Member Info for Fronteracheckin

IQ, re read my posts.

The logic and explanation is there in clear black and white, it is undeniable. I have sold 4 million shares for a £5000+ loss. I am also over £12000 in losses on my remaining holding.

My previous optimism was the truth, but I'm not blind and naive enough to just happily accept these blatantly obvious discrepancies between what AP says and what AP does. 'days not weeks' do you remember that? That was in JUNE. next week, we're in November. Absolutely insane. Discrepancy in 'gem quality ' and changed the wording to 'rough', changed the bloody figure of carats with no explanation!! You can't make it up!

Extremely disappointed with the conduct of AP and the company, the nomad for allowing these blatant misleading official announcements that contradict one another.

Go and re read my posts again, I will not be averaging down, I will not be posting again until I sell and rid this rotten company goodbye.

His father was arrested for fraud in Romania. The apple doesn't fall far from the tree.

Oh and go and re read those early RNSs from April until now, and notice the deliberately vague wording in each and every one of them. Every single one worded in a way that isn't concrete and doesn't tie him into anything official. Even the 36k gem quality stones - that's not the number by the way, that was 'based on a sample' - was that a sample of 1000 carats that had 300 carats of gem quality? Because thats 'based on a sample'. No concrete numbers , no concrete dates.

Even the 17th November date isn't concrete, week commencing? How many stones are going to auction? 120k rough? 10k gen quality?

We are simply not getting any clear information, we're being fed vague numbers, dates, timelines.

Days not weeks.

Weeks not months.

TP - you realise my positivity came before two massive dilutions at huge discounts? Before the circular logic I explained below? Close the mines to save money which will be covered by the diamonds? Raise money and dilute shares to sell the diamonds? Raise money to assess the mines we closed to save money?

It's an absolute joke, and I believe I explained myself crystal clear. Sadly the only shares I have sold have been at a loss of thousands, and I'm still down 5 figures after selling those.

Like I said, I had absolutely high hopes for this company, but under this charlatan, I have lost all hope. Two raises, 70% wiped off the share price, 50% + dilution, with the diamonds IN HAND.

Close the mines to save money. Raise money to beneficiate diamonds, to pay for the mines.

Raise money to assess reopening the mines.

Two fund raises, both to enable reopening the mines. Mines remains closed. Income basically nothing. Balance sheet will look terrible due to mines being closed. But we've raised over 5 million in the last 6 months purely at shareholders expense, and seemingly have nothing to show for it. But at least we're assessing the mines we closed to save money! With diluted shareholder money!

Please re read the AI overview which exposed this circular logic.

Please email the company spokesperson who went on leave the week the raise happened (which is unbelievably negligent)

Final paragraph to throw in - so they know you'll actually do something; If I do not receive a substantive written response from Mr Prelea addressing each of the points above within ten (10) business days of receipt of this email, I will escalate the matter by forwarding this correspondence, and copies of the relevant RNSs, to the Company’s NOMAD, Strand Hanson, and to AIM Regulation at the London Stock Exchange for review under AIM disclosure rules. I will also consider submitting a formal complaint to the FCA’s investor protection / market conduct teams and seeking independent legal advice on potential shareholder remedies. I would prefer to resolve this directly with management, but if no adequate explanation is provided within the timeframe requested I will take these steps to ensure the issues are properly investigated.

5. Investor Communication Practices

It is also noted that the company’s spokesperson was on leave during the week the placing was executed, leaving no direct communication available during a material market event. This contributed to avoidable uncertainty and market volatility.

Request

For transparency and governance clarity, I request a written response from Mr Prelea addressing each of the numbered points above.

A generic acknowledgment or indirect forwarding is not sufficient.

Kind regards,

[Your Full Name]

Shareholder – Vast Resources plc]

Almost certainly nothing will come of this, and you will get a 'yeah i'll pass the message on' by the spokesperson who was on leave the week of the raise during a capital event - purely coincidentally, but she's back from leave today, so make your voice heard.

Or do nothing, and see how thats helped us so far.

Here is an email I have sent to the following; Susie@stbridespartners.co.uk, info@stbridespartners.co.uk

I strongly encourage all who read this to send a copy of this email to demand a response from AP.

Dear St Brides Partners,

I am requesting that these questions be answered directly by CEO Andrew Prelea, rather than through a generic IR response or internal forwarding. The issues below relate to material market disclosures and therefore require clear, accountable explanation.

