Member Info for Fronteracheckin

Muck thanks for the links — useful context. Just to clarify for anyone reading, the TAGS/ZCDC story in Zimbabwe is separate and unrelated to the Vast parcel. TAGS is a legitimate tender house and works with multiple producers. That Zimbabwe piece was political noise around government-controlled production, not restitution parcels like Vast’s. So it doesn’t directly affect Vast other than reminding us that diamond tenders operate in a politically sensitive environment.

What does matter here is execution and transparency from Vast.

A few key observations:

The audited accounts to 30 April 2025 showed just USD $20,000 in cash and a “material uncertainty” regarding going concern.

The company was also in default on debt repayment terms and had to disclose that fact.

Since that April period end, we’ve had two equity raises totalling multiple millions, plus warrants, purely to keep the company afloat while repeatedly referencing “awaiting diamond proceeds”.

So yes — between April and now, the company has survived only through dilution, not operating cashflow or asset monetisation. That’s the core point. The diamonds have not yet bridged anything; dilution has.

That doesn’t mean the tender will fail — but it does mean the market will judge based on delivery, not narrative.

If the diamond sale in November is the turning point, great — numbers will speak. But we can’t pretend the raises weren't emergency financing. They were.

The sequence has been:

1. Mines mothballed “to conserve cash”

2. Raise to “process diamonds”

3. Raise again to “enable receipt of diamond funds” & “review mines for restart”

4. Still awaiting diamond proceeds

That’s circular financing logic — and the only way out now is a clear tender result, cash in bank, debt materially reduced, and mines truly restarting.

If that happens, fine. If not, then the raises weren’t a bridge — they were life support.

At this point, delivery is all that matters. The tender is booked for W/C 17 Nov. Let’s see the result and the cash. No more hypotheticals.

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✅ Short punchline you can post underneath if you want:

> The diamonds need to pay the debt. Dilution has paid the debt so far. November either flips that narrative — or confirms it.

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Regarding your question:

> 20k cash in April, but they've had two raises since then right?

Correct:

April: $20k cash

Since then: multiple placings totalling c.£4.6m+ plus warrants

Those raises happened AFTER the reporting period.

So the accounts show what the company looked like before the rescue placings — basically out of cash.

That fact is now on the record.

I'm glad you're locked in here StMartin, and you're at a considerable loss. Reading your little optimistic naive little posts after you spent months deramping and calling the CEO a fraud. I'm glad your words have literally come back to bite you after you invested. Makes my own loss just that little bit more bearable, so thank you for that :)

What raises questions / concerns

Elevated financing and dilution while results show no real turnaround

The placing RNS earlier (1.11bn new shares at 0.18p) shows the company needed material cash.

Investegate

The results are unlikely — judging by commentary — to show a smooth debt clearance or operational restart. This means the raise was likely used purely for bridging.

This tends to imply the underlying assets (mines + diamonds) have not delivered yet.

Circular operational narrative persists

The company had closed or put mines into care (“to conserve cash”, “under review”), then said they raise money for “operational and technical due diligence prior to resuming operations”. This appears again in the placing RNS.

Investegate

+2

londonstockexchange.com

+2

In effect: they shut mines, raise money to review mines, while still reliant on diamonds to pay debt and restart mines. It’s the same logic loop we flagged before.

Timing and wording discrepancies remain

Earlier RNS versions had specific numbers for the diamond parcel (e.g., ~135,000 carats total, ~36,000 gem quality) — earlier single-figure disclosures.

The final results + recent placing still reference “Historic Diamond Parcel” but seem to hedge. Without seeing the exact wording, the continuity of those original figures vs now is unclear.

The tender date “week commencing 17 November” is still forward-looking, meaning value from the diamond parcel has not yet been realised, yet the company is operating as if it will bridge operations on that basis.

Debt and solvency risk still visible

From the summary financial data I found, VAST’s cash and debt metrics are weak. For example: cash of ~£0.02m in one period, net debt ~£8.29m (from external data)

Research Tree

The fact they had to do a large placing to “enable diamond proceeds” to extinguish debt suggests the deadline risk was present.

If the results do not show a strong debt reduction or operational cash generation, it means the solvency risk is still real.

