Corporate Update
14 November 2024 - 12:00PM
UK Regulatory
Corporate Update
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
14 November 2024
Vast Resources plc
(‘Vast’ or the ‘Company’)
Corporate Update
Vast Resources plc, the AIM-listed mining
company, is pleased to announce that further to the announcement of
21 October 2024, the reorganisation of Vast Baita Plai SA, the
Company’s wholly owned Romanian subsidiary that holds the Baita
Plai association licence, continues to progress favourably
following the previously announced court hearing held earlier
today.
Today’s court hearing involved the Company’s
Judicial Administrator presenting the rejected creditors and
arguing the merits for rejecting any creditors from the initial
creditors table, as well as presenting the progress made since
entering reorganisation, and the initial step plan for the
reorganisation. To date, the reorganisation has made it possible to
reduce the labour force, to redraw labour contracts and work
practices, and at the same time obtain up to four years repayment
terms for its accrued debts and eliminate nuisance claims.
Following this successful court hearing, the
next court hearing has been scheduled for 3 April 2025 and will
involve the Judicial Administrator providing further updates to the
court about the progress of the reorganisation.
Further updates will be provided as appropriate
in due course.
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast
Resources plc
Andrew Prelea (CEO)
|
www.vastplc.com
+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated Advisor
Roland Cornish
James 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 Limited
Susie Geliher / Charlotte Page |
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 exposure to a near term revenue opportunity 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 over all sales of non-ferrous concentrate and any
other metals produced.
Vast has also been contractually appointed to
manage and develop the Aprelevka Gold Mines located along the Tien
Shan Belt that extends through Central Asia, producing at the time
of appointment approximately 11,600 oz of gold and 116,000 oz of
silver per annum. It is the intention to increase production closer
to historical peak production of 27,000 oz gold and 250,000 oz
silver. Vast is entitled to a 4.9% effective interest in the mines
with the option to acquire equity in the future.
The Company retains a continued presence in
Zimbabwe in respect of the Historic claims.
Beaumont Cornish Ltd
Beaumont Cornish Limited (“Beaumont Cornish”) is
the Company’s Nominated Adviser and is authorised and regulated by
the FCA. Beaumont Cornish’s responsibilities as the Company’s
Nominated Adviser, including a responsibility to advise and guide
the Company on its responsibilities under the AIM Rules for
Companies and AIM Rules for Nominated Advisers, are owed solely to
the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
The following is a summary of technical
terms:
Ag |
Silver |
Au |
Gold |
Cu |
Copper |
PGM |
Platinum Group Metals |
Grade |
Grade(s) means the quantity of ore or metal in a specified quantity
of rock |
Mineral Resource |
A 'Mineral Resource' is a concentration or occurrence of solid
material of economic interest in or on the Earth's crust in such
form, grade (or quality), and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from
specific geological evidence and knowledge, including sampling.
Mineral Resources are sub-divided, in order of increasing
geological confidence, into Inferred, Indicated and Measured
categories. |
Inferred Mineral Resource |
An 'Inferred Mineral Resource' is that part of a Mineral Resource
for which quantity and grade (or quality) are estimated on the
basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological and grade
(or quality) continuity. It is based on exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill
holes. |
Indicated Mineral Resource |
An 'Indicated Mineral Resource' is that part of a Mineral Resource
for which quantity, grade (or quality), densities, shape and
physical characteristics are estimated with sufficient confidence
to allow the application of Modifying Factors in sufficient detail
to support mine planning and evaluation of the economic viability
of the deposit. |
Exploration Target |
An Exploration Target is a statement or estimate of the exploration
potential of a mineral deposit in a defined geological setting
where the statement or estimate, quoted as a range of tonnes and a
range of grade (or quality), relates to mineralisation for which
there has been insufficient exploration to estimate a Mineral
Resource. |
Mineral Reserve |
An ‘Ore Reserve’ is economically minable part of a Measured and/or
Indicated Mineral Resource. It includes diluting materials and
allowances for losses, which may occur when the material is mined
or extracted and is defined by studies at Pre-Feasibility level as
appropriate that include application of Modifying Factors. Such
studies demonstrate that, at the time of reporting, extraction
could be reasonably justified. |
JORC Code |
Australasian Institute of Mining and Metallurgy Joint Ore Reserves
Committee code on mineral resources and ore reserves |
Mineralisation |
Process of formation and concentration of elements and their
chemical compounds within a mass or body of rock |
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