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Company Update

4 Jul 2023 15:00

Company Update

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

4 July 2023

Vast Resources plc(‘Vast’ or the ‘Company’)

Company Update

Vast Resources plc, the AIM-listed mining company, wishes to announce a further update in relation to the announcement made on 3 July 2023 regarding the further extension in view of the anticipated settlement of the Company’s historic claims.

The Company is pleased to outline the process to date and continues to progress to achieve a lawful handover of the historic parcel.

In light of the need to conclude the handover process expeditiously, the Company made the decision to instruct the Deputy Sheriff to uplift the parcel from the Reserve Bank of Zimbabwe (‘RBZ’) under a writ of execution issued out of the High Court of Zimbabwe on 14th. June 2023.

The RBZ required clarity from the Deputy Sheriff regarding the status of the original Supreme Court interlocutory Order placing the parcel in its custody pending disposal of the appeals pending before it.

The Company’s lawyers provided this clarity to the RBZ, stating in effect that the interlocutory Order was no longer in extant as the appeal to which it was subject to was no longer lawfully before the Supreme Court, having been long abandoned by the then appellants to the original dispute.

Consequent to this, the Deputy Sheriff was again instructed to uplift the parcel on 29th June 2023. Also in attendance were the Company’s lawyers.

Upon attendance at the RBZ, and in consultation with the bank’s internal legal counsel, the Deputy Sheriff agreed that the RBZ would confirm, in writing, the process that would define the procedure for the orderly and secure hand over the parcel to the Company, which includes the procedure for valuation for royalty purposes, export permits and Kimberly Process Certification.

Thereafter, the Company and RBZ will put in place logistics for the removal of the parcel attached by the Deputy Sheriff under the writ of execution.

The Company notes that until the process has been finalised and implemented there is no certainty as to the precise timing for the recovery of the parcel and will update the market as soon as there is a material development in this respect.

**ENDS**

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

Vast Resources plc Andrew Prelea (CEO)Andrew Hall (CCO) www.vastplc.com +44 (0) 20 7846 0974
Beaumont Cornish – Financial & Nominated AdvisorRoland CornishJames Biddle www.beaumontcornish.com+44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited – Joint Broker Toby Gibbs / James Thomas (Corporate Advisory)   www.shorecapmarkets.co.uk  +44 (0) 20 7408 4050
Axis Capital Markets Limited – Joint Broker Richard Hutchinson www.axcap247.com  +44 (0) 20 3206 0320
St Brides Partners LimitedSusie Geliher www.stbridespartners.co.uk+44 (0) 20 7236 1177

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania, Tajikistan, 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 Vast Baita Plai SA which owns 100% of 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 the Company is looking to bring back into production following a period of care and maintenance. The Company has also 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.

Vast has an interest in a joint venture company which provides a share of revenue generated from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty equivalent over all sales of non-ferrous concentrate and any other metals produced.

In Zimbabwe, the Company is preparing for the release of its diamonds previously mined by the Company and preparing for their marketing. Upon the finalisation of the process the Company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange Diamond Fields.

Date   Source Headline
11th Jun 20247:00 amGNWTajikistan – Aprelevka Update
10th Jun 20241:36 pmGNWBaita Plai Update
4th Jun 20247:00 amGNWBaita Plai Q1 2024 Production Report and Aprelevka production update
22nd May 202412:00 pmRNSHolding(s) in Company
20th May 20247:00 amGNWHolding(s) in Company
15th May 20247:07 amRNSPlacing & Update on Refinancing
8th May 20241:12 pmGNWUpdate on Debt Funding
29th Apr 20247:00 amGNWUpdate on Funding and on Repayment of Asset Based Debt Facility & General Corporate Update
2nd Apr 202412:23 pmRNSHolding(s) in Company
13th Mar 20247:00 amGNWNew Copper Offtake Secured with Trafigura for Baita Plai
29th Feb 202412:32 pmGNWMiscellaneous
20th Feb 20247:00 amGNWHoldings in Company
14th Feb 20247:00 amRNSNotice of GM
7th Feb 20247:00 amRNSBaita Plai Q4 2023 Production Report
31st Jan 20247:00 amGNWInterim Results: 1 May 2023 – 31 October 2023
26th Jan 20242:30 pmGNWHolding(s) in Company
25th Jan 20242:00 pmGNWHolding(s) in Company
23rd Jan 20247:00 amGNWPlacing to raise £1,255,625
22nd Jan 20247:00 amGNWPlatinum Group Metals (PGM) Agreement
16th Jan 202410:05 amRNSCompletion of transaction regarding Aprelevka
15th Jan 20241:30 pmGNWUpdate on Debt Funding
7th Dec 202312:30 pmGNWMOU regarding Aprelevka Gold Mines
4th Dec 202312:00 pmGNWUpdate on Debt Funding
29th Nov 20233:30 pmGNWResults of AGM
28th Nov 20233:00 pmGNWDeath of Director
13th Nov 20238:00 amRNSHolding(s) in Company
6th Nov 202311:00 amGNWNotice of AGM
6th Nov 20237:00 amGNWUpdate on Debt Funding
31st Oct 20237:00 amGNWBaita Plai Q3 2023 Production Report
31st Oct 20237:00 amGNWFinal Results
23rd Oct 20233:47 pmRNSHolding(s) in Company
19th Oct 20237:00 amRNSTajikistan Update
6th Oct 20237:00 amGNWPlacing to raise £1,819,350 and Company Update
4th Oct 20237:00 amGNWUpdate on Debt Funding
3rd Oct 20236:05 pmGNWHolding(s) in Company
2nd Oct 20237:00 amGNWUpdate on Debt Funding
28th Sep 202312:37 pmGNWBaita Plai Update
22nd Sep 20237:00 amGNWBaita Plai Update
18th Sep 20237:00 amGNWCompany Update
1st Sep 202310:00 amGNWUpdate on Debt Funding
7th Aug 20237:00 amGNWCompany Update
2nd Aug 20237:00 amGNWBaita Plai Q2 Production Report
28th Jul 20231:00 pmGNWMajor Institutional Shareholder TR-1 Disclosure
19th Jul 20238:32 amGNWInstitutional Shareholder TR-1 Disclosure
17th Jul 20237:00 amRNSPhase 1 Drill Results at Baita Plai Mine
14th Jul 20235:18 pmRNSBaita Plai Report
7th Jul 20237:00 amGNWPlacing to Raise £1.7m and Company Update
4th Jul 20233:00 pmGNWCompany Update
3rd Jul 20237:00 amGNWCompany Update
26th Jun 20231:30 pmGNWResults of General Meeting

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