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An extremely positive RNS.

Plenty of positives from recent drilling, defining a new potential stope, short term production opportunity, confirmation of hedge completion and now selling at market rate.

New jennings zone open on all fronts allowing near term exploration as well as production as near to existing infrastructure.

Rambler has now confirmed its turned around its fortunes. Plenty of positive news still to follow short term such as gold assay results.

I would love Rambler to be mining 2000TPD by end of first quarter 2022 but not likely until ore sorter in place. I expected we will be at around 1350tpd and looking to increase slightly in future if mill input can be increased without jeopardising future input.

Overall a good article.

Yes been a lot more expensive to get to current position than expected. The second egress has obviously delayed full production and hence requirements for additional cash.

Lots of talk on not hitting targets but if it had not been for second egress being required Rambler would most likely hit redevelopment target in 2021. I see no reason to doubt BoD in this respect. They have been clear on position of mine after first half in 2021.

Some output detail provided for 2022 which looks good.

AP had previously stated,
"The proposed acquisition of the Ghaghoo Mine in Botswana is a highly compelling opportunity for Vast to deliver diamond production in a relatively short period, benefitting from a fully equipped mine that has $250 million of investment, infrastructure and a significant Resource of quality gems that include large stones and fancy colours. Importantly Ghaghoo is substantially de-risked both from an exploration and development perspective, and also from the funding structure that we are advancing with third party financiers.

"Furthermore, this transaction also aligns with our longer-term strategy to maximise and crystallise the value of our interests in Zimbabwe and the Southern African region."

At the time AP was convinced Finance could be independently raised of BP mine and should not be an issue in this jurisdiction compared to Romania. Just another prime example of Vast BoD not underestimating risk and requirements. There will be costs involved with this failed transaction which Vast cannot afford.

A positive in not being able to raise finance as may concentrate focus on producing asset which they are at risk of losing control if finance not agreed.

Massive positive:
Rearranging Atlas debt

Otherwise:
Still awaiting positive cash flow - hardly any funds left so expecting a further placement but at least company still operating

Ghangoo mine - No news whilst comments on Zimbabwe. Maybe progress being made but no holding statement does not sound like competence to me.

Production figures improving but once again from a very low position. At least half produced in December so maybe they will get this right one day. With rigs due in Q1 once again maybe some real progress can be made.

Manaila mine - No finance agreed but as expected. Until company can show its competent lenders will reluctant to offer terms. One for later in the year.

Positive: Appointment of external consultants to work out efficiencies.

Virtual money I stand corrected. I thought I had read Vast was unable to pay back interest but cannot trace this so looks to be only conversion of warrants. This is actually more positive as gives the impression Vast are able to refinance otherwise why convert!

Will only find out those figures if Vast still in control otherwise c'est la vie...

Totally chilled and looking forward to hedge being cleared next month. There should be increased TPD being mined going forward and will be getting market rate unless a new hedge entered into. Any new hedge will be near to current market price, a substantial rise on last year's fixed price.

Currently no news is good from my point of view. May it continue for another month...

Not having a RNS this morning doesn't look good to me. I think if no news today then Atlas takes over assets at BP. Hopefully Atlas would not want to do this but to date Vast has been unable to pay back interest. What option does Atlas have if Vast unable to refinance???

Seriously! They release a positive drilling update approximately 2 weeks ago and Q4 results a few days later. Also provided update on when stope drilling going to commence.

Obviously a very quiet period for some!!!!

Sorry meant 'Vast'to survive. There is no doubt on Atlas survival position!

Atlas has no reason to be concerned. Their debt is secured against the assets at BP. Have been able to convert as required diluting existing shareholders as Vast unable to pay them to date. The bond was supposed to be temporary in my view as alternative finance was supposed to be arranged:
"The Bonds provide the required capital to enable the Company to bring its two core assets, Baita Plai in Romania and the Diamond Concession in Zimbabwe, into production. The agreed non conversion period, the early redemption and cash settlement options give us flexibility and enable us to limit dilution.

The Atlas facility will accelerate the start of production at Baita Plai while we continue to work on the establishment of a long term finance facility for Baita Plai and other assets in Romania, whether with the Swiss bank or otherwise"

After two years Vast has not been able to refinance so any deal will not be in the interest of shareholders at this late date. SP has declined significantly accordingly and reflects current dire position of BoD. Atlas currently holds the best hand and we are just waiting for the river card to see who wins. I'm hoping Atlas are able to pull out a fish to survive!

If Atlas take over BP they will already have the mining team in place who work there. They can then employ their own senior management team or sell on company if they don't want to run it. Supposedly the mine is about to make profit going forwaed with no changes so may just run it as it is and sell when it profitable to do so..

In view of share purchases in the past two days I think someone in the know is purchasing. Whether its a dilution or refinancing they believe there's money to be made at current SP.

Going to be an interesting few days/weeks.

Turnover likely to be in the region of £60m if production is broadly in line with estimates of production put forward last year year. Of course this is about to be updated this month so we will have a better understanding of figures going forward. Even if mining production figures are reduced following delays there is substantial profit to be made this year.

Even if we enter a bear market and there is drop in copper prices there is profit in view of constant supply of copper to mill due to new stopes. Unlikely in view of copper demand but can be factored in to take into account all scenerios.

There are substantial confirmed reserves in place so there is no need to worry about future production unless you buy into Aliens, disasters etc and my investment in shares is likely to be the least of my concerns unless its a localised incident. Of course these localised issues have been previously discussed.

At present Rambler looks to be mining the right metals at the right time and ramping up production going forward. Confirmed reserves have increased year on year. Everything is lining up and in my view but please do you own research and let me know if I have missed anything.

Good luck for 2022 in whichever shares you decide to invest.

Strummer Jones, I think you will be well rewarded here. I have no doubt when re-evaluating stock in late Autumn you will see benefit in extending your investment into 2023.

I think there will be compelling reasons such as Ore sorter, extension of Ming Mine in the future, and development of Little Deer. Let's see how it plays out.

Totally agree on rebuilding mine set for future. I expected company to be valued at £100m by now and closer to £150m as mkt is generally forward looking. I therefore expect company to be in excess of a £1+ in 12 months time. Of course if there is minimal change in outlook could be well in excess of this. Profits to be made and just showing this consistently will warrant the rerating.

One month delay compared to exploration companies which can be delayed for months and years getting permits. At Rambler we have already seen the benefits of 2021 turnaround and seen the mill efficiency levels being at world class levels. A one month set back considering 2021 backdrop and mine position at the start of the year is brilliant in my view. Not many companies could have achieved what Rambler have to date considering global pandemic and stope collapse earlier in year.

Hats of to management taking corrective measures and informing shareholders. Its been a two way process which management looked to have learnt from.

Exactly!

Just another buying opportunity for investors whilst traders running for the hills :P

Will be topping if opportunity presents itself.

Looks like you guys called it right with hedge cleared in January.

Slight set back in mining stopes in view of escape route but all in hand. Back to full mining in January so nothing major and good this was established before an incident occurred. Reason why I invested in safe mining jurisdiction with regulations in place.

Another increase in reserves which just gets better and better.