RNS Number : 9784Q
Vast Resources PLC
30 January 2026
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
30 January 2026
Vast Resources plc
("Vast" or the "Company")
Interim Results for the six months to 31 October 2025
Vast Resources plc, the AIM quoted mining company, is pleased to announce that it has released its unaudited interim report and financial results for period from 1 May 2025 to 31 October 2025.
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 (CEO)
+44 (0) 20 7846 0974
Strand Hanson Limited - Nominated & Financial Adviser James Spinney / James Bellman
+44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited - Joint Broker Toby Gibbs / James Thomas (Corporate Advisory)
+44 (0) 20 7408 4050
Axis Capital Markets Limited - Joint Broker
+44 (0) 20 3206 0320
St Brides Partners Limited Susie Geliher / Charlotte Page
vast@stbridespartners.co.uk +44 (0) 20 7236 1177
Overview of the Interim Results for the six months to 31 October 2025
Financial
· An increase in losses after taxation in the six-month period ended 31 October 2025 (US$4.441 million) compared to the six-month period ended 31 October 2024 (US$3.341 million). The increase is due to transaction costs associated with the Company's proposed acquisition of Gulf International Minerals Limited as announced in December 2025 (the "Proposed Transaction").
· Administrative and overhead expenses have increased significantly for the six-month period ended 31 October 2025 (US$2.610 million) compared to the six-month period ended 31 October 2024 (US$1.863 million) due to legal and financial due diligence and advisory costs associated with proposed purchase of Gulf International Minerals Limited.
· Cost of sales of US$0.661 million substantially comprises costs associated with maintaining the Baita Plai Polymetallic Mine ("BPPM") at which operations have been suspended on a temporary basis (see Operational Development section below). Given this temporary suspension no revenues have been generated at BPPM.
· Cash balance at the end of the period of US$1.263 million compared to $0.020 million at 30 April 2025.
· Debt of US$11.772 million at the end of the period compared to US$12.030 million at 30 April 2025.
Operational Development
· The Company suspended operations temporarily at BPPM while it conducts a comprehensive review of the geology of the project and mining strategy. This review will include the generation of a new mine plan, supported, if necessary, by a drilling program to further inform the mining studies. This coincided with the Company establishing a technical services function including mining engineers, geologists, and operational management tasked with a review of the Company's asset base and in establishing a sustainable operational plan to unlock the potential of the current asset base.
· The Company has been working with specialist consultants to develop new cleaning and sorting processes specific to Zimbabwe rough diamonds, which are unique in character and require several layers of cleaning and preparation to maximise their value at tender. The intention of the Company is to be directly and indirectly involved in the entire value-chain where possible to maximise returns for Shareholders.
· Appointment of James McFarlane as Non-Executive Director in May 2025.
· The Company appointed Strand Hanson Limited as Nominated and Financial Adviser to the Company on 6 May 2025, replacing Beaumont Cornish Ltd.
Post period end:
· On 1 December 2025, the Company announced the sale of 123,711.8 carats of lower value gem and industrial stones sold at an average price of US$6.87 per carat.
· On 22 December 2025, the Company announced that it had entered into a conditional share purchase agreement with Bay Square Pacific Limited to acquire 100% of the share capital of Gulf International Minerals Limited for all share consideration. The Proposed Transaction constitutes a reverse takeover transaction pursuant to AIM rule 14 and will be subject to shareholder approval, and accordingly the Company's Ordinary Shares were suspended from trading on AIM on 22 December 2025.
Equity Funding
Share issues during the period: gross proceeds / consideration before cost of issue
£
$
Shares issued
Issued to
2,012,000
2,677,586
503,000,000
Warrants exercised by investors
212,000
287,083
60,571,428
Subscription by investors
3,452,250
4,646,568
1,243,313,491
Placing with investors
5,676,250
7,611,237
1,806,884,919
Post period end:
£
$
Shares issued
Issued to
1,047,750
1,403,661
582,083,333
Placing with investors
1,047,750
1,403,661
582,083,333
Debt Funding
Several extensions were made to the loans from A&T Investments Sarl ("Alpha") and Mercuria Energy Trading SA ("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. After the period end, the Company repaid a total of US$ 1 million of debt (US$0.5 million to each of Alpha and Mercuria) to secure an extension to 31 December 2025. A further extension to 30 January 2026 was agreed with both Alpha and Mercuria. The Company will be unable to repay these debts on 30 January 2026 and continues to discuss arrangements with both Alpha and Mercuria. The Company plans to repay the debts from the revenue generated from diamond sales, together with proceeds from an intended placing (as announced on 22 December 2025) and proceeds from new offtake financing arrangements and / or wider funding arrangements.
