Update on Asset Backed Debt Facility & Corporate Update
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
7 January 2021
Vast Resources plc
(‘Vast’ or the ‘Company’)
Update on Asset Backed Debt Facility & Corporate Update
Vast Resources plc, the AIM-listed mining company, announces that, following the announcement made on 16 December 2020 regarding the final credit committee meeting focused on the asset backed debt facility, the Company has been informed by the international banking institution “the Bank” that the credit committee is unable to proceed with the approval of transaction until the completion of certain corporate restructuring at which point the Bank will reassess the transaction. The Company has been given to understand that this decision is unrelated to its current mining activity and is not a negative reflection on the Company’s Baita Plai Polymetallic Mine.
The anticipated development of certain aspects of Vast’s wider portfolio has prompted the evaluation for a restructuring and rationalisation of Vast’s corporate structure that will enable investors to have a variable exposure to different elements of the current business, both commodity and jurisdictional. Details of a potential corporate restructuring will be provided to shareholders in due course.
The Company remains well funded following the £4.85 million placing completed in December 2020 and is making solid progress with the ramp up to full production at the Company’ Baita Plai Polymetallic Mine. The Company will make further operational updates relating to its Baita Plai Polymetallic Mine and other interests in Romania and Zimbabwe in due course.
**ENDS**
For further information, visit , follow the Company on Twitter @vast_resources and LinkedIn, or please contact:
| Vast Resources plc Andrew Prelea - CEO Andrew Hall | +44 (0) 20 7846 0974 |
| Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle | +44 (0) 020 7628 3396 |
| SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe | +44 (0) 20 3470 0470 |
| Axis Capital Markets Limited – Joint Broker Richard Hutchison | +44 (0) 20 3206 0320 |
| St Brides Partners Limited Susie Geliher Charlotte Page | +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.