🔍 My overall read

The results confirm what many on the board suspected: this company is still very much in the “hope and transition” phase, rather than obviously deriving value from its key assets. The diamond parcel and the mine restarts remain anticipated catalysts, not realised.

If I were in your position, I would treat this as a high risk holding until I see:

actual proceeds from the diamond sale credited or acknowledged

mines restarted / generating cash flow

debt materially reduced and no further large dilutive raises prior to asset realisation

Until then, the company relies heavily on forward promises and structural financing loops. The final results do not appear (from what’s public) to definitively break that loop.

ASI if you could quote GPT5 when you post its content that would be great instead of trying to pass it off as your own.

No ASI - the mystery bag did not go up for sale. The only confirmed date we have that anything has moved at all, is the W/C 17th November. they didnt throw in there a 'oh yeah we stuck up the 6k bag already' as they would have had to announce that at the same time. 'diamond sales commenced on' 'diamond sales are currently ongoing' etc.

Thats true ASI - however we've also been lied to many times before. Remember days not weeks?

Weeks, not months?

Yeah that was over 6 months ago now haha.

Remember the mines we closed because the stones would clear the debt so we will close the mines to conserve cash?

Well we diluted our company at a massive discount, to beneficiate those stones - so we could sell them and reopen the mine?

And then, and I quote, raised AGAIN 'To continue the operational and technical due diligence prior to resuming operations at Baita Plai mine and reopening Manaila mine as part of the ongoing review'

So we've raised to sell the stones to cover the debt to reopen the mines

then we've raised AGAIN at another massive discount for another BILLION shares to do 'due diligence' to resume operations on our own mines? THAT WE CLOSED TO SAVE MONEY TO AVOID DILUTION. We just raised money TWICE at a 70% share price collapse and 50% entire company dilution to due DUE DILIGENCE ON THE MINES WE CLOSED TO CONSERVE FUNDS.

LOL!!!

Maybe they have! But then if they liquidate the company, they also know those stones would 100% go missing. No one would have anything to gain by letting the company fold as the only asset worth anything at all right now is a bag of stones that someone may accidentally misplace!

RNS will be out today but its extremely concerning its not out at 7am. But what do you expect, AP's boys have got their placing away, sold their BILLION shares at 0.35 that their mate slipped in their back pocket for 0.18 after months of rock solid support.

Come one late November and I am out of here!

Suspension today if we don't have our accounts published.

Thanks AP!

After I and several others sent my complaint to their spokesperson, they confirmed they will address some of our comments in the next announcement - however they said 'some' and not all. So it'll be another loosely worded RNS, non committal, no timelines, dates, accurate figures, valuations etc.

Interesting how they can assure us the diamonds will cover the debts, but yet cant let the people who quite literally own the company (thats you and me by the way) how much those diamonds are worth (estimated). But they can get an estimation which is good enough to assure us they will be able to cover the outstanding debts with them.

You never know, 4-6 more raises, and when the debts of incompetency are paid off through our shareholding dilution and forward selling of the boys who get to make 2 million in profit by selling 0.18p shares at 0.35p, the debt will be so low, that selling 10 carats of diamonds is enough to cover the debt! I mean hey lets keep raising and get this debt figure down, then the diamonds will certainly cover the debt!

Absolute farce, and we all know for a fact this 17th November figure is the 'new starting point' - as the RNS doesnt pin down a date, it says 'commencing' - remember the last time we were given a timeframe? yeah that was days not weeks. weeks not months. Here we are 6 months later and 70% poorer.

week commencing 17 November 2025 ! how long the duration of the auction is, we cant tell ya buddy! how many stones are going to be sold? Cant tell you. How will the stones be parcelled? Cant say. Will we be selling in bunches or single stones? hush hush! how many fancy or coloured stones are we listing? Dont know! how many stones above 5 carats? how many specials will we be auctioning? Cant tell you that one mate! You do own the company and by definition the stones are legally part of your property as you own a piece of the company that owns them, but the only people who are going to know how many, what size, colour, specials, reserves, estimated values etc, is someone who works for a tenderhouse, AP, and AP's mates that got to sell you shares they bought for 0.18p, from their mate AP, when the price remained strong and stable at 0.35p for MONTHS - unseen on aim for this FTSE level stability. but sorry we needed to raise 2m GBP to pay 1m USD off the debt that we also didnt tell you was due (it wasnt, because legally they would have had to declare it, as their last deadline passed, see my previous comms).