CHAIRMAN'S STATEMENT
Vast has, for a considerable time, maintained a portfolio of assets which the Board believes have significant commercial potential. The Company has been sustained, over many years, by debt and equity finance, the latter provided by our shareholders who have shown significant patience whilst the Board has sought to overcome many challenges. While the release of the diamond parcel in April 2025 was welcome news and the process of selling the rough diamonds together with further participation in the value chain is expected to improve the Company's financial position in the short-term, the Company has been working on a strategic initiative that proposes to fund and expand the existing business into Central Asia.
On 22 December 2025, the Company announced that it had entered into a conditional share purchase agreement with Bay Square Pacific Limited to acquire 100% of the share capital of Gulf International Minerals Limited for all share consideration. Gulf International Minerals Limited has a 49% interest in a Tajikistan Joint Venture with the Ministry of Industry and New Technologies. The Joint Venture owns and operates several gold mines in Northern Tajikistan. The Proposed Transaction constitutes a reverse takeover transaction pursuant to AIM Rule 14 and, accordingly, will require approval of the Shareholders. In conjunction with the proposed transaction, the Company intends to raise further capital.
Once completed, the Board of directors of the Company expect the Proposed Transaction to have a transformational impact on Vast and is expected to progress the Company towards becoming a mid-tier mining company, delivering strong, diversified revenues and cashflows for Shareholders. Through the Proposed Transaction, Vast will gain exposure to immediate production and near-term value opportunities, including tailings reprocessing.
The Company has agreed a debt extension with its current lenders to 30 January 2026 and continues to discuss arrangements with both Alpha and Mercuria to allow the Company to repay the debts from the revenue generated from diamond sales, together with proceeds from an intended placing as part of the above Proposed Transaction, and proceeds from new offtake financing arrangements and / or wider funding arrangements.
I wish to thank all our stakeholders for their patience in what have been challenging times.
Brian Moritz
Chairman
CHIEF EXECUTIVE OFFICER'S REPORT
The Company suspended operations temporarily at BPPM while it conducts a comprehensive review of the geology of the project and mining strategy. The review will include the generation of a new mine plan, supported, if necessary, by a new drilling program to grow and increase confidence of the current JORC. This initiative coincided with the Company establishing a technical services function including mining engineers, geologists, and operational management tasked with a review of the Company's asset base and in establishing a sustainable operational plan to unlock the potential of the current asset base. Additionally, in May 2025, James McFarlane, a globally experienced technical mining professional joined us as Non-Executive Director. James has held senior roles in active mining operations in the United Kingdom, Ireland and Australia, and has also held roles as a mining consultant supporting exploration and project development studies (Mineral Resource Estimates, Ore Reserve Estimates and Feasibility Studies), across a range of commodities worldwide including gold, copper, and other base and critical metals.
The Company continues to focus resources on expanding its operations into Tajikistan. The Company was delighted to sponsor and present at the Tajikistan-UK Mining Forum at the London Stock exchange on 19 May 2025. At the event, the Company signed a non-binding Memorandum of Understanding ("MOU") with the Ministry of Industry and New Technologies of the Republic of Tajikistan. The purpose of the MOU is to provide a framework of cooperation between the two parties in respect of identifying new exploration and exploitation targets for non-ferrous and strategic mineral deposits, ultimately working jointly towards developing a "Tajik Mineral Investments Fund" for the purpose of developing Tajikistan's mining industry. On 22 December 2025, and as mentioned above in the Chairman's report, the Company announced that it had entered into a conditional share purchase agreement with Bay Square Pacific Limited to acquire 100% of the share capital of Gulf International Minerals Limited for all share consideration. If approved by Shareholders, this marks a very important step in the Company's expansion plans into Central Asia.