1. Circular Funding Logic Around the Mines

The company suspended Baita Plai and Manaila to conserve cash while “awaiting diamond proceeds” to clear debt and support restart. However, the most recent placing states funds will now be used:

“To continue operational and technical due diligence prior to resuming operations…”

This results in circular financing logic:

Mines shut to save cash

Cash then raised (at significant dilution) to assess the mines we shut

While the company continues to state that the diamond proceeds (months overdue) will resolve finance constraints

Please explain how this sequence aligns with the strategic narrative previously communicated.

2. Placing Conducted Despite Repeated Guidance That “Diamond Proceeds Were Imminent”

The placing RNS states funds were required:

“To secure an extension of Alpha and Mercuria loans and enable the Company to receive diamond proceeds…”

If the sale of the Historic Parcel was still expected in the near term, why was such a heavily discounted placing required at this time?

Please confirm:

Why diamond proceeds did not land within the previously guided “days” → “weeks” → “months” timeline.

Why equity dilution was required to “enable” receipt of proceeds that were described as imminent.

3. Change in Parcel Description Without Explanation

Earlier RNS announcements stated:

~135,000 total carats

36,475 carats identified as gem-quality

The latest RNS refers only to:

“In excess of 120,000 carats of rough stones”

with no reference to gem-quality stones or explanation for the ~15,000 carat difference.

Please confirm explicitly:

Whether the 36,000+ gem-quality stones are included in the 120,000 carats being tendered.

If not, where the balance is and why this has not been communicated.

4. Diwali as a Justification for Delay

The recent communication attributes the tender delay to Diwali.

However, Diwali lasts several days, not several months.

Please explain how a multi-month delay aligns with the stated cause.

This point requires clarification, as the explanation currently provided does not reconcile with the actual duration or market impact of Diwali trading.

Cont..

Can you explain what you're extremely excited for Legal? another delay? the fact our price will drop lower and lower? I can get a quote for 100 million shares, 100 MILLION right now at 0.2p. you know what that means for the people who will keep selling slowly into the illiquid market? You know AP let in his little buddies at 0.18pence, when the SP was 0.36? literally 100% profits on the 2 million they raised, while collapsing the price. I'd like to hear what your excitement is based on, as my excitement has now turned to pure concern.

Heres and an AI makes of this publicly posted RNS logic. Tell me this doesnt concern you?

VAST – The Circular Logic Around the Mines (This is the part that really doesn’t add up)

Let’s just break down the mine situation using only what they themselves have said in RNS’s:

Baita Plai and Manaila were shut down to reduce costs because the company was under financial pressure.

We were told the diamonds would clear the debt and allow operations to restart.

→ i.e. Mines paused until diamond money arrives.

Then we were told the company needed to carry out “operational and technical due diligence prior to resuming operations”, and the placing funds will be used to pay for that due diligence.

→ So mines are shut to save money,

→ but we’ve raised money to review the mines we shut to save money.

Meanwhile, the RNS says the raise was also required to extend Mercuria/Alpha loans “so that the Company may receive diamond proceeds to extinguish the debt.”

→ So we raised money to enable receiving money from diamonds that we were originally told would clear the debt anyway.

It’s full financial circularity:

Mines shut to save cash.

Raise cash to assess the mines we shut to save cash.

Raise cash to restructure debt so diamond proceeds can be received.

Diamond proceeds repeatedly described as imminent — yet we raise again while “awaiting” them.

This is the key contradiction that needs answering:

If the diamond proceeds are imminent and material, there should be no requirement to raise money at 0.18p.

And the kicker:

The CEO himself stated the parcel could be cleaned in days, not weeks once equipment was running. That was months ago. The mines have not restarted. The debts have not cleared. Yet the dilution continues.

This isn’t about people being “negative” or “not understanding AIM”.

This is about logic:

You don’t shut mines to save cash, then raise heavily dilutive capital to look at reopening those same mines, while simultaneously raising to enable receiving proceeds that were supposed to arrive before any of that.

If the path forward is genuine — explain it clearly.

If it isn’t — the circularity speaks for itself.

Ran my post through an AI and this is what it had to say;

VAST – Last 12 months of RNS contradictions in one place

In May, the company said the Historic Parcel totalled ~135,139 carats with 36,475 carats confirmed as gem-quality after cleaning and sorting.

