RCS - Vast Resources PLC - Shareholder Q&A

Vast ResourcesAnnouncement

18/11/2025 07:20

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RNS Number : 9625H  Vast Resources PLC  18 November 2025

18 November 2025

Vast Resources plc
("Vast" or the "Company")

 

Shareholder Q&A

 

Vast Resources plc, the AIM quoted mining company, wishes to address recurring
themes in several shareholder questions submitted to the Company and its
advisers, as well as those posted on public forums.

 

1)    Previous disclosures referenced a parcel exceeding 135,000 carats,
including around 36,000 carats of gem-quality stones. The RNS of 17 November
references a smaller parcel of 126,677.5 carats with different classification
categories. Can you explain the reduction in carat quantity and what the new
classification terminology means in practical terms?

 

On 17 November 2025 Vast published a notification which addressed the diamonds
being consigned to a tender auction. In particular, the Company confirmed that
an initial parcel totalling 126,677.50 carats was being tendered and further
reconciled the quality of the stones being consigned to the sale. As has been
consistently stated by the Company, the balance of higher quality stones is
being beneficiated in order that Vast's shareholders benefit from the
valuation uplift that can be achieved (in the Company's view) in taking stones
from their rough state to a beneficiated finished product.

 

There has been no reduction in the number of carats. On 7 May 2025, the
Company announced a total parcel weight of 135,139.47, of which an aggregate
of (a)36,475.26 carats were identified as gem quality by the Minerals
Marketing Corporation of Zimbabwe at the time of export.

 

This left a total of 98,664.21 carats of industrial grade stones.

 

Gem quality is divided into several categories that were highlighted in the 17
November 2025 announcement.

 

Post the cleaning method employed by Vast and as per the RNS of 17 November
2025, the total weight of industrial stones has been reduced to (b)50,993.98
carats, reclassifying (c)47,670.23 into a higher category of stone.

 

Therefore, the Company now has entered into tender c.126,677 carats of stones
(a+b+c) it does not consider viable to add further processes of beneficiation
(processing incurs an additional cost to the Company):

Breakdown of Categories:

 

Original
Weight                             135,139.47

Higher quality Gem at Tender:    
               12,591.77-

Lower quality
gem:                          
 63,091.75-

Industrial                                   50,993.98-

Balance:                                    8,461.97                                   

 

The balance are stones less boiling losses (which are unavoidable) which the
Company considers it most appropriate to be sold in a phased manner in due
course to seek to maximise revenues and the total value of the diamonds for
shareholders as stated in the 17 November RNS.

 

2)     Earlier RNS announcements indicated that proceeds from the diamond
parcel alone would be sufficient to fully repay the Company's secured debt.
However, the RNS of 17 November 2025 suggests that additional financing
arrangements will be required. At what point did the Company become aware of
this shortfall, and why is this only being communicated now?

 

The intentions vis a vis the use of the diamond sale proceeds has remained
consistent, as demonstrated in the Company's Annual Report, published on 31
October 2025, which stated: "the Company plans to repay the debts from the
diamond proceeds and alternative funding measures".

 

Whilst it is anticipated, assuming the right sales conditions, that diamond
sales alone are able to generate the financial resources sufficient to repay
the Company's outstanding debt, the Company has neither relied on this being
the case nor notified the market of such.

 

3)     Given the current financial position and the RNS of 17 November, do
you anticipate the need for another placing?

 

The Company has no current intention of conducting a placing to satisfy the 31
December 2025 debt repayment.

 

 

**ENDS**

 

For further information, please visit the Company's website at www.vastplc.com
(http://www.vastplc.com) or contact:

 Vast Resources plc                                         +44 (0) 20 7846 0974

 Andrew Prelea (CEO)

 Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 207 409 3494

 James Spinney / James Bellman

 Shore Capital Stockbrokers Limited - Joint Broker          +44 (0) 20 7408 4050

 Toby Gibbs / James Thomas (Corporate Advisory)

 Axis Capital Markets Limited - Joint Broker                +44 (0) 20 3206 0320

 Richard Hutchinson

 St Brides Partners Limited                                 http://www.stbridespartners.co.uk/ (http://www.stbridespartners.co.uk/)

 Susie Geliher                                              +44 (0) 20 7236 1177

 

ABOUT VAST RESOURCES

Vast Resources plc is a United Kingdom AIM quoted 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 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.

 

The Company retains a continued presence in Zimbabwe. The Company is
re-engaging its future investment strategy in Zimbabwe and has commenced
discussions with further mining concessions in-country alongside its wider
portfolio.

 

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.

 

Also in Tajikistan, Vast has been contracted to develop and manage the
Aprelevka gold mines on behalf of its owner Gulf International Minerals Ltd
("Gulf") under which Vast is entitled, inter alia, to 10% of the earnings that
Gulf receives from its 49% interest in Aprelevka in joint venture with the
government of Tajikistan. Aprelevka holds four active operational mining
licences located along the Tien Shan Belt that extends through Central Asia,
currently producing approximately 10,400oz of gold and 80,000 oz of silver per
annum. It is the intention of the Company to assist in increasing Aprelevka's
production from these four mines closer to the historical peak production
rates of approximately 27,000oz of gold and 250,000oz of silver per year from
the operational mines.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

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