The Company has been working with specialist consultants to develop new cleaning and sorting processes specific to Zimbabwe rough diamonds, which are unique in character and require several layers of cleaning and preparation to maximise their value at tender. The intention of the Company is to be directly and indirectly involved in the entire value-chain where possible to maximise returns for Shareholders from the diamond parcel and this could create further opportunities for the Company in the future. On 1 December 2025, the Company announced the sale of 123,711.8 carats of lower value gem and industrial stones sold at an average price of US$6.87 per carat. The balance of the higher quality stones is being sold in a phased manner to maximise returns to Shareholders and are expected to improve the financial position of the Company.
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 2025
31 Oct 2025
30 Apr 2025
31 Oct 2024
6 Months
12 Months
6 Months
Group
Group
Group
Unaudited
Audited
Unaudited
Note
$'000
$'000
$'000
Revenue
-
484
211
Cost of sales
(661)
(2,226)
(1,194)
Gross loss
(661)
(1,742)
(983)
Overhead expenses
(2,931)
(3,784)
(1,726)
Depreciation of property, plant and equipment
(229)
(451)
(229)
Profit / (loss) on sale of property, plant and equipment
-
-
-
Share option and warrant expense
-
-
-
Sundry income
6
-
6
Exchange gain / (loss)
(98)
(171)
360
Other administrative and overhead expenses
(2,610)
(3,162)
(1,863)
Loss from operations
(3,592)
(5,526)
(2,709)
Finance income
-
-
-
Finance expense
(849)
(1,047)
(632)
Loss before taxation from continuing operations
(4,441)
(6,573)
(3,341)
Taxation charge
-
-
-
Total (loss) after taxation for the period
(4,441)
(6,573)
(3,341)
Other comprehensive income
Items that may be subsequently reclassified to either profit or loss
(Loss) / gain on available for sale financial assets
-
-
-
Exchange gain /(loss) on translation of foreign operations
25
(128)
(143)
Total comprehensive expense for the period
(4,416)
(6,701)
(3,484)
(Loss) per share - basic and diluted - amount in cents ($)
4
(0.12)
(0.32)
(0.22)
Condensed consolidated statement of changes in equity
for the six months ended 31 October 2025
Share capital
Share premium
Share option reserve
Foreign currency translation reserve
Retained deficit
Total
$'000
$'000
$'000
$'000
$'000
$'000
At 30 April 2024 (restated)
47,681
105,277
1,083
(3,344)
(156,195)
(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 (restated)
49,783
105,488
880
(3,487)
(159,333)
(6,669)
Total comprehensive loss for the period
-
-
-
15
(3,232)
(3,217)
Share option and warrant charges
-
-
-
-
-
-
Share options and warrants lapsed
-
-
-
-
(203)
(203)
Shares issued:
- for cash consideration
-
203
-
-
-
203
- to settle liabilities
64
-
-
-
-
64
At 30 April 2025
49,847
105,691
880
(3,472)
(162,768)
(9,822)
Total comprehensive loss for the period
-
-
-
25
(4,441)
(4,416)
Share option and warrant charges
-
-
(277)
-
277
-
Share options and warrants lapsed
-
-
-
-
-
-
Shares issued:
- for cash consideration
2,418
4,828
-
-
-
7,246
- to settle liabilities
-
-
-
-
-
-
At 31 October 2025
52,265
110,519
603
(3,447)
(166,932)
(6,992)
Condensed consolidated statement of financial position
As at 31 October 2025
31 Oct 2025
30 Apr 2025
31 Oct 2024
Unaudited
Audited
Unaudited (restated)
Group
Group
Group
$'000
$'000
$'000
Assets
Note
Non-current assets
Property, plant and equipment
3
19,519
18,988
17,728
Available for sale investments
891
891
891
Investment in associates
