Vast Resources plc Update On Debt Funding
October 02 2023 - 1:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
2 October 2023
Vast Resources plc
('Vast' or the 'Company')
Update on Debt Funding
Vast Resources plc, the AIM-listed mining company, is pleased to
announce an update in relation to the Asset Backed Debt facility
from A&T Investments SARL ("Alpha") as announced on 16 May 2022
and the debt owed to Mercuria Energy Trading SA ("Mercuria")
relating to Tranche A of the Prepayment Agreement announced on 21
March 2018.
As announced on the 7 August 2023, the totality of the debt owed
to Mercuria and Alpha was due to be repaid on or before 29
September 2023. The Company is currently in discussions with Alpha
and Mercuria regarding a further extension that will allow further
time to finalise the settlement of its historic claims outlined in
previous announcements.
The Company will update the market with further details in due
course.
**ENDS**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Andrew Hall (CCO)
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Richard Hutchinson
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie 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
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. Processing of stockpiled ore on site is expected
to commence in mid-2022.
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.
(END) Dow Jones Newswires
October 02, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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