MOU with Government of Republic of Tajikistan
05/12/2024 07:00
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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
5 December 2024
Vast Resources plc
(‘Vast’ or the ‘Company’)
MOU with Government of Republic of Tajikistan
Vast Resources plc, the AIM-listed mining company, is pleased to announce the
signing of a Memorandum of Understanding (the ‘MOU’) between the
Government of Tajikistan, Vast and Gulf International Minerals Ltd
(‘Gulf’) (together, ‘the Parties’), 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 Parties 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 operational
mining licences within the Aprelevka venture, and the Parties are now in the
process of finalising up to nine previously explored exploration sites
adjacent to the current mining areas (the ‘Projects’), which would make
Aprelevka one of the largest gold and polymetallic mining groups in the
Republic of Tajikistan.
The MOU sets out that the Parties shall develop a road map for implementation
of the Projects within 90 days upon signing of this MOU and more information
will be announced as appropriate.
Andrew Prelea, Chief Executive Officer at Vast, commented:
“We are delighted to be working so closely with both Gulf and the Government
of the Republic of Tajikistan on this ambitious and important project as we
collectively look to enhance Tajikistan’s standing on the global resource
stage. Tajikistan benefits from world class resources across multiple
commodities and through our work at Aprelevka and our additional interests
in-country, we are beginning to give these Projects the international
attention that they deserve. We look forward to providing further updates as
our plans come to fruition over the coming weeks and months.”
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 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. Processing of stockpiled ore on site is
expected to commence in mid-2022.
Nominated Adviser Statement
Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated
Adviser and is authorised and regulated in the United Kingdom by the Financial
Conduct Authority. 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 the
announcement or any matter referred to in it