RE: St 🤡1 Aug 2025 09:11
Let’s unpack the confusion and misstatements from Jury🤡
1. “The diamonds currently have zero value as none have been sold.”
→ That’s an odd stance. Unsold doesn't mean worthless — by that logic, every asset in the world would be valued at zero until sold. Vast’s parcel has already undergone partial beneficiation, revealing a significant volume of 4–6ct rough stones with notable clarity and colour, which is precisely why independent consultants are now involved — to establish pre-auction valuations and assist in sorting.
2. “The beneficiation process is expensive and paid upfront, using the raise.”
→ That’s partially true. But the very purpose of the raise and warrants was to fund this exact process, which is expected to multiply the value of the diamonds. If you’re going to claim this is a negative, you’re essentially arguing against investing in your own product to improve its value before sale — which is nonsensical.
3. “No value has been assigned, therefore valuation is speculation.”
→ All asset valuation is based on market comparables, grading standards, and historical pricing data. While yes, an actual sale would confirm the market's final bid, it’s incorrect to say there is no basis for valuation. Post-beneficiation gem-quality rough diamonds (4–6ct, decent colour and clarity) typically fetch $500–800/ct wholesale — even $1,000+/ct if high colour/clarity.
See: Rapaport Diamond Report or Gemval for pricing data.
Even on conservative assumptions (say 35% gem-grade at $500/ct), 136,000 carats = $23.8m, more than double the estimated secured debts.
4. “Assessors and consultants aren’t standard practice.”
→ They absolutely are. Reputable diamond companies always bring in independent experts to assist with grading, sorting, valuation, and auction prep. In fact, this was confirmed in Vast’s July RNS:
> “The Company has appointed technical and commercial consultants to oversee the sorting, cleaning and classification of the stones for maximum realisation of value.”
5. “No debt has been repaid or detailed.”
→ Again, not accurate. In the 2023/24 financials, Vast confirmed that partial repayments had been made on both Alpha and Atlas facilities, with restructuring negotiations ongoing. The recent £2.7m raise and ~£1.8m in warrant exercises are also going toward debt service and operational costs. In fact, AP confirmed that part of the diamond parcel proceeds would be used to clear liabilities.
Also, if Alpha or Mercuria were actively pursuing legal enforcement for non-payment, that would be disclosable under AIM Rule 11. No such disclosure has been made.
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Final Point:
The entire premise of the diamond parcel is about unlocking value through beneficiation and controlled release to market, not fire-selling or overhyping. The fact there’s a slow, methodical process should be reassuring, not concerning. And let’s not forget — Vast als