417
417
417
Loans to group companies
-
-
-
20,827
20,296
19,036
Current assets
Inventory
5
1,175
1,066
1,276
Receivables
6
2,042
2,029
2,395
Cash and cash equivalents
1,263
20
235
Total current assets
4,480
3,115
3,906
Total Assets
25,307
23,411
22,942
Equity and Liabilities
Capital and reserves attributable to equity holders of the Parent
Share capital
52,265
49,847
49,783
Share premium
110,519
105,691
105,488
Share option reserve
603
880
880
Foreign currency translation reserve
(3,447)
(3,472)
(3,487)
Retained deficit
(166,932)
(162,768)
(159,333)
(6,992)
(9,822)
(6,669)
Non-controlling interests
-
-
-
Total equity
(6,992)
(9,822)
(6,669)
Non-current liabilities
Loans and borrowings
7
-
-
-
Provisions
9
1,177
1,178
1,158
Trade and other payables
8
16,157
13,342
10,680
17,334
14,520
11,838
Current liabilities
Loans and borrowings
7
11,772
12,030
11,050
Trade and other payables
8
3,193
6,683
6,723
Total current liabilities
14,965
18,713
17,773
Total liabilities
32,299
33,233
29,611
Total Equity and Liabilities
25,307
23,411
22,942
Condensed consolidated statement of cash flow
for the six months ended 31 October 2025
31 Oct 2025
30 Apr 2025
31 Oct 2024
Unaudited
Audited
Unaudited
Group
Group
Group
$'000
$'000
$'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxation for the period
(4,441)
(6,573)
(3,341)
Adjustments for:
Depreciation and impairment charges
229
451
229
Liabilities settled in shares
64
-
Share option expense
-
(203)
-
Finance expense
849
1,047
632
Unrealised foreign currency exchange loss / (gain)
73
(128)
(318)
(3,290)
(5,342)
(2,798)
Changes in working capital:
Decrease (increase) in receivables
(13)
463
31
Decrease (increase) in inventories
(109)
(194)
(453)
Increase (decrease) in payables
(676)
3,144
1,625
(798)
3,413
1,203
Taxation paid
-
-
-
Cash generated by / (used in) operations
(4,088)
(1,929)
(1,595)
Investing activities:
Payments to acquire property, plant and equipment
(808)
(1,354)
(508)
.
Total cash used in investing activities
(808)
(1,354)
(508)
Financing Activities:
Proceeds from the issue of ordinary shares
7,246
2,516
2,313
Proceeds from loans and borrowings granted
-
762
-
Repayment of loans and borrowings
(1,107)
-
-
Total proceeds from financing activities
6,139
3,278
2,313
Increase (decrease) in cash and cash equivalents
1,243
(5)
210
Cash and cash equivalents at beginning of period
20
25
25
Cash and cash equivalents at end of period
1,263
20
235
Interim report notes
1 Interim Report
These condensed interim financial statements, which are unaudited, are for the six months ended 31 October 2025 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 2025 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 2025 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 24-29 of the annual financial statements for the period ended 30 April 2025, released elsewhere on this website on 31 October 2025. 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 2025, unless otherwise stated, and those envisaged for the financial statements for the year ended 30 April 2026.
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, together with the recovery of an historic claim, and ongoing refinancing and investor discussions to secure the necessary funding to settle the Company's outstanding debt of the Group and meet its working capital requirements , the Directors have a reasonable expectation that the Group is able to realise the 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 29 January 2026.
