Update on Asset Backed Debt Facility

16 Dec 2020 07:00

Update on Asset Backed Debt Facility

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

16 December 2020

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

Update on Asset Backed Debt Facility

Vast Resources plc, the AIM-listed mining company, would like to update the market that the previously announced detailed term sheet from the international banking institution (the ‘Bank’), linked to Vast’s now 100% owned Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania, was presented to the Bank’s credit committee at its meeting held yesterday, 15 December2020, and the final decision is being considered by the committee members.

The Company will update the market regarding approval status once confirmed by the Bank.

**ENDS**

For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:

Vast Resources plc Andrew Prelea - CEOAndrew Hall	www.vastplc.com +44 (0) 20 7846 0974
Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle	www.beaumontcornish.com +44 (0) 020 7628 3396
SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe	www.spangel.co.uk +44 (0) 20 3470 0470
Axis Capital Markets Limited – Joint Broker Richard Hutchison	www.axcap247.com +44 (0) 20 3206 0320
St Brides Partners Limited Susie Geliher Charlotte Page	www.stbridespartners.co.uk +44 (0) 20 7236 1177

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).

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 License 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.