In June the company said initial Dubai sales were expected “in the coming weeks”. Fast-forward and we’re now told the tender is “week commencing 17 November” — that’s months after “weeks”.

The latest RNS talks about “in excess of 120,000 carats of rough stones” being tendered, with no breakdown for gem-quality — a shift away from the earlier specific 36,km figure.

The mercury has dropped: the mines at Băiţa Plai and Mănăila were said to be reopened once due diligence is done; now the company is saying they must continue operational and technical due diligence prior to resuming operations. Months of delay and no clear restart yet.

Despite mentions of “awaiting proceeds from the diamond sale”, the company has raised £4.6m+ in equity over the period, including the recent £2m placing at 0.18p for 1.11 billion new shares.

The narrative once said ~135k carats total and ~36k gem. The latest says “in excess of 120k” going to tender — no explanation for the ~15k carat difference.

And yes — the company cites “Diwali” as a reason for why the tender schedule is delayed. Diwali lasts days at most — not months — so the use of that explanation for a delay of many months raises serious questions about transparency and management credibility.

Bottom line: Over the last year, the messaging has shifted from specific (“135k”, “36k gem”, “weeks”) to generic (“120k+ rough”, “tender scheduled”), while operations remain under “review/due diligence” and the company continues being bridged by discounted equity raises. The risk isn’t just execution — it’s clarity, consistency and credibility. Until they reconcile their numbers, restate the gem split, and give firm timelines, the market will assume the dilution is the plan, not the diamond parcel.

So yeah, going off wording in black and white, the AI isnt impressed and can also see the circular logic around the mines, inconsistent and false promises etc.

Extremely disappointed as I saw VAST as a long term hold with massive prospects - but definitely not when I dont trust the CEO one bit. 136k or 120k or 10k of diamonds, however many we have left by the time they get to auction, if they ever do, clearly could have been used to bridge the gap for a couple of weeks, instead of cutting the share price by 50%, diluting the company by 20%, to cover 1 million 'dollars' of debt? funny how they raise in GBP, but pay off debts in the dollars? which means that he raised 2m GBP to pay off 750k GBP of debts. absolutely stinks of something here. Lets hope i see my investment (i'll still be at a circa 5k loss if i get back to my buy in price, which was before the circular

I hope so Amy - I've gone from being extremely optimistic about this share, to completely lost faith. Two raises in the time they've held the diamonds in their hands - repeated mis-communications if not complete lies from the CEO, 'days not weeks' 'weeks not months' - and now two massive placings at huge discounts. The diamonds could have been cleaned (the entire parcel) in less than a week going off the CEO's numbers. AP's exact statement was 'once the equipment is calibrated and running, it can process several thousand carats per hour, so the full parcel can be sorted within days, not weeks'. that line was meant to reassure investors that the beneficiation wouldnt be a bottle neck. Yet here we are, 6 months later. A hugely discounted placing, which was forward sold (you can see the exact day the insiders started collapsing the price from 0.35 to 0.26 - which held at 0.35 for several months. unheard of on aim and was a massive sign of confidence from the market - then he slips in 2 million, in a double tranche placing - forward sold at an almost 100% immediate profit margin to the placees forward selling their ill gotten gains. The fact this rodent raised a second time to 'pay off 1m in debt' and also wiping off over 7 million pounds in shareholder value of the company (as well as diluting the company by 20%, which is another 2.8 million pounds wiped from shareholders net value) "and so enable the Company to receive diamond proceeds to extinguish their and other outstanding debts." - they had to raise twice, 4.6 million pounds, millions in warrants, to 'enable' the company to receive diamond proceeds?

Absolutely lost faith in AP, looks like a rat doesnt change its stripes, or however the saying goes. As soon as this price is back around mid 0.4s, if it ever gets there, I'm out and will never look back. Also disliking his family history in fraud dealings (google his father).

Doesnt matter about deramping here, as im begrudgingly holding 6m shares (after locking in a tidy 12000 loss, thanks AP!) as AP deramps harder than any little post on a BB can do.

The companies spokesperson simply does not reply to emails - I've found emailing from a fresh email gets a near instant response, use that as you will - but if you ask any form of difficult question, you're simply ignored.

RNS will be out either tomorrow or wednesday, as the company is legally bound to publish its accounts by the 29th october (the only useful bit of information the spokewoman said) - oh yeah, she's also on leave last week - the week of the placing. What a coincidence!

go and look at the chart, and tell me when you think the placees started forward selling their shares.