We've been well and truly taken for a ride here, and the second this price hits my B/E I'm out of here and never looking back.

Zero trust.

Raise a few weeks before a 6 month wait to tender some stones.

Oh yeah we also had absolutely zero update on said stones, that we paid 2.7 Million pounds to beneficiate.

Cant tell ya mate, top secret! Cant give you ANY detail whatsoever, sorry!

3. Diamond proceeds described as imminent, yet repeated delays and wording changes

Earlier communications referenced a total parcel of ~135,000 carats and ~36,475 carats identified as gem quality.

Then in more recent RNS updates the company refers only to “in excess of 120,000 carats of rough stones” being tendered via a week commencing 17 November date. And no breakdown of gem quality in that statement.

Meanwhile the company uses “Diwali” as the reason for tender delay. Diwali is a festival lasting days — not months — so to attribute multi-month slippage to that is tenuous at best.

4. Equity raises at huge discounts, even though diamond sale proceeds were meant to resolve debt

The most recent placing: £2 m, at 0.18p, for 1.11 billion shares.

The RNS says this is “to secure an extension of their loans… so the Company may receive diamond proceeds to extinguish their outstanding debts.”

If the diamond proceeds were truly imminent and could extinguish debt, why issue shares at such a discount now? Why not wait for the diamond sale or at least provide clear timeline proof?

Bottom line:

If the diamonds had been sorted “in days, not weeks” as claimed by management, we’d expect a near-term sale, debt clearance, and restart of mines. Instead we’ve had: missed debt deadlines, circular raises, shutdown operations, delayed diamond sales, reworded parcel numbers, major dilution.

If you believe the results are “even remotely close to the truth”, then none of this makes sense under that assumption.

If you don’t believe they’re close, then what are we really holding for?

Legalease – Let’s walk through the circular logic and missed deadlines here, because it’s frankly staggering.

You say you’re cautiously optimistic about the company’s results. I used to be too. But let’s map what the company has said, versus what they’re actually doing, and ask some very direct questions.

1. Creditor deadlines ignored — technically insolvent?

In the RNS of 3 July 2023, the company announced the total debt owed to Alpha and Mercuria Energy Trading SA (approx. US$8.4 m) was due to be repaid on or before 30 June 2023.

Then on 23 September 2024 the company admitted it was “unlikely to meet the 26 September” deadline for repayment to Alpha, and that Alpha had flagged enforcement procedures from that date.

If the debt repayment was due and default trigger dates were passed, the company was technically in a default position, meaning insolvency risk was real. No RNS appears to show clear extension of those deadlines, so the company was operating under material distress.

2. Mines shut to save cash, but then must raise cash to reopen them

The company told shareholders it suspended or placed mines like Vast Baita Plai SA (Băiţa Plai) and Vast Manăila SA (Manăila) into care/maintenance to conserve funds.

Then in the 23 October 2025 placing RNS it stated that part of the funds would be used “to continue the operational and technical due diligence prior to resuming operations at Baita Plai mine and reopening Manaila mine”.

So: mines shut to save money → raise money to assess reopening those same mines → raise more money because debt still exists → expect diamond proceeds to clear debt → restart mines.

This loop is dilutive and makes no operational sense unless the diamond proceeds are guaranteed and imminent — which they’re not.

Regarding RNS's - it doesn't matter if they cost £5 or £50,000, it's a legal requirement to update the market as soon as possible with any new material information, so there's definitely no waiting. If there was bad news, they would have to release 'without delay', same for good news. The only caveat like someone mentioned is if it's part of something ongoing, which has already been reported on. The progress and 'plan' for H2 and gazelle has been announced, so as long as there is nothing that has materially changed, and things are still going to plan, they don't need to update.

However if they get super duper oil flows, they could in theory class it as commercially sensitive information that is being with held from the market under an NDA as they're mid negotiation, but not for very long at all. I'm not certain on the legality of that, but I've definitely seen it happen where results are delayed, and the first announcement giving those results comes tied with a JV etc.

Who knows!

