Member Info for Pecten11

Outstanding VAT claim of $1M

At the reporting date, included within VAT receivable is an amount in respect of VAT owed to Vast Baita Plai SA
(formerly African Consolidated Resources SRL) of US$ 1,001,900 (RON 4,462,563) The amount represents VAT paid
on the Baita Plai Mine’s care operations. As reported previously, ANAF, the Romanian revenue authority had refused
to accept amounts included in this balance as a legitimate VAT receivable as a mining licence was not then in place
for Baita Plai Mine. On 15th October 2018, the mining licence was granted. The Romanian Court instructed an
independent VAT audit which has been completed satisfactorily and supported the Group’s claim for repayment.
Accordingly, the Court ruled in favour of Vast Baita Plai SA. The tax authorities have appealed against the decision
and the Company continues to maintain that the case has no merit.

Now I wonder why Craig's bio is written emphasising his prior experience of conducting resources estimations?? Lol

Craig Harvey – Chief Operating Officer
Craig began his career with Gold Fields of SA in 1988 as a bursary student in Economic Geology where he
worked on various gold, platinum, coal and exploration projects. At Harmony Gold he managed the mineral
resources on various operations and was involved in due diligence on acquisitions. He joined Simmer and
Jack with a focus on shallow hydro-thermal gold deposits in the Eastern Transvaal and later moved into a
corporate role managing and auditing the mineral resource process across all gold and uranium operations.
Craig spent 3 years in a Principal Consultant role for Ravensgate based in Perth, Australia, where he
conducted numerous resource estimations, valuations and technical reports mainly in gold, uranium, copper
and iron ore. Craig joined Vast Resources as a consultant in 2013 and became Chief Operating Officer in
March 2017. During his tenure with Vast Resources, he has been heavily involved in both Zimbabwe and
Romania.

Positive actually, implies good governance (or was/is insisted upon by potential finance?)

The Group takes its responsibilities in these areas seriously and monitors its performance across these areas on a
regular basis. The Group has adopted and obtained ISO 9001:2015 for Quality, ISO 45001: 2018 for Safety, and ISO
140001: 2015 for Environment. The Group adheres to all Covid-19 rules, regulations, and guidelines in preventing
transmission of the infection through the workforce.

Comedy gold under Strategy

Finance growth, where possible in a non-dilutive manner

Back, back, back burner

Other Romanian prospects
Work continues to be in progress to extend our footprint in Romania through our current claims at Magura Neagra
and Piciorul Zimbrului (collectively known as ‘Zagra’). The Group undertook a prospecting drilling programme and soil
sampling campaign targeting sets of polymetallic veins together with areas of disseminated sulphide mineralization
and is currently awaiting test results in order to apply for an Exploration Licence.
The Group continues to believe that exploration of the many mining opportunities that have become dormant over the
last two decades will be an attractive prospect for global mining players seeking to capitalize on the projected increase
in demand globally for copper occasioned by the global transition to clean energy and electric vehicles.
The Group’s ‘first mover position’ in Romania has attracted interest in resuscitating the large-scale polymetallic
resource projects in Romania. Discussions have been held with global mining players and investors to leverage their
financial strength and expertise to jointly exploit these considerable opportunities

Blueberry - hmmm- something don't smell quite right imo

Blueberry Polymetallic Gold Project (`Blueberry’) (29.41% effective interest).
The Group has an effective 29.41% economic interest in Blueberry through EMA Resources Ltd (‘EMA’) in a brown
field perimeter located at Baia de Aries in the ‘Golden Quadrilateral’ of Western Romania on which historic work has
demonstrated prospectivity for gold and polymetallic minerals. The Group has completed a drilling programme on the
perimeter which has established sufficient information to support an Inferred JORC resource. The Group is also
currently preparing an independent feasibility study and environmental reports for submission for the exploitation
licence. The results and net assets of the Blueberry project are immaterial to the Group and therefore have not been
included in the Group financial statements under the equity method of accounting.
During the year Vast Resources PLC acquired a short-term investment in the Convertible Loan Notes of EMA of
principal value US$ 750,000. These Notes have funded EMA’s and Blueberry’s working capital and capital
expenditure requirements in relation to exploration at the Blueberry mine as a step towards achieving an IPO for EMA.
The conversion feature of the loan notes allows the holder to convert every US$ 10,000 of principal into 0.075% of
shares at the time of the IPO. These notes are held for sale and management anticipates they will be on sold to
investors within 12 months of the balance sheet date.

In October, the Company commenced the production of concentrate at BPPM.
• At the end of October 2020, the Company will publish a JORC 2012 compliant Measured and Indicated Mineral
Resource for BPPM which covers the first four years of production. Further drilling will be conducted with the
objective of publishing an expanded JORC 2012 Mineral Resource.

- good, stating it will be measured and indicated and restated this month

Sarah - https://www.lse.co.uk/rns/VAST/baita-plai-project-production-and-operational-cash-flow-baita-plai-general-mine-update-d9lttwygbn4kxfw.html
The first table is about ore mined, then concentrate production
The second table about costs of production and revenue

Unfortunately, remember AP said only a few days after this was released that they were changing the plan to accelerate the development of the lower levels (which in some ways is good, as it will be virgin ore, so theoretically more/higher grade availability, but will have greater cost attached)

Bazinga!

Bugger, not 'some odd' - 'some dd'

Loses the effect a tad !

Jeez, nearly fell off my chair laughing

Magmanus 'read the updates and do some dd'
Then goes onto say '(its is gold we are talking about here so 50/50 cost to profit)'

Magmanus do you know what AISC means and I don't just mean the acronym??
You don't appear to - maybe time for some odd??

Gkb, totally agree re SRK - international reputation, would definitely have increased confidence

The relevant question is how much of that JORC is going to fall into measurd and indicated rather than inferred.

If its mainly an inferred resource then, yes, largely a waste of time

Tbf, Craig's entire career will be based on his reputation and qualifications- so anyone trying to imply that he would produce an inaccurate JORC is perilously close to slandering him

Ggp looks like it has a much larger, geographically speaking deposit , which is the difference.

Hopefully, future drill results here will show the same thing, but in isolation the length of those two intersects are disappointing

Reasonable grades but very disappointing length of intersections - needs much more total grams to be viable imo

OscarGoldman , anything to substantiate your attempt at gossip??

Starvest, the only logic I can apply to it is any later and the shares couldn't be admitted this month so VAST want to have some of the placing cash before that.
Why? Possibly they are scared of another Atlas conversion notice (at the start of Novemeber) and need to have the cash on hand to settle it?
Still implies they are burning through cash, though as I said last week, they'll likely have more staff on payroll at the moment, in the mine and in the plant, plus reagent and utility costs will now be higher the plant is running

Potential logistics synergies could also help ?

Antharry, just checked, copper is only about 10% upon when Manaila went onto care and maintenance - though that might be enough to wipe its face, however, I hope its not high on the agenda, especially at this time of year