REG - Vast Resources PLC - Aprelevka CPR, Presentation & Loan Update

Vast ResourcesAnnouncement

30/01/2026 07:05

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RNS Number : 9972Q  Vast Resources PLC  30 January 2026

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR
THE REPUBLIC OF SOUTH AFRICA OR TO BE TRANSMITTED, DISTRIBUTED OR SENT TO OR
FROM ANY SUCH COUNTRIES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR
REGULATIONS.

 

This announcement does not constitute a prospectus or offering memorandum or
offer in respect of any securities and should not be considered as a
recommendation by the Company, its affiliates, directors, officers, employees,
agents, representatives or advisers to acquire an interest in the Company. The
announcement does not constitute or form part of any offer or invitation to
sell or issue or any solicitation of any offer to purchase or subscribe for
any securities in any jurisdiction, nor shall it (or any part of it) or the
fact of its distribution, form the basis of or be relied upon in connection
with, or act as any inducement to enter into, any contract or commitment or
engage in any investment activity whatsoever relating to any securities. The
issue of this announcement shall not be taken as any form of commitment on the
part of the Company to proceed with any transaction.

 

Defined terms in this announcement shall have the same meaning as defined in
the Company's announcement of 22 December 2025 (RNS: 5312M), unless otherwise
defined herein.

 

30 January 2026

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

 

Competent Persons Report on Aprelevka Assets,

Gulf Acquisition Presentation and

Loan Facility Repayment Deferral

 

Vast Resources plc, the AIM quoted mining company, is pleased to announce,
further to its announcement on 22 December 2025 in respect of, inter alia, its
conditional share purchase agreement ("SPA") with Bay Square Pacific Ltd ("Bay
Square" or the "Seller"), that it has today published the Competent Person's
Report ("CPR") on the Aprelevka Assets authored by Caracle Creek International
Consulting (Proprietary) Limited ("CCIC"), which is available at:
http://www.rns-pdf.londonstockexchange.com/rns/9972Q_2-2026-1-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9972Q_2-2026-1-29.pdf)

 

As well as a presentation in relation to the proposed acquisition of Gulf
International Minerals Limited ("Gulf") and its interest in the Aprelevka
Assets (the "Presentation").  The Presentation can be viewed at:
http://www.rns-pdf.londonstockexchange.com/rns/9972Q_1-2026-1-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9972Q_1-2026-1-29.pdf)

 

The CPR and the Presentation are also available on the Company's website at
https://www.vastplc.com/
(https://protect.checkpoint.com/v2/r02/___https:/www.vastplc.com/___.YXAxZTpzaG9yZWNhcDpjOm86NWIyOTY1NTc4OGUyZmQ3YmFmYTU5MjJlY2Y0MzVlYjI6Nzo2YjYxOjkzZjQ2YWNjOTNlMTFjYzc2NjJjMjAzNWQwYTY3MmFkNWY3NjdjMTg3ODhkZDc3MWQ0MTQ5OTU2OGM5ZTBmNTI6cDpUOk4)

Loan Facility Update

Further to the announcement of 22 December 2025, Vast confirms that it is in
discussions with A&T Investments SARL ("Alpha") and Mercuria Energy
Trading SA ("Mercuria") (together the "Creditors") in respect of an extension
of the terms of their respective loans maturing on 30 January 2026. Such
discussions are progressing constructively and the Board are confident that
its creditors will support the Company through to completion of the Proposed
Transaction, however, there can be no guarantee as to the outcome of these
discussions. The Company will provide further updates to the market as and
when appropriate.

The Company intends to use the revenue from upcoming diamond sales, together
with proceeds from the placing of approximately £7.5 million expected to be
undertaken in conjunction with the proposed acquisition of Gulf, and proceeds
from potential new offtake finance agreements and / or wider funding
arrangements, to repay the Creditors in full.