Ap holding basically nothing here also doesnt fill me with any confidence at all - meanwhile we're paying a 'crack team' to fly around the world and 'assess' our assets? again?

''To continue the operational and technical due diligence prior to resuming operations at Baita Plai mine and reop

Normal monday morning drop after the friday hype and expectation - anyone selling means someone else is buying! that large volume trade at 8:00 for millions of shares is a handy tip though - shot us up to 1.65 on open, problem is once you sell can you buy back any volume? RNS can drop mid day as we know, but the share is definitely in an upwards trend, happy to sit and wait as I dont want to be caught out!

Petro Matad Limited (MATD) – UK-listed company

└── 50% ownership of

Sunsteppe Renewable Energy Pte. Ltd. (SRE) – Singapore-registered

└── wholly owns

Sunsteppe Power LLC – Mongolia-registered operating JV

└── The other 50% of SRE is held by

Sunsteppe Energy LLC – Mongolia-registered partner company

Notes

MATD owns 50% of SRE, which is the Singapore vehicle.

SRE owns Sunsteppe Power LLC, the Mongolian operating company.

Sunsteppe Energy LLC (Mongolia) holds the other 50% of SRE.

Although Sunsteppe Energy LLC’s shareholder details are not fully public, Mongolian records link it via “Sunsteppe Energy Holding” and entities controlled by Zula Luvsandorj, and historical connection with Wolfson Energy LLC.

Key Entities and Roles

Entity Jurisdiction Role Notes & dates

Petro Matad Limited (MATD) UK 50% JV partner Announces JV with Sunsteppe etc in 2023

Sunsteppe Renewable Energy Pte. Ltd. (SRE) Singapore JV vehicle MATD owns 50% as of Feb 2024

Sunsteppe Power LLC Mongolia Operating JV Under SRE, project focussed

Sunsteppe Energy LLC Mongolia 50% shareholder of SRE Limited public info; inferred via filings

Wolfson Energy LLC Mongolia (?) Developer brand Appears in MATD docs as partner; strongly linked to Zula

Zula Luvsandorj (Лувсандорж Дулмаазул) Mongolia Executive individual Listed as MD/CEO of Wolfson and Sunsteppe vehicles

3. Timeline Highlights

17 June 2021: Incorporation of Singapore vehicle (or precursor) for JV.

2 March 2023: MATD announces JV with “Wolfson LLC” in Mongolia for renewables.

13 April 2023: MATD announces agreement with Sunsteppe Energy LLC to form Sunsteppe Power LLC in Mongolia (50% MATD).

20 Feb 2024: MATD transfers 50% of Singapore company to Sunsteppe Energy LLC and renames Singapore vehicle to Sunsteppe Renewable Energy Pte. Ltd.

2024-25: Project developments announced (hydrogen pilot, 200 MW hybrid, 1.5 GW export) by Sunsteppe Power/ SRE.

4. Key Individuals & Mongolian Details

Лувсандорж Дулмаазул (Luvsandorj Dulmaazul / Zula) – appears as MD of Sunsteppe Renewable Energy and/or Wolfson Energy; connected to Sunsteppe-branded entities in Mongolia.

Sunsteppe Energy Holding (Сан степпе энерги холдинг, registration 6219411) – Mongolian‐registered company owned by Zula since 25 Aug 2017; suggests Zula’s long‐standing stake in the “Sunsteppe” brand locally.

Sunsteppe Power LLC – Mongolia operating company with address: Blue Sky Tower, Sukhbaatar District, 5th Floor, Ulaanbaatar.

Wolfson Energy LLC – In various MATD documents (and OECD report) described as developer partner in Mongolia under “Sunsteppe/Wolfson” tag.

Hope this helps you boys do your digging!

Specific shareholder list for “Sunsteppe Energy LLC” itself isn’t published openly, but the adjacent records point there.)

opendatalab.mn

+3

London Stock Exchange

+3

petromatadgroup.com

+3

Bonus confirms (projects / ops)

Mongolia-hosted pages and UK government event blurbs tie Sunsteppe Power to the OT green-hydrogen pilot and position it as a leading local developer, consistent with MATD’s RNS language.

What I could not find

A public Mongolian registry profile for Sunsteppe Energy LLC with directors or shareholders. Most English-language sources point back to MATD’s filings and Sunsteppe’s site. If you want, I can dig via Mongolian-language sources and state registries in the next pass.

