Member Info for Legalease

I imagine it could do very easily:)

Not sure they are ours, I think looking closer to home, one of the Antwerp auction which is due to finish Friday might be a good place to look;)

.. silence from the detractors:)

I didn’t miss it:)

A simple investor; 14 clear days is all that is needed. ChatGPT has yet again not covered you in glory. To whoever ( I can’t recall and can’t be bothered checking) raised the doth versus doff point - you are of course correct you do indeed doff your cap. I can only assume my post was autocorrected by my iPhone. Point still stands though, as evidenced by the above:)

And let’s not forget folks. Asimpleinvestor, despite his title, is anything but, he is in fact a master of all and a Jack of no trades. His diamond expertise is only dwarfed by his knowledge of mining and Russian resource reporting efficacy & procedure & the economics of Gold and silver mining. I can’t wait to hear his views on Antimony abundance in Tajikistan too. I imagine he’s written several white papers on the specific issu. I doth my cap sir…

In the meantime we’re getting close now and I looking forward to Vast profits here and a significant re-rate here, whether that be on the US or U.K. stock market

Perhaps you should join the Vast Telegram group, I think you will find that most of the significant shareholders are in there.

… one down.

Hxxps://www.whitehouse.gov/presidential-actions/2026/01/adjusting-imports-of-processed-critical-minerals-and-their-derivative-products-into-the-united-states/

Replace the xx with tt

Maybe they fear it 10 bags on open and therefore don’t want you having an open long position when it does…

Clearly not retail:)

Will be very interesting. Open pit mine, low labour costs….i imagine the inventory will make interesting reading too..

Meanwhile 10,000 ounces gold production per annum, and 100,000 ounces of silver production per annum attributable to the enlarged Vast…

In should say that is a Chat GPT5 analysis!

… that’s where I’m at.

Part 2

At a 25% tax rate, this represents a cash preservation benefit of approximately £10–15 million, and potentially more if production expands.

7. Romanian Assets – Embedded Optionality

Vast’s Romanian operations are treated conservatively in this analysis. Rather than capitalising future cash flows, they are regarded as embedded optionality. Any restart, expansion, or asset realisation would represent upside to the valuation rather than a requirement for the base case to hold.

8. Diamond Inventory – Asset Backing

In addition to operating mines, Vast holds unsold diamond inventory. A conservative value of £5 million has been included as a direct equity uplift. This asset is non-operational, providing balance-sheet support and optional liquidity without reliance on future production.

9. Valuation Methodology

Valuation is derived using a blend of EBITDA multiples, discounted cash flow logic, and peer comparison. At EBITDA of £25–30 million, a cautious 4–5x multiple supports equity valuations between £100–150 million, while stronger execution and market confidence justify valuations of £200–300 million.

The carried-forward losses justify a higher multiple than peers without tax shields, as free cash flow is accelerated in the early years.

10. Share Price and Shareholding Value

At 25.0 billion shares in issue, equity values translate into the following share prices:

• £100m = 0.40p

• £150m = 0.60p

• £200m = 0.80p

• £250m = 1.00p

• £300m = 1.20p

11. Risk, Timing, and Strategy

The principal risks lie in execution, jurisdictional factors, and market sentiment at re-admission. However, dilution risk is capped, tax losses reduce downside, and asset backing provides asymmetry. The analysis supports a strategy of partial de-risking rather than full exit, allowing participation in longer-term re-rating.

12. Overall Conclusion

Based on the assumptions applied, the probability-weighted fair value of the analysed shareholding is approximately £750–800k. This reflects a balance between conservative operational assumptions and recognition of the unusually strong cash-flow dynamics created by high metal prices and tax loss utilisation.

Vast Resources plc – Detailed Analysis & Valuation Logic

This document provides a detailed analytical narrative explaining the logic, assumptions, and valuation framework applied to Vast Resources plc, based on publicly disclosed information and scenario analysis. It is written to explain not just the outcomes, but the reasoning behind them.

1. Starting Point and Share Capital Mechanics

Vast Resources plc currently has approximately 5.0 billion ordinary shares in issue. Under the announced Reverse Takeover (RTO) structure, existing shareholders are diluted to 20% of the Enlarged Ordinary Share Capital on re-admission. This fixes the post-RTO share count at 25.0 billion shares.

This outcome is mathematically locked by the SPA wording:

• Existing shareholders = 20%

• Seller, placing, and retail investors = 80%

Accordingly, dilution is known and finite, and valuation uncertainty arises not from share count but from asset performance and market re-rating.

2. Your Shareholding Position

The percentage remains constant across all scenarios unless the SPA is amended.

3. Core Operating Assets – Tajikistan

The principal cash-generating asset is the Aprelevka operation in Tajikistan, currently producing approximately 10,400 ounces of gold and 80,000 ounces of silver per annum. Importantly, this is below historical production levels, which exceeded 18,000 ounces of gold annually, providing credible operational upside.

The valuation assumes no aggressive production growth in the base case, treating any recovery as upside rather than necessity.

4. Metal Price Assumptions and Revenue Logic

The analysis uses a gold price of USD $4,000 per ounce and a silver price of USD $75 per ounce. At current production levels, this results in annual gross metal revenue of approximately $47.6 million, equivalent to roughly £37–38 million at prevailing exchange rates.

This price deck reflects a structurally higher gold environment rather than a short-term spike, and sensitivity analysis demonstrates resilience even at materially lower prices.

5. Cost Structure and Profitability

Assuming an all-in sustaining cost (AISC) for gold of approximately $1,500 per ounce, the margin at $4,000 gold is exceptional. Conservative estimates suggest EBITDA in the range of £25–30 million per annum at current production, before any contribution from Romanian assets or production uplift.

6. Carried-Forward Tax Losses – Valuation Impact

Vast has accumulated substantial carried-forward tax losses from prior years of development and operational challenges. While the precise figure will be confirmed in the Admission Document, it is reasonable to assume losses in the region of £40–60 million.

These losses materially enhance equity value by sheltering future profits from corporation tax. At a 25% tax rate, this represents a cash preservation benefit of approximately £10–15 m

AP will directly benefit from a higher market cap and smaller allocation of shares now…

Muck, are you of the view that the total enlarged no of shares is 25 billion, inclusive of placing / book build?

End of Jan For re-admission, or for lifting off suspension?