’) was signed
between the Government of Tajikistan, Vast and Gulf International Minerals Ltd
(‘Gulf’), (the company which appointed Vast to manage and develop the
Aprelevka Gold Mines, in which Gulf holds a 49% interest) as a framework
agreement to expand current mining activities in Tajikistan.
**ENDS**
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