Further Summary Resource Information on the Aprelevka Assets

As previously announced, although no JORC (2012) compliant resource can be
stated by CCIC, various historical and NAEN Code (2013) compliant mineral
resource estimates ("Historical MREs") provide a significant range of mineral
potential for the deposits, which are summarised in the table below to
demonstrate the exploitation and exploration potential at the various
projects.

 

 Estimated Mineral Inventory Ranges
 Deposit                     tonnes (Kt)      Au (g/t)      Ag (g/t)          Au (oz)             Ag (oz)
 Aprelevka                   200 to 3,120     2.7 to 3.0    32.0 to 40.9      17,000 to 301,000   203,000 to 4,100,000
 Burgunda                    150 to 210       3.9 to 5.6    17.3 to 70.0      19,000 to 38,000    84,000 to 474,000
 Ikkizelon                   60 to 400        9.0 to 11.4   18.0 to 23.0      16,000 to 148,000   32,000 to 299,000
 Kyzylcheku                  460 to 750       1.40 to 1.70  97.8 to 110.0     20,000 to 40,000    1,439,000 to 2,645,000
 Kansai Tailings             690 to 5,860     0.40 to 0.60  16.3 to 18.0      9,000 to 106,000    363,000 to 3,395,000
 Soviet Flotation Tailings   2,720 to 3,360   1.1 to 1.4    304.4 to 376.0    98,000 to 149,000   26,618,000 to 40,618,000
 Totals / Weighted Averages  4,280 to 13,700  1.30 to 1.80  117.00 to 208.90  179,000 to 782,000  28,739,000 to 51,531,000

 

It is noted that while the various Historical MREs have provided CCIC with a
solid basis to undertake a review for the purposes of authoring the Tajikistan
CPR, it is recognised that the limitations on data verification have yet to be
resolved in additional workstreams and so the resources reviewed cannot be
considered to be reported in alignment with any of the CRIRSCO family of
reporting codes. However, it is noted that the above estimated mineral
inventory ranges compiled by CCIC are supported by, inter alia, historical
estimates compiled by Formin S.A. prepared in 2024 (the "Formin Estimates").
In CCIC's view, the Formin Estimates have been undertaken in alignment with
industry best practice and by a suitably experienced person (Mr Vlad Andrei
Negru, who has more than 12 years' experience in mineral resource estimation,
and is considered a 'Certified Person' by the National Agency for Mineral
Resource in Romania).

Recent Production from the Aprelevka Assets

In addition, the Company announces the following recent production figures for
the Aprelevka Assets relating to operations between 2023 to 2025. These
figures are intended to illustrate recent mining and processing activity and
do not represent a reconciliation to mineral resources. It is noted that the
following figures are provided for contextual purposes only.

Mine feed and grades for the four hard rock mines and Kansai
Tailings - 2023 to November 2025

 Mine                 2023                         2024                         2025 1 
                      Mined      Gold    Silver    Mined      Gold    Silver    Mined      Gold    Silver
                      tonnes     g/t     g/t       tonnes     g/t     g/t       tonnes     g/t     g/t
 Aprelevka            57,900     1.81    17.94     65,559     1.51    14.98     40,774     1.48    19.23
 Burgunda Open Pit    77,494     1.28    17.82     80,284     0.99    14.94     27,782     1.24    18.96
 Burgunda             31,080     1.63    23.57     36,963     1.23    20.74     40,248     1.37    19.14

 Underground
 Ikkizelon            29,109     1.82    9.10      23,139     1.93    5.87      22,328     1.20    9.80
 Kyzylcheku           67,391     0.71    37.29     87,723     0.77    31.76     40,458     1.16    9.30
 Tailings             -          -       -         49,680     0.52    18.53     352,307    0.65    20.36
 Total                262,974    1.35    22.55     343,349    1.05    19.78     523,897    0.86    18.80

 

It is noted that mining tonnages and grades reflect ex-mine material movements
during the stated periods and exclude stockpile and run-of-mine inventory
movements. Reported grades represent operational mine call grades and may
differ from Mineral Resource model grades due to mining selectivity, dilution,
ore loss, and short-term grade control practices.

