REG - Vast Resources PLC - Release of Historical Diamond Parcel

Vast ResourcesAnnouncement

25/04/2025 08:00

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RNS Number : 1307G  Vast Resources PLC  25 April 2025

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

 

25 April 2025

("Vast" or the "Company")

 

Release of Historical Diamond Parcel

 

Vast Resources plc, the AIM quoted mining company, is pleased to announce the
successful release of the historical diamond parcel that has been held in safe
custody at the Reserve Bank of Zimbabwe by order of the Supreme Court since
early 2010.

 

This release of the historical diamond parcel not only represents a landmark
success for the Company, but underlines that Zimbabwe is truly open for
business for companies that wish to comply with due process.

 

Despite the long and difficult processes that the Company and shareholders
have had to endure, the individual parcels remained untouched for over 15
years.  A valuation estimate will be provided in due course following the
completion of the cleaning and re-sorting process which will enable an
accurate assessment of the carat value of the diamonds to be made and which is
not possible in their current condition.  Notwithstanding this, initial
inspection of the contents of the parcels has exceeded expectations of the
Company's management. The Company will make a further announcement when a
valuation estimation is completed.

 

The parcels are now in the custody of the Company and have been despatched to
the Company's nominated Tender House in Dubai, to be cleaned and re-sorted for
the sales process, which is expected to commence within a month.

 

Upon completion of the sale of the rough diamonds, royalties, fees to Minerals
Marketing Corporation of Zimbabwe, legal fees, auction fees, security and
marketing, could reach approximately 20% of the gross rough diamond value of
the parcels.

 

Further updates will be made in due course.

 

Andrew Prelea, CEO of Vast, commented:

"After personally spending more than one of the past four years in Zimbabwe to
facilitate the release of the historical diamond parcel, I would like to give
special thanks to HE Com. E.D. Mnangagwa, the Minister of Mines, the Attorney
General, the Governor of the Reserve Bank, Minerals Marketing Corporation of
Zimbabwe, Titan Law, and the exceptional Legal team at Dube, Manikai and
Hwacha.

 

"Now that this chapter has closed, the Company is reengaging our future
investment strategy in Zimbabwe and has commenced discussions for further
mining concessions in-country alongside the advancement of our wider portfolio
in Romania and Tajikistan.  We now expect to be able to approach new
opportunities from a different perspective which will set the tone for the
Company's future."

 

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.

 

 

**ENDS**

 

For further information, visit www.vastplc.com (http://www.vastplc.com) or
please contact:

 

 Vast Resources plc                                    www.vastplc.com (http://www.vastplc.com)

 Andrew Prelea (CEO)                                   +44 (0) 20 7846 0974

 Beaumont Cornish - Financial & Nominated Adviser      www.beaumontcornish.com (http://www.beaumontcornish.com)

 Roland Cornish                                        +44 (0) 20 7628 3396

 James Biddle

 Shore Capital Stockbrokers Limited - Joint Broker     www.shorecapmarkets.co.uk (http://www.shorecapmarkets.co.uk)

 Toby Gibbs / James Thomas (Corporate Advisory)        +44 (0) 20 7408 4050

 Axis Capital Markets Limited - Joint Broker           www.axcap247.com (http://www.axcap247.com)
 Richard Hutchinson

                                                     +44 (0) 20 3206 0320

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

 Susie Geliher                                         +44 (0) 20 7236 1177

 

 

 

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