My god Fur you're not lying I just checked your posting history from 2022-2024, that is absolutely crippling. You've had some horrific luck on aim, I hope MATD turns it around for you - I've had similar experiences most recently a company beginning with VA and ending in ST - CEO gives timelines of days not weeks, only to take 6+ months (to sell some diamonds mind you, nothing complicated) - in that time he has diluted the company by 50% in shares, knocked 70% off the Share price (after receiving the historic diamond parcel), suspended all mines to save money, then raised money and literally quotes 'to assess the mines before production' - so they closed the mines to save money, and then raised money to assess whether they re-open them? all at a neat 70% SP crash. Feels like a total con. Far more happier with this companies historical blunders being out of the control of the company directly, positive results, plans and actions sticking to timelines, approvals being granted etc etc. we'll just see I guess!

You sold 50k GBP in RR for PREM? ouch mate that would have been work circa north of half a million today? thats crippling

RNS: Growing UK ecosystem: Two new Memoranda of Understanding signed with UK data-centre design specialists to trial the patented fluid within data-centre cooling systems in South Wales and other UK locations.

I hope the trial goes well for you guys, extremely interesting here. If the results of the trial prove proof of concept and confirmed in UK data centres for this heat management system, I will definitely be investing here once the risk of concept is gone - this will become a global company overnight if this trial goes well. Good luck to all holders here dont let go of those shares unless you're certain you can get them back!!

I like friday night RNS's - gives a full weekend to digest, and for the trolls to come out and claim a farmout agreement and a 50million pound cash injection is terrible for shareholders! hahaha!

Jokes aside, the stability of this share price after a 100% rise within a month is extremely reassuring - volume is still so low that small buys and sells can move the price, but putting in dummy buys for 1m, 2m, 3m, 5m shares, results in large gap changes in prices. Next to no one is selling their shares at this level, which is another great sign that the market supports this level, and this is pre-news. Fundamental RNS can blow previous resistance out of the water from these nice levels of support too.

GLA - we've covered a tonne of information on here, but results of H2 and Gazelle are the very next catalysts, followed by farmout - but I do see a world where no gazelle and H2 results are posted... because its replaced by a farmout agreement as they will obviously get the data first as part of ongoing advanced stage negotiations etc etc.

Care to explain TT? Paranoid narcissist or someone you had a disagreement with?

Dan - post the link on X and then share the link to to X post on here hahah

That could be said about any company on the planet could it not Matador?

Mike is clear in communications and in interviews - and follows up on what he says - and if he doesnt, he explains himself as to WHY something didnt happen, and how it was beyond the companies control.

Mike is proving to be a far more trustworthy, clear open communicator than many other companies ive sadly invested in. Other CEO's say things like 'this will take days, not weeks' - to then have a 6 + month delay, two fund raises (70% share price collapse, 50% shares in issue increase) while holding onto apparently 130k of physical diamonds. He then blames 'diwali' for the 6month delay, diwali being a 3-5 day tradition.

Other CEO's run their company into the ground, to get placings away at any cost with circular logic and constant missed deadlines.

Our CEO is clear, has a plan, and carries out that plan for the entire year - no reason to doubt him yet!

Looks like a number of you used my email template to email the company, good job to whoever did - I have just received confirmation from the company spokesperson that these issues I raised in my email are going to be addressed, the wording was this;

Thank you for your email.

The St Brides team has received a number of emails containing the same correspondence, and we understand that the Company’s other advisers, including its Nominated Adviser, are already aware of the contents.

The Company is currently in the process of finalising its audited financial results for the year ended 30 April 2025, which are expected to be announced this week. Certain matters raised in your correspondence will be addressed within the annual report, where appropriate, in accordance with the Company’s regulatory obligations and taking into account relevant commercial sensitivities.

The Board and management team continue to work closely with the Company’s Nominated Adviser and, by extension, the AIM Regulation team, to ensure full and ongoing compliance with all applicable disclosure and governance requirements.

Accordingly, the Company will not be providing further comment on these matters at this time beyond its formal market disclosures.

Best regards,

Susie

- Good job for speaking up those who did, the obvious sudden influx of copies of my complaint will now apparently be addressed in the next RNS. I'll be keen to see how these excuses stack up.

Lets hope it doesnt drop the price even further - but clarity is what we need instead of vague BS answers.

until the RNS is released (31st October deadline, not 29th) I will leave you to discussing 'what 77 share trades' mean