2 Segmental Analysis
Mining, exploration, and development
Admin and corporate
Total
Europe & Central Asia
Africa
$'000
$'000
$'000
$'000
Year to 31 October 2025
Revenue
-
-
-
-
Production costs
(661)
-
-
(661)
Gross profit (loss)
(661)
-
-
(661)
Depreciation
(228)
-
(1)
(229)
Sundry income
6
-
-
6
Exchange (loss) gain
(101)
-
3
(98)
Other administrative and overhead expenses
(1,225)
-
(1,385)
(2,610)
Finance income
-
-
-
-
Finance expense
(277)
-
(572)
(849)
Taxation (charge)
-
-
-
-
Profit (loss) for the year
(2,486)
-
(1,955)
(4,441)
31 October 2025
Total assets
22,793
-
2,514
25,307
Total non-current assets
20,404
-
423
20,827
Additions to non-current assets
806
-
2
808
Total current assets
2,389
-
2,091
4,480
Total liabilities
21,167
-
11,132
32,299
Mining, exploration, and development
Admin and corporate
Total
Europe & Central Asia
Africa
$'000
$'000
$'000
$'000
Year to 30 April 2025
Revenue
484
-
-
484
Production costs
(2,401)
175
-
(2,226)
Gross profit (loss)
(1,917)
175
-
(1,742)
Impairment of intangible assets
-
-
-
Depreciation
(451)
-
-
(451)
Exchange (loss) gain
(393)
-
222
(171)
Other administrative and overhead expenses
(1,568)
-
(1,594)
(3,162)
Finance income
-
-
-
-
Finance expense
(643)
-
(404)
(1,047)
Taxation (charge)
-
-
-
-
Profit (loss) for the year
(4,972)
175
(1,776)
(6,573)
30 April 2025
Total assets
22,346
-
1,065
23,411
Total non-current assets
19,910
-
386
20,296
Additions to non-current assets
1,354
-
-
1,354
Total current assets
2,436
-
679
3,115
Total liabilities
22,411
-
10,822
33,233
Mining, exploration, and development
Admin and corporate
Total
Europe & Central Asia
Africa
$'000
$'000
$'000
$'000
Year to 31 October 2024
Revenue
211
-
-
211
Production costs
(1,194)
-
-
(1,194)
Gross profit (loss)
(983)
-
-
(983)
Depreciation
(227)
-
(2)
(229)
Sundry income
6
-
-
6
Exchange (loss) gain
353
-
7
360
Other administrative and overhead expenses
(1,179)
-
(684)
(1,863)
Finance income
-
-
-
-
Finance expense
(132)
-
(500)
(632)
Taxation (charge)
-
-
-
-
Profit (loss) for the year
(2,162)
-
(1,179)
(3,341)
Loss for the year from discontinued operations
-
-
-
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
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
$'000
Cost at 1 May 2024
3,931
68
160
1,093
3,168
13,504
3,138
25,062
Additions during the period
-
-
-
-
-
-
508
508
Foreign exchange movements
49
1
2
17
33
121
43
266
Cost at 31 October 2024
3,980
69
162
1,110
3,201
13,625
3,689
25,836
Additions during the period
-
-
-
-
-
-
846
846
Reclassification
-
-
-
-
-
468
(468)
-
Foreign exchange movements
170
3
6
55
113
426
204
977
Cost at 30 April 2025
4,150
72
168
1,165
3,314
14,519
4,271
27,659
Additions during the period
-
-
8
-
-
-
800
808
Reclassification
-
-
-
-
-
305
(305)
-
Foreign exchange movements
(14)
(12)
(1)
(49)
(10)
(35)
44
(77)
Cost at 31 October 2025
4,136
60
175
1,116
3,304
14,789
4,810
28,390
Depreciation at 1 May 2024
3,273
66
131
332
1,324
2,662
-
7,788
Charge for the period
74
2
3
50
45
55
-
229
Foreign exchange movements
40
1
2
8
20
20
-
91
Depreciation at 31 October 2024
3,387
69
136
390
1,389
2,737
-
8,108
Charge for the period
73
3
3
69
20
54
-
222
Reclassification
-
(5)
5
-
-
-
-
-
Foreign exchange movements
145
3
5
33
78
77
-
341
Depreciation at 30 April 2025
3,605
70
149
492
1,487
2,868
-
8,671
Charge for the period
76
2
6
42
23
80
-
229
Foreign exchange movements
(6)
(12)
(1)
(2)
(3)
(5)
-
(29)
Depreciation at 31 October 2025
3,675
60
154
532
1,507
2,943
-
8,871
Net book value at 31 October 2024
593
-
26
720
1,812
10,888
3,689
17,728
Net book value at 30 April 2025
545
2
19
673
1,827
11,651
4,271
18,988
Net book value at 31 October 2025
461
-
21
584
1,797
11,846
4,810
19,519
4 Loss per share
31 Oct 2025
30 Apr 2025
31 Oct 2024
Unaudited
Audited
Unaudited
Group
Group
Group
Profit and loss per ordinary share has been calculated using the weighted average number of ordinary shares in issue during the relevant financial year.