If you want this turned into a one-pager with structure charts, I can sketch the group structure and add project bullets with sources.

Got it—here’s what I could pull from Mongolian-language and Mongolia-hosted sources. Short and punchy.

What the Mongolian records show

Sunsteppe Power LLC (Санстеппе Пауэр ХХК) lists a Ulaanbaatar address (Blue Sky Tower, Sukhbaatar District, 5/F) on Zangia’s Mongolia company page. Confirms the in-country operating JV presence.

Zangia.mn

Sunsteppe Renewable Energy Pte. Ltd. (Санстеппе Реньюайбль Энержи ПТЕ.ЛТД.) appears in Mongolia’s OpenDataLab company mirror with:

Executive director: Luvsandorj Dulmaazul (Лувсандорж Дулмаазул, “Zula”) dated 2023-04-13.

Historic shareholders recorded as Petro Matad and “Вольфсон” (Wolfson) on 2023-04-13 (both later marked as removed), aligning with the JV restructuring you mentioned.

A current entry for the Singapore entity itself in 2024-10-28 context (reflects the renamed/updated SRE Singapore vehicle showing up in the data feed).

opendatalab.mn

A Mongolia-registered entity “Sun Steppe Energy Holding” (Сан степпе энерги холдинг, reg. 6219411) is shown with owner: Luvsandorj Dulmaazul from 2017-08-25. That strongly suggests the “Sunsteppe Energy LLC” partner MATD references is Zula-controlled or sits within her Sunsteppe group.

opendatalab.mn

Wolfson / Zula links in Mongolia

Zula Luvsandorj shows up widely as an energy figure in Mongolia (LinkedIn profile, policy advisory roles).

mn.linkedin.com

Event bills and webinars list Zula as Managing Director of Wolfson Energy LLC, and other materials/platform posts show Zula as CEO of Sunsteppe Renewable Energy—tying Wolfson ↔ Sunsteppe together under the same person.

app.swapcard.com

+1

OECD’s 2025 hydrogen report explicitly names “Sunsteppe Power / Wolfson Energy LLC” as a project developer on a Mongolian pilot, again pairing the brands.

OECD

How this triangulates the JV ownership

UK filings already state MATD owns 50% of SRE (Singapore) and the other 50% is “Sunsteppe Energy LLC” (Mongolia). The Mongolian OpenDataLab shows:

Zula as the SRE director,

historic Wolfson involvement,

and a Sunsteppe Energy Holding LLC owned by Zula.

Taken together, the most plausible, document-backed reading is: Sunsteppe Energy LLC is a Zula-controlled Mongolian vehicle within the Sunsteppe/Wolfson orbit, holding the other 50% of the Singapore JV. That aligns with your suspicion about links to Zula/Wolfson. (This is an evidence-based inference, since the specific

Hi both, here is what the AI found on SRE;

Here’s what I can verify about MATD’s Sunsteppe set-up, who owns the rest, and how Zula/Wolfson fit in.

What MATD owns

Petro Matad owns 50% of Sunsteppe Renewable Energy Pte. Ltd. (“SRE”, Singapore). This used to be Petro Matad Singapore Pte. Ltd. On 20 Feb 2024 MATD transferred 50% of that Singapore company to the Mongolian partner and renamed it SRE. Sunsteppe Power LLC (Mongolia) now sits under SRE.

petromatadgroup.com

+2

FT Markets

+2

Who owns the other 50%

The other 50% of SRE is owned by Sunsteppe Energy LLC (a Mongolian company). That is stated explicitly in MATD’s filings.

d1dh0vwjg2or3v.cloudfront.net

+1

What Sunsteppe Power actually is

Sunsteppe Power LLC is the Mongolian operating JV vehicle, described as a partnership with Petro Matad to develop utility-scale renewables in Mongolia.

sunsteppe.com

Projects and scale (useful context)

Across RNS and third-party write-ups in 2024–2025, SRE/Sunsteppe’s portfolio includes:

OT Green Hydrogen pilot for Oyu Tolgoi mine.

Choir 50MW BESS project.

200MW hybrid wind/solar grid project.

1.5GW export-to-China concept in cooperation with SPIC.

Multiple updates reaffirm “four exclusively held projects” and strong government support.

