Update on proposed RTO and General Update
Summary by AI BETAClose X
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.
15 July 2026
Vast Resources plc
("Vast" or the "Company")
Update on Proposed Reverse Takeover of Gulf International Minerals Limited and
General Update
Vast Resources plc announces, further to the proposed Reverse Takeover ("RTO") announced on 22 December 2025 and extended long-stop date of 31 July 2026 (the "Extended Long-Stop Date") announced on 23 June 2026, an update on the progress of the proposed RTO and timing for anticipated completion.
Transaction Update
The Company notes that the Proposed Transaction has further advanced with, due diligence near-complete, and that the anticipated formal confirmation by the Government of Tajikistan of certain organisational changes in Aprelevka, intended to ensure a smooth transition post completion of the Proposed Transaction, has now been received. Subject to completion of the associated Placing, the Company expects to be in a position to publish an Admission Document prior to the Extended Long-Stop Date.
Tajikistan CPR Update
The Company advises that further drilling, trench sampling and metallurgical test work have recently been completed on the Soviet Tailings Facilities at Aprelevka. The trench sampling programme comprised 41 trenches. Grades were determined by fire assay. The gold grade from these samples varies from 0.03 g/t to 5.17 g/t on TSF1B and from 0.05 to 5.33 g/t on TSF2B, whereas the silver grade ranges from 14 to 1232 g/t on TSF1B and from 14 to 1163 g/t on TSF2B.
Drilling included a total of 69 holes, with an average depth of 16.94m, over an area of 185,535m² (for TSF1B) and an additional 83 holes, with an average depth of 11.34 m, over an area of 141,460 m² (for TSF2B). It should be noted however that at present no bulk density test work has been undertaken, and as such any tonnages pertaining to this phase of exploration are pending completion of bulk density testing and expressed in ranges in the table below which will form part of the updated CPR that will be available for review on the Company website shortly.
The results of the above have yielded the following results:
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Mineralised inventory ranges |
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Deposit |
Tonnes (Kt) |
Au (g/t) |
Ag (g/t) |
Au (oz) |
Ag (oz) |
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Soviet Tailings |
6,645 to 7,358 |
1.10 to 1.40 |
304.40 to 376.00 |
235,006 to 331,191 |
65,052,536 to 88,948,512 |
These results increase the Board's confidence in the potential volumes of and grades of ore included in the tailings.
Soviet Tailings Exploration and Metallurgical Results
The trench sampling programme included an average depth of approximately 5.0 metres. One-metre interval face samples were collected and blended to produce representative composite samples for metallurgical flotation test work.
In addition, 15 replicate X-ray fluorescence ("XRF") readings were taken from a single representative bulk sample extracted from a 500g flotation concentrate, using the "Mining Cu/Zn" element suite of a Niton XRF NL2 analyser to characterise the elemental composition of the concentrate and to benchmark it against the acceptance ranges published by three potential off-takers.
The sample analysed has been subjected only to a laboratory bench-scale primary rougher flotation test. It has not yet undergone scavenger and cleaner flotation or drying and filtration; the stages that would normally be used to upgrade a rougher concentrate into a final, sales-specification concentrate. Regrinding is not required for this circuit, as the feed comprises reclaimed historical tailings already at the appropriate grind size; the remaining upgrade path is therefore further flotation (cleaning and scavenging), rather than comminution.
Mr Negru, as the person responsible for the Soviet Tailings exploration results and current mineralised material estimates, has reviewed this metallurgical test work and has relied upon the analysis and conclusions of the metallurgist responsible for that work in forming his assessment.
The results demonstrated an increase in the silver concentration, as set out in the table below:
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Ag concentration ranges |
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Ag (%) |
Average Ag (%) |
Average Ag (g/t) |
Average Ag (%, excluding outlier) |
Average Ag (g/t, excluding outlier) |
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0.57 - 1.35 |
1.095 |
10,947 |
1.132 |
11,321 |
Financing Update
The Company is also pleased to announce that it is in receipt of three non-binding term-sheets for debt (and, in some cases, off-take) facilities and is working to progress such negotiations towards receipt of at least one binding Term-Sheet prior to the completion of the RTO.
Therefore, further to the announcement of 22 December 2025, the range of the required equity fundraise for completion of the Proposed Transaction will be between GBP 5 million and GBP 12.5 million, subject to the Company agreeing binding debt/off-take documentation.
Existing Loan Facility Update
Further to the announcement of 12 February 2026, Vast confirms that it is in continuing discussions with A&T Investments SARL and Mercuria Energy Trading SA to seek to agree to an extension of the terms of their respective loans until RTO completion, subject to continued progress being made on the Proposed Transaction. The Company intends to use the revenue from diamond sales, together with proceeds from the Placing and or debt facilities in relation to the Reverse Takeover or the proceeds from new offtake finance agreements and / or wider funding arrangements, to repay the Creditors in full. It is noted that the Board remains confident further Loan Facility Extensions can be agreed in order to support completion of the Proposed Transaction.
Diamond Sales
The Company intends to provide a further update regarding the progress of diamond processing and sales shortly.
Competent Person Statement
Negru Vlad Andrei is a 'Competent Person' registered with MAusIMM and 'Certified Person' (ANRMPSG) from the National Agency for Mineral Resource in Romania and a Member of the National Professionals in Geology and Mining Romania (MANPSG). He is a geologist with more than 14 years' experience in Mineral Resource estimation. He has worked for a large number of projects in Romania and also as an SRK consultant. Mr Andrei consents to the inclusion of his name in this announcement in the form and context to which it appears.
Mr Negru has reviewed the Soviet Tailings exploration data referred to in this announcement and is responsible for the Soviet Tailings exploration results and current mineralised material estimates (noting these are not yet reported in accordance with the JORC Code (2012).
**ENDS**
For further information, please visit the Company's website at www.vastplc.com or contact:
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Vast Resources plc Andrew Prelea (CEO) |
+44 (0) 20 7846 0974
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Strand Hanson Limited - Nominated & Financial Adviser James Spinney / James Bellman / Imogen Ellis |
+44 (0) 207 409 3494
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Shore Capital Stockbrokers Limited - Joint Broker Toby Gibbs / James Thomas (Corporate Advisory) |
+44 (0) 20 7408 4050 |
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Axis Capital Markets Limited - Joint Broker Richard Hutchinson |
+44 (0) 20 3206 0320 |
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St Brides Partners Limited Susie Geliher |
http://www.stbridespartners.co.uk/ +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.
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.
ABOUT VAST RESOURCES
Vast Resources plc is a United Kingdom AIM quoted mining company with mines and projects in Romania, Tajikistan, and historically in 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, currently on care and maintenance, 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.
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