The weighted average number of ordinary shares in issue for the period is:
3,626,391,812
2,051,019,445
1,502,804,078
Profit / (loss) for the period: ($'000)
(4,441)
(6,573)
(3,341)
Profit / (Loss) per share basic and diluted (cents)
(0.12)
(0.32)
(0.22)
The effect of all potentially dilutive share options is anti-dilutive.
5 Inventory
Oct 2025
Apr 2025
Oct 2024
Unaudited
Audited
Unaudited
Group
Group
Group
$'000
$'000
$'000
Minerals held for sale
620
513
735
Production stockpiles
6
6
6
Consumable stores
549
547
535
1,175
1,066
1,276
6 Receivables
Oct 2025
Apr 2025
Oct 2024
Unaudited
Audited
Unaudited
Group
Group
Group
$'000
$'000
$'000
Trade receivables
-
-
296
Other receivables
1,228
1,314
1,033
Short term loans
357
346
344
Prepayments
108
132
181
VAT
349
237
541
2,042
2,029
2,395
7 Loans and borrowings
Oct 2025
Apr 2025
Oct 2024
Unaudited
Audited
Unaudited
Group
Group
Group
$'000
$'000
$'000
Non-current
Secured borrowings
10,766
10,376
10,128
Unsecured borrowings
787
733
717
less amounts payable in less than 12 months
(11,553)
(11,109)
(10,845)
-
-
-
Current
Secured borrowings
-
-
-
Unsecured borrowings
219
921
205
Bank overdrafts
-
-
-
Current portion of long term borrowings - secured
10,766
10,376
10,128
- unsecured
787
733
717
11,772
12,030
11,050
Total loans and borrowings
11,772
12,030
11,050
8 Trade and other payables
Oct 2025
Apr 2025
Oct 2024
Unaudited
Audited
Unaudited
Group
Group
Group
$'000
$'000
$'000
Trade payables
1,562
2,319
3,403
Other payables
642
3,768
2,833
Other taxes and social security taxes
910
444
379
Accrued expenses
79
152
108
3,193
6,683
6,723
Vast Baita Plai SA ('VBP') reached an agreement in principle with ANAF (the Romanian revenue authority) 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 along with other amounts owed to creditors can be repaid over a four-year period based on affordability. and starting from the date the reorganisation plan is finally approved. The Company believes that the reorganisation plan will be approved by the end of Q1 2026.
The current amounts due in more than one year are based on the creditors listing provided to the Court during the year and reflect the current estimates regarding the proposed timing of repayments. These estimates are more favourable to the Company than originally anticipated and have been considered in the assessment of going concern.
The Company has also restructured, under the Sinarom Mining Group ('SMG') reorganisation, amounts in respect of taxes which will be repaid over three years.
Oct 2025
Apr 2025
Oct 2024
Unaudited
Audited
Unaudited
Group
Group
Group
$'000
$'000
$'000
Amounts due between one and two years
6,740
4,491
3,796
Amounts due between two and three years
5,225
4,406
4,457
Amounts due between three and four years
4,192
4,445
2,427
16,157
13,342
10,680
9 Provisions
Oct 2025
Apr 2025
Oct 2024
Unaudited
Audited
Unaudited
Group
Group
Group
$'000
$'000
$'000
Provision for rehabilitation of mining properties
- Provision brought forward from previous periods
1,178
1,151
1,151
- Liability recognised during period
2
3
- Derecognised on disposal of subsidiary
-
-
-
- Effect of foreign exchange
(1)
25
4
1,177
1,178
1,158
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 Events after the reporting date
Share issuance:
£
$
Shares issued
Issued to
1,047,750
1,403,661
582,083,333
Placing with investors
1,047,750
1,403,661
582,083,333
On 22 December 2025, the Company announced that it had entered into a conditional share purchase agreement with Bay Square Pacific Limited to acquire 100% of the share capital of Gulf International Minerals Limited for all share consideration. The proposed transaction constitutes a reverse takeover transaction pursuant to AIM rule 14 and will be subject to shareholder approval.
**ENDS**
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