London Stock Exchange

+4

Investegate

+4

Energy-Pedia

+4

Zula and Wolfson, and how they relate

MATD first described the JV in early 2023 as being with “Wolfson LLC,” an experienced Mongolian renewables developer.

petromatadgroup.com

OECD’s 2025 hydrogen report lists “Sunsteppe Power / Wolfson Energy LLC” as the developer on a Mongolian green-hydrogen pilot, which lines up with the OT-linked work.

OECD

Event listings show Zula Luvsandorj as Managing Director of Wolfson Energy LLC, and a recent conference billed “L. Zula” as CEO of Sunsteppe Renewable Energy. That strongly suggests Zula is the key individual bridging Wolfson and Sunsteppe.

app.swapcard.com

+2

confindustria.lombardia.it

+2

Inference on Sunsteppe Energy LLC

Public filings name Sunsteppe Energy LLC as MATD’s SRE partner, but there is little open-web registry detail on the Mongolian entity. Given MATD’s 2023 description of the JV being with Wolfson LLC, plus OECD and event material linking Wolfson Energy LLC to Sunsteppe Power and Zula, it is reasonable to infer Sunsteppe Energy LLC is controlled by or affiliated with Wolfson Energy and Zula. This is an informed inference, not an official corporate registry confirmation.

petromatadgroup.com

+1

Quick timeline

17 Jun 2021: Petro Matad Singapore Pte. Ltd. incorporated in Singapore.

Companies.sg

2 Mar 2023: MATD says it formed a renewables JV with Wolfson LLC.

petromatadgroup.com

13 Apr 2023: MATD enters JV with Sunsteppe Energy to form Sunsteppe Power LLC in Mongolia, 50% owned by MATD’s Mongolian sub.

Annual Reports

20 Feb 2024: MATD transfers 50% of the Singapore company to Suns

128.5m buy in one trade.

it's just an absolute farce that those shares have come from holders, and yet again, some huge company or ii is stocking up at absolute basement levels. no one else can possibly afford such trade values. that's £250k gbp in a single trade, showing right now.

completely lost faith in ap after this absolute farce, 6 months to clean and sell diamonds - which still hasn't happened. blaming an asian event that lasts less than a week for a 6 month delay - interview stated they could clean however many thousands carats of stones in an hour - and they were getting more machines? my maths worked out it would take 3-5 days maximum based on ap's figures to clean the entire parcel.

once these stones sell i am out of here - locked in a 15k loss with a further 20k loss on paper currently.

only a massive diamond sale or chaidzwa contract could possibly keep me here after this **** show.

1.45 to sell 1.46 to buy - crazy spread for such an illiquid share. Literally near zero sellers, every buy pushing up the price.

Imagine the impact when something big drops.

I've been essentially scammed in the other company I'm invested in by an AIM criminal, so let's hopet this comes good and makes me back my terrible choice to believe the lies of an AIM CEO.

This company is literally debt free with oil flowing and half a dozen massive possible upsides in the short term. Amazing potential

GLA!

Well I have to say I'm shocked, and yet every day for 5 months I saw this coming.

Extremely disappointing, the 'excuse' for the raise, is appalling. To cover debt for a month? The previous raise was reported to cover short term debt obligations. The massive amount raised in warrants went to 'covering costs' as per AP in the recent interview. We don't need to sell the diamonds - we can just raise over and over and pay them off that way - maybe we just run an art gallery made up of stones and never sell a single one?

Sales in days? 6 months ago.

So much potential for VAST, its strategic position, mines, agreements with government etc. It's just being run by the wrong captain.

Loosely worded RNS's ever since the first diamond rns.

Extremely disappointed, but the damage is done. Nothing else to do now but wait - oh but I told myself that at 0.35p

And to all those rats shouting 'i told you so!' - no lender is offering short positions in VAST, so they're not even shorting, they're most likely long term holders under water and given up on the share.

GLA, nothing to do now but wait.

If this ends green today we've been officially fleeced by poor wording and MM shakeouts.

Offer was showing 0.22 this morning, closing out positions likely when the actual bid was 0.235 /.24 ask.

Feel for those flushed out or closed out.

I've emailed the company requesting several updates

I’ve emailed the company this morning requesting several important clarifications following the latest RNS. The main points raised were:

Why the update refers only to “in excess of 120,000 carats of rough stones” when previous RNS statements confirmed a total parcel of ~135,000 carats, including 36,000+ carats identified as gem quality.