Furthermore, the Company announces the following data summarising annualised
process plant feed, head grades, and recovered metal for the period between
2023 and 2025. Plant feed comprises a blend of mined material and reprocessed
tailings, and production figures reflect doré output from the process plant.
The data are presented to provide an overview of recent processing performance
and are not intended to represent mineral resource reconciliation or
life-of-mine production.

Process Plant Feed and Grade - 2023 to 2025

 Year    Feed - Mining                  Feed - Tailings                Feed - Total  Gold Produced        Silver Produced

         tonnes     Au g/t    Ag g/t    tonnes     Au g/t    Ag g/t    tonnes        grams      oz        grams        oz
 2023    266,446    1.22      22.31     -          -         -         266,446       268,878    8,644     2,088,321    67,140
 2024    324,791    0.99      21.82     49,681     0.52      18.5      374,470       291,488    9,371     2,223,280    71,479
 2025    186,396    1.07      23.77     403,737    0.59      19.9      590,134       293,421    9,434     3,939,021    126,640
 Total   777,633    1.09      22.46     453,418    0.59      19.76     1,231,051     853,787    27,449    8,250,622    265,259

 

In 2025, total mill feed increased significantly to prior recent
years, following the planned introduction of higher volumes of lower-grade
tailings material. This tailings feed replaces a portion of mined feed and
represents a low-cost processing opportunity, leveraging existing
infrastructure while reducing unit mining costs. Although average head grades
decrease, overall gold and silver production remained strong due to higher
throughput and improved plant utilisation.

 

This approach also allows mining operations to focus on higher-value areas of
the orebody, optimising mining productivity, equipment utilisation, and
overall production efficiency. The use of tailings material as supplemental
feed is an operational strategy and does not affect the underlying Mineral
Resource estimates, which are reported in the table of Estimated Mineral
Inventory Ranges.

 

Subject to completion of the Proposed Transaction, it is part of the Company's
near-term work programme to complete the technical work necessary to provide
JORC-compliant resource estimates as well as to ensure all reporting going
forward is consistent with the JORC standard.

Qualified / Competent Person Statement

The resource information in this announcement has been reviewed by Dr Philip
John Hancox, a Competent Person who is a member in good standing of the South
African Council for Natural Scientific Professions (No. 400224/04) as well as
a Member and Fellow of the Geological Society of South Africa and the Society
of Economic Geologists. Dr Hancox is Senior Geologist and Director of Caracle
Creek International Consulting (Proprietary) Limited, South Africa, and has
sufficient experience that is relevant to the style of mineralisation and type
of deposit under consideration. A site visit to the properties was undertaken
in late June of 2025.

 

 

**ENDS**

 

For further information, please visit the Company's website at www.vastplc.com
(https://protect.checkpoint.com/v2/r02/___http:/www.vastplc.com___.YXAxZTpzaG9yZWNhcDpjOm86NWIyOTY1NTc4OGUyZmQ3YmFmYTU5MjJlY2Y0MzVlYjI6NzphNDgyOjI1MDkzMjUyN2I0MTVlY2ZjZjA2ZDNhODAzMTc0YTIyNjZiN2E2Y2YxNmM0Nzc1MGZhZTFlOTJkMWQwNTgwZWU6cDpUOk4)
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                                 vast@stbridespartners.co.uk (mailto:vast@stbridespartners.co.uk)

 Susie Geliher / Charlotte Page                             +44 (0) 20 7236 1177

 

 

 

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.

 

 

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 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.

 

 

This announcement is not for publication or distribution in or into the United
States of America. This announcement is not an offer of securities for sale
into the United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States, except pursuant to an
applicable exemption from registration. No public offering of securities is
being made in the United States.

 1  2025 data is presented on a year-to-date basis and excludes December.
Reported gold and silver grades for 2025 are provisional and subject to final
year-end reconciliation.

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