| Source: Vast Resources PLC
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
2 October 2023
Vast Resources plc
(‘Vast’ or the ‘Company’)
Update on Debt Funding
Vast Resources plc, the AIM-listed mining company, is pleased to announce an update in relation to the Asset Backed Debt facility from A&T Investments SARL (“Alpha”) as announced on 16 May 2022 and the debt owed to Mercuria Energy Trading SA (“Mercuria”) relating to Tranche A of the Prepayment Agreement announced on 21 March 2018.
As announced on the 7 August 2023, the totality of the debt owed to Mercuria and Alpha was due to be repaid on or before 29 September 2023. The Company is currently in discussions with Alpha and Mercuria regarding a further extension that will allow further time to finalise the settlement of its historic claims outlined in previous announcements.
The Company will update the market with further details in due course.
For further information, visit www.vastplc.com or please contact:
|Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)
+44 (0) 20 7846 0974
|Beaumont Cornish – Financial & Nominated Advisor
+44 (0) 20 7628 3396
|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
+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.
In Zimbabwe, the Company is preparing for the release of its diamonds previously mined by the Company and preparing for their marketing. Upon the finalisation of the process the Company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange Diamond Fields.