Vast Resources Regulatory News (VAST)

7 Dec 2021 07:00

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

7 December 2021

Vast Resources plc(“Vast” or the “Company”)

Board Update

Vast Resources plc, the AIM-listed mining company, is pleased to announce, further to the announcement on 25 October, the formal appointment of Mr Andrew Hall to the Board as Commercial Director with immediate effect. In addition to his existing responsibilities, he now leads the Company's external and investor communications.

Mr Hall’s role is focussed on the Company’s strategic business initiatives, capital raising, managing offtake relationships as well as leading the Company’s external and investor communications. Mr Hall has spent the last fourteen years working in natural resources and finance linked businesses. Before joining the Company in December 2018, Mr Hall previously worked at a natural resources focussed merchant bank where he established and managed the alternative finance distribution business covering asset managers, private equity, investment banks, family offices and trading houses.

Mr Hall’s appointment to the Board is designed to formalise the communication channel between the Board and investors and other stakeholders in the Company. His assumption of this responsibility will allow Mr Andrew Prelea, CEO, to concentrate on his key role of running the Company’s operations, developing and progressing existing initiatives and evaluating new opportunities as well as expanding on his existing key strategic relationships in the jurisdictions that the Company operates.

At the same time, Mr Roy Tucker has relinquished his executive functions but remains a Non-Executive Director at the request of the Board to make available his in-depth knowledge and understanding of the Company.

Brian Moritz, Chairman of Vast Resources plc, commented:

"I am delighted to announce Andrew Hall’s formal appointment to the Board and I am confident that his experience in the equity capital and finance markets generally will prove valuable in his expanded role as the Company’s spokesperson, leading investor communications.

“I would also like to thank Roy for his continued and consistent support of Vast, and I am grateful for the guidance he will continue to provide.”

As required under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies, further disclosures on Mr Hall are as follows:

Mr Andrew Nicholas Michael Hall, aged 39, has held the following directorships and/or partnerships in the past five years:

Mr Hall holds 115,550 ordinary shares in the Company along with 2,300,000 SARS.

There is no further information on Mr Hall required to be disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies.

**ENDS**

For further information, visit www.vastplc.com or please contact:

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.

In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.

The Company's Romanian portfolio includes 100% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.

The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.

In Botswana, the Company is focused on finalising the acquisition of the Ghaghoo Diamond Mine, which will be conducted through a joint venture between the Company and Botswana Diamonds plc and will provide the Company with a 90% interest in a high quality and previously producing diamond asset benefiting from world-class infrastructure and capable of generating material revenues in the near term.