Whether those gem-quality stones are still included within the 120,000 being tendered in Dubai.

Why the company has dropped any mention of gem quality or parcel value, after previously making it a key focus.

Clarification on the actual timeline for the Dubai tender and when results are expected, given delays that have stretched from days, to weeks, to months — now attributed to the Diwali period.

In short, the email asks for a clear, factual update on what exactly is being sold, what’s happened to the remainder of the parcel, and why the language has become increasingly vague. I’ll share any reply if and when they respond.

I suggest you all email the stbrides partner email requesting similar - they will likely not respond at all (as has been my experience) or reply simply stating that they cannot discuss anything price sensitive, which I corrected them on the fact that questions I ask are not price sensitive, but whether company publicly stated deadlines and figures are still accurate.

GLA.

There’s a lot of confusion today, but it really comes down to how the RNS was worded rather than any change in facts. The 120,000 carats mentioned isn’t a new or reduced figure — it simply refers to the rough stones being tendered in Dubai, which forms part of the same 135,000-carat parcel previously reported. Within that total, around 36,000 carats were already confirmed as gem-quality, and that still stands. The company didn’t need to repeat that detail here, because this update was purely about confirming the tender date and venue, not reassessing the parcel.

Vast has also had months of cleaning, sorting and beneficiation work to maximise the quality and classification of the stones ahead of sale. So while the RNS calls it a “rough stone tender,” that includes both gem and non-gem material — it doesn’t mean the high-grade stones have disappeared.

The share price dip looks like a classic AIM overreaction, made worse by a few sellers offloading into an illiquid market with low volume, which exaggerates the downside. Nothing fundamental has changed — the sale is locked in, the timing is confirmed, and the stones are ready. The next real catalyst will be the auction results themselves, when we finally see what the market is willing to pay for over 120,000 carats of cleaned, beneficiated diamonds.

With the tender date locked in for the week commencing 17 November, all the noise and doom-posting over the past few weeks suddenly makes sense now. The sellers and derampers have had a good run shaking out weak hands, and now that there’s a fixed date for the Dubai sale, they’ll be scrambling to close out positions before the market starts to reprice what’s actually coming.

Let’s not forget, Vast has spent months cleaning, sorting and beneficiating this parcel, carefully identifying 36,000+ carats of gem-quality stones and preparing others for cutting and polishing — the part of the process that can multiply value per carat several times over, especially for larger or coloured stones.

The company isn’t rushing to dump them; they’re maximising value through proper beneficiation and working directly in the value chain. That’s exactly what serious operators do when they know the material they’re sitting on has potential to fetch real money.

So while some have been busy posting the same tired lines about “delays” or “diamonds being worthless” go months, the reality is that everything’s been quietly moving forward behind the scenes — and now the timeline is clear. By mid-November, those diamonds will be on show in Dubai, and the market will finally see the numbers in black and white.

The derampers did their job… now the clock’s ticking, and they know it. They'll be out before November.

Finally, some clarity AND confirmed dates, and it’s a strong update. Vast has now secured the week commencing 17 November for its Dubai rough diamond tender, covering in excess of 120,000 carats through Trans Atlantic Gems Dubai.

This officially locks in the sale process after what the RNS confirms was only a temporary slowdown caused by the Diwali period, a routine seasonal lull in diamond demand across India and Dubai. The key point is that the date is set, the venue is confirmed, and we’re looking at a serious volume of stones ready for sale.

Importantly, the company has had months of cleaning, sorting, and beneficiation work since the parcels were first recovered — time that’s been used to maximise classification accuracy, separate gem-quality stones, and prepare them for tender. Some of the higher-value stones are also being cut and polished, which can multiply value per carat several times over, especially for larger or fancy-coloured pieces.

The scale is significant: over 120,000 carats are heading to Dubai, and remember, 36,000+ carats have already been confirmed as gem quality. Even using conservative averages, that portion alone could represent tens of millions of dollars in potential value.

Vast also reiterates its aim to remain actively involved in the full value chain — not just selling rough, but capturing additional margin through beneficiation, cutting, and marketing wherever possible. That approach is about maximising shareholder returns, not just taking the first offer on the table.

In short, this isn’t a delay — it’s the confirmation we’ve been waiting for. The cleaning and preparation phase is complete, the tender date is set, and by late November we’ll finally start seeing the financial reality behind the story. A steady, confident RNS that quietly signals the real progress happening behind the scenes.