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The fact that in the last RNS the language Vast used pointed to the AD being available before end of May suggested, to me at least (probably misguided optimism), that the points you mention Muck had/were progressing. Sometimes it takes longer than expected but in the case of Vast it seems to be every time.

Taken from the last RNS:

“the Company expects to be in a position to publish an AIM Admission Document in May 2026”

Time is ticking.

So does that mean:

Debt fully repayed = admissions document = shares start trading again?

Given the silence I’m glad to see that someone is actually working. As muck points out news overdue on a number of items. Surely there must be some movement on diamonds / RTO soon.

Today’s announced US trade deal with India could benefit Vast when selling diamonds as India n businesses could be back in mix pushing prices higher.

• The tariff reduction (from punitive levels like 50% down to 18%) directly eases costs for Indian polished diamonds, gemstones, and jewellery entering the US.

• Sources indicate optimism for potentially 0% tariffs on loose natural diamonds under specific exemptions or annexes tied to the agreement (e.g., references to US executive orders listing diamonds as potentially duty-free for aligned partners).

• India is also reducing its own tariffs on certain goods (e.g., polished diamonds and gemstones from 5.5% to 2.5% in some reports), benefiting the sector overall.

I agree that the diamonds are being used as leverage in some shape or form to ensure this RTO happens. I’m just not sure how. If lenders knew I had a way of paying back money owed I’d make sure it happened, yet these two don’t seem to be pushing.

Given that the debt deadline has expired I’m surprised that we haven’t yet had an RNS. I know it was mentioned in Fridays RNS but there must be a conclusion soon.

I’m not saying this is going to happen but what happens if Taj gov get a contract with US and then tha miner is Vast? Wishful thinking and highly unlikely but that could help cover short term finances.

I’m not sure either. So looks like £46m mcap on 32.5bn or £92m mcap on 62.5bn to ensure pre offer parity. Seems a stretch either way.

AI view on market capitalisation

To ensure current shareholders experience no loss (i.e., the value of their 20% stake in the enlarged company equals the pre-transaction market cap), the post-transaction market cap must be 5× the pre-transaction market cap.

Key assumptions and calculation

• Pre-transaction: ≈5 billion shares in issue; recent trading price ≈0.09–0.14p (market cap ≈£4.5–7m based on sources just prior to suspension on 22 Dec 2025). Use ≈£7m as a reference pre-announcement cap.

• Post-RTO (pre-placing): Enlarged shares ≈25 billion; existing holders retain 20%.

• Breakeven post-market cap (pre-placing) = 5 × pre-cap ≈ £35 million.

• This values the acquired Gulf assets at £28 million (80% of £35m).

Including the £7.5m placing (hypothetical at 0.10p, as previously discussed)

• Additional ≈7.5 billion shares issued.

• Total post-placing shares ≈32.5 billion.

• Existing holders diluted to ≈15.38% (5bn / 32.5bn).

• Breakeven post-market cap = pre-cap ÷ ownership fraction = £7m ÷ 0.1538 ≈ £45.5 million.

AI view

Hypothetical calculation assuming £7.5m placing at 0.10p per share:

• Current shares in issue (pre-transaction, as of Dec 2025): ≈5 billion (precisely ~4.998 billion per recent market data).

• Post-RTO (pre-placing): Enlarged shares ≈ 25 billion
(New consideration shares = 4 × current ≈20 billion; existing retain 20%).

• Additional shares from £7.5m placing:
£7,500,000 ÷ £0.001 (0.10p) = 7.5 billion new shares.

• Total shares post-placing: 25 billion + 7.5 billion = ≈32.5 billion.

The article content seems promotional rather than anything concrete.

With the emphasis in RNS put on clearing debts by end of the year I’m becoming more frustrated on a daily basis on the lack of any update. Given the c$1m raises so far was never going to be enough to cover the debt I’m unsure what the plan is/was to pay off the remaining c$9m without selling the remaining diamonds.

SP is below nominal so unlikely / can’t

I’m feeling like I’m misguided in my optimism too. Genuinely, what do you both see as SP catalysts in short term?

Given that we’re fast running out of time in December and the ‘higher / high ‘ quality gems are yet to be marketed I can’t see how without major news that AP was ever going to be I. A position to repay debt by year end. Any views?

It looked like the seller was selling and then buying back. They seem to have stopped as too close to nominal and more likely to be caught out by an RNS .

ASI is it possible that the remaining diamonds sell for more than the c€1.1k and therefore this could be the minimum expected? 8400 carats yet to go to tender should fetch more.

Has there been a 78m buy?

“An AIM company must issue notification without delay of any relevant changes or new information which, if made public, would be likely to lead to a significant movement in the price of its AIM securities.”

Based on diamond tender finishing last week surely an RNS is imminent.